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