One of my bad points that is totally unacceptable & I do realise it myself is buying tops & selling bottoms in the beginning of the session. I keep telling myself to chill & wait out any brisk price moves knowing beforehand that people like me will be faded on most occasions and yet I keep on doing it, what an idiot! No discipline whatsoever at times.
Dax
- Thread starter JSSPMK
- Start date
-2 points NQ trades & +24.00 points DAX trades
Personal notes:
1. 1st trade was taken from a book "How to buy at top prices", that was just plain dumb, like I said earlier I still have a tendency to enter into trades in the morning session that are based on emotion, "it's going higher fast...why am I not long?...Am long now...Shit!...Why did I do it again?!"
2. 2nd trade was great, I couldn't ask for a better resolution. Patience always comes on top of impulsive reactions that are based on emotion.
Personal notes:
1. 1st trade was taken from a book "How to buy at top prices", that was just plain dumb, like I said earlier I still have a tendency to enter into trades in the morning session that are based on emotion, "it's going higher fast...why am I not long?...Am long now...Shit!...Why did I do it again?!"
2. 2nd trade was great, I couldn't ask for a better resolution. Patience always comes on top of impulsive reactions that are based on emotion.
+13.00 points (Thu & Fri)
Personal notes:
1. From the beginning of the Thu session I have chosen the wrong direction, it wouldn't have been that bad of a mistake if I didn't totally disregard the method's main entry principle & that led to me fighting the trend in the following 2 trades, which were counter trend ones & again I would not have had to take them if I hadn't ignored the main entry signal. Why I did that? Probably same old lack of discipline, need to work on that;
2. Trade 4, which was a profitable one, was actually a gamble. Not because there were no positive indications of a downside, but because:
a) it was slightly rushed (back to missing the opportunity thinking);
b) I allowed the drawdown to shoot over the daily high by ~13 points, based on gut feeling that 7000 will hold resistance & breakouts will be faded. It did happen as I thought it would, but that does not justify the reasons for holding a losing trade, it felt OK as the stakes are low at the moment, but obviously I will not be able to allow this when trading actual contracts, basically have to stick to daily high/low as get out points.
This week results (disregarding NQ difference in tick value)
+40.00
One of the things that I am optimistic about is that I am currently using an awfully wide spread of 2 points, considering normal spread of 0.50 the end results should be a lot better as losing trades will be smaller & winning trades will generate more. This week's results would probably would have been around +70-80 instead +40 as I was losing 1.5 points on every single trade. Still a great exercise.
Personal notes:
1. From the beginning of the Thu session I have chosen the wrong direction, it wouldn't have been that bad of a mistake if I didn't totally disregard the method's main entry principle & that led to me fighting the trend in the following 2 trades, which were counter trend ones & again I would not have had to take them if I hadn't ignored the main entry signal. Why I did that? Probably same old lack of discipline, need to work on that;
2. Trade 4, which was a profitable one, was actually a gamble. Not because there were no positive indications of a downside, but because:
a) it was slightly rushed (back to missing the opportunity thinking);
b) I allowed the drawdown to shoot over the daily high by ~13 points, based on gut feeling that 7000 will hold resistance & breakouts will be faded. It did happen as I thought it would, but that does not justify the reasons for holding a losing trade, it felt OK as the stakes are low at the moment, but obviously I will not be able to allow this when trading actual contracts, basically have to stick to daily high/low as get out points.
This week results (disregarding NQ difference in tick value)
+40.00
One of the things that I am optimistic about is that I am currently using an awfully wide spread of 2 points, considering normal spread of 0.50 the end results should be a lot better as losing trades will be smaller & winning trades will generate more. This week's results would probably would have been around +70-80 instead +40 as I was losing 1.5 points on every single trade. Still a great exercise.
That was the main reason behind expectations of downside.
1. 7000 resistance
2. Doji on 10 min chart & also a hammer on 15;
3. indicators were heading lower & price kept rising
This should have been my entry point on the 4 trade, I think it was a classic situation where so many sellers came into the market, I don't look at volume, but almost sure that at that time volume increased substantially.
Quote from PointOne:
Dude.
Did I guess correctly?
http://www.elitetrader.com/vb/showthread.php?s=&threadid=87783