Thursday, June 25, 2009

Pre-Market SELF-Analysis: To Trade or Not To Trade...

Am checking my mental state to see if I should be taking any ES trades less than 3 hours from now.....

Given that I have - in a single 6E trade - exceeded my daily profit target for a FED week, every cell in my body is feeling an EXTREME reluctance in giving back even ONE dollar of what I've earned today.

A very probable scenario if I were to enter an ES trade : I would lift my stop.

In fact, I am absolutely sure that I would most certainly cancel my stop should price start to go against me.

So, perhaps I should really sit on my hands and just watch the market like I've been doing for the past 3 days....

BUT, if I continue to do that, I will get rusty with executing ES trades.

The 6E has a vastly different rhythm...that's what I feel...being on the 6E for too long without touching the ES makes me a clumsy ES trader, which is unthinkable coz ES is going to be my bread & butter in the long run (you can't put size on the 6E).

Solution: SIM trade!!!

Now I can start thinking about dinner.