I actually printed out my NQ trading plan and put it beside me when I was trading. I went through plan when making the trade. Just like an operator who is new to operate a machine. Follow the user manual, step by step, switching on the machine. Sounds stupid and funny? Well, that’s how I trade.
It was a trending day for Nasdaq futures. The mistake I have made was not making myself available when new opportunity appeared.
After I closed the first trade with break even result, I was following the market. And, indeed, I saw opportunity appeared again. no action was taken. In my mind , I was still thinking the market is coming down, the market is coming down, the market is coming down. There was no room for Long opportunity.
Note of the day:
Making yourself available, free up your mind, take the trade when opportunity appears.
From another point of view, today’s action provides me a clearer view of my entry methods. Each entry method carries its own risk/reward ratio and exit condition. The trade I had taken today was , in fact, a higher risk entry. I would be better off if I had tried to lock in some profit at first warning sign. Well, hindsight.
One trade. No profit (oh well, in fact I earned $.0.28 after commission 😆 ). But some lessons were learned.