Few minutes later I took the above two trades (posted in the previous post B2 T10-11 viewtopic.php?f=3&t=29&p=28854#p28852)
I was following the market, it was not going anywhere until the end of the 2nd hr post LO. It was about that time I saw that there was a possibility it might break into a 5 down. That 5 later turned into a 3 and so another trade happened.
A frowny face Jozef gave me DS0 for this effort. While he is completely right from his point of view here is what I think.
Cant repeat writing what I wrote in skype so I'll attach a screenshot from my skype window. (Skype does not allow copy paste of a group of message anymore. Idiots as always)
If the market moves, and you can keep your wits in check , stay disciplined and focus for longer than 2hrs or probably 2- 3 sessions of 2hrs ... there is nothing stopping us from trading ...
the 2hr rule has two benefits.1. most of the moves occur during the first 2 hrs. But we know how many times it actually doesn't do anything within the 2 hrs and moves the rest of the day. so there is that too.
2. us humans can't stay focused at one thing , with 100% performance levels , for over 2 hrs. but one can take a quick 10min break and you're back ready for another 2hr session. plus everyone is different. with 5-10 years of experience one might have leanred to expand this t o3 or 4 hrs per session. possible
3. Emotional Overload. Traders who are new to trading, are very emotional about individual trades. A very good 2R trade makes them jump and sing and be happy for the rest of the day, a little -1R rent or 2 makes them go NUTS and crazy , depressed, frustrated and angry all day. some even retaliate like they did against their parents and employers... they take revenge only to experience more pain.
if its like that for a trader at least the "torment" and toil can end at the end of this 2 hr period.
But What if you really enjoyed the process... You did not feel pain, you actually felt joy and fun.
However, if you were like me, who lives for the fun of trading. Its such an enjoyable experience for me. Putting a 2hr limit on me would be like hiding candy from a kid, like taking a bottle of milk from a hungry baby, like taking alcohol from an addict (ahem) ... i can go on.. the point being, as long as trading is not an enjoyable rather stressful and painful experience, you have to put that 2hr limit so that you don't end up destroying your account in one day.
[the above was written impromptu as a reply in skype. Excuse any mistakes, but then again most of my posts are like that
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