Everybody has an off day here and there... today I got NAILED. Pure mismanagement and emotion took over. And I consider myself to follow rules very well and to be aware of the dangers of mismanagement. But regardless you WILL have one day that just falls apart and you do everything wrong - its part of trading.
Today I took a signal in the S&P before 10AM EST. Thats against my rules - and it lost. Thats why I don't trade before a set time everyday in that market. Mistake 1.
I passed on the two valid signals I got because I got greedy on my entry price and ended up having both moves swing down a pass me by. I missed out on 600.00/contract haggling over a 12.50 difference in my fills. Mistake 2 & 3.
Took a signal in the afternoon now aching to make back my money and show the market what was what I bent my rules to get an entry. And it stopped out. Mistake 4.
And here is where I did something truly shameful. I was down 250/contract going into and I ended up buying the market. The TREND WAS DOWN. And I bought the market in a desperate attempt to revenge trade. Result? I'm now down 312/contract! I'm freaking pissed off at myself. Mistake 5.
Lesson is this: Pros all have "off" days. Adhering to rules is essential for reducing those off days and increasing your "on" days. You won't be perfect but by following your rules you can rationalize every loss. Every loss (or lack of a win) today was MY FAULT. Not my system, not my rules. Its all on me. And there isn't to much else in life that can make you feel worse than knowing that.
Tomorrow i'm gonna have my **** back together!
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