Very good point from jtrade. After good strategy, sufficient funds and right psychology, execution becomes the primary point of trading. Trading day in day out with as minimum amount of errors as possible.
Let's think about a situation. Do you have clear idea what to do, if you saw a setup, but somehow missed the entry. Price has travelled to the right direction 6 ticks already, so your stop would become much bigger, target much closer and in general your entry wouldn't be the same you have backtested (I hope that you have also FORWARDTESTED with papertrading).
Do you let the trade go, do you set limitorder, do you jump to the trade late, or what do you do? I can't say, what is the right action for you, but it's good to plan beforehand what your actions are goin to be in different kind of tradingsituations. Does it change something, if you are not 6 ticks, but 3 ticks late?
Also, do you get some kind of feelings (remorse, self-blame, relief) if you miss a trade, or is it just "things happen" and missing one trade doesn't affect your next trade at all. Would you feel different if the trade would have been winner or would have hit a stop.
If you haven't, it's good to to ponder these and other similar kind of points over and get answers that work for you.
Waiting for NY open
Let's think about a situation. Do you have clear idea what to do, if you saw a setup, but somehow missed the entry. Price has travelled to the right direction 6 ticks already, so your stop would become much bigger, target much closer and in general your entry wouldn't be the same you have backtested (I hope that you have also FORWARDTESTED with papertrading).
Do you let the trade go, do you set limitorder, do you jump to the trade late, or what do you do? I can't say, what is the right action for you, but it's good to plan beforehand what your actions are goin to be in different kind of tradingsituations. Does it change something, if you are not 6 ticks, but 3 ticks late?
Also, do you get some kind of feelings (remorse, self-blame, relief) if you miss a trade, or is it just "things happen" and missing one trade doesn't affect your next trade at all. Would you feel different if the trade would have been winner or would have hit a stop.
If you haven't, it's good to to ponder these and other similar kind of points over and get answers that work for you.
Waiting for NY open