Steady progress
Two nice trades executed over the last two days; yesterday with the release of the US PPI and today’s CPI. Both Q3 trades. I entered yesterday after the news release, while today I preempted the news release. US data was not strong on both counts, confirming the Fed’s decision last week not to raise rates.
The first line of the trade results was a nice trade Monday that worked out well too. There was a slight error in choosing the correct number of lots for my last entry, which is why the one trade needed two entries (1 and 8 lots to bring it to the correct 9 lots).
Time for a few comments on the first few chapters of ‘Entries & Exits’ that I’ve read so far.
From chapter 1 (Sheri):
- Good record keeping is a definite plus
- Markets change and traders need to change with them
- Don’t ignore your instincts!
Chapter 2 (Fred):
- Fred is a systematic trader. This reminded me of the judgmental versus non judgmental section in DiNapoli’s book.
Chapter 3 (Andrea)
- Keep your charts simple and uncluttered
- Be aware of what the big/smart money is doing (hedge funds, banks, etc.)
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