Problem not following my plan

Quote from opm8:
Every night I plan out the coming trading day with regards to entry and target areas. I'm usually right on the money with my predictions but the problem is I am most often trading against myself, in the opposite direction of what I intended the night before.

Today as the market ran up from open until close I practically called both bottom and top in my journal last night. Unfortunately, I took only two trades today, both short.

It's like being right and still finding a way to not profit. What the hell is causing me to do this?

--opm8
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There is no 'calling it right and doing the opposite'. Call it 'panic'; call it 'don't know what the f**k I'm doing'; call it 'being a loser'.

Your trades failed. Period.
Sounds that what you do has little reliability.

You can buy around the bottom of an upmove and sell around its top (eg YM). Thats research, knowledge, expertise and execution. Without most of that you don't get there.
:)
 
Quote from Cheese:


You can buy around the bottom of an upmove and sell around its top (eg YM). Thats research, knowledge, expertise and execution. Without most of that you don't get there.
:)
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How is buying the bottom of an up move "research, knowledge, expertise and execution?" I don't follow what you're saying.
 
Well, it looks to me as though you don't have any confidence in your system rules...

I suggest you stop trading until you find a set of rules that you have some confidence in....
 
Quote from steve46:

Well, it looks to me as though you don't have any confidence in your system rules...

I suggest you stop trading until you find a set of rules that you have some confidence in....
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Yes, there's truth to that. Maybe because my trading history has up to now been sub-par, regardless of which methodology I've followed.
 
Quote from opm8:

Yes, there's truth to that. Maybe because my trading history has up to now been sub-par, regardless of which methodology I've followed.
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Yes, this happens to folks who do not develop their own system but instead adopt or add to another trader's system...for this to work for you, you need to develop some authority that you can have faith in....either your own...or someone elses. Its just my opinion, but some traders cannot trade unless they have absolute faith in their system..I am not talking about "infallibility", but a certain knowledge that comes from extensive research that allows you to anticipate all the bumps in the road...The final piece of the puzzle is that your system has to perform....If you start badly or worse your system doesn't perform, then it is virtually impossible to make it work in the long run...That is why your best efforts have to come during the test process...Been there and the T-shirt is folded nicely in my chest of drawers. :cool:
 
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