I put myself in a hole today. Took 7 trades. Some where well founded. Others were not. Some didn't even have PA.
Two of them early on ran to at least 1R and I ended up b/e on both. Four of them I cut before they ran to -1R and all of those eventually did fail, so that's reassuring.
Result: -2.58R. I don't suspect I'll take another trade today.
I don't need to be predicting the direction of the market. I have rules which tell me what to look for. Don't trade to simply trade. When you know you are in a weak trade, get out when you have some profit. At least take some off the table. Don't let 1.6R turn into 0R when you know it's not a strong trade.
I look at the maximum run price had after my entry to help determine quality of setup. Yes, some good setups just fail. But this is a good gauge over many trades. Today 4 of them didn't run beyond 0.22R, signalling that my trade selection was poor today.
Still, risk was contained. I will get better at this. Practice.
Two of them early on ran to at least 1R and I ended up b/e on both. Four of them I cut before they ran to -1R and all of those eventually did fail, so that's reassuring.
Result: -2.58R. I don't suspect I'll take another trade today.
I don't need to be predicting the direction of the market. I have rules which tell me what to look for. Don't trade to simply trade. When you know you are in a weak trade, get out when you have some profit. At least take some off the table. Don't let 1.6R turn into 0R when you know it's not a strong trade.
I look at the maximum run price had after my entry to help determine quality of setup. Yes, some good setups just fail. But this is a good gauge over many trades. Today 4 of them didn't run beyond 0.22R, signalling that my trade selection was poor today.
Still, risk was contained. I will get better at this. Practice.