January 7, 2025 (1 Trade) (-$52.50)
Overall Grade: D
Day Summary: To be honest, I am very disappointed in my decision making today and I paid the price for it. Luckily, I was atg least smart enough to limit the damage but I really should start keeping track of the senseless money I give back to the market taking trades like I did this afternoon. Considering it's January, now would be a good time to start keeping track that way I can have a better understand of just how much money I give away each year like that. I started the day off today with a nice, calculated scalp on my challenge account, but after getting it to a balance of $52,320, I started to think about passing it today. I then took a poor quality trade which wouldn't have been too bad if I stopped out where I was supposed to, but I did not. That set me off emotionally and I proceeded to take 4 unnecesary trades on the challenge until I doubled my normal position size and hit my daily max loss limit. That then carried over into my day and I actually came back to trade my live account in the afternoon. That is something I haven't done much recenty, but it just serves as another reminder to stay away from the charts when you're having a bad emotional day, it's not worth giving stupid money away. Also, it's not like I didn't recognize how I was feeling and have thoughts not to trade, but I ignored those thoughts. That is simply a discipline problem and I need to be better. The price action was not good, and I knew that. Trading should be easy and the opportunities should present themselves to me.
DAILY - ES
5 MIN - ES
TRADES
Trade 1 - Short 2 Contracts @ FOMO + No Set Up + Being A Fucking Idiot
Grade: D
- First and foremost, I knew the price action at this time was not conducive to take a trade but I just couldn't stop myself from being a degen - bad
- No real set up here, just FOMO and being emotional on the day
- Sold into support - bad
- covered at resistance - bad
- sold at max pain - good job market makers
- I was just thinking about the money and trying to make up for my poor monopoly money trading with real money - not good!
- The good news is, this is just one day of emotional trading, and I know that this was not following my strategy so I just need to reapproach tomorrow with a calm mind and let the market come to me. Stay detached.
FIX: Recognize how you are feeling, and make sound, logical decisions based on that. Emotions will always skew my decision making.