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Showing content with the highest reputation on 09/02/2023 in all areas

  1. 1 point
    I found consistency when I got rid of all my profit goals. I realize now I was trying too hard to reach a specific P&L and it was effecting my decisions. Now I try to focus 100% on making good decisions. I make notes on each trade as I take it throughout the day, so I can constantly monitor how I'm doing based on decision making. A good day is one where I make good decisions and manage my trades according to my rules. I haven't had a hulk day since I started doing this. I find Thor's mentoring sessions incredibly helpful. It was his suggestion to get rid of the profit goal and it worked for me. He often says don't lose more in a day than you can make back in a day or two. He couldn't be more right! I had a max loss day on Tuesday and made it back and then some on Wednesday. Everyone always says focus on the process not the profit. You just have to figure out your version of that. After watching Peter's SMART entry webinar I try to plan out my trades before I enter them so I have a plan for whatever the stock does. This allows me to stay calm and focused because I already know what I'm going to do. If I get my signal I enter, if not, I don't. Once I enter a trade, I've already planned my stop loss and profit targets, so all I have to do is follow my trade management rules. After doing this for a couple weeks I know I am in a good trade if I am calm. If I feel like the trade is "easy" then I know I'm prepared for it. The hardest part about this for me is missing setups because I didn't have enough time to prepare. Sometimes I impulsively enter the trade because I saw my signal, but my heart rate increases because I haven't planned the rest of my trade. I have been immediately stopping out of these trades, which more often than not seem to work out, but it's not worth the risk if I'm not calm and prepared. My best advice is don't worry about other people's timelines. Focus on your trades and your process. The hardest part for me is to be patient. I can see incremental improvement in my trading over time, but it is SO much slower than I want it to be. I see improvement in your graph. Take a step back and look at how far your come, realize it's going to take longer than you would like and keep working at it. Keep learning and improving every week. And try to stay positive! I have found that my best teacher is my own journal. I take the advice from the moderators here and apply it to my own trading. Your equity curve seems to be flattening out and it sounds like you know if you eliminate the hulk days things would be much better. Try to focus on making good decisions and reducing the bad ones. Also, keep in mind that as your equity curve starts moving up it's not going to be in a straight line.
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