My journal work these last two weeks brought attention the fact that I had been nailing my entries, but getting stuck in trades, losing interest, and then just managing to scratch them and lose a few bucks. I think this behavior was a byproduct of our coiling markets ahead of the Fed.
What worked really well this morning was taking smaller profits. Thus far I have taken three wins in the futures: two in the spooz and one in the 6E. I would still be in two of these trades, contemplating scratching them for losses, had I not lowered my profit expectations by one to two ticks.
This is adapting, this is surviving. You must be one with the flow, one with your environment. I strongly believe once the market gets some visibility (after the reaction to the Fed reaction) we will return to an environment where I can push my profit expectations back to their planned levels.
I cut EXK, no other portfolio adjustments.
Be amorphous, like water. And stay calm if the market gets wiry around 2pm. Perhaps listen to The Buena Vista Social Club:If you enjoy the content at iBankCoin, please follow us on Twitter