One of my bad points that is totally unacceptable & I do realise it myself is buying tops & selling bottoms in the beginning of the session. I keep telling myself to chill & wait out any brisk price moves knowing beforehand that people like me will be faded on most occasions and yet I keep on doing it, what an idiot! No discipline whatsoever at times.
-2 points NQ trades & +24.00 points DAX trades Personal notes: 1. 1st trade was taken from a book "How to buy at top prices", that was just plain dumb, like I said earlier I still have a tendency to enter into trades in the morning session that are based on emotion, "it's going higher fast...why am I not long?...Am long now...Shit!...Why did I do it again?!" 2. 2nd trade was great, I couldn't ask for a better resolution. Patience always comes on top of impulsive reactions that are based on emotion.
+13.00 points (Thu & Fri) Personal notes: 1. From the beginning of the Thu session I have chosen the wrong direction, it wouldn't have been that bad of a mistake if I didn't totally disregard the method's main entry principle & that led to me fighting the trend in the following 2 trades, which were counter trend ones & again I would not have had to take them if I hadn't ignored the main entry signal. Why I did that? Probably same old lack of discipline, need to work on that; 2. Trade 4, which was a profitable one, was actually a gamble. Not because there were no positive indications of a downside, but because: a) it was slightly rushed (back to missing the opportunity thinking); b) I allowed the drawdown to shoot over the daily high by ~13 points, based on gut feeling that 7000 will hold resistance & breakouts will be faded. It did happen as I thought it would, but that does not justify the reasons for holding a losing trade, it felt OK as the stakes are low at the moment, but obviously I will not be able to allow this when trading actual contracts, basically have to stick to daily high/low as get out points. This week results (disregarding NQ difference in tick value) +40.00 One of the things that I am optimistic about is that I am currently using an awfully wide spread of 2 points, considering normal spread of 0.50 the end results should be a lot better as losing trades will be smaller & winning trades will generate more. This week's results would probably would have been around +70-80 instead +40 as I was losing 1.5 points on every single trade. Still a great exercise.
That was the main reason behind expectations of downside. 1. 7000 resistance 2. Doji on 10 min chart & also a hammer on 15; 3. indicators were heading lower & price kept rising This should have been my entry point on the 4 trade, I think it was a classic situation where so many sellers came into the market, I don't look at volume, but almost sure that at that time volume increased substantially.
Just made a quick calculation, out of 33 tickets using a 2 point spread (instead of 0.5 DAX & NQ) I lost a whopping 49 points profit in paying the wide spread, that is more than I made.
Couldn't trade in the afternoon, had a limit buy order with stop below day's low which got filled while I was away. +6.00 points Week total: +46.00