Ok, I have enough.
I am finished with breaking my rules
betraying my plan. I have had a year
of good feedback from numerous day trades
It is time.
For years i struggled with trying
to quit smoking, and finally one day
I reached my NO. I would not give in
to the desire to smoke, and when i
had this NO, it was not a problem anymore
I have my NO now in day trading.
I will follow my plan exactly and
not give into those impulse trades
that are so wrong.
You will not see them in my summaries again
I realize that to maintain this NO
will not be easy, I must approach
every day every trade like a ex-smoker
approaches a cigarette, an alcholic a drink
I must not break any rule in any way
I must be centered, aware, healthy,
well rested when i make each trade
The plan
1. I will always trade with a
defined 5ma trend
I love to go against the trend.
I feel myself a errant knight fighting
the evil of any consistant move in the QQQ
(Mike has pointed this out to me several times)
2. I will only trade clearly defined
high percentage setups
(lots of work to be done in this area
but oddly enough its #1 and #3 that were
the problems)
3. To insure that i cut my losses fast and
let my profits run, i will do the following
A. put in a immediate 10 cent stop, reduce that
stop to 5 cents after exactly 5 minutes, and
and to breakeven in exactly 5 minutes more.
B. trail my stop after that at between 15 cents
above, down to the 5ma, I can only exit
if stopped out, the day ends, or the price moves
more than 25 cents off the 5mas and stalls |
