Trading is about being on the right side of buying/selling side.
4/14: Trend Day but my belief is not full congruent with it yet. So paying the price.
Observer inner feelings during trading hours, esp action/monitoring phase:
Woke up at 3 am with body pain, could not get back to sleep. Browsing phone, finally meditation shower, tylenol helped.
When body is not ready, don't think of trading. Daily self analysis is key before sleep. Asking how my body feels should be part of it.
Useless Beliefs:
-I was scared, as I wanted to be right, became victim of loss trap by not taking losses but end up taking small profits!
-Feeling of being right. Classical example today is GS. Was not focussing on price action and levels. I wound have gotten out when /ES touched 50EMA. Profit became loss eventually, like many other trades in last week. Also these kind of trades will drain mental energy. I wound have gotten out when /ES touched 50EMA.
-Overtraded, revenge trading. Inner rage, watch it more for its premonitory symptoms.
+ve For Day:
Finally took break 12 pm to 2 pm. Breaks are must. Maximum you can concentrate effectively is 90 mins.
Things to Improve:
Again, Monitoring task: lost sight of fill up my order in TOS. I need to pay more attention to alarm. And I need to adjust OCO order right away.
I wanted to short BBY but again confusion with orders. If i want to make money, I need to get action part right. Trading is about being on the right side of buying/selling side.
It was trend day. My prejudice to fight trend is half in intensity compared to last week. I did open 4 new long position after a pull back. One was monitoring mistake, so gave away all the profit of long side. XLF was weak and I opened AIG long which is not good idea. Choose stocks with strong sectors only.
New useful beliefs. :
Always find out who is in control whether buyers or sellers. Choose stocks with strong sectors only.pen gap up with volume and mild or no pullback in 5 min could be uptrending for next 30-60 min.
If trend day, play short only after 2 pm. Use 3 thrust MACD on 5 min. This will avoid revenge/overtrade.
Quantify Gap co-relating to volatility.
/ES: 40 point up, VIX 40 and volume up. Buyers on control.
Trading habits:
1.#: Impulsive Trading: Yes, more shorting trades during trend day.
2. # Practicing systemic money management: Yes
3. # Pulling trigger or following my plan: Yes
4. # Blowing off your after hour homework or preparation: Yes/No
5. #Overstaying my welcome in a trade: Yes, GS, GE.
6. # Listening to other people's opinion: No
7. # Staying out of market when I am confused: No.
8. # Allowing too many distractions: No
9. # Surfing the internet and reading emails at as diversion: No
10.# Overtrading/Revenge Trading: Yes.
score:
Bad habits: 5
Good Habits: 5
Overall avg driving but totally in opposite to destination.