Day 6:
Had the idea of chasing the trend, however, realised that I am not yet ready for it. The SL was very far off and hence was sceptical of taking the plunge. Upon confirmation candle, did take the stand; and it turned out to be correct, got out at expected target.
Learning:
1. Waiting for confirmation definitely helps
2. Do not doubt the system even in an opposite trend ( the stops are reasonable/small as per system while targets are big)...... easier said, will require sometime I guess for me to take position against what shows if my system says contrary.
Untill now looks like taking the predefined SL and Tgts have been profitable (though it will miss large trends, but that later)
Had the idea of chasing the trend, however, realised that I am not yet ready for it. The SL was very far off and hence was sceptical of taking the plunge. Upon confirmation candle, did take the stand; and it turned out to be correct, got out at expected target.
Learning:
1. Waiting for confirmation definitely helps
2. Do not doubt the system even in an opposite trend ( the stops are reasonable/small as per system while targets are big)...... easier said, will require sometime I guess for me to take position against what shows if my system says contrary.
Untill now looks like taking the predefined SL and Tgts have been profitable (though it will miss large trends, but that later)