Some may look at today as a day of missed opportunities. I'd rather look at it as a day of smart trading. I didn't take any trades today in the live room but there was a lot that I was watching as shown by some of the charts above. About 3 trades had limit orders set but for one reason or another never got filled. There were also a few other trades that I predicted but didn't get involved in because of my trading rules.
In my heart I am a very aggressive shoot first type of trader. However, past experience has changed my view on things and as of late I have become much less aggressive when placing orders. Its no conquincidence that my change from very aggressive to a more conservative style of trading has gone hand in hand with my accounts change from consistently negative to consistently profitable. However days like todaymake me think "what if I was still aggressive?" In the back of my mind I know what the right move is, but it's often irritating to predict a correct area yet not be involved when the profits are being made. So the question is, if I'm so irritated then why don't I go back to being aggressive. Well the answer to that is simply. It's because the pain of losing money in the market is worse than the irritation of missing out on a trade and not losing money. I'm still pretty new to trading on the 5 min time frames and as my friend Rick said it moves pretty fast, leaving less time to think especially when trading multiple pairs.
As I've done in the past, I'll continue to review my trading and make adjustments to my plan. If I notice that a more aggressive strategy on the 5 min charts is worth it, then I may change up my strategy. (Kaizen) Until then, I'll keep doing what I know best and that is making as much money as I can by not losing a lot of money. See you tomorrow traders!
In my heart I am a very aggressive shoot first type of trader. However, past experience has changed my view on things and as of late I have become much less aggressive when placing orders. Its no conquincidence that my change from very aggressive to a more conservative style of trading has gone hand in hand with my accounts change from consistently negative to consistently profitable. However days like todaymake me think "what if I was still aggressive?" In the back of my mind I know what the right move is, but it's often irritating to predict a correct area yet not be involved when the profits are being made. So the question is, if I'm so irritated then why don't I go back to being aggressive. Well the answer to that is simply. It's because the pain of losing money in the market is worse than the irritation of missing out on a trade and not losing money. I'm still pretty new to trading on the 5 min time frames and as my friend Rick said it moves pretty fast, leaving less time to think especially when trading multiple pairs.
As I've done in the past, I'll continue to review my trading and make adjustments to my plan. If I notice that a more aggressive strategy on the 5 min charts is worth it, then I may change up my strategy. (Kaizen) Until then, I'll keep doing what I know best and that is making as much money as I can by not losing a lot of money. See you tomorrow traders!
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