Having rules and then Having rules...

Do you have a set of rules? I do but up till know i never really had a set of rules. I kept them on my trading rules page but never really realized the importance of having and trading by a set of rules. I figured , OK i need rules let me through a few together and then i have rules. But im starting to realize that isn't how it works. Truly having rules means that you foloow them and you fully understand them and live and die by them. If you dont then you will fail. Just like if you drive a car around on the street you have to follow the rules or you will get into an accident or get a ticket. Same with trading. If you dont follow your rules you will get smacked again and again untill you realize it. Thats where i am right now.So what i have done is print out 5 copys of my rules and put a copy every where i am the most (work desk, home desk, truck, back pocket etc..) I read them every chance I get. And i made a rule that if i take a loser trade i read them again 10 times. My goal is to really know them and add to them as needed. I want to know them well enough that i can recite them by memory.

End of day review 3-18-11 Friday

We had an OAOR opening type and ES just chopped for a little bit after that. We continued to rotate. Bias was to the up side today and i was looking for opps to buy. The day was a balanced day with a downside bias so it was hard to find areas to buy at. Over all we mostly just chopped around.

Over all emotionally a rough week . I'm still struggling with consistency. Im realizing that if im ever gonna going to be a consistently profitable trader i have to make some changes. If i don't then i have no one to blame as to why im not making any money trading. Some important things i realized this week is that i need to have a set of rules that applies to me and my trading. I had rules but i never really made them mine. So i have a copy of them and i keep them by me and read them all the time so i don't forget tem and i need to get to the point where i can recite them by heart . Till next week ...

Oh i took 2 trades today see trades chart for details.

Definition of a winning attitude

A positive expectation for your efforts with an acceptance that whatever results you get are a perfect reflection of your level of development and what you need to learn to do better.
-Mark Douglas-

Pre Market analysis 3-18-11 Friday

News: No news out today

Daily chart notes: The daily chart has been moving lower but the days are trading back and forth inside of each other showing the market can't make up its mind. The trend is down shorter term and i need to keep an eye on this PB to see how far we retrace.

30 Min chart notes: The shorter term trend appears to have changed we bounced off of support 2 days ago and consolidated pulled back and now are moving higher in globex. I will look to buy support and will be carful at resistance areas above but will still look for rotations at the resistance zones.

MP notes: Globex has been building a value area with all this volatility. the top of the recent range is the 1280-1285 area were i expect responsive sellers to be active. Globex has formed a p shape over night and i need to mindful of a possible break to the upside. The macro structure is bullish.

Trade plan: Yesterday ES balanced in a range building acceptance higher up. The selloff has been putting in over lapping value and not really making any progress on the down side. Each time we shoot lower it is quickly rejected back up into the range. We have broken the wedge also so im expecting a move higher. Globex shot up over night on some good news i assume out of Japan. We are coming into an area of strong resistance around 1280-1285 and i will monitor if this area will hold or not. I will be cautious on selling around here as i expect a move higher up. If the 1280-1284 area break it will open the doors for a move up into resistance zones above. I will be looking for buying opps into support and selling into resistance.