Here are just a few of the many comments taken from the Chat box and the Daily Report cards submitted by my first NY Close Inner Circle Class.
(Unless you are an experienced trader, l recommend you start on the simulator before advancing to a live account. This develops confidence AND competence)
Did l follow my trading rules/trading plan? yes, I did exactly. all short trades (5ea) and 5 winners. all 2B trades (1) was a 3B. All worked so well. +140.00 on one micro in sim.
Patience, patience, patience is the key. 2B's work so well.
What did l learn from today? very strong up market at NY open. Took only 4 trades while I had a few minutes. All were long trades. the first 3 were 2B (made myself stay patient) and the last one was a RO1 because market was moving so fast in the up direction. Missed 4 or 5 other nice 2B's on the AC1 because the market was just moving too fast. Market orders would have created bad fills. I quit up +95 on (1) micro on sim platform.
What was great about today? (An, aha moment perhaps?) 2B's rule the day. I just have to have the time to wait for them to form up.
Did l follow my trading rules/trading plan?
Yes, completely. Took 8 trades, all according to rules (4 T28, 3 2B’s, 1 34B). The 34B was a 2B, so it was in the plan.
What did l learn from today?
- Sitting on hands and taking trades only when they meet the criterion works.
- Today I broke $500 a day profit for the first time. All from keeping emotions in check. But I missed one trade which I should have taken in the afternoon. Easy 2B but wasn’t focused during NY Close session.
What was my win/loss ratio? 83%. 5 wins, 1 loss.
What was my win/loss ratio? 80%. 4 wins, 1 loss.
Two 2B’s and a 34B. Net $70.18
Did l follow my trading rules/trading plan? Yes, traded NY open for about an hour. Cannot use the tight stops as in the afternoon so I have to be very focused whenever I'm in front of the screen. Made $75.00 on (1) micro on NQ. Shut it down after that.
I can DO THIS!! It has not occurred to me to check how much profit a trade is making in a long time. I check my points status, and I watch the chart for blue skies, and changes in the indicators as the trade runs. I am still working out what to do when I am convinced that the trade is turning into a loser. I have been watching how you move to break even. I tend to rather just close out once the momentum is less convincing. But I understand that you are giving your trades room to still breathe.
Thank you for including me in the NY close coaching group. Not only have the classroom sessions been an eye opener, but the group has clearly taken on a life of its own.
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