Thursday, March 22, 2012

Almost down 10% = TIME OUT

Since today would have been my mom's birthday, there are some family obligations I have to attend.  So this update will be quick and simple.

My account is now down nearly 10%, so I'm calling a time out.  It's back to SIM, because if I continue trading like I have been recently, where I don't have much respect for my trading plan or what I'm doing, it's financial suicide. 

Ever since I was up over 7% in the 2nd week of this month, due primarily to the great execution of my plan, I have since lost around 15% from that peak.  It's not the necessarily the loss itself that has been the primary trigger for my time out, it's the drastic and consistent decline in my execution score.  Had I continued to trade with discipline and maintained a high execution score, I would consider this drawdown much more acceptable.

On the bright side, at least I'm at the point now where I'm self-aware enough to understand what is going on, and to stop trading before things really get out of control.  It's time to reevaluate what I'm doing and to try and understand what is causing this self-sabotage type behavior.

My moment is still here, and I'm going to use this next phase to take all the pieces that I have learned to date, then rebuild an even stronger foundation upon which to grow.  I believe how a person reacts in the face of adversity is a true reflection of their character.  So let's do it.

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