3:05pm CDT - Unfreakin’ believable – I made a rookie trade that is so unforgivable there should be some kind of punishment for it, besides loss of capital. It was not part of my strategy and I took it just because I didn’t believe the move up around 2:10 CDT would continue. Fading strong, momentum, high-volume moves with large size is as dumb as it gets. Granted I didn’t know about the Europe bailout plan news until after the fact but still! Then a revenge trade right after that could have been much worse but I wised up and exited with a 2 tick loss. -$4200 was the total cost of the trades that should not have existed and wipes out the previous 4 days worth of gains.
Other than that, it should have been a breakeven or slightly up day. I did have a legitimate max-size stop out early in day but had worked my way back to down just $150 when my brilliant fade idea materialized.
| RESULTS FOR DAY |
|---|
| ES Contracts: | 134
|
| Net $P/L: | -4339 |
| Wins: | 6
|
| Losses: | 5
|
| Win%: | 55 |
| Avg$Win: | 392 |
| Avg$Loss: | -1339
|
Posts
You will not get the Deucalion Prize in Trading for this.
ReplyDeleteBottle that disgust! This post and it's lesson must not be forgotten. Nothing teaches us like abject failure, screw the successes, this is what matters.
"Calm...Focused...Smart" is what the little card on my desk says. You are obviously just that the great majority of the time. Be cool, because there are ALWAYS more great opps just ahead. Be ready for THEM.
ReplyDeleteTemporary insanity... it happens to all of us.
ReplyDeleteHey, you made the same mistake as the one you made last time when you lost 4K.
ReplyDeleteJudy
All things I know, but thanks!
ReplyDeleteJudy, if you're referring to Oct. 4th, I traded my strategy fine that day - it just had 2 full size losses. Today I made a trade outside of my strategy -that is what killed the day.
>when my brilliant fade idea materialized.
ReplyDeleteafter a streak of winnings any idea is a brilliant idea until it's not.