The choppy and boring markets during the morning session today tested my patience and I lost. I looked for trades that weren't really there, or simply had operator error. I'd say I would score a D with regards to trade selection and execution today -- in other words, my trade selection on a few key trades plain stunk. Not a stellar day, since the gap between actual vs. "should have" was large.
The DS system itself, had I followed it properly, did just fine. But once I found myself in some erroneous trades, I decided to let most of them ride instead of closing them out. Or, I flat out selected a rogue non-strategy trade. And yes, they ended up getting stopped out. Happened at least 3 times, and the losses totaled over $700.
I thought this was going to be a losing day, but as Tom mentioned under the comments of the prior post, knowing that there will likely be another winning trade around the corner gave me a sense of relief and a sense of patience. As a result of knowing this about the DS system, it has reduced the possibility for me to go on a revenge trade rampage -- that's a HUGE benefit to my P&L.
I felt pretty bad at the end of the day today, as if I had gotten beaten up bad. But I was somewhat reassured to see that I made $139 net. In the past, I would be down big for the day after feeling this way. My initial interpretation -- the DS system, at least for my personality and style, has a good margin for error to minimize my mistakes.
After every loss, you can see in my cumulative P&L that I was able to chip away back into the green -- only to take yet another bad trade. Had I been more disciplined, perhaps I could have ended the day $700 higher. Regardless, it's reassuring to know that my theoretical "what could have been" was respectable.
Today is over, lessons have been learned, and now I'm looking forward to tomorrow, just a little bit wiser.