I've been putting this off because I wanted to get it perfect, but that's impossible of course. It was only guaranteeing I wouldn't start a journal at all. So here goes, a list of my trading mistakes.
Top 10 trading mistakes per Jim Wycoff
1. Failure to have a trading plan in place before a trade is executed.
Yes
2. Inadequate trading assets or improper money management.
Improper money management
3. Expectations that are too high, too soon.
A little
4. Failure to use protective stops.
With stocks, yes. Not with futures.
5. Lack of patience and discipline.
Yes
6. Trading against the trend - trying to pick tops and bottoms.
Yes
7A. Riding losing positions too long
Stocks, but not futures
7B. Adding to a losing position.
Stocks, but not futures
8. Over trading.
A little
9. Failure to accept complete responsibility for you own actions.
No, I blame myselft
10. Not getting a bigger picture perspective on a market.
Probably, but I go by the charts.
And possibly the most serious of all I didn't see listed, cutting profits short because I'm afraid the trade will turn around. Time after time I've left a lot on the table because of this.
So now that I've come clean, my next post will address a plan of action to correct my mistakes. Once I've posted my plan, I'll start trading. I'll be trading NQ because it's only $5 per tick. It's a little less stressful than ES for following my rules and seeing what needs correcting.