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Yesterday I started with loss, its real difficult to dig out of hole, we all know that, that's we have to be extra careful to get that first trade success.
As hour progressed I dig that hole little deeper but finally was able to climb the hole and close at NET ZERO plus commissions.
I know I am paying commissions but I am considering this as training.
My goal is to train my mind to trade for ONE to TWO hours, reach my GOAL, shut it down and move one with my life.
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
All good my brother. Keep it up. You are doing GREAT.
Take a look at this book I completely love....
“There’s a name for this: Resulting. When people result, they look at whether the result was good or bad to figure out if the decision was good or bad. (Psychologists call this “outcome bias,” but I prefer the more intuitive term “resulting.”) We take this resulting shortcut because we can’t clearly “see” whether the decision was good or bad, especially after the fact, but we can clearly see if the outcome was good or bad. Resulting is a way to simplify complex assessments of decision quality. The problem? Simple isn’t always better. Decision quality and outcome quality are, of course, correlated. But not perfectly, at least not in most decisions we make, and certainly not when we have only one try at the decision. The relationship between the two can take a long time to play out. RESULTING A mental shortcut in which we use the quality of an outcome to figure out the quality of a decision. In a single instance (I quit my job and it turned out horribly), it’s hard to say if a bad outcome (or a good one) was because of the quality of the decision. Sometimes we make good decisions and they turn out well. Sometimes we make good decisions and they turn out poorly. You can run a red light and get through the intersection unscathed. You can go through a green light and get in an accident. This means that working backward from the quality of a single outcome to figure out whether a decision was good or bad is going to lead to some poor conclusions. Resulting can make you think that running red lights is a good idea.”
— How to Decide: Simple Tools for Making Better Choices by Annie Duke https://a.co/eaEnX0q
I believe it's time for me to face the reality, I started posting on this journal again to make myself accountable and transparent. I was doing good until last Friday or is it an ongoing issue, not sure.
Last Friday, I somehow ignored my TWO most important rules of day trading
i.e 1. NO BIAS just trade what you see
2. NO TRADING OPEN
I broke my first rule for the FIRST TIME in a long time (Hindsight, I am RIGHT, if I held that short for two more days, I would be looking at huge gain)
I broke my second rule multiple times but it's based on context.
Anyway I was able to recover and trade consistently this week. Friday, I am going to take a break, I don't want Friday to screw me again
The main idea is to prove myself that I can trade consistently and move from MES to ES.
I need to take following actions in order to do it
1. Set up a daily loss limit at brokerage level
2. Set up a limit on max number of contracts traded at a time
