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Postmortem 29-August-2006

by Gav Leave a Comment

This is the business we have chosen ~ The GodFather, the movie

Dear diary,

I am pretty selective on dummy setup. I do not want to get whipsawed during this pre holiday trading week. (Excuse to take a day off).
Ok, Maybe I was being a coward. I exited the trade early. There were few reasons that prompted me to cover short position of mini-sized Dow early.

  • It failed to reach my 1-R break even point gain, and the worst , it was just 2 ticks away. Market was slow and reluctant to sell further.
  • After the initial break down, it gave me a doji immediately at the next candle. That disgusted me further.
  • The position was opened for around 1.5 hours and going nowhere. FOMC meeting was scheduled at NY time 2pm. People were waiting..
  • “Bro, it is pre holiday trading week. In fact ,you are not supposed to trade!”

Well, am I writing something to cover myself from breaking the rules? Maybe I am.(Anyway, this decision was right for this particular trade, market rallied back in the later session).

These are not rules of trade, but some judgement calls under certain conditions.

Filed Under: Rant Tagged With: Trading Psychology

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My Name is Gav.
I am a Father, Husband, Trader, And Blogger. A serious coffee addict. I started training since 2005, mainly on FX and Futures.

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