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  • Monday, August 22, 2005

    Today's Trading Re-Cap

    Today's trading,volume seemed to be lacking,the servers went down briefly for my connection to the market,and I had to leave the market early to take care of some things.I did find myself struggling a bit today,like pulling a rabbit out of a hat,if there's not one in there then your never going to find it.The day started off having several large winners,only to see them evaporate as the day progressed.Here's a list of mistakes I made today:

    Mistake #1: Buying a puppy,and telling my wife,oh sure no problem she can just stay home with me.:-) Just Kidding (But we really did buy a puppy,ughhh.)

    Mistake #2:(This is for real) Over-Trading when I could tell the market was lacking volume.

    Mistake #3: Going long when I had already stated this morning,how I felt the bulls could not sustain things.Trading against my own gut feelings and technical analysis."Trust your own judgment."

    Mistake #4: Continually trading the same stock,when it keeps taking money."I know I can beat it,I know I can be it".

    Mistake #5: Breaking all the rules I apply,that keep me from making mistakes number 2,3,and 4.

    Now, I could just blame today on the servers going down,but that would just be trying to justify some really poor trading. Nope I take full responsibility for this one.Don't worry the damage was minimal, only ended down -100.00 with commissions.Every good trader has his/her bad days,no-one is invincible in any market.That is most often the result of losing focus,and not obeying your trading rules.

    Just Keeping it real!
    Losing is no fun,but writing about it is even harder!


    Realizing I could also be in a payback period,I will scale back temporarily,until my conditions change.This does not mean withdraw,just scale back slightly,trading only prime setups.

    I also like to re-acquaint myself with the bigger picture of things when I lose focus,here's a couple of good readings for that:Online Trading,Random Roger,and Trader Mike.One more from Bo Yoder on the payout/payback cycle.

    3 Comments:

    At 9:57 AM, Blogger Michael said...

    Good post, and yeah, it is tough to write about bad days but I think it's also therapeutic.

     
    At 12:17 PM, Blogger txtrader said...

    Thanks Mike,
    I agree.Just part of the cycle.

     
    At 7:11 AM, Blogger Ram Katariya said...

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