+14.64 on 11 contracts today.
I analyzed my trading over the mlk long weekend and backtested with different variables and it seems that the only thing holding me back right now is still the 'accepting a L' idea. I knew this was problem last year but it's really hard to shake.
The spots I enter are good, the targets I set are good, the LL's I set are good, it's just once a L sets in (even though I know that around 50% of the time it'll be a L trade), it's impossible to 'accept' this (and follow whatever rule I set-out for such a scenario including to stop for the day) and I just self-destruct with crazy trades. If I eliminate those post L crazy trades (or adjust them for how I should have traded based on my rules), my system works.
Since last year wasn't the year, lets hope this year is the year I solve this 'accepting a L' idea.
Been there done that. It's hard to break some of those bad habits. The trick is to figure out why exactly you keep doing it. I had one issue that dragged on for years. Once i finally understood why I was doing it I was able to stop fairly quick.
ReplyDeleteJust keep at it...
Thanks for the encouragement.
ReplyDeleteThis habit, of course, is from the work harder, try again mentality that might work in other aspects in life but is fatal in trading.
The trade you enter is either going to work or it isn't. If it doesn't work, you have to wait for another 'perfect spot' to try again but my prob is I almost always immediately re-enter in hopes of making it all back - just plain crazy trades.
Hopefully I'll let go of this bad habit this year!