So in the interests of building a better psychological mouse trap I have 3 observations 1) I am pretty certain its pointless to try to guess whether the market will shoot up or plummet tomorrow because its oversold or is totally bearish --- I have no idea what its gonna do based on that kind of reasoning. So I am not gonna buy into something or short it because I 'think' its gonna do something 2) I am working up the courage to fade an anticipated opening gap if there are observable conditions supporting the trade between 9am and 9:30am. If the gap doesnt happen under those conditions- I won't do anything 3) I 'am' absolutely convinced that if I do fade the gap --- the market will turn against me and I will lose anywhere from 500-1500 bucks before I get stopped out. So the psychological game is to make the trade anyway. We'lll see what happens 4) I am still sitting on a bad BSC trade @ 90 and a bad AMSC (thanks stoney) trade @ 26.75 ---- I refuse to get shook out on those and have sufficient capital to wait until both go to 0 and still not seriously affect my account. This is very bad reasoning ---- but it takes alot of time to get ones head straight on this shit so tomorrow should be interesting to me - to see if I put real money on my plan
So I took the trade sell short at open @12277 stop loss at 12497 cover at 12280 ............. filled @ 11:21 p/l $485 next one is to buy 10 points below R1 (12092) stop loss at 12060 trailing stop at 12212 we'll see
buy @12090 stop loss @ 12060 --- 1 point off the low sold @ 12115 p/l +$125 will make only 1 or 2 more trades today and try again monday
The puzzle continues I made the last trade and made 500 bucks Looking at the futures tonight - and thinking another gap to work tomorrow It will take a larger set of stones to work that one tomorrow maybe it always goes jus like this whatever success youve had until today, dont mean much 'tomorrow' lol
It was a good learning experience watching this gap fill and a good psychological excercise I did not have the discipline to hang on to see it fill completely -- but I did make some money
So while this gap was open I decided to continue to trade it lucky I got out with my skin -- good educational day another notch in the psychology of ... "Stick with the damn plan!" (attached p/l shows how 'the plan' was not in-fact followed) extra lesson at no additional charge: Dont whine about missing a $3K opportunity and settling for 500 bucks Tomorrows another day gonna spend the rest of the evening talking my self into not worrying what the everybody else in the market is doing and just work on the setup and the stops On the good side the dumb ass buy I made on bsc at 90 back around christmas has almost caught it self up