Tuesday, September 29, 2009

Don't Trade the News

3:00pm CDT - After 1 winner, I proceeded to lose 6 in a row all in the first 1.5 hrs. of the market open! I was not in focus and felt the urge to revenge trade so stopped for day. The biggest mistake was attempting to trade the morning consumer confidence number. I was long and added to my position once (within my rules) but stopped out just above the low a couple minutes later.

I guess I really know how to "celebrate" the anniversary of the 777 pt. drop in the Dow a year ago today.... :(

RESULTS FOR DAY
Contracts:33
Net $P/L:-1861
Wins:1
Losses:6
Win%:14
Avg$Win:70
Avg$Loss:-322
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3 comments:

  1. AnonymousSeptember 29, 2009 at 7:08 PM

    MBA,

    Sorry to hear your loss. I have to say that your current approach of trading will go nowhere. The reason:

    Small gains, big losses. Inferior reward/risk ratio. Plus poor disclipine and irresponsible use of leverage from time to time...

    You need a better approach...

    ReplyDelete
  2. JulesSeptember 29, 2009 at 9:25 PM

    Hey MBA,
    This from Michael Jordon should help:
    "I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."

    I still trust that you'll find your way. No approach is more superior than the one that suits your personality. You've identified the problem. It's not the approach, correct?

    ReplyDelete
  3. MBAGearheadSeptember 30, 2009 at 2:55 PM

    Thanks Jules. As a Chicagoan, I know that quote well!
    Anon, thanks for looking but since you don't know my systems, you should not be making such assumptions and offering such helpful advice. :)

    ReplyDelete

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