From Profit Taking Early Transform To Difficult To Profit Taking

Changing from Profit Taking Too Early ---> Difficult to Realized Profit. E7 gave me 30 ticks in an instant and I just taking none. In fact I added 1 contract, result: quite losses. Having a bias also made this trades become bad. If I just took the short signal, everything will be just fine. Bias is an expensive things in trading.

Soybean, long at 1 cent pullback was a stellar. It just ate my order and never looked back. Then the hard part coming. I wanted the 10 cent profit from ZS which is achievable. When the price moved to double top at 9 cent, I just don't pull the trigger. Fortunately the market made triple top, that's when I letting my $50 potential profit dissapeared. I mean, if price got hard on your objective, it's better to get out. Of course it's possible to go further. But come on, one cent not really worth it. So I built my consequtive green day tradition, stop trading after $200-$300 profit, put aside the greedy in me, and used my spare time to generate profitable idea.

This is what I used to be on July-Sep 2010. Happy with the small profit, generate profitable idea, and guess what, I made $8500 on that 3 months. If I used to do it, then I can do it :)

But I don't mean I took profit early. I wanted to generate strategy that if on early trading I got red, then I just happy with small profit. But if I had sudden price jumpin on still with clean sheet of the day, I may keep the movement but still with cautious.

Mistakes I made this day was, I just wanted to have big profit aka. greedy. Of course some of the day it's workin. BUT most of the day it just won't work. If I down $1000, and my last position made $800, I sure took it. Don't care what happened next. It's easier resumed trading with $200 losses than $1000 losses. If then my single positions jumped to $1500, well it could happen. But it's outlier and most of the day won't do. Most of the day it just pull back or reversed eating your par position or whatever.

Another flashback to my proftable era day, I remebered to regret profit taking I made. Almost everytime I liquidate my positions it just move another $200 or more. And I felt unhappy bout it. Day after day it happened. Some days, I took my profit near the peak/bottom. But it rarely happened. And guess what, even with lame Profit Taking, I made green days after days without much difficulties. And that day, I was not smarter or knowledgable than today. In fact I was dumber, and having no bias/opinion at all. I just following the signal blindly and it generate profit almost every day. I think I still made good profit this January if I implemented those actions.

Sources of my losses was having a bias and impulsive trading. Classic. And it's made worse with eliminate the Stop Losses. For example I just couldn't believe the EUR will go up 200 pips intra day without pullback. Well it went 280 pips with 40 pips pullback until closing. Expensive experience.

Today I still doing dumb things. I had a bias EUR and GBP might go up. I almost cherry picked long EUR for small losses like yesterday. Glad I won't do it. Even if it's workin, it's just not worth it in long term.
So I just following Long signal and neglect short signal. And like everyday happens, it just diving south . If I was a dumb back then, I just made another profit like usual.

Another thing I regret was missing opprotunities. My mind just keep analyzing what the market will do today. Is it choppy, trendy, consolidation, whatever. So if my mind told it's choppy, I won't get in. Then I missed it. Today I planned trading EUR after 10.00 EST. Because there's no much movement on ealry session. The planned should work, somehow I just missed the short signal (talkin about bias, sigh)

I should really don't care what others do or don't. I should focus what's work with me. And it's my consequtive green relative small profit day worked for me. I used to don't care what market did after I took my share of the day. And it worked for me. Of course there's some bad day I made quite large losses. But since it rarely happened and most of the time it still smaller than my accumulating profit.

I should back to focus profiting everyday. Small is okay. Another things I should do is backtesting and generate strategy as safe as possible. As I wrote this, market went nowhere and I glad I just stopped. But even it went somewhere, I done with it. No more jackpot oriented day. In fact, jackpot oriented is one reason I cherry picked since I wanted a huge moved from top/bottom that may wiped clean my losses and big profit. Sometimes it did, most of the time it just won't do.

Sorry for the long posting here :) Have noone to share with my trading experience besides this blog. Hope you enjoyed it and hope it useful for ur trading journey.