Well, I had three days off, as started talking to myself about not being able to trade......we just had Christmas and I took off the week between that and New Year's Eve.....of course we were closed on Monday. So I was ready to get at it this morning. I took the first bar trade setup to the short side, even with the wide range bar and a huge gap down......LOSER.
So I have been taking the first 3 bar breakout which has been a good trade the past couple of months. Again it was a LOSER.....loser....loser and a loser. So with in 45 minutes I had two full losers....nice way to start the week off.
Then I like to look at taking the breakout of the first hour range, and it setup nicely so here we go again......BACK IN MY FACE....LOSER.
So then came a bear crown pattern, I was sitting here thinking well something has to work here today.....so when I saw the tiki spike down to -24 and trigger the trade when price had retraced back .618, I was all over it.......
So it sat there, chopping and slopping around and all the time I was thinking... earnings season, ticks above zero, and blah, blah, blah long is the way to go.
The only thing that was giving me a fit was the spread....red, red and gettin reder.....is that with one "r" or two......well I guess in Tennessee it don't make no difference anyhow.
I just got bored, and pulled the trade at 12:03 and left for the day......I left having a losing day. So now what? Well, tomorrow I will be back trying to pick you pockets again, but will I change anything?
Oh I doubt it, some days you are the cat and some days you are the mouse....but no one wants to be the cheese.......Today I was a piece of CHEESE....AMERCIAN CHEESE...but cheese just the same.
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2 comments:
Dennis,
You've said all along that your long-term avg winning percentage is 62% and your avg win/loss ratio is 2:1. With those statistics (which are excellent, ATM-level stats, btw) you are going to have many multiple losing trades. I'm just glad now you've decided to highlight that aspect of your trading life as well. It's been long overdue.
Well to response to your comment, if I told you that I can only get to 62.2% then that means that 37.8% are losers...right???
"Multiple losing trades", try 8 in a row. That is why money management to 15% of trading...mental attitude is 80% and all the other stuff is 5%. But where do most spend their time, money and energy??
I have given out the rules for my three basic setups, the trigger and management of those trades....anyone with a pencil can follow along if they would print the charts and study them....and I have to think that they would find something good in there that they could apply to their own trading.
At the workshop in Orlando back in 2004, I gave out the rules, and we took every setup......by lunch we were up 1200 bucks....real money by the way......by 2pm we were down 50 bucks when a mother of all shorts setup......we ended up that day with $1,186 out of 11 trades...I had two winners, if that tells you anything.
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