This week I had only two expired ES positions with a $600 loss. The loss was from my bear calls entered on reversal of the big sell off in Oct. The entry was not clear defined and well planed. I took the loss at 6X instead of my rule of 2-3X. Taking stop at the planed level is still my weakest spot. I have to be able to overcome the psychological barrier in order to stay in this business. Even pros admit it's hard but not impossible to do. I didn't have any indices credit spread filled this week. Indices kept grinding up without any meaningful pull back. My patience has increased a great deal.
I continue to grains' direction wrong. Monday's USDA report didn't cause a sell off as I anticipated. Many of my put positions went underwater again as well as my bear calls. I had to take stops for my puts and roll up my bear calls. I need to reduce my grain exposures further for now. Stop these revenge trading. Accept my losses and wait for my time to come.
According to my last week's plan I initiated search for trading pals by looking at trading sites and posted a message in S-5 chat room. I wasn't very active and no results yet. I will step up my effort next week.
My plan for next week:
1. Continue to reduce my exposures in grains.
2. Clarify my rules of indices trading between my short term options and Karen's setup.
3. Overcome the psychological barriers of taking stops. strengthening my weakest link.
4. Continue to be patience and wait for market come to me instead of chasing it.
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