Monday, May 11, 2009

It's The Mistake


Read Full Post.....
Yesterday I had a pretty good read on the evening session. For example, I didn't get worried when JPY futures dropped below my entry point, as I could tell from the structure of the chart that it was just the Asian traders taking profits and closing out their positions. My CAD short was spot on. EUR short also worked out well.
In fact I was feeling on top of the world with a 100% win rate.

Then came the North American session. I made one trade in ES and it turned against me for a 1pt loss. I made that back with a EUR long. However, I started getting tired, and decided to take a small nap before waking up again to head out for work. I woke up from my nap to find that I was short the EUR @1.3583, and EUR was currently 1.3627 !! What the heck happened? Then i remembered that I left a open order to short EUR before I took my nap. Talk about your dumb mistakes. Then it got worse when I tried to make up for that lost mistake by shorting EUR @1.3628. It almost worked, but I wasn't patient enough to hold that short all the way back down to 1.3583. It wasn't the lost profits that I was frustrated with, it was more just the one momentary lapse in concentration which screwed up my performance.

Trade Mgmt was decent, and could have been better with more patience.
Entries were good.

Focus & Alertness: was pretty good until that one moment of sloppiness in my part
Patience: could have salvaged my loss if i had waited longer with my EUR short @1.3628
Discipline: stuck to my plan for most of the session
Staying Out of Trouble: was pretty good until that one moment of sloppiness.

No comments: