E-mini Rookie Trading Journal
- Thread starter bronks
- Start date
I was so sure that the NQ's were gonna tank towards the end, that I made a mortal mistake by diving in and out... in and out ... in and out... in and out... in and out... in and out....around the 920 level. Each time covering with a loss of a few points on two contracts. I was so confident that I increased my contract size just for this occasion (dumbass greed). Next thing I know, and very quickly, I was down over -$800 dollars P/L not counting commissions. So as the NQ dropped to 918.50, I was faced with a dilemma: should I stay or should I go?? I went. And then covered too early at 911.00.
As much as it pains me to write this and tell of what a shmuck I am, I feel there's a point to be made, especially for newer traders. I broke every rule I had for myself and had a complete disciplinary break down handing me my second worse loss since I started. I paid dearly. DISCIPLINE MUST BE ADHERED TO. Especially in a small acct.
My downward spiral in the last few weeks are taking a toll. I have breached my stop level of $3999.00 and my methods, although still working as I was up 5 points at some point earlier (AGAIN), are not being managed correctly. I have to seriously evaluate the situation at hand.
nkhoi-- I think the market is trying to tell me something but I seem to be deaf to it <G>
-12.5 points / 25 RT's / Acct: $3680.00
As much as it pains me to write this and tell of what a shmuck I am, I feel there's a point to be made, especially for newer traders. I broke every rule I had for myself and had a complete disciplinary break down handing me my second worse loss since I started. I paid dearly. DISCIPLINE MUST BE ADHERED TO. Especially in a small acct.
My downward spiral in the last few weeks are taking a toll. I have breached my stop level of $3999.00 and my methods, although still working as I was up 5 points at some point earlier (AGAIN), are not being managed correctly. I have to seriously evaluate the situation at hand.
nkhoi-- I think the market is trying to tell me something but I seem to be deaf to it <G>
-12.5 points / 25 RT's / Acct: $3680.00
Hey Bronks,
Oh how I know how you feel today. Was up around $200+ then I decided to let a couple of losses get the best of me. I was even saying to myself that I should cut the loss BUT I tried to get a little more and then it really went against me. Took a 7.5 point loss ( on the ES at $50/point). Man I would be doing great if it wasn't for the 4+ point losers I take way to often. I came back a little and even took a 5 point win to bring me to gross + about $50 and a net of about -$30. Then all hell broke lose and I bought towards the end. Upon losing 5 points I reversed and shorted the bottom. took a 1.75 point loss and reversed again to sell at the top of the 1 min bar. covered that idiot trade with a 1.75 loss. Ended the day with a $450 loss plus $80 commissions.
This after being up over $200 earlier. Ended the day thinking I should take a break for a while and questioning my wisdom in being in the markets at all. One small saving grace for my self esteem is that I made about $260 net on Monday so my week is not totally shot yet.
Still feel like a dummazz thou. gotta work on taking small losses. maybe thats what i will focus on. Its hard to know. so many times you dont take that small loss and the damm thing comes back and you do ok. Many times it almost at the stop loss point and then the price moves quickly about a point away. When that happens do you take the extra hit or wait it out and try to make some back??
Reason--
It's enough to make your head spin huh? I think this is one of the most important of trading decisions. Today I did both and did neither, all at the wrong time. I'm hoping I can ride out this storm and then start to see things more clearly. Until then, conservative and discipline will be my mantra. I know I said this before but sometimes I gotta get beat over the head a few times for anything to take effect. Hope you do well tomorrow. Cheers.
To tell you the truth... Greed and Ego (lets not forget stupidity)
Ego because I can't believe, after being somewhat successful in the beginning, that I can be so unsuccessful now. Hurts my pride.
Greed. Not to get rich, but to get back what I have lost... fast.
The meat of the matter was, I saw something coming and I:
mistimed it
mismanaged it
and misused it
You can bet your cookies that I will be trading 1 contract for a long time.
Keep your losses small... detach your trading from your ego and take small losses, or your risk:reward ratio will go through the window...
I might be a good idea, bronks, to place a daily loss limit â say $100.
At that point you can have one last trade â unless itâs a winner that brings you back under $100.
You would be amazed how that rule forces you to be more selective with your trades.
Good trading, bronks, you'll be ok
At that point you can have one last trade â unless itâs a winner that brings you back under $100.
You would be amazed how that rule forces you to be more selective with your trades.
Good trading, bronks, you'll be ok