i hope this journal will help me fight personal demons. i think i trade way too much. i take all kinds of crappy trades and needlessly suffer emotionally and financially as a result. occasionally the moon, the stars and the sun all align quite perfectly and there is this really good trade that i may or may not take or take it and manage to botch is somehow. why would not i take a great trade? one reason is that my BP is already tied up in previous garbage trades. another reason is that i am so preoccupied with currently open trades that i don't have time to appreciate the potential of this pending trade how do i manage to botch a great trade? by being heavily involved in the garbage trades i am already in i don't spend enough time to analyze the great trade (entries, exits, what-if scenarios). therefore, often i think i am ill-prepared and don't take full advantage of the opportunity. one question that bugs me is whether i just imagine that i am able to pick the great trade out of many useless trades i take or is it the hindsight bias. hopefully, the journal will address this question. just a few random thoughts...
to all the doubting pikers i would like to point out that my position already showed >0.1% of unrealized profit today even if so briefly!
QQQQ closed 53.88 still holding 2/3 position: 21 cents of profit unrealized, drawdown 31 cent. so far looks like not a bad average entry price.
QQQQ 54.42 midday Practicing patience by sitting tightly on my hands. Still have 1/3 to add but worried that I am too early to the bull nailing party.
Position update: Short QQQQ average price 54.28 (full position), mental stop ~55.4 (~2% away) QQQQ 54.38 midday - not bad so far
Some thoughts about the trade. When I started the trade 9 days ago I had a certain concept in mind as far as where the price might travel short-term. I also had some time-frame by when the trade could be profitable. Now is a good time to re-assess the situation. Although the trade showed tiny profits briefly, it is taking longer than I anticipated. BUT the original concept is still intact! I am patting myself on the back for giving some respect to the upward momentum and I averaging in slowly. I plan to give further respect to the upward momentum by taking small profit ~1% on at least 1/2 position (if the opportunity presents itself). I hope this journal is a success and people will read it. Then I will be able to fulfill the real purpose of this journal: to share my non-trading wisdom! Here is a piece of wisdom for today: "Even a blind squirrel will scratch his nuts once in a while"