Today's Trading

Today I had 5 trades, at least for this trading day starting from 1:30 pm yesterday to 1:15 pm today. Four of my trades went in my favor, one against me. Today my profitability ratio is 80%. I ended the day profitably again. Praise God!!

I've made one trade for the next trading day and that is profitable. Today I've felt less fearful and taken smaller profits. However, I still am falling prey about getting out too early and moving my stop closer. Hmmmm. Usually the first instinct is really good and correct. In fact, it's been that way pretty much 100% of the time.

http://www.rockwelltrading.com/trading-secret

This is Markus H that talks about having confidence in your trading. I agree with him.

I'll summarize with his bullets:

1. RIGHT KNOWLEDGE
a. Chart Reading: patterns, trends, support/resistance (pivots, fibs)
b. Indicators: "Crutches" to read a chart
c. Risk Management: How do you protect yourself? Stops (costs, profits), money management, position size
d. Trading Strategy: How to trade spelled out
e. Tools: Charting Software (accurate, crisp clear picture), Trading Platform (access to market, good execution)

2. RIGHT MINDSET:
a. Trading IS a business!
b. It requires time, effort, and committment!
c. It can be simple, but it's not easy
d. There's more to trading than having a trading strategy

3. PRACTICE - (i.e., papertrading, backtesting)

4. EXPERIENCE - (learn from your own mistakes & successes)

TO SUCCESSFULLY TRADE:
1. Goals
2. Right Mindset
3. Basic Skills
4. Trading Strategy
5. Personal Trading Experiences
6. Feedback
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