I am not a machine; I have a heart, a brain, and a soul.
I should use them.
In trading we learn that the biggest obstacle to success is our self. All our human frailties are exposed in this business.
Or are they?
Maybe most traders just don't last long enough to become successful.
There has been some research that suggests it takes 10 years to really become proficient at something. Maybe proficient isn't strong enough, an expert is what you need to become in your chosen field.
Doctors and lawyers are considered to be the "golden" professionals, how many years of training do they endure. What kind of hours do they put in each day as they train? What kind of mentors do they have while they train?
How many hours, days, and years have you put into your chosen field?
The barriers to entry in the trading profession are not very high, the experts in the field want everyone to come in and test their mettle. The more the merrier for them.
Are you ready for them?
Two trades today and as you may have guessed not too successful, not that unsuccessful either, just another day in the business.
The first trade was after the crude oil inventory report and it is usually a good idea to give that report a little space before trying to trade. Usually.
So I waited for the 5 minute blue bar to complete before entering on the 1 minute and took a break even - 1. If I had gone at the end of the first 1 minute bar......
1 Minute Crude Oil Chart
The second trade set up with one 5 minute blue bar in the bank and then the next one lost colour. So although I could see a natural spot to place the limit order I didn’t have blue so I didn’t go. I knew that it would turn blue if the trade took off, but I pulled the order and waited.
The bar I did enter on was blue when the order filled and then lost colour when the bar closed. Full stop.
1 Minute Crude Oil Chart
Now I know all you traders out there will tell me that these are 2 trades, 2 trades, you don't go off and get all nutty over 2 trades.
But, all my humanness said place the orders here, instead I waited for my magic, ok its not magic. I waited for my mechanical indicators to confirm.
I knew what to do and didn’t do it. This isn't just a look back at the static chart to play shoulda coulda woulda, these were the thoughts going through my head at the time. On the second trade the limit order was in and I pulled it.
The mechanical indicators tell me when the probability of success has gone up. They don't place orders for me. I had blue, or at least on and off blue bars when I wanted to place the orders. Yet I waited, like a machine, a machine without a brain, heart, or soul.
Is that my training at work, or is this just whining at the end of a negative day?