At this rate, with these three big rules I should be a consistant trader in no time.
Rule #3. never try and pick tops or bottoms. it is trading against the lines in the sand that tell me my trades are with the current trend. Said another way, My set up is to enter "with" my lines in the sand. To enter at a "guessed" top or bottom I have to take a trade against my set up and the current trend. I will leave the guessing to others and take trades when my visual lines in the sand tell me I am too and get out of non-working trades when pointed out.
As my own new coach, I can see that obeying these 3 rules without fail will help me to avoid alot of damage to my account. I will obey them without fail even if this means alot of sitting waitng for my set up.
Today I think I can honestly say that I think Kees and I have finally settled on a chart set up that makes trading relaxing that replies on boxes of price action and a few lines in the sand filters. Today I think we have left the candy store to all the other traders new and old. I pray they will continue to remain confussed and unsettled.
May our trading become boring and profitable more everyday.
Tuesday, November 30, 2010
Monday, November 29, 2010
Rule # 1 & 2
Of all the trading rules, I Phil Peck promise to never break trading rule # 1 & 2 for as long as I live. I make this promise today Monday November 29, 2010
Rule # 1, I will never move a stop back even if I have put it in a stupid place.
Rule # 2, I will never add to a losing position In hopes of the market coming back to make the trade profitable.
I realize that some traders do this and some even have trading systems that use this way to trade all the time. I will not be one of them, and should a trader encourage me to do so I will tell him to go __________.
Before I enter a trade I will find a good spot for a stop and leave it at that. The trade will either work of it won't. I don't care. I would rather get out at a loss. so that I can re-enter with the market. Adding to a position is only hoping. And I no longer hope. I see a trade, I enter- it works or it doesn't. I cannot move the market by hoping, cheering or any other type of emotion.
I am taking over as my own trading coach and I am looking upon today as a very good learning day. A day that will keep me from hurting myself in the future days and years of trading. With rules 1 & 2 ingrained in me I can now move onto the other lessons that will need to be learned so that I can become the professionial trader that I want to be.
Rule # 1, I will never move a stop back even if I have put it in a stupid place.
Rule # 2, I will never add to a losing position In hopes of the market coming back to make the trade profitable.
I realize that some traders do this and some even have trading systems that use this way to trade all the time. I will not be one of them, and should a trader encourage me to do so I will tell him to go __________.
Before I enter a trade I will find a good spot for a stop and leave it at that. The trade will either work of it won't. I don't care. I would rather get out at a loss. so that I can re-enter with the market. Adding to a position is only hoping. And I no longer hope. I see a trade, I enter- it works or it doesn't. I cannot move the market by hoping, cheering or any other type of emotion.
I am taking over as my own trading coach and I am looking upon today as a very good learning day. A day that will keep me from hurting myself in the future days and years of trading. With rules 1 & 2 ingrained in me I can now move onto the other lessons that will need to be learned so that I can become the professionial trader that I want to be.
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