Today I was inspired to start using this blog as a trading journal due to my ability to repeat past mistakes despite my exhaustive efforts not to repeat errors. I feel the best way for me to get over the hump of continually kicking myself after bad trades may be to write it down.
Today was an extremely volatile day in CL. The day opened with a long trade, where I entered premarket and (too quickly) exited 2/3 contracts for a small profit. The third was left on just as my power went out. When the power finally came back on an hour later, I had been stopped out for break even. The rest of my day seemed to go downhill from here. A forced long attempt with a loose stop gave me a large loser, followed by quick shorts pulled for small profits, and then finally a long attempt which I averaged down into to make back some of my losses on the day. I finished the day with a small gain, but it was a rollercoaster.
Lessons from today:
Stay with the system. Despite my repeated gut attempts to pick a bottom. It is a losing battle.
Follow your instincts. Every indicator hinted at a continuation lower, however I was covering contracts too quickly to make small gains rather than focus on larger trend of the day.
Do not go on tilt. In other words, the market will do it's thing with or without you. Accept it and keep a level head.
These are my thoughts for the day and continue to be the mantra of trading every day.
Tomorrow, my goal will not be to make money, but trade effectively. To do this, no trade will be held more than 4-5 ticks beyond the dots and all profits will be scaled starting with a candle violation or pink line.
I will inform you of my progress tomorrow. I will post some charts as well of my trades.