1 trade today + 1. Believe i managed the exit poorly when I sold at support. Anticipated it would break support and i'd be back to even, but it held. Had i held through the test i might have got 3 points. -8.50 points for the week. Wednesday killed me and if i had stuck w/ my "stop trading after 3 losing trades" rule i'd ONLY be down -6.25. But i didn't stop. Doing a quick review of the week it's not as bad as it first appears. I did have a couple good entries but the exit was less than ideal. 1 trade i failed to use an exit target or rather ignored it and gave back 4 points. A couple other trades just held too long despite signs of trade not working. I always keep track of my mistakes on my individual trade worksheets that then gets filed in a binder along with the chart. What i started doing this week is keeping a small notebook on my desk. I have the page divided down the middle. Left side mistakes for the day right side correction actions for the day. It's pretty handy to review what i need to work on and by keeping track of what i'm doing right i don't get discouraged. This week mistakes were: buying/selling into res/sup, poor read of price action, not exiting at target and overtrading/lack of discipline. I think this will be very helpful going forward to keep me aware of what i should be focusing on. I've got another idea I'm going to to try next week to help me monitor my intra-day performance and discipline. I'll post on it next week if it looks like it's working. Pre-holiday slow so i'm done for the day.
Hooti, Glad to see you're still around. How's the trading going ? Are you going to continue w/ your journal ?
I'm feeling good right now about trading. I started 'for real' in Jan and lost points. In Feb my losses were reduced to 25% of Jan. In March I cleared 1.5 points (whoo hooo!) April I lost 6.25 pts. But in May I started working online one on one with a mentor (3 hrs a week, usually during the open), as part of the class package I have. It has really helped and I am developing some consistancy, and hopefully know why that is happening. Posting seemed somehow to distract me right now, so I have rarely, and it has not helped my mentor understand what I'm doing... which was my intention from the start. But I have learned so much from others posts, I'd like to begin again. Really appreciate you all.
Hooti, Nice work ! Glad your making progress. The learning process never ends. Part of the fun i think. Good trading to you. Please keep checking in and let me know how it's going.
3 trades short -1.25 long -2.25 long + 3.75 net +.25 for the day. Kind of a slow grind today. Nice run up in the last hour that i missed because i had pretty much stopped watching. Loss on first trade was due to a bad price read i think. Shorted a pullback but the reversal leading to the pullback showed some signs of bullish strength. Probably should have expected the low to hold and stayed out of it. 2 trade is becoming a common mistake. I'm anticipating price too much. Thought the move would continue into a nice breakout but instead ended up buying at resistance which held. There are times when anticipating the break out works and other times when you must wait. Outside of market hours i have a fair idea of when to wait and when not to. During market hours I'm not getting it. I'll write up more notes for myself. 3rd trade. Waited for the breakout rather than anticipate. How 'bout that, it worked ! The market does reward proper trading.
-1.50 pts , 3 trades. Dow - 280 today. All trades to the short side so at least i was trading the right direction. 1st trade I hesitated then chased. 2 mistakes. 2nd trade exited on a pullback, -half point. Mistake was not being willing to take heat (which would have been 1.25 points, hindsight is great) and exiting near a resistance area. 3rd trade had MFE of 5.5 then exited at +1.00 to lock something in. Had to leave and missed last hour and a half. I need to remember the market doesn't know where i got in. Watch S/R a little closer on pullbacks and exit based on PA not on a trade going from profit to loss. Be willing to take more heat. This is Trading 101 ; start doing it ! Part of the day, the early part, i was thinking i don't know what i'm doing. Then later i thought this is easy , don't over analyze just look at what the market is telling you. Frustrating to miss the big moves but it won't be the last time and there are always more opportunities tomorrow.
Yes ! Very true today. Earlier today i actually wrote that down in my notebook i keep next to me so i'll remember next time. Man, i'm slow learner.