knowing you cut a trade too early
By what measure did you cut out too early? The chart you are looking at? The following are reasons to throw away your charts if they are a negative influence.
1)
Charts always make trading look easy
2)
Charts will always magnify any negative perception you might have about yourself.
stood like a moose in the middle of the road while the opportunity took off without you
Why is there only one opportunity to get on the ride? Again are you referring to the chart?
took that one goofball trade the screwed you up...is it just me?
After reading this post I understand why you might let it ride on a goofball trade!
even on my best days, I always walk away feeling like I could have done more...I rarely feel productive, even when I'm on my game.
In my experience what you are describing is a lack of focus and lack of a daily objective/goals. First I am going to describe to you what is working for me and then compare it to my confusing days.
Today I begin the day with a daily objective to make 60 ticks on 1/3 of my max size. For example lets say my max size was 6 contracts. My daily goal would be 120 ticks. I have found that this is an obtainable goal to achieve in any trading day. I usually hit this mark within the first hour of trading. Also this goal does not put any excess stress on me. I am able to stay calm throughout the trading day.
I keep my losers very tight because I am trying to accumulate ticks and more ticks to capture the goal. This is my focus. This is my drive. So what if I miss the big move --- my only focus is to look for the next best trading opportunity. If I missed a trade thirty seconds ago there will be another one in a couple of seconds, minutes, hours, etc.
For me I have to have a clear
SIMPLE daily objective. I do not use charts in my trading. They make trading too complex and confusing.
In the last three months I have been able to achieve my goal within the first hour of trading. Majority of the time I end my trading day at this time. The reason I end the day is without a goal that I can emotionally commit to my trading becomes undisciplined and more like gambling than trading. Some days I do keep trading. Then I set another goal to make 60 more ticks.
One problem I have had in the last three months has been the last week of the month. I gave back 50% of my month in April, 25% of the month in May, and almost 15% of the month of June. Thankfully I ended the month of June on monthly highs. The reason I was having a problem at the end of the month was I gave up my simple daily goal/objective.
By the end of the month I would remember the couple of days I made 300 ticks. I would also add up all the money I made and by the last week of the month it seemed like I had made it in one single trade! So instead of trying to hit the simple goal of 60 ticks I wanted to hit a home run of 300 ticks or 500 ticks! I hit these goals, but instead of making 500 ticks I ended up losing 500 ticks. Thankfully I understood the problem and my last week of June was a profitable one.
To conclude I have been where you are. Thankfully I am not in the same boat today. I ended my cycle of confusion by implementing a clear
SIMPLE daily objective/goal.
