Fighting trend Day again 3rd time. Simply put, I am not being objective in my assessment, not seeing reality.
Simply put I am not being objective in my assessment.
When price made new day high with new high tick, I should have changed my assessment and acted upon it.
4/8:
ES levels: Nothing overnight.
ES: 2660.: Upside 2670, 2707. 2724 , 2740
Downside: 2630, 2615, 2580, 2540.
Stocks to watch: CCL, TAL (based on previous day gap up.
Stocks in play: NVAX vaccine news (levels marked to premarket). Made 2 trades but for reasonable loss.
Day began with mediation, Developed Trading Mantra, which I am going to chat few times a day. Also studied top tasks of trading.
Summary:
+ve for the day:
Able to find premarket candidate NVAX and able to mark S/R premarket. This is great step forward. Keep finding one stock per day.
# Finally I was able to mute all chatroom noise around 11:00 am, and I started to think clearly.
I was so confused, no clarity of thoughts, like non swimmer in the sea. Clarity is key to surfer.
Kept my sizes smaller.
Things to improve:
Still fighting the trend, I am not being objective. For Example, Once I knew Tick high confirmed priced high, I should have positioned accordingly. I have this belief or Ego that I need to overcome.
All my trades are loser because of it.
-Concept of Abort trade, started focussing on it. Keep doing it.
- Being objective about market analysis. Did not trade my bias, like trading against the trend.
-Few trades and Lesser position sizes.
-Used alert system for the first time. Need to build on it.
-Ve:
: No accuracy in executing: Thought my position is within my stop limit but it was way above. Problem with me not familirizing about IB trading platform. Gave away some profits for
Trading habits:
1.#: Impulsive Trading: No
2. # Practicing systemic money management: Yes
3. # Pulling trigger or following my plan: Yes
4. # Blowing off your after hour homework or preparation: 50/50
5. #Overstaying my welcome in a trade: 50/50
6. # Listening to other people's opinion: Yes,
7. # Staying out of market when I am confused: 50/50
8. # Allowing too many distractions: No
9. # Surfing the internet and reading emails at as diversion: No
Habits: score: - 3 . Ideal 0.
Insights:
My strength: For me /ES works after 10 am.
My weakness: Still not familiar with IB platform well enough to execute.
Tasks need further attention:
Avoiding finger bar to avoid stopped out. IB Platform set up.
Beliefs:
Useless Beliefs: Thought news playbook (NVAX) will rocket up right away within 10 mins of opening and anxiously placed the buy order.
Wait for price confirmation for 5-10 min base support on min chart. NVAX provided good support on 50EMA on min chart from 9:55 to 10:05 am.
Tight stops helps in these: No, wrong belief.
Useful Beliefs: Market are using R/S support lines , sometimes so efficiently. Trading only when price hits them and avoiding trades in between is important thing.
Others:
Important to place stop order, though I am using mental stop now. Nothing wrong but need consistency. Given to volatile market, better place stop order and Avoid low vol stocks.
After placing SPXU order, I was looking yrly chart and it made so sense to buy it here.
Bought SPXU and SDOW: Key is holding long term, withstand short time pain.
Time off: 1pm to 2:30 pm, family, eat, exercise. Need to take more small time off within my room, with stretching exercises.