Monday, October 16, 2006

One trade and out.

I entered one trade this morning... which stalled out and reversed to my stop. Since I had no profit as the afternoon arrived I'm going to obey my new risk management rule and not trade this afternoon.

I'm seeing another advantage of this rule... If I'm going to have a down day, I'd rather it be 1R down than 3R down... and today I'm only 1R down.

As I read on one of the blogs the other day (sorry I don't remember which one... I read several every day - Probably Trader X, Move The Markets, Ugly, Mike or Maoxian) I didn't see any good set ups this morning so I

A) enjoyed the day off... took my wife out to lunch.
B) forced a trade to happen and lost money.
C) took advantage of this opportunity to try out some new trade ideas in my virtual account.

If anyone knows where I read this let me know and I'll put a link in for the real quote.


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