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Is this strategy working? Today I spent quite a bit of time waiting for a trade and feeling frustrated that my last 3 days were losers. Certainly more of a trend environment than a range environment. One of my greatest problems has been not honoring stops or a daily loss limit. I am getting a handle on that and doing better. The other problem is switching systems after a period of losses.
So far my system is still making money and my drawdown has not been bad. If I get closer to a significant drawdown I will have to re-visit this but so far I think it's doing fine. Boring but fine. Maybe that's a good sign. I have heard that good trading is boring trading.
So true Bobwest, my prior tradimg was very exciting and didn’t make money… This is slow and steady and I do prefer that.
Pretty much every book on trading psychology states that we can’t look to Trading to fulfill needs like excitement or cure boredom. I know I have secretly done that in the past. That was interesting but it’s over, I’m here to make money now.
Friday, October 29th, 2021
No Major data releases
Weekly Up, Daily Up 1 trade -7.5 points.
Shorted yesterday's high. got stopped out pretty quickly. might need to be more patient. The last 2 trades had head fakes then they worked.
First losing week. I had 4 losing trades -25.5 points. I lost every trade I took this week. This does not feel good.
Not great trading for me but in the past I would have gotten frustrated and either pulled my stops, hoping the price would return to break even or I would have added to a losing position. When I have done this in the past I had huge losing days. I have even blown out my account this way. This was a losing week but was still in parameters and left me able to trade next week. I consider that major progress in my discipline.
Up 85 points in the last 5 weeks.
Mistakes Made: Tuesday was not a great trade idea. Sure it was a level outside of the Vwap noise but I have never made that trade before. Thursday's trade was inside the vwap noise band and not a trade. I can tell I am getting a bit desperate and pushing trades that I should not have taken.
