Fed Watch
Today I decided to stay on the sidelines in front of the big announcement. That, and the fact that I'm still in re-group mode. Surprisingly, the Bonds rallied this morning after the Chicago PMI report. Pretty interesting move for a day when all eyes are on what the Fed will do. They've raised rates .25 basis points. So there.
I hope this will get the market out of this wait-and-see mode we've been in for the last couple of weeks. It has been a little difficult to play when there's no one to play with. So now, I hope we get back some normalcy in the market.
Over the next few days, my plan will be to get back to my starting point psychologically and fiscally. I've been watching Bonds over the last 1.5 years, and I have never had 2 losses in a row for the last 12 months. About a week ago, I experience my first ever 2-losses-in-a-row, and it had affected my confidence a bit. So now, I have to go back to basics and do some intense work to bring me back up to where I was.
This takes me back to Mark Douglas' exercise in his book, "Trading In The Zone". Here's what I'm going to be doing for the next few days:
1) I will be trading only my main trading setup for the next 20 trades.
2) I will be trading with only 1 contract.
3) I will be taking 2 tics minimum out of each trade, until I get back to where I was.
posted by bondtrader at
1:59 PM
2 Comments:
Two losing trades in a row isn't that bad as long as you keep them small imo. In fact, the majority or at least half of all trades are losers, as long as these are kept in check and you don't overtrade or "revenge trade" and the profits are enough to offset them, I see no harm in 2 or even 3 losing trades in a row.
By
camabron, at July 2, 2004 10:22 AM
Rather good idea
By
Baccarat Rules, at June 5, 2011 3:26 AM
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