Earn2Trade 2/28/19 Journal
- Thread starter tradethereaction
- Start date
Sometimes. But mostly no.
Just make sure you understand what's going on. Stops can save your profits and help mitigate risk when you aren't sure what you are doing. Even when you think you have it sometimes we miss things and stops can at least do the thinking for us quickly.
Posting Update. Might be done for the day here.
Another update. Hope to get above 30K by end of week. with 6 weeks left.
what products are you trading? scalping or swing day trading? tight stops? regular support resistance?
I had a mental breakdown on Friday. Starting the Gauntlet over. But I normally trade ES/NQ and sometimes CL. I usually intraday scalp. I don't use tight stops. I trade using majority support and resistance, zero indicators. Friday I had a bias and completely stopped using method once I took a big loss. Instead of leaving computer. I just made terrible trades out of frustration and decimated account. I've never really experienced anything like it before. I am spending entire weekend evaluating what went wrong. I have a method where I always have an edge, but I kept a bias which is something you can't do. I also didn't look at the higher time frame to help me understand what led this sell off on Friday. All in all a good lesson. Virtual money lost. Can make it up, but can't allow what happened on Friday to reoccur. It was 99% emotional/psychological. I'm even thinking I won't post in here anymore because I think pride starts to kick in when I take big losses and I don't want others to see it. Creating a more robust risk management plan this weekend. Hope you all do well going forward. Will probably spend less time in here.
A higher timeframe would not have helped you. I dun' care what TA you might have used to determine your direction, the move was totally FA driven. Bad economic data at 9:45 AM ET combined with the yield curve inversion is what drove it down.
It fucked me because I kept staring at TA, thinking about the Dovish fed and the possible Trump-Xi plan working. I forgot the fundamentals of that darn inversion though, which had a more immediate impact.
That is the worst mistake you can make. Letting pride stand in the way of keeping yourself accountable will only lead to more losses. Why be embarrassed about posting your losses here? Nobody knows who you are. I pull no punches in my journal, and post the bad with the good. It hurts, sure, but it builds character, too. Give it a try. This is your community of friends, your community of traders. They will give you shit, and they will give you encouragement. Either way, it is healthy input.
It is refreshing.
