Traveling Trader Day One
Good day of travel today, reached our first destination of Wilderness State Park on the Northern edge of the lower peninsula of Michigan. We are right on the shore of Lake Michigan so a very neat place to camp at. We arrived somewhat late tonight so mostly just had time to get setup, do a little fishing and take a walk around the campsite. We took some time to walk up and down the shores of Lake Michigan as well. A little chilly out (mid 70’s) but a still a very nice night for a walk.
Trading wise today was pretty mediocre. Bummer to start out with a losing day, but in hindsight its pretty obvious why. I was flat out pressing, I was determined to start out the trip with a green day so I was jumping at random trades with shitty entries, then when I had a winner I was exiting too quickly instead of adding. While this showed up today i full force it has been a theme this summer, I’ve got to many annoying scalping and grinding days under my belt this summer. I despise scalping and despise random entries. Going to take this trip in to the pseudo wilderness to regain my chops and get back into my core types of trades.
One of my top five trading rules is to only make 0-3 trades a day, I think I have broken that fucking rule every day of August and probably most days of July. I’m also consistently entering on the front side of shorts. Need to back my timeframe off, I typically use a 5-15 minute chart to spot short entries into fades. The last couple weeks I’ve been using a 1 minute. Not sure exactly when or why I made this change it just kind of crept up on me as I fell further and further into the heart of darkness of a degenerate schizophrenic day trader. Why am I surprised that most my recent trades are $100 to $200 winners and $100 to $200 losers? While I’m happy with keeping tight stops, I’ve kept that too tight recently. Perfect example is $KNDI, I shorted at $20 and covered at like $19.80, it came close to touching $19 an hour after my entry. I took like a $50 profit instead of $1000+ depending on where I added.
So in summary, tomorrow I will be more selective, I’ll add to winners instead of covering as soon as I hit green, and I’ll back my timeframe off a little and avoid 1 minute charts.
The one good thing about bad days trading, is it sure gets you fired up to get back at it for tomorrow! Trading is 180 degrees the opposite of the “real” world of dead end jobs, where a bad day makes you never want to go back.