Well, today is the ladies day. We men have to give some of our profits to them.
I am a little less than 10 dollars in minus for today after four losses and one win. Computer died on me again during that win, I had to log in from a laptop and cut the win two ticks short, but that's alright.
I did not take I think 7 trades all of which would end up being wins, on some I was simply late (saw the opportunity too late, because I was doing some other stuff), some I did not take I thought they were dangerous trades, but this was not my plan (which was to take every trade).
I came across the following post from Mike and you can learn more from it than from most books. Exits define what you have in the end of the day:
Very bad trading, far from what I planned. I entered a perfect trade and some nerve impulse had to tell me to chicken out only to see price move my way 6 ticks almost in an instant :/
Because of heavy news today, I only saw two trades, one of which I ruined. I don't like trading Friday afternoon, except there is some trend going on (now is quiet) and most instruments had their daily move already.
Today + $120
So far, no loosing days since I started... That will change.
This weeks problems were all psychological. The only technical I had was my AMD Athlon 5000+ computer turning off on me during trades.
I don't know how many psychologists will read it, but if it is of any use:
-I am afraid to lose money, even though I meditate all day that money does not matter. I don't panic when a trade goes against me (I think I handle looser well), but I am more inclined to close profits early.
-When I am in plus for the day, I am more reluctant to taking more trades. Keep what you got bias^^.
-I have this other bias where I always think: "Had I not had those stupid mistkes during the first week, I would be more than twice as far ahead with my performance" and that thought holds me back. I lost a lot of money because of switching instruments and trading wrong stuff and because I fell asleep. Any remedies?
-I close winners early and I can't help it.
-I don't take all trades. This is the most serious issue.
One of my recent thoughts about: " You can't go broke taking profits": It sure does apply to systematic traders, but not to discretionary trading. While a discretionary one might go broke taking profits too early (like it could be the case with me because I close profits early and losses are already watching me...), a systematic assures himself going broke. A discretionary trader does not have to enter risky trades, while systematic has to take his signals. Since when that phrase came to existence not many systems existed, I think there is nothing wrong with it.
Have a great weekend everyone.
Last edited by ReaM; March 10th, 2012 at 03:57 AM.