Blow Up Day!!!!

I did it again.. I've had 4 days since I've started trading electronically that I just totally lose control and blow up.. today was one of those days.

I stated in my previous post that I was in a profitable trade and got out prematurely..

By lunch time I made two questionable trades and found myself down for the day....

then later in the day trying to catch back some of the losses.. I wound up putting myself in the whole even further..

I"m very consistent on all my other days.. but these 4 days have basically killed me and taken back most of my gains..

I'm still ahead and on track with my goals.. Actually I'm doing a little better than I have mapped out...

I would be so far ahead if it weren't for these 4 days its hard to imagine.. I wouldn't have to trade for 4 weeks and still be on schedule with my goals.. as you can see I put a lot of emphasis on the goals I have set..

Anybody else have these days?? you just get emotionally wrapped up and throw all your rules out the window..


I know my weaknesses and I'm working on them..

Good luck to all

Jeff

 

Sorry to say, no, but it's taken a long time and a lot of work to get here.

If you don't mind spilling your guts, just what do you think your weaknesses are?

 

Since your trading futures why not set a daily loss limit with the broker?

 

Yesterday, was up 10 points on ES mid day. Did I quit,

NNNNNNNNNNNOOOOOOOOOOOOOOOOOOOOoOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!

Twice hit the wrong button in Tradestation, not double checking what I was doing and practically wiped out a decent day.

Idiot.

 

hmmmmmmmm

 

Hey Visiontrader:

Remember in Reminiscences of a Stock Operator when Larry Livingston put money in a trust for his wife and son so he couldn't touch it?

It's not much different.

 

Hi dp...

thanks for all your posts and help..

My weaknesses..

Geeting too emotionally involved.. today was great example.. my trade from earlier.. my emotions took me out trying to second guess my system and I missed a great profit opportunity. and later in day trying to get back losses.. all based on emotions..

Patience - There are days when I am extremely patient and when I am I follow my rules.. and those days are usually profitable.. Many a times I get too impatient.. afraid the market is going to take off without me and I'm going to miss out..

I need to be better at maintaining patience/discipline on a daily basis..

I have weekly goals which I break down into daily goals.. and many a days I'll double my daily goal early in the morning and give back a chunk of it in the afternoon basically because I feel a need to participate..


I believe thats it.. all psychological..

 

I did not know you can do this.. Is this available even when trading electronically?

 

I use a broker that I use J-Trader with and the broker has a daily loss limit which will reject any trade I try to place after the loss limit is hit.

 

I have those days. Fortunately, I'm very honest with myself when it comes to trading, and I know when I've made a poor decision and then I correct it immediately. I damn well know when I have put ona bad trade, the second I'm in. Trust your EST, and trust your instruments. NO MORE EMOTIONS FLASHBOY! You are at war, you have predetermined entries, exits and risk reward ratios. With all due respect, I have taken money from you and those who broke all the rules today.

Enter, manage and exit with conviction. Do as the market has told you. I see the market as a "Supreme Being", and I do what it tells me. Do what the market tells you!