Last month I set a goal of being green everyday. Boy could I have not been more wrong in setting that kind of goal in this type of market.For a while the total opposite happened,and I was more inclined to overtrade,especially if I was already negative on the day. Setting goals of making money everyday,for myself anyway,is probably not the best approach. Though it is a great incentive,I think what matters is how did I get green if I did. Was I re-enforcing bad habits,by doing just about anything to get green? For example was I taking A+ setups,or was I jumping on every c and d play out there,in the name of getting green on my p&l? Was I sitting patiently letting setups come to me,and at the same time gaining a more clear perspective of what was happening for the day? In conclusion I believe setting a goal of being green everyday is a stretch,and not helpful to sustain a trading career over the long run.So scratch that approach for me anyway.I think a few guidlines for my trading will be a better approach.
Don't overtrade,no need to be involved on every tick in the market.
Determine the type of trading day it is before jumping in.
Take trades at important levels.
Wait for plays to develop,preferrably A+ setups.
Money will take care of itself,thru good trading,discipline,and patience.
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