I was recklessly averaging down...
I trade against my own system...
I trade purely recklessly discretion all day...
Those four sins enough to blow my account in less than one month! I planned to trade after inventory report. Suddenly, Mr. Hyde came into my body and I long before the inventory report. Stopped out twice, the second slipped 3 ticks few seconds before inventory report. After news, price came down and I was long along the way (what am I thinking?) Stopped out again. Then I long again and NO STOP LOSS! I was too late entering the SL. Long @73, price went down to @44. I got out with small losses @00. Then I wanted to short every breakout candle all the way. The green bar showed below 104.20 signal was short. I even short above the green bar..sigh!! Talkin about dangerous bias. I was down -$189, before I was short @34, Price moved up through 115!! Again, no stop losses!
Then the worst part happened, I averaging down at 110! This was even worse action than my previous trading! And this is lucky shot, I short near the PEAK! I waited and got out @80 for total -$277. My last contract hanging around for hours, until it broke down and I lowered my dynamic Stop Loss. Stopped out (There's no way to protect my position near volatility closing pit time). Today, I was trading dangerously, recklessly, the demon lurking again inside me. It's now become more dangerous than ever. Following the system purely will result decent profit $400 to $500. I just get lucky today got out breakeven from -$979 :(
Tomorrow, last day of the month. Definitely I will trade defensively. This experience should take me back to my positive zone.
De' I posted yesterday about creating a point system that totals 100pts that contains your trading rules/method. Say you have 10 main points to your method; for example you could assign them all 10pts each or value them how ever you want. I believe most traders to be good traders, but we are horrible at managing our selves consistently over time. The point system idea is to help develop and reinforce your good trading habits that produce winners more often than not. Just an idea to help fight those damn demons.
ReplyDeleteWhat a great idea man! Maybe you can post your template and example of using it? Thanks for the advice.
ReplyDelete