Total gross profits: -($300.00) -6.00 ES points
Total trades: 30 [5 scratch]
Execution score: FAIL
Opportunity cost: $ [Didn't bother to calculate]
Over the past couple days, it was pretty clear that the wheels were starting to wobble. Well, today, one of the wheels fell off. I'm lucky I didn't end up totaling the whole car, but I did suffer some damage. Due to the number of trades, the commissions are a bigger factor and will bring the net loss closer to -9 ES points.
The problem was entirely mental:
* Lack of sleep - that's life, it happens. But I can choose not to trade.
* No patience - I felt like I needed to try and trade every turn on a tick chart. I couldn't walk away and wait for a the right setup.
* Rattled mindset - instead of being relaxed, I was way too rattled and scattered. Lost focus of my plan.
* Focus on profits, not process - mental chatter was "gotta get some profits!" vs. "must follow process"
From the very first trade, I had a mindset that I needed a winning trade. When the first couple ended up being breakeven trades, I tried to press harder, resulted in a full stop loss, resulting in the need to make it up.
I was constantly looking for setups that weren't really there or clean. Upon my trade review, I even noticed that I even became fixated on a particular pivot level that was not very relevant throughout the day (which resulted in a few bad trades).
This type of mindset carried on through the entire day and the performance figures speaks for itself. My usual stats are relatively consistent, but today, they are very much out of the normal range. When I focus on profits instead of process, it's clear that I can get into trouble.
Sure, the market was perhaps a little slower and choppier, not so unusual as we approach opex and the holidays. But I can't blame the markets, I take sole responsibility for my actions.
I will regroup, reset, and adjust my frame of mind -- learn to slow down, focus, and match the conditions of the markets. Focus on process NOT profits. Failure to do so will result the other wheels to wobble and fall off, possibly leaving me stuck in a ditch!