No profit yesterday on the DAX??? LOL!!! Don’t worry. Me either with pivots (was the only loss I took yesterday).
Anyway. Given the above: it’s still a valid long trade. So I will place a limit buy order (Tier 1) at the close of the day before yesterday. You never know. I’ll look at any other trades that I’ve missed too.
Unfortunately I’ve been neglecting this system due to my pivot point experimentation (and whatever else has come of that now). Not good. Not good at all. And I need to start watching myself.
I also have a BAD confession to make and this only occurred to me when I opened my eyes this morning:
I cannot help but get the feeling that I’ve now YET AGAIN suffered a relapse because of these two oversized positions that I made mistakes on when opening them. Fact of the matter is that I’ve let emotions creep into this as in if I realize the loss on them as has ALEADY been indicated by the TPS then that would effectively wipe out every bit of profit that I have made since I started posting here in May. And this is a problem deluxe. I’m acting like a ■■■■■■■ newbie on these two trades. Now while it is true that that could be valid short trend trades as per one or two other trading systems: I cannot help but get the feeling that I’m just looking for any excuse I can find to not have to realize these two losses. I don’t now what’s going to happen this weekend. For all I knows Trump & Co. could get a room and have the most passionate nights over the weekend and comes Monday morning the US and China are the best of mates. What then??? And then again I’ve let crap filter into these two trades. Bloomberg. In my mind it’s just on in the background and mostly I only really listen to when they talk about individual stocks and earnings. but you know what: it’s creating a bias. And it’s creating a short bias. And it’s played into my holding these two positions and ignoring the TPS signals. Now this sounds VERY familiar does it not. Alright: these trades MAY go in my favor and these markets tank. But that’d be pure luck on my part and certainly nothing to write home about or sing my own praises. Point is: this rubbish creeps up on you without you even knowing it or realizing it. So. I need to think about these two trades seriously now. What a damn stupid mistake to make. Were it not for this I could have easily just taken the two losses the other day, they would have been minimal, and I’d be nicely up for the last two months or so. Not good at all.
I have also adjusted my risk based position sizing (again). Using 5 x ATR(10) is ridiculous it now seems to me. It’s having a severe impact on position sizing and therefore profits. So I’ve decreased it back to the recommended multiplier of 3 and I’ve also decided to use Wilder’s standard 14-day ATR.
Oh well. Onwards and upwards (well: hopefully downwards for now).