Price Action Trading: Midir's Stock Market Challenge: Day 4

Results For Today

Trades:2
Total Contracts:2
Winners:2
Scratch: 0
Losers: 0
Profit: $88.32 after commission
Gross: $100

Too Much TV And Not Enough Trading

One of the many challenges traders face is the fact that trading gets boring, really boring. One of the things I do to combat boredom is watching TV. Other then the fact that I've seen everything on TV, and started watching really weird stuff, watching TV is one of those confusing things about trading. Let me explain, when a trader is bored, they might start seeing things that just are not there. Boredom simply overwhelms you, and you decide to take a trade because if feels good. This in itself is a terrible situation, and if you ever find yourself taking a trade simply because if feels good or right, then you need to stop trading immediately.

Watching TV while trading is my way of combating boredom. The problem is that it works a little too well, I missed so many obvious trades today.So here's the question, how can you combat boredom during the trading day without getting too distracted that you start missing trades?

I'll get back to this topic once I figure out an answer.

ES Analysis

As for the ES, it is currently on the way to test the bottom of the channel. Overall, I expect the ES to continue it's downward trend, but I would have liked to see it break out of the top of the channel before heading down. I wouldn't be surprised to see it break the bottom of the channel and trap a bunch of trades to the short side, and head back up. Just sitting back, and maybe I'll play if price action sets up a trade.

As you can see, we had a very strong channel down, and then we sorta feel into a upward trend channel. We never broke either side of the channel, just now. At the moment, we have our first attempt up. If we get a second entry, I'll try and get in.

At the moment, I'm really thinking I should start recording video. As I'm typing this I just got in the trade on a second entry.