
Go on vacation for a couple of days and see what happens, all of your errors come flooding back! With an average # of errors per trade over double what it was the last day I traded, today was a decisive step in the wrong direction. Here’s my synopsis of what I need to focus on for tomorrow:
The market tanked all day today pausing only to chop around, yet despite the apparent downward trend, I actually had more long plays that shorts. This can be a huge mistake if not unchecked.
For the first time since starting this log, I also attempted more Trend plays than scalps. Combine this error with the previous one & you can see how I was not only going the wrong direction but striving for a higher target as well, a sure fire way to lose!
My biggest mistakes today were
A.) being impatient and jumping at more signals than were warranted.
B.) Jumping in a trade prematurely without adequate confirmation of a reversal or range breakout.
In short, today I acted impatientely, saw what I wanted to see, not what was there, & subsequently faked in and out of plays that I normally wouldn’t take.
I’ll take this info to heart tomorrow & see if I can’t turn these things around.
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May 30th, 2006
Jason
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