August 13 2009 Accountability Review and Commentary

I did not have any trades today. My review below will be negative and harsh.

I had a client in the office today and was talking an online group of clients through the prime entry of the day. It was the long off the potential inside support (1001.25) clearly identified and posted on the morning prep.

I marked up the area pre-market, called out the extension washout, and identified where to enter. It was perfect up to that point. Then I entered a pathetic limit order 2 ticks below where the price was at because it moved up slightly about 1 second after I decided to enter.

Literally as I was pushing the order button attempting to buy the offer the market pushed up a bit. Then I proceeded to to hem and haw about not chasing. The price grinded up a bit, gave me not one but two micro pullback entries, then took off.

This was the 3rd $1000.00 + mistake (missed entries that exploded in my direction) in the past 6 trading days for me. These misfires are due to weakness and hesitation. You can not get them all but this is ridiculous performance.

My read on the market was exceptional this morning and throughout the day but I wasted it. Completely unacceptable.

I have not lost money this week overall. It is worse than that. Had I taken proper risk I could be up 3x to 4x risk.

#1 lesson I have learned so far in trading is that not pressing when you are right will do far more damage than losing. If you are taking your loses, and you have an edge like I do, the edge will show over a sample size.

Playing defense only leads to hitting the losers and dodging the winners. How many times have I mentioned this in the past 2 weeks. It is like a broken record and has to stop.

Anyway, tomorrow's presentation that I spoke about below should be interesting. If I were following me, I would tune in because there is a likelihood of a spectacular victory or a kick right in the balls and not much in between.

I will be happy with either as long as I stick to my plan and execute.