Monday, May 21, 2007

May 21 Anatomy of a blow up day $-8K






P/L= $-8,100

It would be wrong not to post today's performance, because it is REAL, and it shows that I'm human and mess up just like everyone else. I was short YM, covered and lost 2k, went long ER2 at its tops and sold for a 2k loss, went short ER2 and lost 4k. The divergences messed me up. I tried trading longer time frames then my usual scalping while holding large size. As a result I traded badly, trying to get back to breakeven. I'm looking at a few things where I might be able to trade large size and look for 5 ticks per scalp. Today was definitely a depressing day. I'm going to go back to scalping and trading my usual size, because that is what has worked the best in the past. I should stick with trading ER2 as well, because I'm not as good at trading YM. It's funny that I drew in arrows to where ER2 would go today on Sunday night, yet I totally ignored that ER2 was traveling there because I was trading YM and focusing in on it. I've added a new label - tagged- trading blow up. For all the people that thought that it wasn't possible to win everyday, well, here it is, my blowup day. Lets see how much I can lose tommorow from revenge trading and trying to make it all back in 1 day! (NOT)

7 comments:

Glenn on 10:20 PM said...

Rough day, tough to share those one so thanks for that. I find myself losing when I try for more as I have to let it run to make a larger gain. If I scalp which I am going to focus on this week, the little gains add up quickly.

jekadril on 10:33 PM said...

dont give up, everybody has this kind of day.
happy trading.

High Probability Trader on 10:36 PM said...

Glenn, your right, I'm good at racking up the little gains, I tried trading longer time frames and got beat down hard.

This is my worst losing day ever by the way.

I won't give up jekadril, I'm consistent 19/20 days of the month, unfortunately I let the 1/20 day be a huge losing day.

TMK500 said...

It happens to any real trader ... I had a -47K day when they split the Spoos to $250 a point in Oct 97.

Sometimes you eat the bar, Sometimes the bar eats you. -Sam Elliot-

The main difference between you and some blowhard Trading Educator is that you have the integrity and moral courage to be honest about your trial today. You have been weighed, measured and found to be a bascially honest person .... few can say that and it's worth a hell of a lot more than 8K.

Nobody can council you on what you did wrong ... you know exactly what happened. The hardest damn thing in the world is personal Risk Mgmt when you get "Upside Down" --- if this doesn't emblazen a Pavolovian response for your next encounter --- then, you're HISTORY and will be swapping the "woulda, coulda, shoulda" stories at the bar.

If you were a newbie, I would advise "small size" and cherry picking for a day or two ....however; that's not your story ;)

We have a clear GAP below us begging to be filled ... we have a clear volume node on mult mkts that needs to be penetrated on Volume for the gas to fill the gap ... when you see that starting to happen, "do the deed" and press it.

Remember, only "Woos Bags" trade scared and traders trade --- which one are you?

M.

Colin on 11:45 PM said...

That sucks dude.

You're too good a trader not too come back and post a big monthly profit though, which is what counts more so then these one off slides.

Benjamin on 5:34 AM said...

did you happen to record the days activity with Camtasia? I'm sure it would be helpful for you to be able to review everything (not that it will be easily forgotten). good luck for the rest of the week

High Probability Trader on 6:29 AM said...

Ben,
No I didn't, I think I will record today's trading though.

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