I have just finished writing my journal for Tuesday’s trade. I ended the day flat. And, in fact, it was a nice trend day for ES (E-mini S&P). I mean for day trader. I missed the move in the morning as mentioned in my previous post. I did some quick scalp trade after that.
What is my problem? Choppy day , not making money. Nice trending day, not making money as well? What the hell I am doing? Staying up in the wee hour for …nothing?
After completing my journal, I see the reason. I was not confident with my own strategy. Ok, I have developed some new strategies. (by the way, it is still dummy trading though).? I am not going to discuss my trading strategy on my blog. It is useless. Back to the topic. I saw nice setup, and I had doubt. I just can’t pull the trigger.
Second trade of the day, again a nice setup formed. I pulled the trigger. And? I scratched the trade with some reasons (I just farted, so I closed my position, something like that..). This again shows the problem. In addition of lack of confidence, I was not willing to accept the feeling of taking loss.
You have a plan, but you need have a right mindset to execute it.
Alright, enough, I see the problem, now go solve it.