Please review the screen shot of my trades that I have posted above. I made some detailed notes on what was going on throughout the sequence.
In order to sum up what happened today you have to understand my own personal cycle of trading. I will elaborate a bit for those that are new to the Blog.
Virtually every time that I miss or skip a good sequence of trades that would have been moderately or better profitable according to my plan, I tend to find a way over the next couple days to lose.
These loses are either the normal loses I would have taken or loses due to over-aggressive trades or fading myself. Either way I end up on the wrong side of my equity curve.
I was aware of this coming into today. I even commented to another trader yesterday to watch today and see what happens. I knew it would be tough. I thought I could avoid it.
Amazingly, I found a derivative of what I explained above today in order to structure a losing day.
It started with hesitation on a discretionary entry 5 minutes after the open and went downhill from there.
I even bought the low of the day but figured out how to completely mismanage the pullback.
I was only down 1.5 units today (1.5 stop outs). It was certainly not a disaster but it felt like one. I need to pull through on a day like today and at least put up something respectable.
I thought I was on the way to doing that but the ugly end of my trading cycle found a way to sneak up on me.
This all comes down to executing on demand and avoiding hesitation. I have been saying this for 2 years but think only recently that I have the talent and ability to actually do it.
I think that is what makes a day like today feel a lot worse than what it actually was.
I am better than that and I know it.
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