House Money (formally Open Season) ...Trade Journal

Trading Discussion Trade Journals
163

More packing than trading this week…next couple of weeks actually.

Last night was not a good night for me in the markets. Made 2 entry mistakes and they both bit me all the way to hard SL. Hindsight and moving forward, immediately upon recognizing the mistake…close the trade. Last night I let it run, you know, because it might have worked out…it did not!

Time to double up on the discipline and make up the damage done.

164

Reviewing the mistakes of last night…several items pop up

  1. The move has me completely distracted
  2. The need to get my mind off the move has me wanting to trade more than I already love it.
  3. The chart looked good but was in direct opposition to my Strat. No excuse to miss that even if I am distracted.
  4. New rule of discovery…If it’s wrong…just close it.
  5. SLs were there and they kept the situation from being stupid…that’s a positive.
  6. There were several opportunities to close at a small loss…did not take…refer to rule 4.

Overall, it was not catastrophic but easily avoided. I know I can do better, and I will!!

165

Schrodinger’s Cat (Trade)…

Overnight trades are interesting in the thought department. While I have conditioned my trader self to not let trading interrupt my sleep, the thoughts going through my head as I walk toward my laptop with my coffee are fun. Before turning on the laptop, the overnight trade is both a winner and a loser. It is only when I hit the power button that the fate of the trade is determined.

Or in the case of last night’s trade…still undetermined as it is still running.

Edit…one of the tests I apply in the morning is…would I enter this trade right now. If not close it. This was the case this morning…so trade closed.

166

Might be time to take a short break. I have noticed my trading is suffering greatly during this Move to Coeur d’Alene. I am making mistakes I would never normally make and entering and pushing trades that make absolutely no sense when compared to the last 9 weeks of success.

I have had some Horrible results over the past 3 days…coincidently…the same 3 days as packing. Add to it a very volatile market, and you have the recipe for exactly what has happened. Now…the account is still above break even, due to the fact that I am a religious zealot regarding a Hard SL, but this week has been rough.

Now, anyone who follows my journey knows this pause is only likely to result in a couple hours of pause…but writing it down helps with the discipline. I will go back and examine all the previous losses over the past 9 weeks and see what I can do better. And this very well may be where my issue at the moment lies…I didn’t lose very much over the last 9 weeks. I know it is going to happen, but I have to do better minimizing the downside risk.

Will this affect how I enter a trade? Nope! However, it may affect the SL levels…we will see.