NOTE: A reader pointed out the other day that the math ($'s vs. ES points) on many of my recent summary updates were wrong (thank again, "k"). They have been corrected. Long days and late nights...
Friday, March 9
Total gross profits: $50.00 +1.00 ES points
Total trades: 4
Execution score: 50.00%
Opportunity cost: $-75.00 -1.50 ES points [my mistakes benefited me]
The title of the post a few days ago was, "A day that tested patience", but this time, I really mean it...really! Over 4 hours of a 2 point or less
range, which created many opportunities to get chopped up. So if you
didn't catch the morning run up, or the drop just prior to 3:00 PM
Eastern, you were generally out of luck.
Execution errors came out
I had more execution errors
than normal -- a silly "DOM" errors, one silly "dumb" error, and finally one
error that was deliberate. DOM and deliberate trades ended being
favorable for the opportunity cost, but dumb was not. Mental fatigue from trying hard to stick to the plan? Unfavorable market conditions wearing on me? Both? Or something else?
This week, especially the last 2-3 trading days, were exceptionally
difficult, so I'm looking forward to some better trading conditions, at least for
my particular trading style. But with the daylight savings time change this weekend
causing sleep disruptions, as well being in single-parent mode for the
first few days of next week, I'll be extra cautious and may not actively
trade until mid-week.
To be able to step away
I need to develop greater discipline to step
away when I know the odds are against me -- I need to stop being so "clingy" and "infatuated" by the markets, especially when I know it's not acting good to me. Because one thing is for sure, the markets will always be
The week is over, and I've completed 20 trades, as I committed to do earlier this month. That evaluation will be posted next.