Monday, August 8, 2022

Trading Psychology and Discipline vs FOMO [LIVE DAY TRADING]

Good morning guys today is monday the 10th january 2021 no it's 2022. still getting that wrong will for a while again anyway i'm here sitting at the desk kind of a short week last week i only got one day in but i'm trying to do better this week things are starting to settle a little bit kids are into their.

Distance education routine again and i'm just looking at the chart here and taking a look at the daily now i've just gone through and done my cheat sheet i haven't really looked at the market until just that because i think it was thursday i traded last weekend i don't look at the market when i'm not trading.

Most of the time so our all-time high is still intact where are we on the way down but on the way down to where and then from where from there we're going down lower low lower high lower low lower high lower low if things continue the way they're going this ought to sort of stop here and come back up to 50 again and then.

Keep going back down looking over here on the tick chart it came down here to 33 that wasn't about eight o'clock came up as high as 42 back down to 34. now it's on its way back up so do we hop in now and just see if we can ride it up 10 points to 50 and then if it turns around at 40 get out.

Or we wait for it to get up to 50 area and then try and short it not really doing anything yet so just gonna hang on and watch it a little bit watching to see if this breaks this bottom one here or if it comes up and breaks this one or if it comes up to this really approaches it and holds there now.

I may have sort of done that here it did come up to almost 40 and turn so it could be on her way down i don't know but it's not enough for me to get in quite yet beyond just taking a stab at it now if it does go down where's a good place for it to go right here where's that o5.

Yeah that'd be great or even right here that's 20 right there you know it looks like it's going well let's see what happens to 30. if and hold it 30 and pop up or if it's going to convincingly go through 30 take a little breath and then we take it short i'm just going to take a little chance here and i'm going to try it long.

Because it just went down stabbed 30 and just trying to get it up to like 43 ish we did make a new little low yeah but the market's going to open soon and that might just give us a little pop-up so i'm going to put my stop i'm going to put my stop at 29 just to get it around 30. i'm only trying to get 9 points or so to.

Get it up to here just a little poke at the open and if i'm wrong and it fails say at this candle here at 40 then i can get out for a few points anyway and if i'm like totally wrong it just keeps going down well then it's a loss and we'll just have to try and get it back okay it's moving a little bit in a direction now like three points in so.

It's kind of fighting for 35 right now it's gotta break 35 and come up like right to 40 or you know attempting to just punch out for a couple of points because it looks like it's going down right but just want to see if we can catch something here.

No i'm out it just started to rip back down there but that's okay got something you got a point and a quarter there so you know five ticks better no ticks and that'll make me behave myself for the next five minutes so i don't get back in really before they open so so we're 927 thinking about going back to my original.

Plan of trying to short this is holding at 35's a question and then gonna go fall further from there i don't like going short when it's right at the bottom of the channel however this one you know it just the way it's going here added right at the open it could have a push one way or the other and the most likely push is down because the way it.

Is right now now it came up as high as 37.50 and turned so let's see if we can come back up to 37.50 and stop again maybe try it short and if it can't get above 35 here it's just staying still at 35. it just sits there and can't go past it a little bit of tick tick tick tick back and forth yeah we're going to short it.

Take this down to 20 just above 20 i always put my target a little bit short of where i'm looking for move or stop around coming up to the open so i can move it around 40 so that gives me like a five and a half six point stop let's just see what happens we got one minute there's 9 30.

Let's see what happens even if i'm right here you know my stops bit wider but you need that at the open because it swings back and forth at the open if you have a two-point stop or a three-point stop at the open pretty well guarantee you're gonna get stopped out you need to make it a little bit wider if you're trading it right through the open.

Really fighting for 35 here balloons filling up and then emptying really fast so i like that for staying short okay we might be getting somewhere here there we go i'll break 30 gotta break through you don't turn around okay move to break even now and it's almost at my target and i'm tempted to try and move it.

A little bit i'm gonna see if it'll take me out no i'm just out i'm out guys that's it done all done as i watch money you know not flow into my pocket but you know what guys i'm done and same thing i said last week i only traded one day last week i think.

It was thursday and i hadn't traded for a couple weeks before that because of christmas so i'm cold i was cold then i'm still cold you know long stretch with nothing traded a day and then like a long weekend off and then i'm just back at it today so i'm still in that same mindset just grab something and end positive and.

Put a positive day in the bank that's the biggest thing for your psychology is to put positive days in the bank i've been doing this a long time that still matters so i'm just going to take this you know it's it's a decent winning day it's more than 10 points no complaints i'm not taking any chances of giving one cent of it back i'm just.

Going to put another winning day in the bank come back hopefully tomorrow and try and put another one in and another one in and another one in small wins are fine they all count so anyway let's go over the p l here thirty one fifty fifty cents net that's open.

Profit on eight trade thirty three twelve that was the last one maximum open lost 750. 37 commission well you know what that's okay 750 down at one point but not close loss but you know that's real money that's gone if you hit the 12 and three quarter points i think that is so.

Can't complain that's that's a good day so mind you had i stayed in there i could have another 10 but you know is what it is guys i like it dr elder says you know the broker won't let you trade from back here you have to trade from here so.

You just never know anyway guys questions and comments down there keep them coming they're always welcome if you're on the email list guys check your email there's one coming out really soon check your spam folder too and you might just have to add my address to your whitelist or whatever that is to make sure that you get them.

Oh there's one coming out real soon if you're not on the list daytradernextdoor.com get signed up there if you like thank you so much for watching as always have a great day guys and i'll see you soon

RELATED ARTICLES

Most Popular