My issues in the last year or so have been more to do with attachment to being right and self sabotage than to foolish methods. I've really had to grind it out for week after week but in the last couple of days I've been practising day trading using 5 minute charts and managed to leave things alone - by and large - which has been lucky because we've had a market that's gone in one direction intraday. Choppy markets will still be tricky but at least I allowed my positions to come to fruition.
By repeating, "I know nothing", I'm reminding myself to wait for the market to show that's it turning around rather than using guesswork. I am doing a bit of guesstimation along the lines of the targetting I wrote about yesterday but I'm letting the market action have the loudest voice so that if I'm unsure I'd rather give away some upside by waiting until a level is broken.
Here's the Woodside Petroleum chart on a 5 minute intraday basis. I thought it might rally today but it rolled over around 2pm and I shorted it at 4380. For once I stayed in until squaring up near and at the close because there was no reason to get off before then. Previously I might have picked a support level and cut too early.
Click to enlarge
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