Monday, December 12
Total gross profits: $87.50 +1.75 ES points
Total trades: 12 [4 scratch]
Execution score: 75%
Opportunity cost: $350 +7.00 ES points
Execution Score. % of trades that followed the plan based on: 1) trade selection and 2) trade management
I'm sure there were other folks out there that just shorted this market
early and rode the wave down. But for someone who is generally trying
to scalp +2.00 ES points, today seemed to be a lot more difficult to
find good setups that worked. Somewhat surprising, especially for what appears at first glance to be a nice 18 point
down trending day.
When I did get into a trade, there were at least 5 of them that
either went +1.50 or +1.75 and then stopped me out at break even/couple ticks profit. Or,
I made sloppy mistakes such as bringing down my trailing stop too soon,
thereby stopping me out before my +2.00 profit target was hit.
When I calculated my opportunity cost today, I realized that there were 3
trades that accounted for total of +7.00 ES points,
so I was quite surprised by this. 2 of those trades were scratched or had a
small loss due to bringing in stops too early (or I panicked), and those could have had
+2.00 profits each. And the other trade was one where I entered the wrong
order, got filled, realized the error, but decided to let it ride to a
full stop loss.
It's interesting how these seemingly one-off trades can really make or
break your day. I'm just thankful that my day didn't end deep in the
red. Because these are the types of days that can test ones patience,
and eventually make you take careless actions that you later
regret. In the past, I would have been chopped up by this market. But now,
I'm better prepared to mentally handle
these types of days, although I'm far from perfect and still have a lot of room for improvement.
One big factor that helps me deal with these challenging days
is by being in contact with the community of traders and with Renato in the Diamond
Setups chatroom. This has been huge. In the past, it felt as though I
was trading in isolation. But now, if feels as though we're all working
together towards the same goal.
Tomorrow's a new day, and I'll be ready, a little bit wiser.