On my 3rd trade of the day, I turned my focus to the grain markets. I liked the way CORN and WHEAT opened today, and decided to look for an entry. The markets were trading basically in unison as I looked at corn and wheat. My decision to trade wheat was at 11AM Eastern time.
This trade took some time to develop, but in the end it went on to hit target, before it decided to turn back up. This trade was profitable. More importantly, I made up for my non winning trade with this trade and went to nice profit on a day that was not offering much to trade.
I am happy with this trading day. But let me say this, if I would have lost on this trade, then I would have quit trading for the trading session. My trading plan tells me not to take more than two losses in a trading session. I had a breakeven, a loss, and a winner today.
My net gain on the day was positive as I like to win more than a lose when my target hits against my stop.
Food for thought for you ... today was a challenging day, and it could have went either way. I was fortunate to win today, but with that being said, I had a plan not to trade, if my wheat trade would have been a LOSS.
Best Continued Wishes,
David AKA Tiger
2 comments:
Good trade there. Nice to end the day in the green after starting in the red.
It was a challenging day, but one that also was according to my trading plan. It is always nice to win in trading, and using a trading method that produces higher profits than losses has been a key not to be overlooked in day trading. Thanks again, for the nice comment.
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