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5/5/17

Bad Habits Die Hard!


I am my worst trading enemy. If I stare at a chart long enough, I will be able to find something to trade. If I am speeding up my charts from 15min to 10min, to 5min, to 1min, I am probably in a bad trade or looking for an excuse to get into a bad trade.

Tunnel vision leads to being down  -338 to -1,276 Now I am in recovery mode, hoping to break even and to swear that my over trading days are done... or quit trading altogether.

Traded like a pure amateur today, I ignored the overall trend and exposed myself to massive losses. Now the only thing to do is wait for when I find where I say uncle and cut my losses. That walking away [mentioned earlier today]from the computer never happened, my 1st CL short today was a decent entry, however, I was selling into a very bullish day [duh], still deep in a choppy trade that's going sideways dragging me out to sea.

Losing money is not the issue for me obviously, it's not wanting to miss the big trade. Apparently, I was not content or satisfied with yesterday's win after I watched how far the market sold off without me in it, and it has come back to haunt me in today's trading.

Some changes in my mental approach to trading will have to happen.

I'm ending the day with a loss, and I honestly feel better that I did not dig my way out of today's choppy trade. Going forward, having a memory of making a profit while not trading well will invite the temptation to do it again some day, one bad trade is all it takes to ruin your trading capital. My mentor told me a long time ago that the worst trades are the bad trades that make a profit.

"Better Trading Ahead"

Total # of trades: 13
Percent Profitable: 53.85%
# of winning trades: 7
# of losing trades: 6
# of even trades: 0
Total: -$1,146


CL










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Avoid Trading In The Chop: Update (Did it myself)

I felt like taking the time this morning to show a chart that appears to be nothing but chop to me (As I type). Please keep in mind that what one trader sees as chop, may be a buying or selling opportunity for another. Time will tell, at the end of the day, I will post the YM chart to see how the day ends. As for me, I will keep the powder dry until next week.

I'm still learning that news is not the deciding factor on how I will trade. US economy added 211,000 jobs in April; dollar rises. The jobs headline would indicate a monster bullish day right? Well maybe it will be, but as of now, it's (YM) sideways, not the kind of price action I want to be stuck in. Avoid the chop.

It's Friday, I will enjoy the lifestyle of trading for a living today.

"Better Trading Ahead" Not today.

YM

YM






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