the battle between your present and future self

worth watching


http://www.ted.com/talks/daniel_goldstein_the_battle_between_your_present_and_future_self.html

when trading intraday

I suggest using smaller initial stops and look for trades with Risk Rewards that are at 2:1 or higher. I personally do not take trades with initial stop losses larger than three S&P points and I never take a trade with a Risk Reward below 2:1 _ I am much more comfortable in the 3 or 4:1 area when intraday trading. I don't find these trades that difficult to find once you get used to looking for them and if I have to wait to find a trade that fits my acceptable profile, that doesn't bother me at all. I just want to be consistently profitable and it costs me nothing to wait for an acceptable trade. Patience and discipline are prerequisites for trading success.

markets now

Up auction continues. S&Ps traded above it's eight day range and closed above it, which suggests strength, but as we know it's not the breakout but the follow through that matters.

AN IPO WORTH CHECKING OUT

@watch list

bullish sentiment reverses

follow up on a gold trade

            @the TL breakout is working so far and it looks like the price found a support here around 20dma 

eight day range still holding

Never get emotionally attached to trades.

I disagree. 

No matter how you may try to trade like a program or turn the emotion off, you are human and your emotions will always be attached to your trading. Instead of trying to ignore them, your job instead is to use your emotions as a tool. For example, learning when to recognise the signs when your trades are emotionally driven and which vary from your strategy can prove quite helpful. It is also important, which I think is in agreement with this rule, that the more systematic you make your trading – for example having a preset game plan (stops and price objectives) for every trade you make BEFORE you make it can help keep your emotions in balance so that your trading does not become emotionally driven. Again, the important thing is to learn to work with your emotions, not try to fight against them. 


For further research  I recommend  reading   "The Trading Tribe" and "Trading In The Zone"

Happy Valentine's Day