I am trading part time. Recently I started trading 2 full days a week after 6 months of only ES trading near the close (prior to this I had been spending all my days in front of the screen for 2 years and for large periods of this doing reseearch).
Now I am looking at trading the Bund during European market hours (I am not trading FX or Commodities ever but trade ES until later in the day if I trade it at all).
I find I need to do statistical studies to get more comfortable with what I am looking at with the Bund. I also need to learn what makes it move and when. I found some nice edges with Volume charts but am still missing the moves. Sometimes it is completely the inverse of the equities, sometimes goes the same way before, or after.
Discipline doesn’t mean not making mistakes; it means making mistakes the right way. Particularly when you’re building your competence and confidence, it’s important to learn how to “work your way out of the trade.” Positive experience can build optimism, but it’s the ability to work out of difficult situations that yields the confidence that you can handle most anything the market can throw your way.
Part of the fundamental truths of trading:
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.