last week ended up down a little but happy with progress on goals and habits that I need to change.

Goals for this coming week as follows,

No impulsive trades – there needs to be 3 key setups to trade along with market range bound or uptrend for long. Defined by SPY, IWM, QQQ and E minis

Long

Increased volume

Gap up for long

Support on 5 minute chart for level to be valid

Short

Break key levels

Slow death or event to drive it down

Exceptions

Steve S trades. Plan to enter his with 10 shares for purpose of leaning. Will try as many as possible and this is hard. I bailed on a trade last week where he shorted a strong up move as I just couldn’t bring myself to trade. It worked and it shows how much we are conditioned by what we think we know.

He makes money and I don’t so I need to copy trades till the patterns become my own

Stops – read an interesting interview in Hedge Fund Wizards and it talks about the point of pain for most people’s stops. This is the wrong place to put them and I have fallen into the habit of setting stops at a pain point and this is not the correct place as I get stopped out so often for a few cents.

Action

Stop level is to be worked out first based on past levels and then position size established to risk only what I want to lose if I am wrong.

I will keep at the other points as well, keeping stops in place, taking of part of positons at key levels, letting trades run.

If I see Conviction trades I will trade with a larger size