Shared by
wolfgtweb
Here is where all my discipline went out the window. I had been looking for a short all morning with absolutely no shares available to borrow on anything worth shorting. Then I found this. I got in this as it pulled back from the new HOD looking for a breakdown. It didn't. Stopped out and added another $300 to my loss for the day. By now, I was well into revenge trade mode. Horrible. I got back in after it hit a new HOD and pulled back a bit. Then I had the opportunity to take profit, but since it wasn't enough to make back my entire loss for the day, I didn't. Stupid. Then it continued to go against me and I kept adding. Finally, I got lucky when it approached $60. It didn't like that. It began to fall. I set my target and waited. It fell steady and hit my target giving me a good profit for the day. It is still falling as I type this. I am very disappointed that I was even in this trade. But this trade is not the only bad decision I made today. I will do better tomorrow.
To see todays trades, including this one, here is a link to the video.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2021-04-05 11:32:10 | CMBM | sell | $55.390 | short |
| 2021-04-05 11:35:02 | CMBM | buy | $56.230 | short |
| 2021-04-05 11:35:02 | CMBM | buy | $56.230 | 0 |
| 2021-04-05 11:37:00 | CMBM | sell | $55.995 | short |
| 2021-04-05 12:13:59 | CMBM | sell | $56.750 | short |
| 2021-04-05 12:13:59 | CMBM | sell | $56.750 | short |
| 2021-04-05 12:26:05 | CMBM | sell | $56.630 | short |
| 2021-04-05 12:47:50 | CMBM | sell | $57.490 | short |
| 2021-04-05 12:47:50 | CMBM | sell | $57.490 | short |
| 2021-04-05 13:22:25 | CMBM | sell | $57.250 | short |
| 2021-04-05 13:22:25 | CMBM | sell | $57.250 | short |
| 2021-04-05 13:25:52 | CMBM | sell | $57.750 | short |
| 2021-04-05 13:34:14 | CMBM | sell | $57.990 | short |
| 2021-04-05 13:34:14 | CMBM | sell | $57.990 | short |
| 2021-04-05 14:07:07 | CMBM | buy | $56.000 | short |
| 2021-04-05 14:07:07 | CMBM | buy | $56.000 | 0 |
Comments
wolfgtweb
Thanks for the feedback. Believe me, nobody is more upset about my actions yesterday than me. I am beyond disappointed. The bottom line is that if I can't get past days like that, I might as well hang it up. Below are responses to your feedback.
I like to know where I stand for the day. Even though I didn't enforce them yesterday, I have max loss and target win limits that I normally shoot for.
I do track my trading by R. I do that right in Tradervue. It is very helpful and a much better way to evaluate my trading than just $. Yesterday was a great example. If you just looked at profit, I did great. But it was a terrible day and the R value shows it. Yesterday was -2.19R.
My current risk level is $200 per trade. Which is low in my opinion. But yesterday I totally went off the rails with that last trade. Should not have happened.
I have bracket orders setup and I used to use them all the time. But they really limit your earning potential. I didn't show it yesterday, but I normally use a technique where I have two stops and I leapfrog them up behind the price movement. Allowing me to keep following the action if I want.
I totally forced everything yesterday. A terrible example of a trading day.
Have a good day!
DMacTrades
Hi Wolfgtweb. Just had a chance to read your reply. Thanks for that.
- Copy that. Everyone is different and trading is hyper individual so do what works for you!
- My bad. I didn't see your R data showing. I see it now.
- It just depends on how you calculate risk. I'm guessing that you look at it in terms of a compounded % risk of your overall account and how that relates to Days Risk of Ruin. So long as it works for you!
- What I often do for bracket orders is I turn off the sell side of the bracket so just my stops are automatically set, and then I can trail them by dragging and exit manufally. Or, I leave both stops and sell orders in place so they get set and as soon as the trade is on I trail the sell orders up if needed. I use a three bracket order where the first sell is at 2R, the second at 3R and the third at 8R (I then adjust as needed).
- We all have days where we force trades. Just happy that it worked in your favor in the end!
Safe trading and keep well!
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Hey man. I will start by sharing that I watched your YouTube video and appreciate your honesty around the trades that you took today. In the spirit of support, I am going to share a few thoughts and you can do with the feedback as you see fit.
Consider removing the Open and Daily P&L from your ladder. Having P&L staring at you in the face makes for an extremely emotional experience and it is difficult to make objective decisions when in an emotional state.
Rather than thinking in terms of P&L, think in terms of R (risk). There is a great interview with Brian Lee that you can find on the Chat With Traders podcast. I highly recommend checking it out. My move to an R focused trader was probably the single most important shift in my trading career.
I obviously don't know you nor do I know your story, but you allude throughout your video to the fact that you were having some discipline problems. Given that, I would ask why are you using such wide risk? Consider reducing your share size until you find consistency around R (risk) and multiples of R (profit).
I note that you don't use bracket orders. The ToS brackets orders remove the subjective thinking around stops and exits, and also remove those moments where your traded is naked in the event there should be a quick and brutal drop.
Let the setups come to you. While watching the video it really felt like you were rushing trades. I obviously get that as we are all guilty of it from time to time, but the consistent forcing of trades (chasing) is going to go against you overall and be difficult to get out from under.
Again, thanks for the transparency through your video and Travervue comments. Keep well.