BPA trading room discussion: April 2, 2015
Discussion during webinar during difficult market when Al talked about accepting the day we get and focusing on doing the right thing, and not to be concerned with making money.
Audio duration: 1min 46sec — Scroll down for image
It’s a very difficult day to trade. I don’t get nearly as many trades as I’d like. So far today all the trades are scalps. But you have to calmly accept the day that is in front of you and try to make good decisions. And be very patient and very selective. But I do think it’s really hard. Takes a lot of work. I end up making less than what I want to make. But, obviously, my goal is to make as much money as I can. But I don’t think of it in that way. I think of it as my goal is to try to do the right thing. And try to do good things, to be consistently good. To make good decisions – to manage trades well. And I trust if I’m able to achieve that, then I’ll make certainly enough money. But that is my focus.
My focus is not “Oh my gosh! I gotta make so many points today.” I’m aware of how many points I make but I really do not spend time thinking about that. All I think about is “Is what I am doing sensible? Will I buy above 32 for the High 2 16?” I will not. “Will I sell around the 15 low if we get there?” I might, it depends on how the market looks when it gets there. If 33 looks like bar 4, I’m not going to sell. I’ll instead look to buy a pullback. But if the rally looks like this (bars 21 to 25), so we if we start to go up 4 or 5 bars and it looks like this, I’ll be much more interested in selling around the 15 low and the moving average. “And what about selling below 32 or 33?” We’re trending down but the follow through, I think, is bad: bar 28 – 30 – 32 – 33. So I suspect more buyers than sellers below 33.
Note: Al talked extensively on this topic again in yesterday’s webinar (May 8). Will add another Ask Al ‘Doing the right thing’ article later after publishing several other topics in the works. [BTC Admin]