From my recent observations, I've gained valuable insights about trading on Mondays. These three key learnings have significantly improved my approach:
Don't Be Greedy: It's important to resist the temptation to chase after excessive profits. Instead, I've learned to set realistic targets and stick to my trading plan. By avoiding greed and focusing on disciplined trading, I've had my best Monday performance of the month.
Don't Be Hesitant: Mondays often set the tone for the trading week, and hesitation can lead to missed opportunities. I've learned to trust my analysis and execute trades with confidence. Acting decisively has allowed me to capitalize on favorable market conditions and maximize potential gains.
Don't Hang Around Too Long: Mondays tend to be characterized by early price movements and potential volatility. I've found that staying in positions for extended periods can increase the risk of being caught in unpredictable market shifts. By maintaining a proactive mindset and exiting trades at the appropriate time, I've been able to mitigate potential losses and preserve capital.
I've been refining my trade copier strategy to optimize its performance. Rather than connecting it to all accounts at all times, I've adopted a best practice for accounts totaling more than six (including live and evaluation accounts). I split them between two or three copiers to ensure efficient trade execution. As targets are hit, I remove corresponding accounts to maintain a streamlined and effective trading process. Being selective and cautious in utilizing aggressive strategies has yielded positive results. Today I copied from a TFT 50k Standard Phase 1 to a TFT 200k Live, a TFT 200k Phase 1 & a MFFX 200k Phase 1 which eventually hit target. I netted 5% on each of these accounts.
During the Asia session, I took a few swing trades. Although market conditions didn't align with my desired setups, I initiated pilot positions with the intention of adding to them during the New York session if they moved in my favor. However, prior to the NY open, I decided to close out these positions, resulting in breakeven outcomes across all accounts. This disciplined approach helped me avoid potential losses and maintain a balanced trading portfolio.
Given the lackluster performance of Nasdaq and currency pairs, I shifted my focus to trading US30 during the New York session. I observed a classic pump and dump scenario, which refers to a sudden price surge followed by a rapid decline. By recognizing this pattern, I adjusted my trading strategy accordingly and capitalized on the market dynamics.
In conclusion, my recent trading experiences have provided valuable lessons for trading on Mondays. By avoiding greed, hesitancy, and excessive exposure, I've achieved improved performance. Additionally, refining my trade copier strategy and being selective with swing trades have further enhanced my trading approach. As I continue to adapt and refine my strategies, I look forward to continued growth and success in the markets.
US30
Friday gave us our First Red Day Signal
Price opened, printed a Peak Formation on top and closed below the open
Fibs pulled across the Day Range High to Low
Looking for 3 levels of rise into NY which we got
Followed by aggressive move through the HOD before reversing and shifting the zone downward
Entered Short just above 33500 targeting the LOD/LOW and then -27
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