7-9-2013

Pre Trading Notes:

1.  Focus on drawing the trend lines.  Keep drawing them until price bounces off of the correctly.
2.  If you are confused and/or do not recognize the setup then do not take the trade.  Confusion leads to guessing which leads to losing trades.
3.  Be able to clearly explain why you took every trade you took and where you expected your target to be for your 2nd lot.

Post Trading Notes:

Really rough day today.  The first losing trade was a mistake by me trying to force a trade.  My intuition was correct in that price was going to go up but it was at the wrong time.  The 2nd bad trade was getting in again too early with a 2nd entry long trap.  Live and learn.

The S/R areas are now my biggest weakness.  I've gotten better at drawing the trend lines but the S/R lines and how to trade off of them are my biggest area of weakness. 

Mack's Notes:

DIFFERENT TYPE OF VIDEO THAT IS AWESOME!  He pauses it and is showing his thought process as he is taking live trades. 

You have to train your eyes to see the correct price movement on the chart.  If you have only been trading for a year or less then you are probably not ready to go live, especially if you are not consistently making money.  This takes a lot of hard work and time to get this down.  This cannot be learned overnight.  This took Mack years to learn and he is still learning.

He loves the failed 2nd entry trades.  You can just trade that one pattern/signal and make a living off of it.   The trend lines keep you on the right side of the trade.

He recommends that when people are first starting out to just scalp singles until you become profitable and confident in your abilities.
Where most people make the mistake is they trade trying to get rich.  Trading is a methodical process where you go into the market each day to make your salary for the day and then pack up and go home.  Trading is a long term endeavor, not a get rich quick scheme.

You normally get two legs up to a new high.


Trades:

1.  @9:29 - Thought it was a failed 2nd entry and a 2nd entry long off of a support area.  It was obviously the opposite.  I think I tricked myself into thinking it was a valid trade.  It was also at the top of that small trend channel so it was a bad trade.

2. @9:37 - 2nd entry long and failed 2nd entry short off of a failed breakout lower.

3.  @9:44 - Failed 2nd entry short off of the EMA.

4.  @1:44 - 2nd entry long off of the lower trend line.  Obviously it was a failed 2nd entry long and a losing trade.

5.  @2:12 - 2nd entry long off of the lower trend line.

Missed Trades: