+$20 1st trade short from 975, met strong support and exited too late, +2.25. 2nd trade is a mistake, shorting despite strong support, -1. 3rd trade is also a mistake, going on a low probability long, -0.5.
-$280 Miserable day. Completely lost control. The frustration of all these wasted trading days is getting to me.
Have been reading some of the other journals for a while and reading yours without replies made me finally register. FWIW, i am not sure who you are trading with but if your commissions are not too high, it may be better to trade SPY instead of the ES. WIth one ES being the equivalent of 500 shares SPY, you would have the ability to pick up smaller positions and scale in and out so it may be easier to hold some for the larger moves until you see a reversal(like in your July 15 entry). if you are already used to the moves of ES, no worries as their undulations are identical. Also, you might check out NoDoji's journal as she and quite a few others are throwing out trading gems and tiny niblets at least every other page. Good luck and keep on, keeping on
Thanks for taking the time to register and reply, Myshkin, I appreciate your encouragement. I do think scaling out is a good idea, although the brokerage I use for ETFs is rather expensive if I were to trade a size of 20-50 intraday. Scaling out would be a good option to have, if eventually this works out and I add funds to the account. Nodoji's journal is interesting indeed and one of the first threads I read whenever I log in to ET, and will continue to do so.
The past two weeks have been a torrid time. I've been thinking about what went wrong, and I still am. Some things changed in my trading mentality during this time, and perhaps the main reason for this is because I have made some cash elsewhere. Somehow, when you know the bills will get paid, it becomes a different ball game altogether. When your survival is no longer under threat, and you are no longer trading with a dwindling bank account, you start taking the wild shots instead of the bread-and-butter shots. I should trade under more pressure. I think I was way too relaxed and gave myself too little pressure. I allowed myself to break all the rules. I felt I could afford to lose some and no wonder it turned out that way! __________________________________________________________ Every trading session, I shall start by reading these points. 1) Shut down rule. The maximum day loss is non-negotiable. I shall shut down trading software immediately when day loss limit is reached, and take a shower or go for a walk. 2) Apply the filter. Before the bell, I shall clearly mark the area on the chart where trades are not allowed. It is ok not to trade. Most of the mistakes happened in this area. More trouble than it's worth. Trades in this area are not allowed! 3) Get angry. Get worried. The comfort zone puts you in a slow, sloppy state of mind, vulnerable to losses. It is simply not true that I can afford to lose. __________________________________________________________ Summary of past two weeks: Total no. of trades = 14 Wins = 2, +3.25 Losses = 12, -11 or -0.9 per loss Breakevens = 0 Mistakes = Lost count Total points gained = -7.75 Comms = -1.75 Net = -9.5 Week 1: +1.5 (+$75) Week 2: +5.5 (+$275) Week 3: -2 (-$100) Week 4: -7.5 (-$375)
On the bright side, I think Weeks 1 & 2 prove you CAN do this! Trading the SPY might help, for now. I tried the ES, and deduced it doesn't work for me. I like the way the NQ moves, and it works very well for my method and my "trading personality".