PAV
Your breaking one of your rules
-----not to break your rules!
You have to change your mindset.
Your position trade failed.
No what ifs
You break even on this one.
When you get a position trade that continues you'll have profit that you can only dream of.
Very difficult to hold a long term trade in one direction and trade against it.
You have to keep the analysis and timeframe COMPLETELY.separate.
Remember it's a business,
Thank you Tech. The voice of reason as usual.
I think this was one of my best trading weeks in terms of patience and execution.
Also as well as following my rules.
I'm considering the fact that I have both an intra-day strategy and a longer term position trade strategy but nothing in between.
I really feel that the 100-200 point trades could be a very profitable approach. Holding over 2-3 days when momentum is identified. I will work with this a little more, but this idea is really resonating with me.
Intra-day profit is my foundation and bread and butter. Position trades are something I see great merit in. But I need to think about those 100-200 trades a little more because those moves are so frequent.
But you are correct.
Position trades are on a different time frame.
Position trades frequently get taken.
But when they take off, the profit is enormous.
And yes. This is a business.
I need to put it into perspective.
Sometimes luck doesn't go my way even if I do things right.
Even if I finish the week with $1,700, if I averaged that per week it's almost $90,000 for the year.
All good.
Consistency. Build slowly. Big weeks will come. Don't despise a week like this. Ensure losses are minimised. Stick to plan.