P&L +2.8points closed my last portion again today instead of letting it be to ride the down trend and then to the upside. I'm trying to figure out why I do this, I think it's because I don't want to lose the money I already made. What else is new. I simply don't have the confidence in my method. I need to work on this.
Not too shabby, PO If you can consistently bank that without too big swings in your P&L, you will be well on your way. Still trading strictly SIM? Do you have a plan for when and how you will start trading live again? For example after reaching a certain profit goal X amount of weeks in a row?
LF, thanks, but you spoke too soon. I had a terrible day today -12 points. My worst day in for the last 3 weeks. I'm still trading SIM only, until I can be more consistent. 4 weeks of at least 12 points a week.
P&L -7.5 points I was overtrading today because I couldn't think clearly after yesterday's bad day. and then closed my last short for the day because I was doubting myself.
Do you have any drawdown rules? Max drawdown per day? Per week? Max losers in a row? Taking small losses is part of trading, but you need to find a way to prevent yourself from letting it get completely out of control like just happened to you. The losing streak is very real. I experienced it myself recently after 5 profitable weeks in a row. It haunted me for several days and made me give back a lot more than I should have. It all started with one bad day and it gained momentum. I believe that for me, the correct thing to do after a big losing day, is to take the next day or two completely OFF. Did you read Pit Bull by Marty Schwartz? There`s a great essay in it on the losing streak. I`ll copy and paste it to you if you don`t have it already, while you wait for your copy to arrive. Great book.
I do need to make some rule on a limit loss per day. I think 6-8 points should be my max loss per day. I think I do need to take a day off after a big loosing day. I haven't read "Pit Bull by Marty Schwartz". I will check this out. thanks LF.