Dumb trades, you admit them to the journal and move on
very dumb trades, we all do them, it takes longer to get them behind you, but you get it all right
really really dumb trades, well I told the chat room about it and I write about it here, because I hope next time my internal Account Protection Team takes care of the really really dumb trade before it becomes one.
Here is the emotional protocol of a very very dumb trade
- 2.380 USD + 2.240 USD = -140 USD or Wrong + Hope = You lucky bastard
Long 69.51 CL (Light sweet crude)
Add one at 69.21 (after it has tested that level twice)
Average Long at 69.36
Leaving the screen as I can no longer watch the madness
Down to 68.28 -108 or - 2.160 USD
Up to 69.18 USD
Hope takes over...it will go the remaining 18 ticks to BE and beyond into the close
Sell-off into the close 68.65
- 71 or -1.420 USD
After the pit closed it sold further, but held 68.50
I will hold it overnight
Researching Nigeria Newspapers..maybe the strike will still affect the oil industry
5 hours sleep ... Asia did nothing
5:30am CL around 68.60
ticking up, but 68.65 is a barrier and Europe starts selling oil
68.36...68.25 my account starts screaming
UNCLE point is near, where is enough enough?
Looking at a 60min chart
looking at daily charts, at weekly and monthly charts
Support is far below 67.50
That's no help, I can't hold it to the daily support, even if trading there will not change anything in the current uptrend picture
I know I got it very very wrong and I have to stop the bleeding
Stop Limit 68.20
Stop limit is not executed as CL jumps over 68.20 and trades 68.18
COIL seems to hold daily 34ema
Remove the Stoporder and put it at 68.15
68.17 trades -119 or -2.380 USD
COIL ticks up CL follows suit and we trade 68.25, .36, .57
Lucky idiot
CL trades down to 68.40, 68.36 SHIT SHIT SHIT
68.20
Holding and reverse
Stop Market at 68.15, I leave the screen and get something to eat
It's going up
68.90 -54 man am I glad I got not squeezed out
69.14 69.00 68.98
the phone rings
69.07 69.13 we have strong upward momentum
69.21, 69.31, 69.29 and holding
Stop 1 at 69.27 hit
69.17 69.22 69.30 69.36
Stop 69.31
69.39 69.35 Stop hit 69.31
All out 69.29 average
-2.380 +2.240 = -140
Yes I know...Don't tell me about Stoplosses, don't tell me about being dumb, about not following my plan, about violationg all the rules I have, about discipline
I KNOW IT ALL
I thought writing about the emotions going through my head will help me recognize the ingredients leading to such idiotic behaviour
I had a green day before this trade, but I've had quite a lot of stopped trades this week, where the market proved my initial signal right after I got stopped at breakeven + 1 tick.
So I was in that I'm ultimately right mood
I had actually made no trade for the last 2 hours and missed a few nice signals already
It was late in the day around 4:45 pm my time when i took the trade, it was hot and I was tired.
I was sure oil would make another run at 70$ (Error No.1)
The signal to take the trade was there, but it just did not work out. I mused about the long and entered a bit late at 69.51 instead of 69.44
I noticed the resistance at 69.55, but thought it would be taken out. 2 tests failed and I did not exit the trade at breakeven (Error No.2)
I hesitated adding to the trade at 69.21. The market traded 69.20 and reversed to 69.42, it did it again and only then I commited myself to the add-on (Error No.3)
The market did not trade at 69.21 this day again. Instead we broke lower.
At 69.15 I was red for the day and was sorry about the profits gone on a dumb trade (Error No.4)
Strong sell-off and I did not Reverse the trade even if I saw more selling coming (Error No.5)
I got a chance to exit at 69.00 after the recovery high was in at 69.18.28 and a new lower high was made yesterday evening at 69.07
This morning it was only hope and being very very lucky (a bit being stubborn may have helped as well)
Oh yes, I will work on myself to transfer some of that resilence to cover to my profitable trades and I'm sure I will do very good with them
This time I was lucky
I have my share of trades where I wasn't lucky
Maybe writing about this trade helps me to identify the ingredients of impending disaster before it strikes
Have a great weekend
