The student is ready

Redneck said:
This is an absolutely liberating mind set

RN
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I do believe that is the final piece of the puzzle...Regardless of how many hours of screen time one has, or how many years they have in the markets, if you can't free yourself of the fear of losses, it's all a waste...And more than that, it's a massive hindrance because it will creep into your trading in very sublime and unexpected ways...

As an example, that fear of losing will keep you from taking the best entry (the old "wait for confirmation" rationalization)...then when it appears "all clear", that fear of losing will create the impulse to take the trade far enough away from the more advantageous entry....that "fear of losing" will also make one want to get out ASAP of winning trades...oftentimes hang onto losing trades a bit longer (hoping they will come back)...

Like I said, I believe it is such a significant aspect to trading, that nothing else really matters.
 
Trade #3: This will be a live trade if it gets triggered. My reasons for taking this trade are because the instrument has been in a sharp downtrend for several months and this is the first pullback to the 40 period EMA. The first leg up to the EMA was too sharp for me to short it. There was a trendline break of the first leg up indicating weakness. The second leg up was also rejected at the EMA by a strong bear bar. Those traders who shorted this large bear bar with a stop right above it were stopped out today. The market then turned back down forming another small double top over the past three days. If I get stopped into the trade and we immediately rise to break out of the top of the range formed by this two legged pullback, I will reevaluate whether to take a second attempt at the short based on the ensuing price behavior. I am only risking a little over 1% of my portfolio on this trade.

Instrument: March 2016 HO
Timeframe: Daily
Setup: Pullback
Entry Price: $1.0699 (sell stop)
Initial Stop Price: $1.1156
Trade Type: Swing
Initial Target: $0.8604
 
No changes to trades 1 & 2 and therefore no new stocks until I raise my trailing stops or get stopped out. Tonight I put another hour of quality chart time in. I plan to reread posts carefully this weekend and work on better quantify my setups.
 
J_Smith said:
Simple really:rolleyes:

J_S
22954796.jpg
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J S you really need a haircut. Love --_Swimr
 
2_bits said:
Trade #3: This will be a live trade if it gets triggered. My reasons for taking this trade are because the instrument has been in a sharp downtrend for several months and this is the first pullback to the 40 period EMA. The first leg up to the EMA was too sharp for me to short it. There was a trendline break of the first leg up indicating weakness. The second leg up was also rejected at the EMA by a strong bear bar. Those traders who shorted this large bear bar with a stop right above it were stopped out today. The market then turned back down forming another small double top over the past three days. If I get stopped into the trade and we immediately rise to break out of the top of the range formed by this two legged pullback, I will reevaluate whether to take a second attempt at the short based on the ensuing price behavior. I am only risking a little over 1% of my portfolio on this trade.

Instrument: March 2016 HO
Timeframe: Daily
Setup: Pullback
Entry Price: $1.0699 (sell stop)
Initial Stop Price: $1.1156
Trade Type: Swing
Initial Target: $0.8604
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Heating Oil volume has switched to April.
 
Handle123 said:
Heating Oil volume has switched to April.
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Thanks Handle! I rolled it over this morning to the April contract using a calendar spread that my broker provides. Here's the updated prices based on the April contract.

Trade #3: Update based on roll from March to April contract.

Instrument: April 2016 HO
Timeframe: Daily
Setup: Pullback
Entry Price: ~$1.0825
Initial Stop Price: $1.1287
Trade Type: Swing
Initial Target: $0.8740
 
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