Trading Update + Lessons Learned

A lot has changed in the last five months.

In my last post, I mentioned the importance to me of letting go of ownership and the urge to show rather than be. The ramifications of thinking we own anything are huge, both in trading and in life, and I've touched on this subject a few times in this blog, such as here and here.

Remember the Momo? The pattern I've devoted some 8 years of my life to since the inception of this blog??

8 years of charts and notes devoted to the Momo- I have literally gigabytes of video reviews on HD too!

Well, I've let all of that go and completely changed my methodology.

Just because we are victims of the sunk cost effect, doesn't mean we have to continue to be victims! Letting go of the need to be the one in the driving seat (when I helped my partner with her Combine) allowed me to see things from a much more neutral perspective. I've now carried that perspective over to my actions, even when doing things "for me" or with things that "I own".

I'm no longer trying to scalp on a 15 sec chart (for the first time in years). I now use a 5 min. No more fear of trading in harmony with a larger chart. I now trust in the direction of the larger chart, even though I know that the trust will be frequently broken.

No trailing. No break-even trades. No tiny R:R trades.Gone are the days where I only trade 1 market....I now watch 4 markets and trade up to 3 of them at any given time....Not only have I let go of the method I invested so much time, effort and money in, I've pretty much changed every facet of my general approach to trading.



LESSONS LEARNED:

1) Large(r) stops and targets are best- I did a video on why here.

2) Trade with "If/Then" statements- Rather than "we'll see". Base these statements off of something you can quantify (objectively) not qualify (subjectively).

3) Be specific- "I'll buy near that support when I see a reversal candlestick" isn't enough. How do you define "near"? What exactly is a "reversal candlestick"?