Wednesday, April 15, 2009

4-15-09 Failure to Maximize Gains

That's what they will write on my tombstone, "Failure to Maximize Gains". Same damn mistakes as Monday. Too complacent! You can't eat like a bird in this business. You gotta be a pig when you got the market on the rails like I did today. You gotta go for the #$!& jugular and tear it's throat out. Instead I rationalized my weak will with thoughts like, "oh I don't want to wait for it turn against me", "I don't want to have to add to another position today, it's too stressful". NO!

I KNOW that eventually I will need to take my lumps in this game. It is inevitable. If I don't take advantage of when the market is favorable to my trading, I won't SURVIVE the bad times.

This should have been a +38 pip day, was actually +25 on 25k.

Yeah, pissed at myself. Need more focus. Need to get back to thinking that I am -50 pips in the hole and I GOTTA make it back.



Me vs. Wall Street said...

Hi lt, been lurking on your site. Just wanted to say I shared the same problem today.

Was up 6 ES points, got complacent and thought I would take a break. I ignored a glaring setup and missed out on another potential 10 points.

These huge days are what provides the cushion for lousy days, and since we cant determine it beforehand, we gotta take every setup.

"greed is good" :P

Lord Tedders said...

Yeah it's funny how missing good opportunities is so costly. I look back at certain trades and ask myself how I rationalized getting out when it would have made so much more sense to add to my position at that point.


Jules said...

I guess the "problem" is that sub-consciously, we want to stick to a certain way of approaching the market. If we've made it a point not to despise small profits, then we'll simply have to pass up the occasional homeruns.

But I do agree that most times, I should have gotten back in instead of looking at my chart and recording my commentary. Some days are just so good that when you watch it go by, you want to kick yourself coz after a day like that, the next few days are probably going to be quiet or crazy or just crazily quiet.