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Was -11 after a poorly planned trade. I then waited for and execute a short on a perfect signal...found myself +23 ticks in < 10 min. AND DID NOT TAKE PROFIT.
Moved SL to BE and got 0
Traded a few more times until I was out of control...increasing my contract size...basically it was like an out of body experience...I just lost it.
$-500.00 on the day
I'm more disappointed in myself than anything. My entry's are good I just didn't have a feel for the market today.
Rule #1 when you're down...get back to BE, I could have done that +12 ticks profit yet I became greedy (sensing a larger move down) only to watch it magnetically attract back up.
The whole $100.00 a day concept was the way to go...but I started over-analyzing charts and re-evaluating my system...trying to see if I do x then I can make xx more ticks...blah blah blah. Holy grail death spiral again.
I though you were above that now? What kind of rigid, steel encased rules must I create to keep account safe from myself?!??!?
How do I lock my mind and body into the concept of "I ONLY NEED 20 ticks per day"? Why isn't that good enough?
So frustrated. Some mornings I wake up and feel like 20 ticks, is no problem...then there are days like today where I just get greedy. If I take a 20 tick trade and then check back the next day and see 10 more I could have had It makes me trade differently today. I allow the thoughts of "well today I'll go for 40 ticks, or 80 ticks".
Why cannot I not be satisfied with a crystal clear entry, fixed TP point and minimal SL? WHY??????????
thanks the journal. sorry to see you in frustration but some feedback if i may:
1)
"Rule #1 when you're down...get back to BE,......"
Can you elaborate on the statement above? Are you suggesting then when your position is in drawdown, the goal/target of that position is to BE, changed from original goal/target? Or are you suggesting when your account equity is in drawdown, the goal of trades (opening new positions) from there on is to bring the account equity to break even?
In either case the objective should not be subject to drawdown, unless that is already part of the actual trade setup or trading/business plan.
2)
"
How do I lock my mind and body into the concept of "I ONLY NEED 20 ticks per day"? Why isn't that good enough?
...
Why cannot I not be satisfied with a crystal clear entry, fixed TP point and minimal SL? WHY??????????"
Did you do a study over a period of time where given time interval during the day you know how many setups or signals you get on the average. If you have that number then how does that statistically translate into gains, lossed, MFE, MAE etc....
Perhaps based on the collected statistics you can determine parameters of your expectancy, rather than picking up arbitrary tick number profit goal.
This is my first post in my new journal. In it I will attempt to document my set ups, my reasoning behind why I took the trades, along with the emotions I was feeling during the trades.
I will also attempt to post a chart daily and at least once a week, …
Your daily goal is to make $250
Your daily goal is to make 20 ticks
Your daily loss limit is < $100
Your entries are high probability
Your rules are fixed
Your average SL is 6 ticks
Your average trade is 5-10 ticks
You are talking about $ loss, ticks profit etc. Instead of followed my rules. Reversed trades... Missed to take profits...
I see a lot of fragments, but not a picture nor a plan.
If you have your plan, then stick with it.
If you have your high probability entries, then execute them.
If you don't know where to set the target, then take a fix amount (to start) and stick with it.
If you have no written and rewritten and tested and retested plan, then do it.
