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Hi guys.  This is a very simple post.  I’m just sharing my completely unedited personal journal entry with everyone today.  I’m hoping that reading it might help others start working on making better decisions day in and day out.  The screen shot above is my screen shot for the day.  If you read the notes in the screenshot about my lousy trading session, you’ll get an idea of where I was at by the end of session.  About 30 minutes later, I wrote the following:

What can I take away from today?  How I can open my mind, have a growth mindset, and use today to make me a better trader tomorrow.  HERE IS WHAT I MUST TAKE AWAY FROM TODAY IF I’M GOING TO A) BE BETTER TOMORROW THAN I AM TODAY, AND B) STEADILY MOVE UP THE LOT LADDER:
1.Days like today – specifically days when there is an overwhelming, strong and clear DB – are the only days I should take trades.  I am not some ninja trader and I’m nowhere near a good enough range trader to be able to pull some pips here and there when there is no overwhelming DB.  We had such an clear and overwhelming DB today that when I finally got good entry into the trade, I had very little anxiety about needing to get out when I was up about 10 and the market stalled before the oil news hit.  I was 95+% sure that when the oil news hit, it was going to push the market considerably long.  That is exactly what trading should feel like: You feel like you absolutely KNOW the direction and then you just search for and do everything you can to absolutely NAIL a great entry.  This is the first time in a long time I’ve had that feeling and it reminds me how trading should feel.

2. An old lesson proves to be true yet again: DON’T CHASE TRADES.  There is too much risk.  If I miss my entry, then maybe I’ll get another chance later in the run to get solid entry.  Maybe the opportunity won’t come until later in the week, or maybe not even until the week after that.  It doesn’t matter.  Making the turn from being a terrible trader to a consistent winner who moves up the lot ladder and creates an amazing financial life is a matter of CONSISTENTLY, SESSION AFTER SESSION AFTER SESSION AFTER SESSION AFTER SESSION AFTER SESSION AFTER SESSION, ALWAYS MAKING NON-EMOTIONAL, GREAT / SOUND DECISIONS.  Chasing is a weak-minded loser, FOMO mentality.  Not only did it cost me 25+ net pips on two trades, but those trades then somewhat forced me to take profit prematurely on the +25.  I had great entry on the winning trade, but because of the large losses, I had to take profit as soon as it started breathing – even though I was quite confident it would continue to run.  Obviously I want to cover 25’s, so I have to make sound decisions about banking profits, but this was one trade that seemed highly likely to keep running.

I don’t know exactly why, but I hope / feel like this little nugget might resonate and help a couple of my fellow traders out there.  If it does, or if you have anything you’d like to discuss, please reach out to me at pipaddict73@gmail.com.

Yours in trading,

-Cyrus Sidhwa