Dave from Sydney's Journal [Awarded Title: the Box-Trader]

[wiseambitions]

This one about the dangers of entering a trade immediately after losing hits the nail right on the head

I have analysed my rent trades and I need to admit that at least half of them were not entered on proper setups to begin with, usually in revenge and with bad consideration.

Maybe what will help me is that I tend to trade higher TFs and I remember Immy or someone saying that these give you longer to open the trade, it isn't necessary to open on the first tick of a new candle, which might be the case when scalping M1, and I need to remember, it's not Dont just sit there do something, it's more a case of Don't do anything, just sit there.

It is worth waiting a long time to get the proper setup, the benefit outweighs the pain of babysitting a trade which is not going anywhere.

I need to stick notes about this sort of thing on my mirror to contemplate when shaving etc !

[Dave]

Nice start to the week but hard not to feel like I left a bit out there....
UJ - slipped on entry, closed half and half again but then decided to bank it after the M1 BDB with angulation;
EU - great add on spot, but had to trail the M5 BDB. Shame to see 10 pips dissolve but giving them a chance to run a bit more is the long term goal.

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[Darren]

Perfection! :-bd

[Dave]

Thanks Darren, but still have to nail those exits!

[Dave]

Missed my chances this evening, but, like always, they were out there! Tomorrow is another day....

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[Dave]

http://jamesclear.com/marginal-gains

[azadar]

Thanks for the link Dave. This is a very interesting article not only for trading but for everything else

[immy]

http://jamesclear.com/marginal-gains

Fantastic Article. and the achievement of Team Sky, truly amazing. And linked shared by an Aussie, makes it even more tasty. Its so amazing to see what they have done.

The Bottom Line:
Success is a few simple disciplines, practiced every day; while failure is simply a few errors in judgment, repeated every day.
—Jim Rohn

Simply exquisite.


psst: The most powerful law, The Law of Compounding!
“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”


― Albert Einstein

1% a day ... i wish

[Dave]

An interesting journey tonight, but thoroughly enjoyed it! Ze Germans to ze rescue!

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And the ripper of the day, which went without me, sigh. Cya! i-)

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[Dave]

Happy with tonight's trading, some nice moves at Euro Open. With red EU news due I was happy to take what was available, although the big news drop could have really spiced it up!

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