Monday, May 7, 2012

Attempting to slow down -- Resulted in +8.50 $ES_F

Since I've discovered that my wheels have the potential to wobble and fall off when I trade $ES_F more than several times a day.  So I'm taking a hint from my forex trades and cutting back on the number of trades (being more selective), and then going for longer duration moves (letting them ride).

Today, this "slow down" strategy worked for +8.50 ES points over 2 trades, both winners.

What part of this is due to luck?  I don't know, but although there was some luck, I know there is definitely room for improvement upon review after experiencing some unlucky situations today.

On my long 1360.00 trade, I was not lucky to reach my profit target at 1370.75 by 2 ticks, and ended up closing the trade for +6.50 (instead of +10.75).  There were some signs that the trade was no longer working, and I believe I could have saved a couple handles. 

Last week, I had my first > +10.00 ES day and it was also based on a slow down/let it ride strategy.  Maybe I'm on to something -- a method that's a better fit with my style and personality?  Although my desire is to be able to scalp my way to consistent profitability, maybe because it "feels" more like work with less potential boredom. 

But the slow down strategy seems to have a lot less wear and tear on my psychological capital due to less decisions that need to be made during the day.  And most importantly, if it turns out to be profitable, then why mess with it.

I'll continue to take this current overall strategy and mindset, especially the "I really don't care unless I see a solid setup" attitude, and see how long I can consistently follow this current path. 

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