Wednesday, March 25, 2009

ES Trades 3/24 - Is This REALLY What I Want?

I'm going to take this as a good sign that my new method is actually working. I've put on 3 trades after 2:10pm. All shorts. Both ES and TF went south throughout after they failed to hit their previous high with a failed cup and handle pattern (which failed of course).

So, I got my logics right, and my direction totally correct, at the time that TF broke out of range. Yet 3 times I was stopped out. And all 3 times I'd actually have gotten 70 - 100 each had I not let the trade run long enough to be stopped out.

So I traded without emotion, letting the stops do their work and I just sat there and look at my profits vaporize before my eyes.

I'm still wanting to think that this is all good.

By 3:30pm, I was so fedup, I just couldn't go in anymore even though I could see that bulls were giving up. There was nothing to suggest that it was anything close to a stampede though, so I didn't bother getting in.

I have no idea what IB is up to. It's not capturing my trades. Just coz I'm not getting in and out a dozen times, it decided to take a break??

I'm THRILLED to see the consistent LOSSES everytime I deploy my pseudo mechanical method. I still have a lot of discretion - it was my decision not to use it. Somehow my heart goes with my brain. When I got rid of one, the other one refused to work too.

My simulated trading during the pre-market session today was a disaster. I lost 1000USD. I seem to do much better with money on the line. I mean, I did lose a lot less... So, I'm going to stick to practising my new method with real money.

I'm not going to be tweaking anything until I figure out what's wrong with me. Perhaps my only problem is that I find it immensely difficult to have losing days. Something that I definitely will have to learn to come to terms with.

I have to get used to non-action. I have to learn to be a machine. I shall honor all my very tight stop losses so that my account can be wiped out and I can finally kick my addiction.

2 comments:

Lord Tedders said...

Jules,

You seriously think that a mechanical system will be good for you? I guarantee it won't take the stress away. I've walked down that road many times. It might work for some, but it won't help us "emotional" traders control our emotions.

I think your last sentence is truth, not sarcasm.

Best of luck finding your seed.

LT

E-Mini Player said...

How tight/wide are your stops?
How much paper profit did you have before the trade turned against you?