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Ended up with an 18 tick gain. Market is giving me 7-9 tick gains, but as I wait for them to cross the 1 point mark, they reverse. I'm not getting out of positions and don't feel at the time that it is being greedy, but can definitely see looking back how it definitely being greedy. 8 ticks is more than 3 ticks. Regardless of what could result from the move, 8 ticks is always better than 3 and 8 tick moves are more repeatable than the 15 tick moves. Lesson learned....again...application pending market replay.
42 tick profit thus far this week. Not pleased about this but it is better than a negative. System works great in bull and bear markets and ok in sideways markets, I think....
I've been so slammed today that I just lost my whole weeks gain just from today. This sucks. WAY too busy to be trading, yet still I did. Very irresponsible of me. My longs have a net gain. My shorts just from today have murdered my gains. I'm trading with my heart, not my head. Stupid....and stubborn....
Frame of mind today has been hijacked. That said, I have accepted responsibility for today's failure.I need to calm down and focus on my trading, let only that occupy my mind. The trades were there, obviously, but the heart overrid the head today. It is my fault, in its entirety, as I lacked focus and discipline. When focused, I had a run of 6 winners. Alas, they were not enough to overcome my losses.
Just saw this piece of advice on the forum homepage. "Trade what you see, not what you want" or something like that.
Besides that trade, I pulled out another point on the way up and missed the way down, which really is a shame. That said, I pulled another 3.5 points from the ride back up and down to 835, 14 short ticks and 21 long ticks.
Now as for some specific advice, the best advice I can give is to simplify everything. You've indicated that over trading is a problem, so why not commit to yourself that for the next 2 weeks you will take only 3 trades a day? If you end up taking 4, then you know exactly what you need to work on --- discipline.
Keep writing down why you entered and exited, and what you were thinking at the time. Go back and read your posts every weekend and ask yourself what your strengths and weaknesses are. Make sure you are not going in circles. You can help to ensure you aren't by avoiding too many changes at once. Keep changes slow and spaced out so you have a chance to carefully evaluate each change and determine if it has helped or hurt your trading.
Rome was not built in a day. You cannot master all things trading related overnight. The best thing is to simplify as much as possible, down to a core set of ideas or concepts, and focus on mastering those. I'm talking about picking two or three things and focusing on those things and those things only, each day, every trade, for a 2 week period. Once you've mastered those, you can move on to a new set of two or three things to master.
When you are able to master 50 things, you will be a profitable trader
The quote is "Trade what you see, not what you think". If the market is trending higher and higher, do not allow yourself to think "it has to stop sometime", or "I know it is going to stop and then head lower". Don't allow yourself to predict what it will do, or start to get committed to a certain type of trade like a short. Trade what you see. If the market is moving higher, you want to be long In the last year the economy continues to blow up. Yet the S&P 500 is exploding higher. Don't short it because you know it's going to collapse at some point. Trade what you see == long.
