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Well, when I overtrade I really overtrade and the red mist descends and leaves big ugly marks. Last month was great apart from 3 truly awful days. Only one thing has helped me get the number down - paying for the lessons. I still got complacent on the back of a good run when the skies looked clear, you know, like they do over the Sierra Nevada...
I would have to say that the gun-shy thing is a pain but always preferable.
I also notice that I have a tendency to get the courage to take my first trade as the day gets older, primarily after the morning rush, after around 8am pst, after the best moves, when things have settled down. Not sure what this is all about. I do not think it is because of being overwhelmed by the activity since I am easily able to keep up with what is going on.
Maybe is has to do with having more time to contemplate the trade, to really think about it, that I need that extra time to be certain. I do this when I make other big decision in my life, whether it's a big purchase, or a project I want to turn out well. I'll do research, weight the pros and cons, take my time, contemplate until I think I've got things figured out. My wife on the other hand is a shoot first ask questions later decision maker. She'd be a great scalper!
Or, maybe I am subconsciously saving my losses for later so I don't have to call it a day too early. There are few things worse than getting in the hole right out of the gate and either being forced to stop or risking the huge losing day.
Not sure what's causing it, but I will be monitoring this in the journaling.
Trades Taken: 1, -8t
Should have taken: 11, potential +140t
Efficiency: 1/12 = 8%
NQ, GC and NG were stuck in ranges for a good part of the morning. Oil was the mover today but I was never comfortable with the direction. Because of this I found myself complacent today. This tends to happen when I don’t like the look and price action of the markets early on. Rather than be on the alert for a market to wake up, I kind of check out and lose interest.
When a market like oil does come to life, and I miss or pass on the first couple successful set-ups, the complacency compounds and my interest in trading is even less. I feel that I have missed the best trades and now will be risking on the scraps, and that there will not be opportunities left to make up for any losses.
Anyway, rookie mistakes for sure, and something I need to work on. As a professional trader I need to be ready and willing for all opportunity.
Note: the one trade taken was after 9:30. Again, waiting until later to take first trade.
Regarding my plan, because of my lack of interest in trading I only kept a few notes. Need to do better.
Tomorrow: Continue to monitor thoughts and feelings at moment of truth. Stay engaged no matter what the market is doing. Take a trade or two early that look good.
In reviewing past charts I noticed that the majority of "should have taken" trades happen before 8:30am. So I am going to start paying attention to how I trade during that time:
So far today: 2 trades taken
5 trades should have taken.
2/7 = 28% efficiency
Not much yield on the trade areas since the markets aren't seeing much follow through, at least from the entries I identify
There were a couple nice trades I missed and a couple that I have to learn how to see in the future.
Trades Taken: 2, +3t
Should have taken: 6, potential +30
Efficiency: 2/8= 25%
Good patience today. Markets not doing a lot, at least for how I trade. No big runners. I am finding my patience is very good these days. This is in part due to the fact that I know on any given day I can have an opportunity to get 200 ticks, so I can afford to wait. Now that I’ve said it I hope this doesn’t jinx me!
Took a couple trades early which is progress. Didn’t wait until later
Stayed focus throughout day, just didn’t see much that I was confident in. Did miss a great CL trade because of brief distraction. It happened fast and I almost hit the button.
Did some useful journaling.
Tomorrow: continue working on sustained focus throughout day, early trading (pre 8:30), and journaling during moment of truth. Be ready for one or more instruments to run, and if so, hit the button!