Tuesday, January 10, 2012

The journey to make discipline a habit

Total gross profits:  $200.00  +4.00 ES points
Total trades:  3  [1 scratch]
Accuracy:  100.0%  [excluding scratch]
Execution score: 100.0%
Opportunity cost: $0  +0 ES points

Another day where it looks like the big trend and volatility party took place during the Euro session, creating a nice gap up when the NY session opened, promising an exciting volatility expansion day.  However, the NY session turned into a relatively boring day with only a 7 ES point range.  The party people dissed the NY session, again.

I had 3 trades today, all of which were according to plan and all executed properly.  100% execution score.  Of those trades I took, I could not have done any better, so my opportunity score was $0 -- I did not leave anything on the table.  This is something I will turn into a habit.  

What is it they say that you need to do in order make something into a habit -- do the same thing for 3 weeks or something like that?  Therefore, I still have a lot of work to do, my journey has only just begun.  And even after 3 weeks, I know that the amount of effort involved with keeping my level of discipline at the highest levels will never end.

I ended up taking a long nap and missed most of the afternoon session, since I'm still feeling under the weather.  So I did miss a profitable trade or two even in this choppy market, but that's fine.  First priority is to get and stay healthy, so that tomorrow and every day as long as I trade, discipline to follow my plan prevails.


Tomross58 said...

Hey Grove,,

Let me be the first to say "GREAT JOB" on a tough day. Today patience was the mantra as when its so slow and volume is low its easy to be impatient and get taken out of positions that havent set up well.
I was very cautious and made 1.75 pts on one trade and exited early as it went 5 pts in my favor before it turned. Even a day like today the DS if traded properly can be counted on,,,,Thank you Rena again.
With the holiday next Monday the hope is that volume returns next week but until then, one day at a time and one trade at a time,,,Great job


Grove Under said...

Hi Tom:
Thank you! Yeah, it was a tough day for sure. Easy to get sucked into trying to make a trade just to ease the boredom, but I'm starting to get over it and did not overtrade.

Good to hear you got some profits out on a day like that. And once you start trading with multiple contracts, you'll be able to pick up those bigger moves!