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Late Afternoon Reversal

Yesterday afternoon (03/31/2009) put in a sweet reversal on the ES.  We tanked about 17 points in less than an hour.  I had 3 nice high probability trade setups that played out for 7.25 points.  2 wins, 1 small loss…  I cut the third trade short because it looked like the market was going for a deeper retracement, but it took me by a tick and tanked for another 5 or so points.  No worries though… I'll take that any day!

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  • Thank you for your comment... It sounds like you're on the right track. While I don't recommend trading in a chat room or next to someone, I do think it's extremely valuable to have a coach or someone to critique and guide you. Trying to learn this on your own can be a difficult task.
    Happy trading!
  • Dear Chris,
    Thanks for your blog. I am currently a trader trainee with a similar life story and goals as you. I am very glad that you have been able to make the leap from wishful thinking to professional discipline as a trader. I have read many of the same books as you and have many of the same guiding philosophies of trading (objective content only, multiple-time-frame analysis, entry-target-stop defined by the chart alone, etc.).
    I am currently training myself to be a professional trader, but I know it will be a long process. I am in this for the long haul, though, so there is plenty of time.
    Do you trade alongside a partner? One goal of mine for quite some time has been to work with a trading partner. I think having someone actually in the room as primarily an accountability partner would be invaluable to maintaining consistent discipline. As you know, building wealth through trading is not so much about knowledge as it is about discipline and actually doing what you know you should do. With even one year under my belt, I know that a trading partner (or even just someone that just held me accountable) would help me to overcome my personal and psychological faults that keep me from trading profitably day after day.
    Thank you again for your blog and videos. I wish you the very best, and I am glad that you have made it to the small fraction of traders who were able to master themselves. I hope to join you one day. Cheers.
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