29th Oct – In hindsight, what should have been done (S&P emini trading)
Hi all,
From my last performance which was pretty pants, I reviewed again what should have been done today. The way you’re mindset is determines how well you’re doing.. when you’re trading, it’s like an Olympic sport for the brain.
Just imagine your running a 100 metre sprint but the day of your race, you are feeling extremely tired. How on earth are you meant to compete on that day. When this happens, if you’re feeling tired, mentally exhausted and not your usual perky self, it is best to give trading a miss. I should have listened to my body today and just gave it a rest.
Anyway, looking at the charts again considering I missed the long at 154400, there was another opportunity.
You can see on the enclosed chart that the market just clipped the previous swing high but it couldn’t sustain it. As it falls back through the horizontal (at 154925) one should be looking to short it. In addition, if you look at the stochastics, you can see that the lines have crossed issuing another sell signal. It is these things which you have to keep note of.
You must select only the most juiciest trades to stand a chance. If you miss the trade then you must leave it and wait for another.
I think I need to write out a trading log and plan to keep in my mind so that I follow some strict rules.
Anyway, have a look at the enclosed chart to see what I was talking about above
(click to enlarge)
