So as the title hints to, this week was another losing week. But, as with all weeks there were some flashes of goodness within my actual trading even if I did record and over all loss. I was still taking trades without any hesitation. I was flipping the switch (although sometimes maybe I shouldn't have). I was accepting what was happening, all except on one occasion.
On Monday I was watching the DAX as I usually do in the 30 minutes prior to me taking my first trade. I decided that I was actually going to scalp when taking into account the price action. I was signalled into a trade at 08:55 and I said to myself "If this touches 17700 I will close for a scalp. It then preceded to do just that and....I didn't scalp. I held it and used my normal exit strategy. I still made some points but, at the same time I had a FTSE trade running. As both markets rallied strongly at the same time, had I closed at 17700 I would've also closed the FTSE. This would've resulted in a combined 24 points and a great start to the week. But because I didn't, I ended up holding the FTSE trade which retraced and stopped me out for a loss. In fact it swallowed up the profit from the DAX trade and some, and I was a couple of points in the red. But because I didn't scalp, this had the knock-on effect of me taking more trades. I FTS in the FTSE which then went against me, and another DAX trade also stopped me out. In the end I was down 26 points. That's a 50 point swing. That's too much. Now I don't mind if I drop 50 points in a session and I followed my strategy 100%, but to lose because I didn't apply the discipline of sticking to my game plan, that sucks. That's poor trading pure and simple.
This unfortunately then lead to the rest of my day being shite as I just couldn't let go of what I had done until later that night. This is something I am working on within myself, but it takes a long, long time. You can't just snap change overnight, even if you want to. So there you have it.
But, as with all clouds there is a silver lining.
Only this morning (Monday 18th March) I said to myself 'I'm not going to trade the FTSE unless it breaks out because that is 30 minutes of overlapping, long tailed, indecisive crap.' and....I didn't! I actually honoured my decision and I only ended up taking one trade in the DAX for 40+ points! See, I can do it.
Comments