Weekend Thoughts

I broke rules this week. Not proud of it, it's not the first time either.

I was busy overall, had a social week and had interviews that I needed to prep for. I think overall, Thursday and Friday were my worst trading days. On Thursday, I ignored a bad entry and just went for it. Then when the price finally reached a small profit, I turned to greed because I wanted more. I was forced to exit at a loss.

On Friday, I had 3 interviews back to back and because I got in late the night prior (1:30 AM) I didn't study the stock market. On Friday I simply looked at my model and ran with it without charting. Then, instead of going for what my model targeted, I followed someone's swing trade. To be fair, the person I followed from is someone who's experienced and I listen to as far as technicals go. Maybe the swing would've worked, but not the day trade. I then forgot I had a trade open with my work meetings, my interviews, etc. By the time I remembered, I had already lost.

The two days made me solidify two things:
1. You cannot be half way in.

It doesn't mean you cannot do it while you also have a full time. It simply means that you have to prepare for it. This means, actually looking at the charts before the position even opens up, understanding if the set up is there, if not, you lose. You must be prepared.

2. Follow your own edge

While I don't blame traders who either pay for more experienced traders and follow their trades, if it works for them, it works. The thing is, my goal is to have my own edge, this way, it is mine and I am responsible and accountable for my own trades, my own wins and my losses.

This weekend I will work on tailoring some of my methods, I've been seeing a couple of things that I'd like to adjust in the probability. Next week trades will be focused around increasing net spend or keeping it neutral. Next week is no losses.