Today was a very exciting day in the market. So excited that I started the session a good five minutes early in order to hop in a trade. Usually I would wait until the 8:00 hour hits to start day trading, but this opportunity was to good to pass up. What I came across was an abcd pattern, at a 161.8 extension, with a double bottom containing RSI divergence. I mean, what else can you ask for to start your day off with.  After entering the trade I began making my way around my other pairs and noticed another pretty good potential setup.  I rarely take an aggressive trading approach, but for some reason I felt really good about this trade so I went ahead and set my limit orders.  While waiting for both of these trades to play out we had some pretty good conversation in the room, but to make a long story short, the trade that I was in came within 6 pips of target 1 (75pips) then came back down to break even. While this was happening, the trade that I set limit orders for just missed getting filled by 1 pip before rolling over to achieve what would have been another 75 pip target 1.  So what was a break even day in the room for me (some people grabbed some profit) could have easily been a 150 pip day.  Sometimes we just come up a little short. Great test of psychology though. ;_
luis j
3/22/2012

Hey Akil,
just wanted to say hello,and ,at the same time,introduce myself.I have been an avid attendee in the trading room,since it began.I am,at the present time, taking Jason's pro trader course,which is outstanding ,to say the least.So what occurred today during the session coincided exactly with the tapes,that i am viewing, dealing with the psychology of trading.Great material.You, my friend, are great.Enjoy listening to you.
regards,
luis

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Akil
3/22/2012

Thanks for the comment Luis. Yeah, days like this can be pretty frustrating, but they can also be a great test of trader psychology. I'm honestly surprised at myself for not getting upset. I guess I've grown some as well. At the end of the day, those who stick to their rules and don't make emotional decisions like taking trades out early will surpass the ones that get stuck in that downward spiral of taking trades off earlier and earlier. Glad the room is helping you.

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Nuno Leitão
3/23/2012

Yeah we have days like that... i grabbed yesterday 20 pips, but had to move my T1 1 pip from inicial... i guess 1 pip is not bad, but proves i was wrong. Always leraning Akil, Always learning!

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David Alcindor
3/23/2012

Akil,

Thank you for keeping such a positive perspective on these types of trades.

My biggest educational value out of Jason's ProTrader course and occasional observations has been that it does not require 100's of pips to call a trade a good trade, and it does not take a loss to call a trade a bad trade.

Instead, a good trade sticks to the rules and a bad one has no rules, no matter whether it was a (lucky) profitable one or a career-finishing one.

Thank you for showing the same equanimity - This is still teaching me a valuable lesson.

Sincerely,

David

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Akil
3/23/2012

Thanks guys!

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David Alcindor
3/23/2012

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