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Trade #1
After I overcome my fear that prevented me to enter on the first signal I entered on the second.
After my first target was hit I moved SL to BE+1. Then managed the second contract but the second target was finally also hit.
Result 8+16=24 (RRR 1:2 and 1:6, overall 1:3)
LESSONS LEARNED:
I realized that every day before the first trade I feel fear. Fear of not being right. Today it prevented me from getting in on the first signal but also allowed me to realize it, fight it, get calm and enter on the second signal.
I am disappointed with the hit of my second target. I was too slow (thinking too much, feeling fear again after a small heat) to move it. I managed to move it only once. At this moment, the market is still rising and I do not see any signs of reversal yet.
I am looking forward to times when the mouse clicks will be so automated that I will not have to feel regret .
An afterthough three hours later:
The reversal pattern showed a minute after I finished my post.
Thanks a lot for encouragement... Saw your post yesterday but did not want to reply immediately but rather give it some thinking
THREE BIGGEST IMPROVEMENTS:
They might seem "small" but for me they are big. I have been studying trading for more than four years (various, mostly pleasant family reasons prevented me from starting "real" trading earlier) but now I can clearly see that I am at the very beginning even though I thought I knew a lot about the markets.
1. Starting the journal. That is probably the biggest improvement since I procrastinated a lot.
2. Technically, I am getting acustomed to working with my platform and setups.
3. Psychologically, despite that I still struggle, after reading so many books on psychology of trading and human beings, I can see exactly what mistakes I do, what is their most probable reason and I can work around them.
(Can I add more?
4. My SLs are very well placed. Their hitting really invalidates my original assumption for the current market direction.
5. It seems that I am able to work around various fears. Needs to work with that more.)
THREE BIGGEST PROBLEMS:
1. I need to properly define my entries. I am a discretionary trader, I cannot trade mechanically since I NEED TO HAVE ROOM TO MAKE DECISIONS AND BE IN CONTROL OF AT LEAST THEM WHEN I CANNOT BE IN CONTROL OF THE MARKET. That is me, my personality. Despite of that, I need to have my setups defined a bit more in details (I have added an intermarket analysis filter since starting the journal, it seems to fit perfectly with my system, however it needs a bit of backtesting so that I know how exactly it fits). Planned for April - have already made arrangements so that I am able to concentrate on it.
2. Psychologically - I need to refine my morning checklist and give it a proper shape. Refinement planned for April together with point 1. I think I have started to work around my fear of the first trade of the day. I must apply the same technique to all other psychological issues (being blinded by loss to the extent that I do not see the reversal setup, fear of another loss after a loosing trade).
3. Again psychologically I need to learn how to be "neutral" and not too attached to either short or long side, i.e. I need to work around my need to be right , I need to set this need off by having control of my entries, exits, risk and position sizing.
All in all, the major aspects I need to concentrate on are of psychological nature. No news here.
Thanks once again.
Also, thanks to you and your "questions" I refined my trading plan and added such summary into the weekly overview of my trading.
Trade #1
I entered the trade because of fear of missing out. No S/R to really support it, on the contrary, I would even say that the RRR was really small with respect to my planned S/R zones. I knew it from the very beginning but "hoped and prayed" .
Result: -8 ticks
After that trade I was afraid to enter on the next signal.
Trade #2
Entered during the noon chop because I could see the market was moving but I thought it was my major support from the plan for today and it was not! I moved the SL quickly to BE.
Total result: -8 ticks
LESSONS LEARNED:
Today I traded in a disturbing environment. Our son is sick and stayed at home with me. He kept on asking for stuff. Also we had a service man here working so I could not talk through my trading aloud.
I am unable to see whether those are just excuses or not but I think that the situation influenced my concentration.
I am getting more and more aware of the fact that my SLs are hit "correctly", i.e. that I place them at spots that really invalidate my original assumption about the market direction. This is something that I am really proud of and since the rules for placing them are simple, I will stick to them.
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