Earlier in the thread I made the statement that the job of the trader is to make good trades, nothing more nothing less. So how do we know if we are making good trades?
First are the discipline oriented answers. Did you follow your plan? Did you enter without hesitation? Did you control your risk? Did you insure that the trade has a reasonable chance to make its target? Is the trade in line with your personal tendencies (ie. are you trading in a way that you are comfortable regardless of the outcome)?
Now the technical answers: what we are all interested in. Is the entry within a reasonable distance of a relative high or low? Is the entry within the wick or wicks of a commonly traded price action bar set-up? Are you selling a rising market? Are you buying a falling market? Did the trade spend a little time at the entry area or a lot of time at the entry area? Was the trade at a critical price level or did you just enter when it looked good? Did the trade draw down a little or a lot?
If you can answer yes to all of these questions then every trade you make will be a good one. Even the losers.
Hope it helps.
First are the discipline oriented answers. Did you follow your plan? Did you enter without hesitation? Did you control your risk? Did you insure that the trade has a reasonable chance to make its target? Is the trade in line with your personal tendencies (ie. are you trading in a way that you are comfortable regardless of the outcome)?
Now the technical answers: what we are all interested in. Is the entry within a reasonable distance of a relative high or low? Is the entry within the wick or wicks of a commonly traded price action bar set-up? Are you selling a rising market? Are you buying a falling market? Did the trade spend a little time at the entry area or a lot of time at the entry area? Was the trade at a critical price level or did you just enter when it looked good? Did the trade draw down a little or a lot?
If you can answer yes to all of these questions then every trade you make will be a good one. Even the losers.
Hope it helps.