January 4th, 2016
Lesson 4 Chapter 1
“Trading is a marathon and not a sprint”. These words have never been more true than they were during this trading week. It was not until after 10:30 a.m. Central time this week that I was able to catch a trade (this trade was laid out in the trading plan) that put me over the top for the week. Were it not for this trade, my month would not have been as good as it finished.
January 2016, will long be remembered (by me) as the month of “almost”. “What do I mean”, you ask? Well, let me tell you.
I had several opportunities that were very close to paying off in a big way. You know what I mean, trades where you ended up being correct, only to be stopped out “to the tick” or (as was the case for a massive idea on Thursday) having a technical issue that ended up costing me the big move. Again, like I mentioned, this scenario happened to me on more occasions that I could count. Leaving me frustrated and running low on mental capital.
It’s a marathon not a sprint…Part II
Frustration was the name of the game (YET AGAIN). During the early part of the session on Friday, I had 2 GOLDEN OPPORTUNITIES that tagged me out just prior to running to my target(s). I was so completely and totally frustrated that I had to get up and take a break. It is when I returned that opportunity again presented itself in the form of my January 29th trading plan. There was a setup off of my OTG Support and Resistance levels that ended up paying off in a HUGE Way!
How Big is Big?
How big was this trade on Friday? Well, it was one of the biggest trades that I have had in quite some time. I was able to take full advantage of buying the market near the low of the day. Couple that with pyramiding into my position and I had a “huge” whale on my hands.
Here are my final numbers for the month of January.
It’s a Marathon, Not a Sprint…Part III
You can do the math. Prior to this trade on Friday, I was going to end up being down for the month of January. However, as they say in football, it is a 60 minute game. Sometimes your profit comes early in the month and sometimes it comes at the very end. What is important is that if you stay the course and stick to the plan (OTG Trading Plan) you have a chance to prevail in the end.
While it is true that I will not have this type of massive trade very often, it is also true that the frustrating events of this past week will also not happen as well. I had at least 4 opportunities this week for this type of trade to unfold. Were it not for some “bad luck”, I would not have been in a position to have a losing month. Either way, what is important is that I stuck to my plan and ended up with a massive winning day / month.
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Trading performance displayed herein is hypothetical. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance trading results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
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