Wednesday, May 6, 2009

When being a little bitch bites you in the ass

Bad day? Yup. Profitable? Yup. WTF? Let me explain. Basically I had tons of opportunity today (or at least enough!) to make some decent coin. Did I? No. Why? I'm a little bitch making little bitchy mistakes, and trading like a scared little bitch. I apologize for my prolific use of the term bitch but i'm just pissed at myself.

Morning went fine. One par, one win. Nice trades, nice profits. Then the PM came and I got long in the ES at 8.25 with a target of 11 and a par movement at 10. Awais can verify this and what did I do? I bailed at par after some intrabar action I got scared of it engulfing on me. But did it? No. Did ANY of my rules say get out? No. What happened? Instant pop to my target. +2.5 missed in an instant. And all because I was a what?


So yea... its 1PM and i'm done for the day. I'm not in the right frame of mind to trade. I have got to get my act together if i'm going to turn things around by June (my profitability deadline). So i'm off to work out, regroup, and put this day behind me.

Trade Results:

ES: +87.50
NQ: +0.00


E-Mini Player said...

"So yea... its 1PM and i'm done for the day. I'm not in the right frame of mind to trade"

Good job on recognizing that you're not in the right frame of mind and closing shop for the day. Tomorrow is another day and market will always be there.

But yea, your entry was f*ckin SOLID! And yes, you did act like a little bitch and exit for no reason. BUT IT'S OK. You learn from this and move on! DO NOT BEAT YOURSELF UP OVER IT. That accomplishes nothing! Just because you acted like a little bitch on this ONE trade doesn't mean anything. "I apologize for my prolific use of the term bitch" but just know that it was ONE trade; and it's insignificant. Just chalk it up to learning and move on. Dwelling on it too much is not gonna help your P&L. Back at it tomorrow!

E-Mini Player said...

Jump on Yahoo messenger later this evening if you're around. The method we discussed during the day is working well...I'll email you a screen shot. I'm sitting on +8.25 points on the day at the moment, and that's with half-assed execution.

spider said...

I saw your post on TL in regards to the trendline break and ADX < 20. I thought that was an interesting idea. I always find it interesting when people take a common indicator and use it in a way not often discussed. Most look for ADX above 20 but you use it to enter when below 20. Well done.

As a new visitor to your site, I'm looking at your posted charts and was wondering how the arrows are generated and what they represent? It looks like they are triggered by a trendline break. Are they automatically drawn or are you simply placing them on the chart for clarity.

Anyway, looks like a real simple system and appears to be doing OK for you. I may have to give this a shot.

Thanks for sharing and good job on walking away when your trading was not going well. Many times I too walk away from the computer when trades were not working well and I'm sure it's saved my account.

John said...

Congrats on walking away and clearing your head, but at least you made some money. Just wanted to say you got a great attitude though, even when you lose you keep at it, most people are discouraged by losing and quickly assume that something is "impossible", but you continue to tweak and refine your methods and you don't stop trying. You also look like you've been doing a lot better recently keep it up man!

Matt said...

Thanks for all the feedback guys! Its nice to get some positive reinforcement every once in awhile in this tough profession!

spider - I just manually put in the arrows on the bars I enter and exit. If you anchor a trendline to the pivot lows/highs using snap mode on the same chart you'll see the exact trendlines used to signal the entries.

John - I wish I didn't have to reinvent myself so much or so often but it does seem like each time I get a little bit closer to finding something that works for me. I'd like to think i'm getting darn close to sticking with something that works. Hell this week i've traded like crap and i'm still in the black. Thats more than can be said for some of my past methods that were traded perfectly!


Spider said...

Last night I spent about an hour going over your ADX technique. I gave your technique a shot this morning on EC. For three hours I had two trades by 7:00am ( I start at 4:30am Central) with a net profit of 45 ticks ($12.50/tick). I trade a two contract lot. Done for the day.

Again, thanks for sharing and good luck today.