Tried to jump the gun a little this morning and overtraded and was down over $1,000 after a few trades. Ended up positive which is a sign I should quit for the day or force myself into 1 contract punishment. Was getting cute I think and market can humble you. +$335.30 not proud of it though... EDIT: On my last trade I was so upset at how I handled the morning I closed my last long at 7441 as market is hitting 7453 as I write this. Mental issues can cloud judgement and there was another $200-$300 I left because I was furstrated. When you stray from your consistent approach it can fuck up your whole day. One bad way is a big losing day. Another bad way is even if you trade out of it you become gun shy and end up with a small profit and leave a lot of money on the table you would have gotten but for the fuck up.
it will trade to 64 shortly. that's my end point. ah, there it is. edit: Nice save on your day! You should be proud of the recovery at least. just fix the stuff you did wrong. Someone wrote on this forum a long time ago about trading is akin to being an addict. You can never fall off the wagon (can never not control risk). Not once. that really resonated with me. You don't have to trade perfectly, but you have to control risk perfectly. the rest will come after that.
damn, got out way too soon on that one lol. I have to travel the rest of the day, I'll post EOD p&l next week.
El OchoCinco, Well trading and good constructive criticism for your trading this morning. We learning from our mistakes. To make up from a loss is a good thing for sure. I too have learned, mistakes cost alot of money and mental thinking. lol, I trade one contract, and yes it is punishment for sure.
OK serious this is it. But that last pause was a good set up for small leg higher. I just cannot sit on it anymore as that pause lasted 50 frickin minutes. +$702.10. I am closing my trading window but leaving my charts open to simply study. Total for week: Did not trade Mon or Tue Wed: $2,356.00 Thu: $1,427.00 Fri: $ 702.10 $4,485.10 Happy with 3 day total but today might have been worse.
Hello all, Maybe I can get a collective opinions on a problem/concern I notice I been having. Problem: Once I get the first winner trade, I'm hesitatant to trade other setups for the day in worry/fear of a loss. Of course the other setups for the trading session leads to winner, then that don't feel good. How did or do you handle that?
Each trade is independent. Now of course when I have a good or bad morning it does affect me how I take later trades in the day. Honestly, the only answer to this question is confidence. Build up confidence to take your set ups and entries no matter what happened in the morning, previous trade, last week etc. Honestly that is all it comes down to. Book a trade and start looking for next set up or sit on your hands. remember if you are up $400 and you see another set up, the worst thing is it is a loser with a good stop and nothing bad happens. You dont overtrade to get out of a hole and you dont undertrade to keep your eggs. Just trade the high set ups you see and ignore the noise.
OK I swear .... I am done. Hard to sit when the market makes a nice swing. I still put self-imposed 1 contract.
EDITED above for last trade of the day. Total for week: Did not trade Mon or Tue Wed: $2,356.00 Thu: $1,427.00 Fri: $ 883.00 For the week: +$4,666.10
lol Ocho, it's like watching myself with your posts at times. Highly recommend Denise Shull. intro course was all I did this far ($500).... well worth it. I'll do the rest as the months go by. She ilives up to the hype. Simple, another part of the answer for you is to have the confidence in your setups. That took me a lonnnnggg time to get down. I still get a little uneasy at times but then I go back to the facts. Facts are a) I'm controlling my risk every time, b) I've researched this enough to put money on the theory (/trade), and c) I am LISTENING TO THAT INNER VOICE that tells you should or shouldn't be in that trade AND! Acting on that voice.