Made some really bad trades in the morning and spent rest of the day digging myself out of a
-$2,400 hole. I got into a losing short position that I shouldn't have gotten into in the first place (system did not signal a short), but instead of getting out and going flat, I tried to fight the loss off with size by adding to the losing position. Now I add/remove contracts from my trades all the time, and that's my style of trading, but that's when I'm working a core position and the trade is according to my system/method and in direction of the trend. That wasn't the case this morning, and I took a big loss early on. The initial loss also hurt my executions for the remainder of the day, and I was very hesitant getting into a position and left a lot of money on the table. Surprisingly, I managed to end the day with a tiny gain, but that really is a surprise for me considering how bad I messed up today. Lesson for the day:
When in doubt, get out!
TradeStation Performance Summary![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1xVW-irSGu6zymAVl8ThyI5JAjtaT5pEBfIiuePvPBepnPtAKpYcCNPMiYIRbZO4_fQOiYJpqNqdwJiadYrrer2oyQro-29QFOGHHwXFsQ0M0Z4deo2xk8vbVrEaS8YSM7f6TohNYXHIA/s400/20081118_PerfSummary.jpg)
Equity Curve for the Day![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg52uyl83tdQaPO9FbvvLAWpqNOosuLC9AD_ay0seMwGpsAkgF2xp_D8EyXaEBZZ62kTDQ5emrslvvDHEy7hUvU40YFGUtCpIoMduvfOyncEFrbHdFtZdAKmj7qBRptEE6ZlufR_TKtcgiP/s400/20081118_EquityCurve.jpg)
Trades Plotted on 3-Min Chart![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1HRt77jR0oZToZmrID5ui9rM1mP9yKYqZQwsQBI7jP1Jl_gXU_xuBJEpm6FVUYkD3vyb69BUhwF8UBPozDx2VsQGFoT9HDVVuybTTrW7CYk1bgEiXe6pyqV3dkS4lYKZ8CaqMEjYnvrtL/s400/20081118_3min_TradeChart.jpg)
Current FIB Levels (240 min chart)
Market Structure Chart (5-min)![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirMowO_mkW785mTnozN9Uf1kHhcQVyzWlj-clSiZsKtDHVXrkbg_dUmdR5CXfO_JwOzr64vE0yHzsKR-2gQdxZJ6gen3ter1FFniY22RFWQjFbKo_6a_NhYcuU6y3n6RLoNIO9oZ5fDSTl/s400/20081118_MktStructure.jpg)
We all have our "off days", even the floor traders have days where they're out of sync with the market. That was a good comeback though!
ReplyDeleteThanks Michael! Just slowly chipped away at it as I found time throughout the day.
ReplyDelete