Stuff I need to work on:
· Stop trying to guess what is going to happen. I find that i say something like "the picture was bullish yesterday so we could trade back up into so and so area" Instead of reading my charts and taking a trade based on that. (This is fear. Fear of taking a loss)
· Try to eliminate the feeling of thinking I'm missing out on something. I find myself feeling like I’m missing something and this will lead me to taking a trade that i really didn't like in the first place. (This is fear)
· Don't wait so much for confirmation. I find i hesitate a lot when the market gets to my planed area because I'm waiting for confirmation like a bounce etc.. And it cost me good entry points and missed trades. It’s simple. Identify the setup, Assign risk, Get confirmation (simple and easy confirmation), Take and manage the trade. That's it really. No need to complicate it. Simple process. (also fear. Fear of taking a bad trade/loser)
· I need to practice patients. I notice that I don’t wait for the market to show its hand before taking a trade when it is setting up a lot of the times. And I will think I see something and just take the trade and after I get stopped for 1 tick beyond my stop price I see the reasons why I should have waited.
· Fear. Fear dominates my trading and I need to be fearless when trading. I notice that I fear missing a move or a trade or when I’m in a trade I fear taking a loss.
· Timing. This is an issue I really need to work on. It’s better to wait and miss the trade instead of getting in and getting stopped for stop plus a tick or taking a lot of heat on the trade. To work on this I need to be patient and let the market show its hand before pulling the trigger.
- Need to have a way to identify issues throughout the trading day and be able to address them the next day.
