Just a bad thing to do. Last night I was trading the Yen in the Asian overnight. We had a rounded top formation so I went short into the US afternoon, Japanese early morning once we had broken the 118 level in the Yen.
The trade went well, and after an hour , I was in profit. Volume was falling and the market was getting quiet as it usually does this time of day, and I was waiting to take my profit.
I literally just fell asleep watching the screen. I had my original stop which as back up at the 118.20 level. I woke up and immediately closed the trade. I was now well off my trading plan, and when you are off your plan, the best plan is to get flat and regroup.
The reason I wrote this post is the moral of the story.
When you are off your trading plan for any reason, close out your trade and get back to disciplined trading.
Disciplined trading is really the only way.
On Friday, I went rogue and had a couple of bad trades and shifted into revenge trading mode. Traders biggest problems are greed and fear and I was overcome by greed this time. I The good thing is I recognized that I was no longer “Trading Like A Jedi” and stepped away from the computer before much damage was done.
My pride was hurt more than my trading account. The amount was small, but its effect on me has continued.
Today, I was much more cautions. I took two trades in the morning. The first I had a 9 ticks target when I put the trade on. I got in and the trade went 6 ticks my way and I moved my stop to BE+1 and scratched. I usually don’t do that, but I became more cautious. I did consider not trading anymore for the day.
After all, a break even day is better than a losing day when you are not trading well.
The second trade had a target of 11 ticks. Going to a couple of tips before the recent low. After five ticks, I hit an S/R line and I got out.
So two trades, neither executed well because I let bad trading on Friday get into my head.
Such is trading.
Started out in with a 8 ticks loss, which was a bummer, but I came back. The second trade, I jumped out at 3 ticks, right at around 808.5 when it started getting “noisy”. Since it was a counter trend trade, I like to jump out quicker.
Waited around for a re-entry short but did not get one before I called it quits for the day. Tomorrow is Fed day, so I will just look for trades on the open.
It has been a horrible first month of the year for me. The volatility was has been horrible.
But last week, I think we started getting tradable (is tradable a word ?) volatility.
It has held up so far and the Greek thing is … well …. Greek. It should not have a effect on the 6J Yen, but for some reason it does.
We had some reports that moved the market, and it was mainly an straight trending day, something that I am not particularly good at trading.
I like reversals in trends and I did not see any good places in the morning to get in, so I wandered off.
There were some trades later in the day I think, but I was not around.
Some days it is better to sit on your hands. For me anyway, trend follower guys probably had a field day.
Today was a typical day in trading. I was trading and something in my personal life got me out of the zone so to speak. Trading distracted is no way to trade, so better to walk away which is what I did after two trades.
These trades were in my smaller account on a different computer which is why the time setting is different. The first trade the price stalled on the downward move when it came bace to yesterdays high.
The trend was down, so short trades were preferred, so I waited for the reversal to fail. When it did , I rode it back down to the high of yesterday.’
Up $100 a contract today, which a good day in the mines.
The next trade was a similar one. there was a small inside bar around bar 68 that theee price stalled. I wanted to put a bracket around that price but didn’t and waited until it passed below the previous close attempting to ride it to the previous low.
On the DOM the trade petered out and I took another 5 ticks. After that, dealt with some family stuff.
I must admit I messed this one up. For some reason I came and checked my econ calendar and noticed that today was roll over day. I really thought it was next week for some reason.
I don’t trade on roll over days for good reason.
I tend to lose money on roll over days
So it is a goo time for me to take a day off. A very short week for me. Trade a day, take a day off and half day on Friday.