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Today my trading was plagued with indecision. I'm not sure why, but lately, I've been indecisive with my entry and exits. I did my homework the previous night, and I knew what I wanted to do, and what my plan was, but today for some reason, I ignored it once the trading starts. I need to focus more if I'm going to make this work. I need to be more self conscious of when my mind starts to wander and ignore my pre-determined plan.
Tuesday, April 10, 2007
SnP e-Mini Futures Trade
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3 comments:
Phileo,
It only takes one good entry to make your day. Trade #2 was a solid entry and could have easily be ridden for 2 points. Why did you get out?
Quite frankly I'm not sure what you saw with entries 1 and 3 (trade 1 was premature and trade 3 made no sense to me) but it really wouldn't have made a big difference if you had hit #2 for what it was worth.
Just my $10.
Tedders
Hi Tedders,
Thanks for your comments.
With entry #1, I was trying to time the top, with entry #2, I actually waited for my indicators to tell me to go short, and with entry #3, the thought of leaving so much profits on the table from trade #2 played in my head.
With trade #2, I started to micromanage the trade as time went on, and kept having the urge to protect my profits.
I am currently working on minimizing the effects of these bad habits
Phileo,
Those reasons definately make sense. If you can cut out the habit of worrying about missed opportunities (#3) while at the same time avoiding anticipating market action (#1) and having the patience to be proven right or wrong (#2) then you'll be way ahead of the game.
The key is to be patient with winning trades and impatient with losers.
Tedders
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