Today felt a lot better than the past few days. Granted, I started off the day up a little bit and then lost on some trades and found myself down more than I wanted to be. Obviously, no one likes to be down, but I have started off up at first and then down the last few days in a row. This is a little frustrating to say the least.
I managed to get a little back before DOE oil inventories. I actually sold it right near the top, but I was afraid of a big sweep out of nowhere, so I took my profits and watched the market tank. Maybe going forward if I have a little more confidence in my trading, that is a trade I can hold part of longer . . . just a thought.
Anyways, what really made today a success and feel good was that I was very patient and I waited for my setups. I stayed out of the choppy messes and took my quick profits. I am trying to to risk 1 unit and make about 3 units. Right now that is my simple strategy, and its working. I know I am not taking out the whole move or riding or holding trades, but I dont think it matters right now. What matters for me is that I need to take my profits and just hit singles. I think that in time it might change, but for now I must learn to crawl before I can walk or run.
It is really amazing that after 5 years of trading I am back to the very basics. I need to continue to stay patient and wait for my spots. There are many opportunities in there, and staying calm and patient are some of the keys to my success.
Also, doing my work in the morning is paying off. Some of the levels I look at are helping find great trades in different markets.
I must also say that no move would really surprise me. I wouldn't be surprised if oil was up or down $2 tomorrow.
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