Tuesday, September 11, 2007

Trading Results for Turnaround Tuesday


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Today I performed much better.
I did not chase, I did not force trades. I might have made a couple mistakes early on in the session, but I did not let that get me frustrated. I certainly did not rush into any trades this time around, so that was one of the big differences today.

It would seem that the keys to my success lie in figuring out how to overcome my bad trading habits (which seems to pop up at the most inopportune moment). Sounds pretty simple and obvious, doesn't it? I need to start thinking more about risk, and being more consciously and mentally and constantly aware/mindful of the many different ways that I can screw up a trade. Most of it has been documented here anyways.

I went thru my normal morning preparation routine - make a note of anything interesting that might have happened in the overnite session, drawing out the overnite range, reviewing my plan, and of course, reviewing my trading rules.

The change in risk tolerance occurred again today. After I got the nice 5pt winner (see my Trading Journal in spreadhseet form under the system tab), I suddenly turned risk averse. There were at least two setups following that winning trade that I spotted which would have been nice winners, and I only took one of them. And even in the one that I did take, I exited quickly for a 2 tick profit, whereas if I had let the trade bake for just a couple minutes longer, I would have bagged a couple points at least.
I think I mentally eased the foot off the gas pedal, and was no longer actively focused in my search for more winning trades. Not sure if that is good or bad.

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