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06/08 Trading Recap

Maybe worst trading yet (mentally anyways) for me.  It is incredible how tough trading can feel sometimes.  When I trade my system I make money.  When I don’t, I usually lose money.  So, I made a promise to Erin this weekend that I would try to simply trade my system.  Nothing more, nothing less.  Instead of focusing on profits and losses, I would focus on execution.  I couldn’t even do that.  Yesterday I attempted 3 of the 4 trade signals in one way but it was not even close to really following it.

Today, at 9:45 I got my first signal to short from the 15 min chart.  Not only is this a legit signal, but the 15 min chart has been on fire lately (as well as my system in general).  What’s my first instinct?  I actually tried to fade the signal with real money.  I bought and only after getting -1.5 pts in the trade did I decide to bail and luckily got out for a scratch trade.  This is crazy and quite possibly insane.  What is it that makes me look at my statistics and see a path to a profitable career and yet continue to sabotage myself?  I talk a mean talk, but currently have an incredibly weak walk.  I continued to let another profitable trade signal go by with no action from my 5 min globex chart.  That’s $1k I just let slip through my fingers because I was unable to pull the trigger on my researched system that I’ve spent the last 2 yrs of my life developing and studying.

I know they say that many traders have to hit rock bottom before they can succeed.  I really hope I’m close here.  This has the potential to be a real turning point for me in my career.  I can admit that where I’m at in my existing career, I am not adding value to my system.  I can admit that it will take lots of work for me if I want to be a successful trader and can step up and journal and do homework to see what I’m going to need to succeed or I can continue on my existing path.  That would include not trading my system in a disciplined manner.  Taking random trades whenever my impulses get the best of me and just gamble my savings away.  Not do the homework of documenting every trade setup and what I think will happen.

Trade #1 – Buy 1052.50, Sell 1052.50.  I take trade signals for percent r from a 5 min globex chart and a 15 min RTH chart.  I have documented statistics on the results of these trades.  I watch a 5 min RTH and see that it has similar results but have yet to put in any serious homework on this chart.  As I was watching this chart, I noticed that the it gave a percent r short signal at 9:35 (although none of my real signal charts did).  Whenever this happens on my legit charts, it is the worst time to get a signal and usually a great fade.  Well after watching it for 10 min nothing really happened and the trade was still in play.  However, my 15 min chart gave a short signal at 9:45 now.  This is where instead of taking the trade from a studied and documented system, I decide to take a signal from a chart setup and zero research on.  I’m very lucky I got for a break-even trade.  Result:  Scratch.

Very relevant post from Electronic Local:    http://electroniclocal.blogspot.com/2010/06/yips.html

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