Be Humble

I've found that overly confident traders really screw with my trading. Not sure what it is. Maybe it reminds me of myself. Probably.

I had 7-8 days in a row of profitable days. Granted, some of the profitable days were very small, but they were profitable. Today I end my day in a big costing day. Big is relative to my costs for this month. Out of 18 trading days, I've had 5 costing days, which includes today. This is the biggest day. Oh well.

Had my plan, traded it, at least as far as exits were concerned.

Things I did wrong:

1. Allowed myself to be distracted (listening to a trading video, chatting with someone online)
2. Didn't put up my fibs until AFTER I got into the trade. Saw that my entry was near the 50% retracement, which wasn't good.
3. Legged into the trade at a better point, thinking it would go down. It did, but not that much.
4. The legged in position caused me to have double the cost than had I just kept to 1 contract.
5. My actual cost stop was at the high for the day, but the reality is the better cost stop was at the 2nd trend line that was broken. That would've cut my cost in half. The reason why I kept my stop so far back is rarely does it ever get it and it was out of the way. Today it got hit.
6. Felt groggy, like I had brain fog. I normally rarely ever eat when trading. Guess what I ate caused me to be sluggish.

Things I did right:
1. Let my cost stop take me out. Actually, I got out 1 tick before it was hit, but it blew past that, so I guess I saved $25.


So, looking at the trade, I did a lot more stuff wrong than I did right. Tsk, tsk.

Live to trade another day. This trade basically wiped out my Thursday's profits and a little on Friday. Thursday was a big day for me. Friday was a small day for me.

Maybe later this evening I will be able to recoup some of those costs. We'll see.

More lessons learned. Keep humble (which I was), be respectful. Be prepared.
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