After spending a large part of the 3 day weekend looking at TickerMonkey (TM) chat logs and reviewing posts on Al Brooks’s PriceAction (BPA) forum I decided Monday afternoon to fire up ToS’s OnDemand and try some BPA trades. Well I did fairly well over the 5hour replay. Soooooooooooooo….
Tuesday morning I had decided with my recent 5hour success I should take a few BPA trades and just follow along in the TM chat. I am not sure what happened to the goals I had when I started this blog such as following along with a Trading Plan.
I lost on 8 consecutive SPY scalps and though I havent logged them, I know only a few were even passable as BPA type trades. Regressing back into old habits I even increased my shares after several losses and was not flexible in my market analysis.
I have in my life always attributed some of my “good fortunate” to my LadyLuck. Calling on her when events were out of my control and seemly she responded to my pleading more times than not. She must after all these years still be watching over me and before I could do any more damage to my account…. we lost electricity… After a very agonizing and depressing feeling I headed to bed with Charlie our 7month old miniature Dachshund. Slept for more than an hour and after another hour the power came back on.
I spent the rest of the day trying to forget what happened and just now, the next morning, I am trying to motivate myself to refocus on finishing my TradingModel. Honestly I wasnt even sure I wanted to post this failure, it is that painful for me.
A this moment I am not sure why I took the live trades over paper trading. I think I am way over-confident of my day trading skills almost to the point of delusional. I have not truly accepted this yet(?) and probably is why I keep straying from my plan. I wonder after all the reading, prep work will I be successful? The thought occurred to me as I am writing this blog post that staying focused and monitoring is an area a trading coach can help in. I have to find a way to overcome this myself.
My swing trading being very profitable back in 2008 and when I went back to it to at the end of last year yielding positive results is where I need to focus. Hopefully I will get some ideas from the TickerMonkey group.