fearful and stressed
Posted 06-13-2008 at 01:38 PM by smbtnt
Ok i Have decided not to post technical info on this blog as I feel I am pretty proficient in this area. I will use this medium to post trades and why I exited them.
Today as the market opened I was overly bullish as I posted earlier. I was hoping for a retrace from the 230 resistance zone which it did and bounced at 190, I took a long at 200 with a stop at 185, price moved to 220 but pulled back very quickly, my target was 230 so i decided to let this one run but alas she promptly hit my stop for a -15.
At this point I was stunned and started doubting all the research I had done the night before and this morning. However following news at 14.55 I took another trade, a Long at 196 with a stop at 165 - 30 pips. This was the long I had been waiting for I told myself, this was my lucky break but then I brought up my autotrader API and saw exactly what 30 pip stop meant, it meant -$300 if i was wrong, I suddenly started feeling very uncomfortable and 57 seconds later I closed my trade for breakeven, feeling very angry with myself for not having the balls to follow through, not having the patience or the responsibility to execute the trade according to my plan.
10 minutes later price hit 290, at this pont i was feeling sick and very very fustrated.
I had another signal to short 286, stop 300, target 250 at 16.25 but did not take it as market was moving so slowly and felt shorting in an uptrend was a recipe for disaster.
Suffice it to say I was pretty gutted as price hit my target 30 minutes later without me.
I now feel extremely frustrated and want to trade for the sake of it, I want to make money today but I know I will take a trade without a valid signal and end up losing on a day that was perfectly poised for my style of trading. I have decided not to take any more trades as the market is in limbo now.
I have now gone through 10 days without a gain and my drawdown is £1k. My confidence is sapped and I have to admit I have only taken a handful of trades to the letter of my plan.
A quick calculaton shows if all trades taken to the letter would have yielded me at least 400 pips a week, instead I am now averaging -50.
This has to change and change very soon.
ps: the 286 short is now sitting under 230 and just collapsing, this has been the norm, everyday for the past 6 weeks. I will now walk away from the screen.
Today as the market opened I was overly bullish as I posted earlier. I was hoping for a retrace from the 230 resistance zone which it did and bounced at 190, I took a long at 200 with a stop at 185, price moved to 220 but pulled back very quickly, my target was 230 so i decided to let this one run but alas she promptly hit my stop for a -15.
At this point I was stunned and started doubting all the research I had done the night before and this morning. However following news at 14.55 I took another trade, a Long at 196 with a stop at 165 - 30 pips. This was the long I had been waiting for I told myself, this was my lucky break but then I brought up my autotrader API and saw exactly what 30 pip stop meant, it meant -$300 if i was wrong, I suddenly started feeling very uncomfortable and 57 seconds later I closed my trade for breakeven, feeling very angry with myself for not having the balls to follow through, not having the patience or the responsibility to execute the trade according to my plan.
10 minutes later price hit 290, at this pont i was feeling sick and very very fustrated.
I had another signal to short 286, stop 300, target 250 at 16.25 but did not take it as market was moving so slowly and felt shorting in an uptrend was a recipe for disaster.
Suffice it to say I was pretty gutted as price hit my target 30 minutes later without me.
I now feel extremely frustrated and want to trade for the sake of it, I want to make money today but I know I will take a trade without a valid signal and end up losing on a day that was perfectly poised for my style of trading. I have decided not to take any more trades as the market is in limbo now.
I have now gone through 10 days without a gain and my drawdown is £1k. My confidence is sapped and I have to admit I have only taken a handful of trades to the letter of my plan.
A quick calculaton shows if all trades taken to the letter would have yielded me at least 400 pips a week, instead I am now averaging -50.
This has to change and change very soon.
ps: the 286 short is now sitting under 230 and just collapsing, this has been the norm, everyday for the past 6 weeks. I will now walk away from the screen.
Total Comments 0
Comments
Recent Blog Entries by smbtnt
- 180 to 310 (06-13-2008)
- signal not taken.... (06-13-2008)
- fearful and stressed (06-13-2008)
- fear (06-13-2008)
- 21/05 (05-22-2008)
