Wednesday, June 16, 2010
The Daily Note - Time for a Review
Sometimes I have to make a note to myself... as a friend says post it notes all over the place. Well yes. I tend to have notes for reminders, 'cause I ask you who can watch it all and remember everything. That's why we have alerts, ten pair of eyes and a fog horn or two to bring us to reality; but a review is always good.
I plot charts every day; sometimes as many as 10 per day, each with entries and target notes. The list builds until the end of the week so by that time as many as 50 charts are plotted, often same symbols repeated so you can imagine it can get rather busy. So it's hard to remember from day to day if what I thought last time is playing out unless I revisit them regularly. It also gets difficult when gaps develop from the time I plot them to the time of market open. Often it takes a review to really see the whole picture and how well charting can work given you stick the the system.
I sometimes get questions, from traders who tell me they don't understand my charts or how I play them. My guidelines are posted, but I think what happens is that people tend to look at things as being absolute or they wish to have absolutes, therefore, statements like "above" "below", "near", "about" are confusing to them. What I'd like to point out is that no entry or exit can be absolute except the one you execute yourself . If you enter or exit a position in a few pennies above or below the entry price or target price it still can produce a desired gain. Sometimes we get hung up on pennies rather than see the gain that we have attained or the goal that we have met. So I would like to suggest that next time you follow a trade that I post you focus on the overall picture and take your eyes off the flea hopping movement of the tape.
Yes, it takes management of your own, as all trades do because there can be no guarantees that the price will continually increase or decrease on a trade as the day moves on, but take a look at the last two days PlayList posted to members and see how they worked the last two days by comparing them to the current charts. Some actually played out to their maximum on Tuesday although they were plotted on a Monday. That's the reason why management becomes a challenge, but if mastered it is for a healthy reward.
I have postings on this blog 2007 which have covered trading psychology and guidelines to help traders develop style and overcome obstacles. Currently, I have 21 weeks of posted trading results based on my charting this year, and posted trades last year since April 2009. My prior experience is that of a successful room moderator on a professional site for several years. Take a tour of my services in a week (7day) long participation and I think you will find that I am a willing teacher and guide. So, read my blog, and the history and see if my service will help you develop your trading style and help you toward your goals. You won't know until you do the action. (there is no "try")
Stay tuned for my new DailyPick service, which will be available from the blog.
Yesterday, on the Dance Floor : +7.63 points. Join us for the next dance: "MEMBERSHIP"
Meantime, enjoy this tropical swaying dancing tune
Posted by Anni_V