Posts Tagged ‘TILT’
Trading day 2010-11-30
November 30th, 2010 | 
Author: Traded like a crazy monkey. No clear setup. Ended the day with a loss after 5 winner days in a row.
Need to register the mistakes here.
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Good trade and bad trade
This picture tries to sum up my setup. Had one good short entry that I did not take (was not trading at that time). After that good one, I got a not so good long entry that I took. Got the signal to close it and didn’t close. The market sold off hardly and I added more long positions (stupid decision, initiating a TILT state). In the last push down, I got stopped out and then the market started a nice rally… without me.
Lesson learned: DO NOT force entries after you missed a good one! New good ones will appear later. Must be patient.
January 12 2010 $ES_F Trading Day: Trading on Tilt
Unfortunately today I entered in a Tilt state, which is kind of common among traders, mainly the ones that are not that experienced. I had an upside bias after the opening gap down, “wishing” the gap would be filled just in the morning. But this wishing didn’t left my head, and I forced a long setup in $ES_F after a successful 21 tick profit trade when it bounced from 1136.50. Forced it, hoping I was right. But as you know, I was completely wrong. The market started to sell off and I started to scale in. Another big mistake in this circumstance. One scale in after another, as the market sold off, as I could swear the gap was about to be closed. My mind at that moment was completely blinded, evolved by emotion. Everything a trader cannot have in any way.
Making the long story short, I ended up with 10 lots, loosing about 200 ticks when I saw my Infinity platform in the bottom of the day. I was about to be screwed out and then the market started to bounce. Closed the position with 120 ticks loss. I wasn’t in my own mind yet, and started to overtrade again until I got my loss into “just” 80 ticks. Terrible day! I’m registering this counter-example here to read EVERY MORNING before trading.
Hope this also helps other people. If you want to read more about this subject, follow this link:
http://traderfeed.blogspot.com/2009/04/trading-on-tilt-regaining-self-control.html
