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You Have To Learn This From This

If I don’t learn from my first trade of the day, I will never succeed at trading.  I believe that with 100% of my being.  Trading is definitely feeling more complicated to me than it is ever has before but I do have to return to my fundamentals.  So let’s get to the point.  The below chart shows a sell signal  I got 9:35 EST this morning.  Due to the significant amount of homework I’ve done on this study, I have strict rules for this trade.  After the signal, I’m supposed to put a limit order to short exactly 1 pt above the close.  Well, as you can see on this chart the next bar did not meet my criteria.  The market still went down however.  The self talk I had in my mind went like this though “You are not trading lines and indicators.  You are trading price.  The market did not meet your 1 pt rule, but it is telling you it wants to go down.”  So what happens?  I short the bottom and get stopped at the top.

I really believe I can take two roads here.  I can continue on the road I am currently on and that is  have no real discipline and continue banging my head on the wall wondering what I’m doing wrong.  I mean I have an earlier post on this blog about how I screwed up this same exact trade setup.  I seem to continue to make the same mistakes over and over.  Or I can follow my plan and respect my rules.  If I’m going to be successful trader, it is going to be by homework and trading  proven setups I know will work.  It is not going to be by taking impulse trades.

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