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Trade 0 (which didn't happen) was an Inside Range Break at the top of the huge range. Missed it solely due to internet connection AND backup internet both going down! Positives: Resisted urge to enter short - proud that I did not chase the market.
Trade 1 was a first break short. Entry Reasoning: Downtrend, absolutely diagonal pullback to 20EMA, signal bar was also a first break as well as signaled an Advanced Range Break (test of range barrier).
Learning: Hesitation during entry affected exit psychology where I covered for a 6-tick profit on basis that it would have been target if had entered correctly (REMINDER: not the correct thing - loss of discipline).
Trade 2 is a Learning Opportunity! It was a 10-tick loser - the worst outcome!
Entry Reasoning: Was thinking "Block Break" but this was fascinated gambling. Saw price hesitating and almost covered at absolute break-even once I reasoned that this was not trading but betting. However was a 'dick for a tick' and did not cover and took full 10-tick loss instead of 1-tick. Reminder to not let this happen again.
No, that definitely was NOT a part of my strategy.
Hence I have marked it as a GAMBLE.
It was the absolute worst thing I did and I am diligently going to watch out mindfully from repeating this behavior.
Solemn promise.
Also, I saw it coming and could have taken a 1-tick loser but the cocktail of overconfidence, freezing and self delusion did me in - I am going to fight all three rather simply - by not fighting the trend anymore!
To myself: Reversal trading is generally a losing proposition! Follow the plan you have so carefully crafted and tested! Please!
P.S.:" @xelaar - Saw your trader interview on youtube. Had logged into squawk radio yesterday , but was late (as wifey needed my PC to skype with friends!) but could catch only your "Thank you to Big Mike Trading!" That itself was worth it, IMHO, though rest of interview was fantastic too as I saw today - John was impressed! Keep it up!
This is indeed a great Milestone. I'm waiting for Ninja to start my free trial and Combine. I have been able to feel a similar "turn" in my trading emotions. I really want to Keep emotions out of my trading. Decisively evaluate and take entries, follow all rules, and let the outcomes work out for themselves.
Considering my one-trade (10-tick loser) foray into negative territory I thought I would share something.
Apart from marking up my charts and journaling the technical aspects of trading I am keeping a parallel psychological journal some of which is too deep to share here, but I will touch upon some points briefly.
This combination of two journals has helped me as follows:
- noting down one-liners helping me in recognizing my patterns as a trader i.e. how I behave and the specific ways I act in certain specific situations (this was remarkable - when a situation repeats the pattern repeats)
- recording my emotions, state of mind and my mood swings as specific events unfold
- checkpoints where I am slipping automatically into semi-conscious patterns when face up against some trading related event or general life event.
I end this entry with a note that had I not developed the habit of journaling here on Big Mike Trading I would never have bottled my demons so adeptly or even ever at all.