You've got to take your medicine. Just exit the trade now and maybe you can catch another short opportunity before the day's done.
who needs stops Sold 1 YM 11049.... Net for day: +$117 Well... that was ONE interesting ride...... Broke every rule in the book and came out ok... market through me a life vest... cant expect that to happen everytime... But hey Not complaining, I made my daily goal..... AND I didnt even have to resort to electric shock theropy...
Boro, Thanks for your comments today. They were very much appreciated. Ended the day at +$117... Not a day to be proud of thats for sure, got lucky this time. Tomorrow my main focus needs to be on DICIPLINE..
No problemo. Discipline has been my Achilles heel as well. Sometimes it takes a few burned fingers to realize that the stove it hot, if you know what I mean. As soon as I enter a trade, I immediately place my stop order and then my first limit exit order. The second half is there to ride until it is either stopped at the entry price (to prevent a winner from becoming a loser) or my setup tells me to exit. No exceptions.
No, you didn't come out okay. You just reinforced your awfull tendency to hold onto losing trades. You are heading for a big monster loss. Why do you want to be perfect and not take a loss? Or why do you want to be right on every trade? You have serious issues. Not the kind you want to have trading the futs's...
version, Trust me i'm WELL aware of these bad habits.... its the primary reason I started this journal so that I could not hide from them, and to get feedback on how to get rid of them... Without this journal I would have made the trade today and 3 days from now I would have forgot completly about how poorly I traded today. Would have only remembered that I made money.... Tomorrow I am going to make my MAIN goal to work on my diciplin. #1 Do not trade because i'm bored #2 Do not trade during lunch hours *unless great setup #3 Do not violate stops #4 Have a stop for every entry These are my demons, and even if I loose money tomorrow, if I do not break any of these rules I will be "ok"...
One thing I like about your journal is it points out how much alike we are. Seems we (or at least most of us) fight the same demons day after day.
I know that Frosty. I am rooting for you. If I can help by getting a cattle prod for ya, then I will... Make a plan, trade your plan, stick to your plan. And go get em'...