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Just a thought, don't have a daily goal initially; it might lead to forcing trades, just work on mitigating the worst days/trades.
Think 'how much better will my day or weekly/monthly average be if I eliminate these worst trades'
Your best day in each week or month will be multiple of the average. Over time it will end up in a range, maybe 2x to 10x the daily average, who knows.
Those best days should help take the pressure off forcing returns on the really quiet days.
Once again I didn't get a chance for a pre-market analysis, but I was a bit more careful with my losses. At one one point I was up about 150% of my daily goal. I got greedy and continued to trade. Oh well, I had a couple of hours to kill...
So i took 2 small losses; i was at about break even when I took a final trade which was actually a shadow trade. I had a few ticks profit when I received an emergency call from a job site. I took a few ticks in the green and ran off.
Now that I come back home, I see which direction the market went at the exact time I left, and I am glad I did leave. Feel bad for my buddy though I just imagine he didn't have a good day.. Hope I'm wrong....
I didn't realize it, but my wife was watching me trade for a bit today. She says I lost my confidence. She says that when she used to watch me sim trade, I seemed focused and confident; determined.
What happened ?
I think the big blow i took on day 2 of live trading spooked me a bit. I guess I haven't been able to shake it off. There was a couple times today where i could hear @bobwest's voice telling me not to hesitate. So of course, I would hesitate and the trade would go in the direction I anticipated, without me.
Thoughts for the day:
I have to re evaluate my approach. I shouldn't be so afraid..."just minimize risk and the rest will fall into place". I am right way more often then wrong so with correct risk management I should be profitable, right ? Be Patient, Be confident, Relax !!!
You are a profitable trader, just hidden in the shadows of improper management.
Here is my suggestion:
-Expand targets
-Keep risk low
-ALWAYS take the trade if it is per your methodology
-Realize that you should always take the trade, because otherwise you are just throwing potential down the drain
-Realize that the trade you take does not matter, because in the long run you will be fine
Does this make sense? You are profitable, so don't worry about the other crap. Focus on pulling the trigger. If emotions are why you are not receiving asymmetric returns, then do this:
-Enter the trade
-Set stops at a price where the market proves your thesis wrong
-Set targets that are at prices you think the market can get to and that also bank your day's income (3-6 points per lot)
-Place other targets at areas that are further that you think are possible. (6-20 points away and more if you believe they are possible)
-Walk away from your computer. If messing with your trade is the issue, walk away. I did this for a while. I couldn't handle taking the profit once I saw it.
Lastly, trust yourself. I know you can do it; so does your wife. Don't disappoint us
Wow kid !!! You are wise beyond your years you reminded me that while in sim, my biggest winners were when i walked away. Went to work or to the park or whatever. Later on in the day i would look @ the charts and see how the bars would come close to my stops but not hit them then go on to hit my targets. Also sometimes just hit my stops,take me out , and go on without me.
The days i sit at the monitor, i just scalping 4-12 ticks and keep scalping. Maybe im just being too careful and its costing me.
Thanks for the advice bro. Im on the road right now, but when i get home i'm going to read over it again and again and again see how I do tomorrow.
I'm not upset. I controlled my losses, I didn't hesitate to enter or exit trades, and I walked away when I felt the heat.
I went 0 for 3 in the morning. Later on in the afternoon, I sat at the desk for a short 30min and I saw some signs that the bears would take control again. I dont know my exact entry and exits at the moment because im away from my desk, but I came back with full confidence, didn't hesitate and scalped a quick 8 ticks. Its not much but it cut my losses for the day in half. i felt it was low risk. But now I see the market just continued to drop, so maybe my exit was premature. Hindsight ????
Thoughts :
My opening trades were all wrong, but I've been reading around the forum and mostly everyone was wrong in the am. I stuck to my plan and walked away. Minimized losses and didn't beat myself up over it. Took a break from the desk for a few hrs and came back with a fresh set of eyes. Recouped some losses.. but should I have taken the chance ???? Is that considered revenge trading???