Mistakes
This has not been a good week. No discipline.
I am suspending myself from opening any new trades for a few days.
I am losing more trades than I am winning. This is a very bad sign.
I am too anxious to trade at the open, instead of waiting 20-30 minutes for the dust to settle. Selling a gap at the open is one thing, buying or shorting at or near the open is stupid, and I MUST STOP DOING THIS. I am holding a short position that I could have closed at a profit today, and did not do so.
I know that I can trade well, but I am not executing, and so I must put myself on the bench.
I am going to think, watch and analyze. Then, I will come back and do a good job, because I will keep to my plan and follow my rules.
I am going to limit myself to opening 2-3 trades per day at the most.
I am not going to trade for at least 20 minutes after the open, unless it is to sell a hold on a gap or to short a stock on a suckers gap up open.
I am going to limit my losses to 1% of capital.
I am going to be more careful
I am going to be glad I am doing this, because I made a terrific profit in January, and I refuse to give that profit up (well, I have given some of it up, but not any more !). The IRS will be looking for their share anyhow.
It is time for a rest.
David |
