I'm definately REAL, REAL FECKIN STUPID on days like today, I'm missing all the good trades and getting all the damn stupid trades, 100% ME ofcourse. The action on EU was SWEET, if I hadn't of gotten emotional on the wrong side, longs off the 300ema, would of worked a treat doh!! Got a 2nd position on GA, still downtrend, should of took the last drop for +$100 but WANT MY MONEY BACK ( this will end badly to LOL ) DAX rejected off the 100ema perfectly, 9850 area, typical. I find it best to work through it, keep taking chances it's only money after all, get scared of trading then you can't accept risks then it's game over for ever. Emergency fund and ERASE today LOL Trading tired and stressed and COLD never goes well does it!!
Yup! I am reading "emotional" : that is not going to please those who do not believe psychology is important for successful trading. Not scarred of trading, just working out a solution to a potentially identified solution to my trading problem.
It's when I even type, this is uptrend, this is BAD, but I allow HOPE to cloud my judgement, I had so many BE exits on the EU trade I would of normally taken, it's unreal, but hoped for a break down despite method saying well screaming, LOW ODDS!! I think work stressed me out earlier, got sent all round the place missed good trades for nothing, well £60 I guess, arrgggghhh!! GA going wrong way, hmmmm!! I'm totally not paying attention, last trade of the day for sure LOL
Well account reset, emergency BAD day reversal funds used, put the account back to where it was, first $1200 I make, I put back into Emergency fund. Can't afford to do that twice in 1 day, so GYM for me, some PAIN while I think about my errors. Basically, no more 2nd positions EVER, no more moving SL's, no more holding against the trend, even if the trend is right in the first place. Tight SL management required! I'm not using the 10 channel right either today, I'm too after reversal EU 11 more pips on my SL and I'd be break even here LOL Did I learn anything ? YES, I learned if i trade against my method, I'm pretty much DOOMED!! Lot Sizes set to 1/2 to reduce the cost if I repeat and reduce the stress for tomorrow. Ouch -$1224 today, feel only Slightly SICK!! Chart attached, white lines where my entries 4 of them, Arrows are what I should of been doing and trading, no.1 and no.2 trades where right, you could argue 3 was right, but failure to exit caused the issue, market turned up as said, infact 1770 area should of read as buyers from and 50% correction of the drop was expected doh!! I learn, when I lose, profiting makes me to complacent!!! Today never happened
Minor system tweaks from lessons learnt today, hopes pinned on inefficent MA's mainly. Dumping the 30ema, reasons low odds, I never really use I should be using the 10's range more and it gets a tad cluttered. ( EU could of gotten all out at profit here I think, well 1 BE ) Liking the 100 and the 300ema's, there fine, usefull nice, bla bla bla. I need more emphasis on the 10sma envelopes, there great but trust NAHHH So theorising at the moment, but a 24sma Envelope 0.15%, gives me a slower direction and a 2nd range, so if the 24's also got strength I can trade off that to.... DAX on the move up earlier, tested ( not perfect within 5pts ) 3 times and reversed for a 100pt move. Pulled 100, lessen the confision, might be back, pulled 300, soon put that back Works well on DAX without, very nice but.............. Doesn't work on FX Pairs, range is to big They need 0.10% but fine, I'll run 0.15 and 0.10 at the same time, DAX on slow days prefers 0.1% aswell. I like it, moves the direction away from the middle where it's hidden, explains a better / different fast chop range aswell 100 and 300 changed to 120 and 240ema's Dax Doesn't need, Forex does, hard to see direction with the 24 on FX, not strong enough.
Charts for the above madness.................. First, DAX uptrending and reversing off this new Orange/Red Envelope nicely. It will take out the top, if going up, that's normal, if it does that your on the wrong side, guess where the SL should be
DAX on the way back down, the F is where I shorted, typically that 1 reversed on me, in an instant Respecting the range, with direction well, without direction badly. Yes it opens up, with permission of the 10 is 10 stalling and likely to turn, counter trend due to 24 range, trades. DAX just had a 50pt run up, 10 calling entries, 24 calling direction, very nice, why I don't worry too much about the odd bad day, the market can provide enough money to get that back in a trade or 3. Will I have the confidence to jump in, on 10's direction, with 24 supporing ??
GA only looked good via this earlier, when faster, as I say hard to see direction, range is handy. EU similar really, just remember, EU I don't trade the outter 0.07% Envelope, I trade the inner 0.03%, if it breaks out of the 0.3% ( fine on DAX ), then it is going to change direction, so I should of been thinking up already doh!!! Then it failed to break the 0.03% range to the downside, reason, upward momentum is supporting it to well, ARSEEEEE!! on the way down and up, yes it supported the above rule!!
Okay, worked out my errors, main issue, just not thinking straight, just a BAD BAD BAD BAD Day!!! Defo on the erase the day, already refunded, hopefully have my reserve topped back where it should be by mid next week. First $1200 goes back. Likely make more sense for me to work out what I need for 1 position, run the account at that size x's 2 so I can only ever run 1 position at a time. That would stop me adding to positions, losses look big %%% wise, but money in my account to support, IF / WHEN I screw up again, I shall consider this.
If you are anything like me when I have a big loss day, I feel I have to GET it back ASAP and I end up revenge trading the next few trading sessions. Have you ever considered simplifying your charts and removing some of the lines?