Progress

No matter how far a trader may think he's progressed in his education, the market has an uncanny way of exposing whatever weaknesses that remain, as a reminder of just how much further he needs to go. As relentless and withering such an education can be, I think we need to be grateful for how quickly our imperfections are brought to the surface through the process of trading, and to embrace the fact that until each and every hole in our game is plugged, any profits that we presently accrue should be considered only a temporary loan to be repaid upon delivery of future lessons. Sounds like some clever rationalization of a trader who's just about reached the limits of frustration, doesn't it? Perhaps, but I'll allow myself the liberty of such a notion because I also happen to believe it's the damned truth.

In review, there's no question I've made more progress these past few months than I have in the past 3 years as far as edge is concerned -- I believe I've finally achieved an understanding as to what constitutes an edge in today's markets, and have accepted and embraced that challenge and all it entails. When it comes to recognizing optimal opportunities in opening a position, I feel my initial entries are almost as good as they are going to get. As regards to recognizing when not to take a trade -- well, that part of the equation still needs alot of work *grin*. Logically, I just need to convince myself that premium setups, although rare, are all that are needed for continued success; until that is done, I will likely continue to bleed off what profits I may have bit by bit, here and there before I finally determine what exactly constitutes "premium", and decide once and for all to eschew anything else.

In terms of exits, losing positions thankfully don't have much of a shelf life anymore, and I've also gained some ground in the willingness to re-enter trades that I've just stopped out of a few moments earlier, so long as I feel the position is the correct one. As for managing and exiting profitable positions, I've only just realized how deficient I am in this arena, being relatively inexperienced with trading longer time-frames. Despite catching a number of major turns in several markets these past few months, my account equity has little to show for the effort due to extraordinarily sloppy trade management. Out of this frustration, I've finally concocted a framework of trailing stops which I'm eager to implement upon my next trade; it's a form of systemized compromise that I've deemed necessary for the health of both my account and mental well-being.

Finally, as for those "psychological" tendencies that have proved my undoing in the past, they still linger like a twitch in my bones, as if subcutaneous scars reminding me of past misdeeds. But their damage to my bottom line has been greatly minimized, mostly due to early recognition and short-circuiting of situations and emotional patterns which serve as all-too-familiar warning signs. A growing understanding and appreciation of patience has been the primary driver in my progress within this area, and the more I learn to embrace its virtues, the more optimistic I become about advancement in all other aspects of the game.