FAST OPTIONS TRADING. Fast in/out. Apply trading rules like CLOCKWORK. Have a day. Sleep at night. This is my personal trading journal*.
Today I made $44 for my trouble. Better than red, but not the best hourly rate! I would have done better leaving after the open.
I would have done better setting orders and walking away--if only because I wouldn't have taken "one more trade" and "one more trade."
Charts maybe later, but it's nothing to write home about. Try/stop/try/target/stop/etc.
The market opened up and I jumped the gun. Initial losses. When the market turned, it TURNED. We had a practically non stop trend from 10-2:00.
I was able to really ride my trades and take multiple partials with terrific gains, even including taking ~50% losses in APP. I had most of my winning partials above +200%
I took home very tiny long positions in MA and ISRG, hoping for followthough. Sized for zero, but I hope for $$
APP. Setup: daily continuation gap above few day consolidation.
Entry: resume up after pb
Management: didn't reach target. Ran all the way back down. Tried to hold but it didn't budge enough. Was too spready, but eventually I had to dump it when it was oblivious to todays monster rally.
QQQ. Setup: continuation run. Picked index with relative strength at the time, though IWM outperformed.
Entry: vwap bounce. dumped some. readded on recovery.
Management: Had to trim half when it went against me. In retrospect I should have trimmed more/all, much earlier. But would I have reentered if I didn't have a partial on? Anyway, I couldn't hold full size for what was happening. Held without a stop through news (!). Skimmed off at targets.
MA. Setup: continuation out of consolidation.
Entry: ndh. 3rd otm calls.
Management: Holding for the breakout move. One Target along the way, then shaved off in the eod consolidation. Took home 25% size.
ISRG Anticipating breakout, I bought 15% size starter into the close, for hopeful market continuation tomorrow and further upside here.
Yesterday I had 3 losing trades. While it was a choppy day, I also was aware that I came in after a poor night of sleep, and hectic market prep. I think the hectic market prep affects me more.
Yesterday's prep was not systematic. I had a lot of picks and hadn't honed it down or done the detail work. That's just sloppy. I guess I deserved those losses.
I can't just trade anything at any time. Maybe most of the days I feel like it's easy, but I need to remember that's because of my physical and mental prep!
Market has been very hard to trade. Maybe I could figure out how to just stay out of these messy things.
I've been trading on probation since last week's tilt. I'm doing great. This is what kills me. I'm a good trader. I make good consistent money!... except when I tilt. Tilt is my absolute undoing. I need more ways to guard myself against tilt. I need EVERY way to guard against tilt.
Something I've been pondering is, if my account goes into red, I can only have one more trade that day.
If my first trade is red, one more trade.
If I go green to red, one more trade.
Based on the book The Mental Game of Trading, I should be aware of emotional signals that precede tilting and then stop myself. I'm aware of lots of signals that I'm not trading my best. I hope the above rule about going red will help stop me.
For sure I don't like closing shop with a negative balance on the day. But I must! be able to close on a small red and never let it go tilt.
I want to retire A* on my trading. I want us to live anywhere, travel and trade from anywhere. Tilt is the single biggest thing that is holding me back from my dreams.
I like the feeling of being a successful trader. I want the benefits of the income! I can't keep kneecapping myself. Why am I self-sabotaging?!
