Entry Adjustments

Today was an interesting day.

I must work on my entry when entering a trade. Everything pointed to taking MSFT as a trade. I entered a contract around 10 AM this morning, and immediately, the price went down and reached a low of $491

I exited the trade when my stop loss was reached, and once the day finished, I pulled the tape and saw that MSFT reached and closed at $501, which means I left so much profit at the table.

It's true what everyone says – you think you've cracked trading at some point, and you get all cocky, and then repeat mistakes or you get taught something new. I always try to enter at 10 AM after the noise from the night orders has settled, but today, that bit me. Entry adjustments will take some observation in my opinion, it's almost like ice skating, you need to know how to enter the rink. Another quote I saw today was

A sniper does not think 'After waiting this long, it would be a waste not to fire'. If there is no need to shoot, they go home with a full magazine; that is what makes them a sniper, and that is the job.

I think I faced that issue today. I prepped the night before, to then shoot but without really assessing the entry. As a result, I was forced to exit since my stop loss was reached, to then realize that I could've had a much better entry and end up profitable.

Either way, let's look at today's movements and what the targets are for tomorrow:

I'll consider the following tomorrow:

• Visa
• Oracle
• MRK

I will do some charting tonight to see where I can adjust my entries. At the same time, I think Visa at least, will rip from the very beginning. After some chart studying tonight, I'll assess the situation.

The problem is, I have the right direction at times, it's the actual step during entry that is beginning to mess it up. Definitely need charting focused entries. Goal tonight is identifying a clear entry point. I am confident that the learning will pay off for tomorrow's trades.