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I wussed out at the end, but close enough. Very happy;
1) Had a plan I wanted to buy, but waited for poor low to be corrected
2) Entered on the LVT
3) Exitted at the falloff
4) Re-entered at above LSP due to aggressive buying
5) banked risk
Can you help answer these questions from other members on NexusFi?
Weekly update - The net loss was not bad, the commissions were. I increased size in relation to the account and that is partly responsible for the volume increase, but I also overtraded on Monday and Tuesday. Very tired, fighting off getting sick, no sleep Sunday night, lots of distractions, and overconfidence, all took a notch out of my account this week.
I was thinking about where overconfidence, overtrading, revenge trading, all of that comes from. Where does that feeling originate? What is it trying to accomplish? It is instinct, so what was the purpose? And while I first thought of things like "fight ot flight", or "survival", I may have come up with something better. It is a method of keeping the gene pool healthy, allow the strong to devour the weak.
I noticed the overconfidence was not the problem when I was winning. But it came to the frontline when I was losing. That is most certainly ego, pride, a feeling I need to step up and do something about it. That approach to is good for tenacity, good for committment, good for devotion to study, but not good for trading itself.
I have been in "control" of project budgets, timelines, performance, quality, for over 25 years now. The business I run today has never delivered a project late or over budget. And that does not happen passively. When I leave town, something is threatening one or the other, and we can't allow it to continue. I get very active and expect to make something happen, even if passively.
In trading there is nothing to make happen. No amount of money, no superior degree of negotiating, no number of hours... there is no "problem" to fix. The market is never wrong.
Being still, listening, waiting, pausing, watching, digesting, resting. And then being ready to strike without hesitation or doubt. And then being ready to change your mind if the situation changes, staying open to listening, watching... Very different set of skills.
When my friend jokingly said to me, "So how is the oil whisperer today?", I thought that was a good thought to maintain. Submissive even. What do you want me to do, market? And then I break that thought with something more machismo, and take my trading down a level or two.
My entries when I limit have been ridiculously good a few times the past few days. 1-2 ticks heat more than a couple times , never missed a fill, except this morning when NT would not fire. Never seen that before.
My max downs back to back really shook me awake. I doubled the test account and thought, "this is a lot easier than I remember. The time off did me good." Then took a couple losses back to back, by trying to decide where the market would go into reverse. I still like that approach to entry areas, but 1) I do not get the intended reward to risk, as I exit early, and 2) It is not wise to decide in advance. But, since I like the area I allow myself to hover around it, learn it.
If I want to ski a black diamond, I can't expect to never fall down. That is how I see crude oil. X-Games of trading even.
Enjoying it more than anything. It was never "fun" for me until recently. It was always necessity. Not today. And that is a lot better.
