Leaderboard

I had an amazing week with 1 small red day Monday and the rest green. For us new traders this is a great confidence booster but it is important for us to stay even-keeled going into the next trading session. There is a fine line between confidence and over-confidence. Over-confidence can make us take weak setups, aggressive position size, and early entries because we expect everything to go our way as it has in the past. When it does not, our confidence takes huge hit and this can lead to bad trading, overtrading and easily snowballing a small red day into a big red day....(I have had my share of this experience.) A green streak does not make the probability of having another green day higher. Our past results do not determine future results, same goes for when we have red days. So let's stay even-keeled and "cool as a fan" as we enter tomorrow's trading day. (Now time to look at the improvements notes from last week's journal!)

Here's one from yesterday that failed to crack below the MA's. I managed to get out near break-even for a mere 0.05/share loss.

Took $TWTR on Bearish Engulfing Crack but was stopped out on first try. Went back in for second attempt and rode momentum to low of the day (LOD).