Wednesday, May 6, 2009

Drawdown continues...

3:30pm CDT - Started bad trying to fade the premarket ADP report, ended bad gambling near the close. Lack of discipline continues! Obviously I need to fix this sooner rather than later.

RESULTS FOR DAY
Contracts:60
Net $P/L:-2006
Wins:5
Losses:9
Win%:36
Avg$Win:175
Avg$Loss:-320
Posted by at

4 comments:

  1. E-Mini PlayerMay 6, 2009 at 8:49 PM

    Ouch, that sucks man. And we were just recently discussing a loss-limit. Perhaps time to put one in place.

    Here's what I can offer...if you'd like, I can stand with a bat over your head so you stick to your rules. One of my buddies offered that to me so I would stick to my rule set.

    Better trading tomorrow!

    ReplyDelete
  2. AnonymousMay 6, 2009 at 11:36 PM

    I notice that today you trade 60 contracts. Your last big loss you traded 44 contracts. Every other day you trade a 1 lot...maybe 5 per day. I get the picture of a guy who loses complete control, raises the number of contracts traded, probably averages down, etc etc. You're out of control.

    I think you need to do some hard thinking about your psychology...because it is undoing you. I'd quit trading until you've done so.

    ReplyDelete
  3. MBAGearheadMay 7, 2009 at 4:08 PM

    E-Mini Player - thanks for the offer. That might help actually!

    Anon - you notice very well, but I would hardly describe myself as a "guy who loses complete control." If that were true, I would not still be in this business and would have blown out years ago. However I believe trading is 80% psychological and I freely admit I have work to do in that area. Thanks for the concern.

    ReplyDelete
  4. JulesMay 9, 2009 at 12:32 PM

    MGH,
    trading is a journey. Again, very cliched, but we know deep inside that's true. How much we have to pay to learn varies from individual to individual. Many who are making obscene profits now had paid their dues earlier in their trading career. There is no free lunch. As long as you keep the fighting spirit alive, and your account from being wiped out, you'll get there. Believe it.

    ReplyDelete

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