Tuesday, October 2, 2012

Getting back to my core focus...

After a very ordinary September in which I only managed to net a little over $200 and a very poor start to October; down $600+ already; I took a very close look at my trades since I've gotten free of the PDT rule. I've decided that I'm going to make the following changes effective tomorrow:

1) Go back to only watching the 4 - 5 set ups that I really, really love as opposed to 20 - 25 set ups of a wide variety most of which I have no real conviction in;

2) Use the 15 minute chart for entries and setting stops like I was doing for the most part when I was under the PDT rule with my IB account in August as opposed to using the 5 min chart. The 5 min chart is way to noisy and prone to "wicking" you out if you use it to set stop losses;

3) Wait patiently until profit targets are hit before taking any profits off the table. Manage open positions by using support/resistance levels on the 15 min chart to trail my stop loss.

So now I've got close to a $1K hole to dig my self out of before I get back to green on the month. Hoping to do this sooner rather than later.

Good luck and good trading!

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