Friday, March 13, 2009

Lessons Relearned- NQ.....15:20ET

Recently, been entering trades too early through impatience. Today's trade proved the importance of nailing the entry within the parameters of the pattern because I almost certainly would have got stopped out had I have entered even a fraction earlier.

It's not that getting those optimal entries prevents you from going into the red but they allow you to stay in a trade until the pattern is broken...and then some more to make sure (wiggle) WITHOUT exceeding a "normal" loss.

Up until this month's trade, I've always waited for the best entry possible. With my current entries, I'm stopping myself out at/near the high/low as I'm watching the dollar amount not the chart. I avoided that today by exercising that old patience again.

Decided to get back in on a retracement, which is fine, but rushed once again...number 1 shows entry and stop...2's green line is where I got stopped on the first trade and where I re-entered for the second, getting stopped at the red line.

Ended up with 1.25 points overall.

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