I had a fairly angry post last night about my recent trading performance. It was not about making bad trading decisions or incorrect reads on the market.
It was about hesitation and weakness. Which I have to continue to bring up everyday.
The single most destructive factor in my trading career has been missing my good trades. It does not matter how powerful your technique is if you do not execute when you are right because you will always execute when you are wrong.
This is one of the most important things I will bring up in this blog.
I did my presentation today. There were 65 traders gathered in a room wanting a demonstration of what I do.
If the goal was to demonstrate a winning day with accurate projections, I would call it a train wreck that was carrying flammable materials.
None of my zones held as they commonly do and I got completely run over on my trades.
Instead of trying to analyze this and attempt to come up with some "procedure" to avoid this in the future we are going to draw a line in the sand.
The fact is that nothing was done incorrectly today. As a matter of fact, the execution was excellent. Could I have been less aggressive or had a better read? It does not matter. We are trading. Part of trading is being wrong. That is my job.
The goal of today was to show reality and I think everybody in that room got a huge dose of it. I had more feedback from today than I did last week when I called the reversal and low of the day to the tick before the market opened.
I took losses today that I have been trying to avoid. The losses were not there to avoid in the past week but the winners were. Do you get it?
The line in the sand is me saying that my premise and methodology is correct a vast majority of the time and this market will have to prove me wrong from now on in order for me to lose.
It did today but today was in the minority. I have been proving myself correct too often recently by not acting. This is going to stop today.
The plan is simple from here. Take the losses and take the winners and see who wins.
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