If you've been following my blog you'll know that in the land of no pay check there are all kinds of challenges to overcome and no quick fixes. It’s really important to stay safe, look after your capital and follow the rules. It’s also critically important to understand that whilst the system will provide a framework of rules and high probability trades, you must reflect your own risk preference in how you trade. After all it's your money! You will enjoy any potential upside but also any corresponding downside in your fortunes.
The Inteligex cribs are my constant guide as they tell me where the market is trying to get to which means they indicate potential targets AND stops.
My personal preference is that I prefer a tighter stop than the system (v24) might indicate so I look to move my stop into a profit protecting position as quickly as I can. As I've said before, being a good trader is about managing your emotions and this is something that helps me manage my emotions. This means that I may get stopped out too soon leading to lower profits as the price retraces to my stop only to charge on again in its original direction or I may get stopped out and take a loss only to see the trade run on to an indicated profit. But that's my choice, it works for me!
I've previously mentioned the importance of analyzing trades and the conclusion that I’m coming to as my data builds is that my initial tighter stops are fine. These may be at the interim crib or tighter, especially if the previous candle was a big one.
On the topic of moving stops, my conclusion so far is that I’m not necessarily moving them too soon but I am moving them too close to the price. So, I’m not giving the trade “room to breathe”, getting stopped out at a profit but often missing out on a few additional points.
So what's the bottom line you ask? How’s it all panning out?
Last week was a week of conflicting priorities with family coming first. So last week I netted $1,635 giving me a running total for the month to 19th of $4,871. Not too bad with 8 trading days still to go and volumes expected to pick up.
My knowledge of how to read the markets using the trade indicators is constantly improving. I try to do the same with my trading and as time passes and data builds I get a better picture and so can in theory make better decisions. I’m usually on Discord most days so do feel free to reach out through a message or call, either works.
Until next time!