Technicals: Having been stopped out of a trade I had waited for all day, I looked in anger and frustration the move unfold exactly as I thought it would have and as soon as the next 30 minutes candle opened, I went Long 2 at the top of the move at 81.83, which promptly pulled back, (like it always does) and added a further 2 contracts below at 81.77 and another one ( I did not even remember doing this until now). I had split my stops and both lots were triggered as the move retraced back down to 81.56. An area I had already marked on my chart as a blue dotted line.
Outcome: Large loss of $650
Post mortem: I was blinded by FOMO and revenge trading and made a series of "beginners mistakes" caused by Tunnel vision:
1/ Wait for the move to retrace and respect the rhythm of the trade
2/ Add to a losing trade: not once but twice
3/Increase my trading size when trading poorly
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2022-11-17 18:00:39 | CLF3 | buy | $81.83 | long |
2022-11-17 18:00:59 | CLF3 | buy | $81.77 | long |
2022-11-17 18:01:56 | CLF3 | sell | $81.70 | long |
2022-11-17 18:01:56 | CLF3 | sell | $81.70 | long |
2022-11-17 18:03:03 | CLF3 | buy | $81.77 | long |
2022-11-17 18:07:00 | CLF3 | sell | $81.64 | long |
2022-11-17 18:07:00 | CLF3 | sell | $81.64 | 0 |
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