Getting Cocky 5/3/18 | TRIN Café

Getting Cocky 5/3/18

Sharing is caring:

https://unsplash.com/@clark1

Let me paint the picture for you, I put a trade on within 5 minutes of turning on my computer. As I was getting out of the shower I heard on the radio that the DJIA was down 100+ points. Did I mention my wife and my toddler and I were about to leave the house this morning? The YM was hovering around a support area, within 5 minutes price dropped below support and I quickly executed YM short @ 23679. My entry was automated to enter a target @ 23679 which happen to be the next area of support and a stop @ 23730. I anticipated being stopped out for a loss and then the market would sell off without me.

So what's so cocky about that you ask? Now it's time to go take my kid to daycare and my wife to the
hospital who's been having baby contractions all night. With my trade working, I felt confident my(big) stop order was in place so my risk is baked into this trade. So, after dropping my kid off,
and checking my wife into the hospital, I had a chance to check in on my trade from my phone

(in the hospital by my wife's side) to my surprise and delight, the trade worked well for a 100 point $500 profit. As I typed this, I was in the hospital with my wife not monitoring the market action, the last time I checked, the market was down 200+ points, I managed to capture 100 points. And yes, I was done trading for the day.

Big wins are hard to hold on to when discretionary trading, often too often times the ego and subconscious will increase the risk soon after a win and ruin previous profits. Being right and making quick money triggers a chemical reaction of dopamine that can be addictive. It takes a lot of experience and losing trades to understand how destructive trading can be. I am making effort to humble myself, the truth is, one big winning trade is a drop in the bucket for all the years of small and massive losing trades I have experienced.

I hope retail trading was good to you today as it was for me.


YM 5-3-18
5-3-18


COMMENTS

BLOGGER: 1
  1. I can't believe the market sold off nearly 400 points and it ends the day in the green. A good reminder that anything can happen in the market.

    ReplyDelete

Name

A+ Trading,3,AAPL,1,About,1,Amazon,1,Better Trading,13,Blog,52,C- Trading,1,Cartoon,1,Chop,2,CL,7,Comic,1,Congestion,1,Cool,1,DIA,9,Easy Trading,2,ES,2,ETF,1,Euro,1,F- Trading,2,Futures Trading,6,Good Read,4,HE,1,Headlines,9,Info Graphic,1,Jesse Livermore,1,Labor,1,Leisure,3,Lifestyle,3,Long Term Option Strategy,1,Mental,1,Method,2,Money Management,2,News,1,Office,1,Old news,2,ONE,1,One And Done,1,Options,14,Psychology,2,Pundit,1,QQQ,1,Quotes,3,Risk,1,Sim Trade,1,slider,1,SPY,2,sticky,1,Technical Analysis,36,Thought,3,THRM,1,Traders Tech,1,Trading,20,Trading & Investing,1,Travel,2,Trend,1,Trin Café,1,Trump,1,Unions,1,UVXY2,1,Video,2,VNQ,1,Weekly Picture,1,WFC,1,Win,3,XLE,1,XLF,1,XLK,1,YM,9,ZC,1,
ltr
item
TRIN Café: Getting Cocky 5/3/18
Getting Cocky 5/3/18
https://images.unsplash.com/photo-1507592959951-4cea45b7d293?ixlib=rb-0.3.5&ixid=eyJhcHBfaWQiOjEyMDd9&s=3f90418a35c5e5a4789e48a254081d64&auto=format&fit=crop&w=1352&q=80
https://2.bp.blogspot.com/-XrTuFAkryKo/WuubvinbBKI/AAAAAAAABtk/QSXClr8AMb8H5KeI5bSIN2VKqq0_8SiSwCLcBGAs/s72-c/YM%2B06-18%2B%25281%2BMinute%2529%2B2018_05_03.png
TRIN Café
https://www.trincafe.com/2018/05/getting-cocky-5318.html
https://www.trincafe.com/
https://www.trincafe.com/
https://www.trincafe.com/2018/05/getting-cocky-5318.html
true
4387547293353613323
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy