Today is Wednesday, March 10th and the market was drawn to the double top like a magnet today.
The market was drawn to the exact top of its January high just like it had wings. As soon as it was hit, a reversal was in place with the S&P futures, falling 7 points over the next hour. The market swung back and forth for the rest of the session to close up on the day about 6 points.
The volume was little better today, I think I saw it was around 2 million contracts traded. The early session saw about 4 waves higher to the top. There was some nice trades to be had there.
I had limited time today, but found myself looking at the session around 8:30 am West Coast. I tried to see if I could pick up something before the market went to sleep and today it stayed awake, first day in a while. I saw the top in the market and first picked up a small scalp for .50 point. I was going to wait to see if it was going to turn, but thought it had a few ticks in the trade before the downturn, I was right. It had 3 ticks in the move, I got 2 and was ready for the drop. I picked up+ 1.25 points on the first half of my trade and +1.75 points on the second half as the market continued to fall.
Those two trade took me exactly 10 minutes and there was 2 points. I took the rest of the day off to help a friend with some work. At the close, I saw a quick scalp trade, so took it for .50 point. I don’t like taking trades at the end of the day, because you have no time to come back, but I knew it was only a one shot deal and my size was a little smaller.
I feel if I was prepared, focused and ready to really trade, could do quite a lot more, but I am not sweating it. I do like the fact that I feel some form of control over my trading, like when you are driving. If you want to go faster, you just step on the gas and prepare for the increased speed. In this case number of trades.
Having control over your trading is very important. This is something you want to strive for and is a worthy cause. If you find that you have a lack of control you need to do something about that. Don’t just do, what ever. Taking that approach, will be a mistake. You want to do what you do with purpose and self control.
The market does not drive you, you drive it. Traders need to create new patterns to replace the ones that are not serving them well. Creating new trading patterns takes time and is best done by repeating the desired outcome again and again. When you condition yourself to do what it is that you want to do, in time, you will have just that which you envision. Not doing anything, is only leaving your trading results to chance and we all know how that usually turns out.
Conditioning creates new patterns and your state of mind summons those patterns any time you call on that state of mind. Now, that is taking control of your trading which will take control of your trading results.
Just knowing, what you need to do is not going to produce the change. It is more than that and will take more of you, to move into action so that you can form new habits and rehearse the changes you implement.
Often times starting to make changes, any constructive changes is easy, but sticking with it and seeing it through to actually produce not only change for changes sack, but results. That takes discipline and again a lot is required from the trader, often to much. Sacrifice that he or she is not yet willing to make.
You need to ask yourself, what are you willing to do to reach your trading goals. Are you willing to balance your life, with all of the other things that need your attention all while not taking your eye off the trading ball. Tending to other obligations and duties, is just as important as studying your trading method and what constitutes a trade signal. If you are out of balance, outside pressure will build up, and that is going to have an effect on your ability to concentrate, focus and exercise the patience needed to wait for the trades to come to you.
So, examine your self and be willing to balance your day with the right kind of focused attention, giving each area what it needs to get the job done and remain balanced. Having a passion for trading can work against you if you let it. So, “DON’T DO THAT”.
Identify, area’s of change and or improvement, rehearse it again and again. With time it will become a good trading habit and that is one worth keeping.
Good Trading ! Vince Today’s Trades below
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