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May 12

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Wednesday 12th May 2010 – Ugly Trading

I have to be honest, even though I would rather not write anything today and leave my readers thinking I had such a good day and was off on the Golf Course.. Today was a bit of a bloodbath with only one result – negative pips and negative equity for the day. Still just up for the month but this weeks gains have been given up.

Seemed like one of those days that the trades that I let run hit my stop, the ones I took off to save my stop ended up OK.

Magnificent long setups occurred at 08:00 across the board but I wasn’t mentally available to take them. Why ? Well I had stuffed two trades earlier that I was a still frustrated about which meant that I didn’t “see” the setups as opportunities, I decided to stay away for dear of losing again. Of course, the price accelerated away and I looked at my loses in the ashes of missed opportunity.

I crave some consistency; I  am working hard and feel I am getting better and getting closer but success is remaining a little elusive. I know I am improving, those impulsive trades have gone (for now), I am waiting for my setup and confident I will have chances to enter the market in any given session. It’s a very fine line and small time between making a decision.

Too learn from Mark Douglas and paraphrasing here…….

Consistency in implementation = Consistency in profits. Worry about executing my plan perfectly not worry about my money in each trade. That will come as a result of perfect and consistent execution of my trade strategy.

Look here and see how a bad trade can affect your ability to see the next opportunity

How a bad trade can affect your ability to see the next opportunity

Jimmy

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