First Trade of the Year: NQ Nasdaq E-mini

I haven’t traded in about 4-5 months. I had been putting it off while I worked on other things. Well, today I decided I needed to get my feet wet again. I watched the NQ open, and noticed that the tick/q was trending down along with price, just under yesterday’s high. I watched the price ladder, and it looked like the downmove was stalling out. On the green candle, with the tick breaking out of the down-channel on the right chart, I went long:

I didn’t look at PnL during the trade, as I usually do. My target was there, but I wasn’t married to it. I just tried to look at the tape and the tick and watch for signs that the upmove was exhausted. I didn’t bail on a retrace back down if the tick was still trending up. I sat on my hands when my fear of loss came up. I wanted to punch out and at least book a profit for psychological reasons. But I made myself wait until the chart said to go. And it didn’t do that until my exit point. The tick uptrend failed, but price was still floating up there. To me, that was weakness, so I got out. +2.75 NQ points.

I traded the tape well. I recognized the trend well. I managed the stop well, and exited in a rational way. And apart from a bit of stress at the beginning, I was pretty calm about it. If I can defeat my own stupid emotions, I think I have the tools and experience to trade profitably. One trade at a time, each one no more important than the last.

I read on Stocktwits that “Successful trading is about changing one’s mind ALL DAY LONG”. How true! And I did just that today. Hope you can do that as well.

3 Responses to “First Trade of the Year: NQ Nasdaq E-mini”

  1. ramzamma Says:

    hello sir what is the software it is to indicate buy or sell and tgt ?
    can you share with me and what the cost it is ? i am using to trade in india mcx exchange and met always loss.. so if u can help me i will meet profits .
    thanking you

  2. Says:

    I agree

  3. Alpbabet Frieze Says:

    I found your weblog website on google and verify just a few of your early posts. Proceed to keep up the superb operate. I simply additional up your RSS feed to my MSN Information Reader. Looking for forward to reading more from you later on!…

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: