Thursday, October 13, 2011

Zen and a No-nonsense Trading Philosophy

" I know it’s easier to take 30 pips out of an available range of 100 pips than to take 30 pips out of an available range of 30 pips."

How much more zen-like and no-nonsense can you get in a trading philosophy? I used to always get angry with myself when I took only a small part of a large move.
Then I would try to change my trading method to try to capture a larger set of pips - of course this usually resulted in blowing up my trading account because I would adjust my stops higher. It wasn't until I read what Jennifer wrote that I was able to tell myself that's ok to just exit with your planned target.

I just found those words today from the Trade Management section of Jennifer's course. 

And I've been playing them in my head over and over again.  I'm learning more about how to stay in the trading game and how to keep my focus on getting consistent results.

Sorry no charts today, but I did trade. I was shorting $EURUSD on very quick timeframes. Will post them up tomorrow. It's getting late  and I just wanted to put this in.  But my results are telling me, I have to do more testing. 

Yes, that was the homework I mentioned. 

More on that soon, plus a new conversation on when not to take trades...

If you haven't already done it, please go on over and click here to sign-up for Jennifer's Combo Course. I just got an email that she's closing it off tonight because she only wants to take in a manageable number of people. Needless to say, yours truly is very happy. Because I am in Jennifer's peeps!

Once you get in, drop by and say hello.

"Th-th-th-tha-tha-tha-that's all, folks!"...Porky Pig.

Happy Trading!