Only trade a setup that makes the most sense, provides the most comfort, one you can see yourself sizing into, and can be satisfied with both wins and losses until it can be traded consistently. Once you collect charts and samples of trading them, observe the entries and exits according to the chart:
1. Was the entry a proper area according to the chart?
2. Was the exit still in the area of entry?
3. Was the exit in the area the chart was broken/thesis invalidated?
4. Was it a patient exit for letting profits run in an extended area to sell into?
5. Did the chart present an opportunity for another proper entry?
6. What influence did the first entry and exits have with the second entry?
7. Was the second set of exits according to historical data on failure/continuation areas?
At the end of the day, you want to participate in a setup that is consistently profitable that will make you consistently profitable. Even though entries and exits won’t be perfect, you are comforted to know you can refine them through practice as opportunities continue to come again and again. Over time, more tickers will become an arsenal of information at your fingertips for the setup you identified, studied, traded, studied how you traded it, and recognize it as your repeatable setup that you can execute day in and day out on to grow your account.
The losses before you become consistent should not dishearten you to look or trade other setups, but to simply look for the next ticker that fits your setup. When you stay prepared and present for your setup, you will eventually come to a point of trading it out of reflex and emotions will dictate far less influence on your decision-making. You will have a clear head with clear entries and exits with a consistently profitable setup that is making you a consistently profitable trader. There is actually a point it can become so routine that it can get a little boring to compound life-changing money.
It will not be easy and you will make bone-headed mistakes along the way, but know the present struggle is necessary for your desirable future to come to reality-- and is attainable so long as you keep your account alive and stick with the process of doing what a consistently profitable trader would do.
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