I’ve started this year out managing my trades more agressively basically attempting to take myself out of the trade before taking a full stop out. This has worked out well in the past but I’ve noticed recently that I’ve become less patient and have been taking lower quality of plays as a result. I need to be taking the same quality plays as if I were going to take a full stop if price goes against me, a big ah ha moment yesterday and today. I always stress to other traders to make as little change as possible to their trading plans for this same reason as I have found with my trading, I guess my mind felt that since I was managing my plays tighter, I could take more plays that may not be the best but since I was managing tighter it would some how be all right. All I did was find myself taking more stops, losing on slippage, etc. and actually not waiting for my quality plays. I’ve corrected this today, and I’ve had a great afternoon with my short play in VZ. Also, I’ve decided to remove the stocks from my morning list that are no longer in consideration for afternoon plays. Ex. Longs not trading above their prior day’s close(same for reverse), I will not trade these, so now I’ll elimnate them from my list and remove their charts, allowing me to have more focus on the stocks that may qualify to be traded in the afternoon. Also, I’ve come to the conclusion that I will not add any stocks to my list for the afternoon since I should be attempting less trades in the afternoon anyway. Removing stocks from my list at noon and not adding any should really help me to focus on what I have left or decide to take the afternoon off…
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