Wednesday, March 10, 2010

Lost Again - One Day Left as a Full Time Trader


Hit maximum daily loss today. I have one reload left, possibly 2.

I had a really strong feeling to short where I thought longs were trapped, but I decided to wait for "confirmation" that the Pristine Method teaches. So I waited patiently, or so I thought, and found their "Money Bar" setup and shorted it. I got trapped as this wide stop setup failed and as it failed, it became a strong setup for the opposite direction, a long, but too late for me. It had some decent follow thru to the upside.

I was also considering Don Miller's "Morning after trend day," as price popped over prior day's high just before this short. I should have stuck to my normal convergence of all internals that I normally use and not try to counter trend trade. Live, lose, learn, leave.

This happens and at some point there is a limit to how many losses any account can absorb.

4 comments:

  1. Just don't be too hard on yourself. I think the past couple of days must have been pretty hard on most traders. They certainly were for me.

    They were also the anniversary of me blowing up my first account (equity, not futures), so that might also have something to do with it.

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  2. Hi, dude. Very nice blog :-)
    This formation is , i can say, "correction in bullish market" :-) Wait at least 3 downtrend bars to be sure of trend changed

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  3. That's true. And I really screwed up bc on the 2m it is a perfect double bottom. I was pretty out of it not to have seen how bullish the 2m looked. Also to scalp, I had a strong feeling to short under that top bar, but then after it followed thru, I guess I felt I missed it, etc.

    I been in the wrong state of mind, I'll blog about it soon. Thanks.

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  4. ...also, I even have a rule that says to never take a one tick NQ trigger signal, especially if the stop is wide. I have developed rules and answers to everything, following all of them is a different story, and no way under stress will it all be available to me.

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