6:30AM
It's early in the day and I'm already frustrated. Just entered a decent short pullback setup just after 6AM. Clean entry and after 1 tick heat price moved in my favor and hit my first 2 tgts. Moved my stop down and sure enough we temporarily reverse stopping me out of the trade for a $12 profit. Moments later we reverse yet again and would have easily hit all of my targets. So instead of $450 to start the day, all I have is $12. Wanted to keep my stop close with GE earnings on the slate. But the market confirmed that it was too tight. Woulda coulda shoulda.
And the frustration continues. I'm adding this entry so that I can be aware of my psyche right now. Don't need any vengeance trading to say the least. Need to remain level headed.
4:00PM
As with yesterday too many trades to break out separately. Took 21 trades today with just 33% winners.
No sugar coating here, I have been and remain in a funk. I sensed the market was changing in a journal entry shortly after the new year began, but yet I just haven't made the adjustments.
My entries which have been ultra precise are now being overshot 1-2 pts consistently after entry. So rather than 1-2 ticks of heat before a trade moves in my favor I'm now seeing $300-500 drawdown on a 6 contract trade. And when this happens I immediately turn on the risk mgmt hat causing me to exit many trades early that ultimately go on to be nice winners. Instead I'm left with a minimal loss of say $50, but this adds up quite fast when you are talking 20 trades a day.
The key element here is that I've made significant money in the past when volatility was high and I can do it again. But I need to spend the weekend reviewing my setups and making tweaks to account for the new market regime. And I need to have better trade selection too. Right now I'm clearly over trading.
Looking forward to getting some rest this weekend.
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