Long on a bullish breakout.
Entry: 10435
Stop: 10422
Target: 10460, 2 ticks below the pivot.
Result: Stopped out for a 13 tick loss.
Disgusting. What was I thinking with that stop. It was way too tight, I knew it, but I did it anyway. I just watched price tag my target but I wasn't a part of the trade because of that stupid stop.
Daily analysis:
There was a ton of money to be made in the market today but no great setups. These days are remarkably tricky and dangerous. When I see this much money moving around the market beckons me to participate, often to my own detriment. That is exactly what happened today. I took a trade on a non-setup and payed for it. It is tough to watch thousands of dollars move back and forth in front of me without trying to reach out and grab it. This is an urge I must resist. I can only trade on proven setups regardless of what the market is doing.
It really amazes me how when I make a trading mistake by initiating a trade on a bunk setup I seem to always lose. It makes me think that luck has very little to do with success in this business.
Overall results: up 12 ticks or $60.
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