Thursday, March 15, 2012

Another comeback day

Total gross profits:  $37.50  +0.75 ES points
Total trades:  7 [1 scratch]
Accuracy:  50.0%
Execution score: tbd %
Opportunity cost: $ tbd

Another day where it started with a losing trade, and I said to myself that I won't make the same mistake again as yesterday.

2nd trade - almost stopped out, but I got out at b/e. 

3rd trade - I scratched.  Maybe it's getting better.

4th and 5th trades - full stops.  Uh oh...

I was down about -8.00 ES points.  Ouch!  Oh no, not again.

Comeback time.

Deep breath.  Here we go again. Let's do it.

An ascending triangle was forming, and the infamous (at least to me) 1391.00 came up as a buying opportunity, again.  I have mis-traded this 1391.00 level for the past couple days with quite the negative outcome.

7th trade - So I tried it again, went long at 1391.00, and went back to my phone conversation.  I eventually exited at 1396.75, one tick below the first 1397.00 high of the day. 

Final tally?  
I'm up a few ticks gross -- net breakeven.

Time for a late lunch.  I'm done.  Game over.  My mind is not in sync, it's time to walk away.  Not going to let Gambler Grove come in this time to go for the big kill, or get killed.

My read on the market was better today than yesterday, but my execution and patience was not.  I was on a phone call for most of the morning dealing with some family matters, and took many of these trades while multi-tasking.

Probably very ill advised to do this, but then again, maybe it gave my subconscious time to quickly analyze the charts without the monkey getting in the way.

Back to SIM?
I'm starting to think of going back to SIM trading for a while.  The fact that I even thought of that, should be taken as a warning sign.  And the inability to calculate my execution score and opportunity costs, my most important metrics, is an even bigger concern.

I need to remember Rule #1, protect your capital.  I'll be back with a much better focus tomorrow!

4 comments:

Liam said...

Whilst we have completely different trading styles I really enjoy reading through your posts.

Got away with it myself today as well. Finishing the day with the price of a beer :)

It shows tremendous psych/concentration/emotional abilities to come back from losses at the start of the day. I'm only just getting to terms with it myself

Nice one,

Liam

Grove Under said...

Hi Liam,

Glad to you hear you were also able to pull out the comeback, nice!

I wish I could just bottle up the "comeback mode", and take it before my first trade.

Better yet, I'm sure a bottle of "comeback mode" would sell pretty well, and I'd be very busy selling it, LOL.

Thanks much for the comment, really appreciate it.

Anonymous said...

Hi Liam,

Just curious, do you have a blog so I could look at your trading style? thanks. hector

Roy said...

You should post your charts with your entries and exit so everyone can see what you are doing exactly.