Today I was greedy. Planned Greedy. Over trading greedy. Big Position Size Greedy..
I did not trade well today. I traded haphazardly. I reversed positions, I got caught in the chop multiple times. I am not proud of myself today. My trading today was the kind of trading that can blow out an account. I don't like how it feels. I feel dirty. I made money but did not do it the right way. Today I was a gambler and not a trader.
"The difference between a gambler or action addict an a trader is that a trader can stop trading when trends change. A gambler won't stop giving money to the pros until he doesn't have any left."
That was me today. I am not happy about it.
I like to play golf. When I am two or three under par in the first 10 or 12 holes I look at it as an opportunity to get aggressive and go really low for the round. Sometimes it works out and sometimes it doesn't. I think that is how I traded today. I was off to a good start and wanted to use that house money (early birdies) as an excuse to get aggressive as the trading day continued.
What do some of you do when you make a lot of money earlier in the trading day than normal? Do you leave? Do you watch but not trade? Do you not let it affect you?
Very simple if you are a consistently profitable trader.
2 wins & done in any instrument.
I trade 3 instruments everyday.
6E from 7am est up to 8:50am est
CL from 9am up to 10:00am est
NQ or TF from 10am up to 10:58am est
I would suggest you use the same 'edge' you have in crude (if you are 2 wins & done and feel like 'pressing') and switch to
a) index (tf or nq or ym)
b) grain @10:30am est (either zw/zs/zc)
p.s. I have found if you actually put in a 'sim' order in another highly correlated market to your primary--this can 'negate' your gambling urgencies without putting real money on the line.
You could also 'test' trades AFTER you have your nice profit for the a.m. and are OFFICIALLY done.
Seriously--take the pressure off!
Forget about risk in terms of % of total account or margin. After 2 nice winners in ANY instrument (short-term) I challenge anyone to think they will do alot better with a 3rd or 4th or even 5th trade after the 1st 90 or 120 minutes of the open of their chosen instrument.
Okay--some traders can make money after that with 'small' size; I give them that. I always say trade heavier in prime time and have your 'quit with a win(s) attitude' and be done with it.
Hope this helps. 25+ year intraday trader who trades 1st (preference) pullback in established trend and momentum breakouts (higher timeframes) with 3X higher timeframe confirmation in 6E/CL/NQ or TF.
Last edited by researcher247; March 28th, 2012 at 05:31 PM.
Reason: Horribly bad punctuation...
The following 4 users say Thank You to researcher247 for this post:
I was able to do this today. I didn't over trade. Lately the fills I've been getting seem pretty good. I have noticed that when I am getting good fills I am usually trading well. I am picking good entry and exit points. I had a stop in the market today that came within a quarter point on the mini S&P and didn't get taken out. THAT NEVER HAPPENS. That's why you don't get out early and reverse. I can handle being stopped out, even like it when it happens. But to stick with a plan, leave the stop in place and see it hold within a quarter point is not something you see everyday.
I took the second half of the trading day off. I left my monitors and ran some errands. The market continued in the direction of my position that I took profits on.
"Feeling remorse because you missed a few points, is like it or not, seated in greed; an emotion you don't need when making financial decisions."
In the spirit of our March Trading Journal contest, I am asking everyone to spend a few minutes and share their journaling experience.
A) What are the top five benefits you have seen as a result of regularly posting in this journal?
B) What are the top five problem areas you have identified as a result of regularly posting in this journal?
C) Were you initially reluctant to start this trading journal? If yes, why?
D) How do you feel, overall, about your journaling experience?
E) Would you recommend to others that they should also start a trading journal?
Thank you for taking the time to answer my questions. I appreciate your posts, and I hope you have benefited from your journal. I also know that others will benefit as well, just by reading about your own experiences.
Enjoy your weekend,
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.