What to do and what not to do!
So I’m going to be honest with you and myself that Wednesday was my worst day in a long, long time. I got caught up in the chop when the market was moving very poorly and I ended up losing 4.25 points! Im having fewer and fewer losing days but I think its important to document them because it keeps you honest with yourself.
Here is my horrible chart!
First trade was a good one and a loser. Second trade, I tried a quick scalp and when it didn’t work, I didn’t exit (for a reason I do not yet know) 🙂 . Then my thought process was something like this…”we have overall momentum up, and a failed trade to the downside, so I’m going to be aggressive in the direction of the overall momentum (up in this case). Note this trade did not fit the rules as it did not break above all three.
At this point I had made a couple bad decisions and I wasn’t done yet! My last trade I gave wayyy too long to work and it lost and I had to walk away from the computer with my head between my legs.
The good thing about trading is there is always tomorrow! The market had been moving really well lately albeit with low volume. Although Wednesday did not give us good movement, man was Thursday different. We saw a great move down and I rode it all the way down!
The charts are pretty straight forward for thursday. The trade at 1035 is a trade that I would only take once in a blue moon. Its a counter trend trade in the direction of the massive overall momentum to the downside. 8 trades for the day ending up being 9.5 points in about 2 hours. Could have been more but I got a few No fills in there too.
I am back in Norway now and if anyone is coming through Europe and wants to meet up for a coffee, let me know. I also have a new email to answer questions about anything and everything related to trading.
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I think Wednesday got us all…I stopped after 3 losses in a row for -3.25 Was worst day so far since I have learned the DTA method, but that is why August should be a month to take a vacation and /or trade small lots or in SIM. I like the vacation part 🙂
Great to see a fellow sufferer from Wednesday chop. Appreciate your candor! ‘d be glad to get yor new trading email.
Yes, Wed was bad. I only traded it in SIM, lost 4 / 5, or was it 5 / 6. But as Dale stated, the summer doldrums are good times for vacation.
Please send the email.
Thanks for the post!