Market opened way down today. Opening was bought up (coincidentally, the gap-up I was watching and passed on, dropped). I did a pretty good job of waiting for the buying to stall before shorting, and keeping my stops. I think I picked well. I think I sized well. I had a Clockwork day, but I lost too much. LESSON: Even if I'm picking right, sizing right, trading right, I need to have a max day loss where I just realize "my" trades aren't working today. And stop pressing into it.
Psychologically I think it was an ok day. I just wish I lost less. How to do this? Stick with my smaller position sizing, I did that right, but I'm thinking of a max account loss percentage. If I get there, stop trading. Forget about the cash I haven't used yet. On a day my method isn't working, better to keep the cash dry.
Monday, February 24, 2020
Popular Posts
-
I follow and admire the trader Mark Melnick. His Newsbeat trading room (of which I am intermittently a member) and his YouTube Newsbeat vide...
-
I really struggled this week. I traded terribly. Kept trying to make it back. When will I learn this lesson?! Clockwork is the best way for...
-
Sometimes I get feedback that this trading journal is very harsh. I guess it is. Especially when I get out of the habit of journalling eve...
-
Daily setup : Gap up, but looking for a fade. Market gapping up, but so technically damaged from Friday that I don't think the gap up wi...