"Oops I did it again...'
When I say I did it again, I mean that I screwed myself over trying to make back losses and allowing my frustration and my emotion to control my trading.
A frustrating part is that it usually only happens on one day, but it does enough damage to ruin the week. This week resulted in a loss, albeit only 14 points, it's still not good trading. I tried to trade the NASDAQ in the afternoon because "I only need one winning trade and we'll be back to breakeven on the day." Another frustrating part is that looking back over the last 10 weeks, the only reasons for me having had either a losing week (2 out of 10) or a breakeven week (1 out of 10) was the fact I allowed emotion, frustration and FOMO to get the better of me. If it were not for this then I would've had a winning week every week. I'm just going to sit here for a while and reread that last part.
'I would've had a winning week every week.'
So does this mean I am a profitable trader? The answer is no. I'm not. Why? Because I still allow emotion and FOMO to influence my trading on occasion. If I can get this under control then if asked the question - "Are you a profitable trader?" then I would answer "Yes." Im just going to sit here for a while and reread that last sentence.
'Are you a profitable trader?' - 'Yes.'
So how do I stop myself from self sabotaging? I'm honestly not sure but I know what I can go to try and minimise it from happening.
Get enough sleep. I know when I wake up in the morning and I haven't had enough sleep, I am compromised. I can feel in myself that I don't feel right. I feel frustrated or a little annoyed before I even open the broker. In these instances, apart from making sure the night before I go to bed when I should, I have to accept the fact that on this day, I should not trade, no matter how tempted I am. Maybe not trading and seeing that had I traded I may have made some good points will inspire me enough to make sure I don't do it again, and make sure I go to bed when I should.
As soon as I feel the FOMO, stop trading and go about the rest of my day. Now I know that this last one will be difficult because, this might lead to FOMO about the FOMO, but unless I exercise discipline I will continue to fuck myself over and slow my progress. I can, have done exercises in the past to try and help me overcome my FOMO in the form of setting myself up ready to trade, just as I would every morning, but then sitting there and deliberately not taking a single trade, but instead just watch the market move. It's almost like a punishment especially when you see what would've been a great signal and a profitable trade just pass you by. It helps you to resist the FOMO, but it is very difficult to do. Also it doesn't seem to have helped as I am still falling fowl of FOMO and my emotions.
I guess what would be easier and probably more productive, is to reread some of these entries to remind myself of what not to do. To help me look out for the warning signs that I may not be aware of in the moment, and that I may not be in the optimal mindset for trading that day, and so to realise that maybe I should just stop and go about my day. This seems like the more practical and the more beneficial thing to do. Yes. That's what I'm going to do.
So let's see if this coming week is any better in terms of control and hopefully this time next week, I'll be writing about how I traded exactly how I know I can, with composure and discipline, and without emotion, instead of writing about how I lost all my senses, and that is just so typically me...
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