NQ Trades RT

SLD 1467.5 CLOSE

I closed this trade when the afterhour session began trading. I can't begin to describe how horrible I feel. Trade 3 violated everything I was trying to accomplish. I held a losing trade past the close. I cancelled my stop.

Today, like yesterday, I had a five point loser in the final half hour. Today, like yesterday, I didn't really have a reason to be in the trade to begin with, I just wanted "one more two pointer."

What was so wrong with just quitting while I was up 5 points for the day? I was somewhat impressed with how I handled myself earlier in the day. Even though I got "whipsawed" on Trade 1, I didn't let it phase me. Why did I cancel the stop on Trade 3? The better question is why did I even enter Trade 3?

In a way, I'm almost glad that I got killed on Trade 3. I don't need any more reinforcement for bad habits.

Tomorrow I need to concentrate on "following the rules." I can't let myself worry about how much I'm up or down.

One thing that I really liked about Trades 1 and 2 was that by having a hard stop in place, my mindset changed. I was trading defensively, protecting against loss and letting the gains take care of themselves. I'm starting to remember some of the techniques/rules that I had "forgotten" and hopefully I can make them habits. While my tape reading may be what makes me the money, my trade management skills are what allow me to keep it. Tape reading is not a license to print money, although with proper trade management it sure feels like it. I really want to get back to the level of success that I experienced during the first journal. Back then I realized that the only person I could lose to was myself, and it's still true now. Somewhere along the line I abandoned my trade management rules, probably because I thought I was such a hot shot that I didn't need them anymore.

I can safely add not initiating trades after 2:30 to the list. It used to be that I didn't even like holding existing trades past 2:30, and now it's like I'm at the casino.

I literally cannot stand to take another beating. I have pushed myself to the edge of a great cliff, and now I'm reeling my arms to try to maintain balance as my footing crumbles away beneath me. Beaten near death, I am blinded by the sting of my own blood in my eyes. My nostrils burn from the acrid smoke emanating from the fiery abyss below. Before plunging to my eternal death, I realize that no one is pushing me. I got to this precipice by myself. The only conflict is in my mind, and as such my current situation is nothing more than a bad dream. I awake to find myself slightly dazed, but when my head clears I will be ready to overcome my enemy. Myself.
 
I know that I failed myself again on this trade, but it looks like the NDX will come back down to 1485, at which point I will get out. Otherwise, I will get out at 1491.
 
This is by far the best journal thread on ET.

I have learnt a lot of things reading your posts everyday. The main thing I learned was that trading the eminis w/o a specific strategy or some type of proven edge is deadly.

Trading on pure gut and "tape reading" skills is a difficult game. Its something i doubt i will ever master.

I hope u turn your trading around and make it as a eminis scalper...

--MIKE
 
Quote from AFterburner:

SLD 1464.5 CLOSE 11:09:43

Stopped out. I normally don't use hard stops, but I'm going to try it for awhile.
More...

I much prefer using this verbage (both in thoughts and sayings): "I stopped it out."

Better yet,

"I stopped it out because I know once there, the trade has only a small chance of working out"

and avoid at all costs:

"I stopped it out at 100 because I feared a further drop to 95, even though the trade still has a decent chance of working out once reaching 100"

This habit serves as proctection from entering low reward, high risk trades.
 
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