I'm finding that imagining what I will write in my journal the next day helps. If I am consciously thinking of doing something wrong and I think – “how will this look when I write my journal tomorrow?” If I know it will look bad that’s enough to stop me.
Remember – we are looking over your shoulder (and even when you don’t write things down we can see you through your TV)
The following 2 users say Thank You to Nickemp for this post:
I don't even know what to say today. It was my biggest losing day of my short trading career. I made one fatal error that has cost me a much larger draw down than I was ever prepared for - I traded 2 contracts today for the first time. Why did I do this? I have no idea but, once I started I couldn't stop. I will NEVER do that again until my money management formula indicates that I have enough equity to do this, which will probably be quite some time. I also realized that I don't have a firm amount set for max loss per day. Perhaps if I had then maybe I would have realized after the first trade that I should have stopped.
I entered and exited according to my plan, which was good. It just didn't work out for me today. I don't normally get 3 losers in a row, when following my plan but, I know it's possible and am usually mentally prepared for it but, trading 2 contracts?? What was I thinking??
Well, at least I hope that I have learned my lesson.
And my task for the remaining part of the day is to define my daily loss limit and re-read my rules for increasing contract size. I also just purchase the book "Trading in the zone" so, now I plan to read when I am not supposed to be trading, so that I have that distraction instead of the temptation to keep trading.
I hope others did better than me today.
The following user says Thank You to tammyd549 for this post:
Today didn't go much better for me, mainly because I was late starting this morning. By the time I sat down at my computer, I missed my original entry signal. The signal was still valid for me and I caught 1 point of that so, it started off okay but, then I got stopped out twice. I was happy with my trading though.
I'm really going to try and spend some time reading other journals here this afternoon to try and see what others do to work on their discipline. I think this is my major downfall. I get sort of "addicted" to trading and have a hard time just walking away from my computer.
I think my system works well, I have good rules and money management plan - the only thing missing is the discipline to not trade when I shouldn't be trading.
The following 2 users say Thank You to tammyd549 for this post: