Wednesday, September 12, 2007

Trading Results for Wednesday

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Yellow=trade signals not identified in real time.
Trade execution details are in my trading journal under the system tab.

Today I performed well in the morning, but my performance degraded as the afternoon session wore on.

I went through my morning routine again, and this time I was mindful of controlling risk, and was fully aware of how I can screw up trades. So I was cautious, and yet focused on getting my first win. Once I got my first win under the belt, I felt much more relaxed, calm and collected.

Then I got bored. So I turned my attention to other things, like posting a review of my previous trade made yesterday.
But I was still bored. Maybe I should have quit at 11a, since I collected my points and was satisfied with everything up to that point. But of course, I did not call it quits and continued to monitor the market looking for a trade.

My last two trades were the result of boredom and a lack of attention. The second to last trade, I should have kept my homework up on a separate browser tab, but forgot to do so when I entered the trade. Had I referred to my homework, I would have known to exit anywhere above 1480, since 1481-1485 was a resistance zone that I had identified.
In the last trade, I was just careless, and thought that the market would bounce after the tick extreme was made. Sometimes it does and sometimes it doesn't but the bigger problem was that I did not wait for confirmation. So when that premise did not turn out correct, I should have exited right away. Instead, I stuck around to eat the 1.5 pt loss.
I was pretty disappointed after that, because I felt I had worked hard and done well up to that point.

But at the end of the day, I did not lose money today, so I guess it wasn't quite the horrendous failure of a day for me. I am learning now to fully accept responsibility for my mistakes. Today is another day and another opportunity for me to redeem myself.

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