Friday, March 20, 2009

This is also reality of my trading

First bad thing is that today I was in swing mentality. From the first trade I didn't want to take profit immediately but was in bigger swing mode, which isn't good for me. As I showed today I exit before bigger swing materialize. Big mistake was trade no.2 where market retraced, made nice little support candles on 5 minute and bounced from trendline. When violent push down again happened I didn't fly to safety(yellow mark on 5min chart). I lost on that trade and went into fight mode. Again mistake on trade no. 3 where I didn't take scalp profit because I wanted full profit back. So I let profit go and took full stop. From that point it's emotional trading, wanting to find a bottom, wanting to get back what is lost. Finally when I found it I didn't hold. Again example how I always scalp so there is no point in wanting bigger moves. Well unfortunately today I wasn't trading with 1/3 size but 1/2, I found right day for that. In the end -28 full size pips.
Positive thing is that I didn't fell in averaging trap. So loss for the day isn't that bad like it would be with averaging. How big would it be if I averaged after second trade and hold all the losers? Minimum 100 full size pips. That's exactly what I used to to previous two months.
So I ended week positive but it would be better if this didn't happen, but I can't deny that this is also me and level of my trading performance.



5 comments:

StockHunter said...

Bumer, but the good thing is that you didn't average :).

ORION MACHINE said...

Yeah, sorry bro... At least you were still profitable for the week. Come back monday and take some pips.

What made you not take that profit and leave? Did you forget that over time you will compound with many small gains?

Happens to us all from time to time man.

FX said...

I'm just looking at chart and I'm so glad that I have cut my second trade with stop. It was 50 pips in 3 minutes down just after it. It wasn't good trading all in all today, but it could have been much worse than it was. I did use stops, manual and preset and it saved me a lot. So today wasn't so negative experience after all.

FX said...

Orion, I had only one small gain of 8 half size pips today and I didn't feel it's time to quit. But I made big mistakes in my second trade and after it I was in panic. That is bad. I could just take that loss and regroup, not jump in so quickly to get it back.
Also that's my abandoning of scalping. At first trade I didn't do good scalp at first and I lost my scalping feel. I rejected scalp profits when I had them. I get in that need for big from time to time and it cost me. That need doesn't give me any good.

ORION MACHINE said...

that need to make it big happens to me too, especially after a loss. trying to get it all back in one day usually leaves me negative for the day when I could have just taken my a small profit and come back the next day...