Nov 5th – Daily Trading Wrap-up

Another one of those days that you would rather just want to flush down the toilet.

Good stuff

  • General starting prep was good – visualization, review of news (some interesting bits in there!), identifying & short-listing the instrumentsI wanted to trade. Taking more detailed look at those instruments on various timeframes and setting them up separately on MT4.
  • Patient in waiting for midday news to get out of the way, and waiting for the right setups.
  • 1st couple of trades were both on indices.  The 2nd trade was basically a 2nd attempt.  Following up a long SPX with a long DAX.  Managed these well- lost just a bit.
  • After a lot of waiting, took trade on USDCAD (long), good setup – used tight stop – and was punched in the gut on that one – didn’t expect that the CAD was would be so strongly influenced by the Weekly Oil Inventories, but it was.  My stop was taken out for a full loss.
  • After that took a break at a local cafe for a hot chocolate.  Three losing trades of any size on the trott marks the end of  trading for the day for me (that’s a rule that my coach suggested).
  • At this point everything had gone well – I had prepared well, traded well, and just happen to have some losing results.

Bad stuff

  • After the break, instead of simply documenting the trades and doing some testing – I went ahead and 3 DAX trades whilst the market was rather quiet.  The first two were valid, good setups – but execution was ‘bad’ because I should have stopped trading for the day.  Both these resulted in scratch results – I still managed them well.
  • The 3rd DAX trade was not a valid setup, and resulted in a full 1R loss. And of course, I didn’t manage it well.
  • After that I was pretty peeved – one for losing 2.6R for the day, but secondly because I did pretty much exactly what I have just told myself that I would not do.

After that I went to watch some UEFA Champions League with a buddy to get back into a better mood, before coming back, doing some reviews and chart shots.

Will it ever get easier?

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One Response to Nov 5th – Daily Trading Wrap-up

  1. James says:

    CAD is very much corelated with oil, sometimes the USD as well. DOE numbers are always a strange one – I remember one client insisted I gave him the numbers over the phone – no idea what he was doing but he was a big client.

    I think making stupid decisions is the product of being alone. You need to get back in your office ASAP, talk with your other traders, bounce ideas off them, tell them 3 losing trades and you’re done. As a trader i think you need that feedback and you become less sadistic when with others – less likely to go Nick Leason on yourself.

    It’s like the bit in Marty’s book where Audrey goes out to buy a coat, he gets stupid with his positions, overtrades and breaks all his own rules. Cost him nearly a $1 millon. At least you didn’t do that. Still every day is new, accounts are fresh and you go again, Marty always believed he could make it back so glad you’re not losing faith.

    As i said – get back in that office with the other traders, bounce ideas out.

    Like

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