I had my first losing trade in a very, very long time. I have no one to blame but myself. I will try not to convey how disappointed I am in myself, and humble myself down to helping someone else opposed ot have a pity party.
I have been having computer issues over the last week or so. Today was my first day back in the market. I thought I saw CF setting up for me. I bought 6 180 Put contracts on CF this morning ($5,014). I bought in on my 10:35 candle from the 13. I was so fixated on what the 13 was revealing until I lost the importance of my trend chart-55 and all other major indicators. I got a little cocky and thought I could just "Pop" a quick trade and get out with a decent payday. Well, it did not happen that way. Good news is, I only lost $200 and could have lost a lot more if I would have not stayed true to my loss tolerance point. When I saw it was not going in my direction after about 15 minutes, I was out with a minimal loss. It could have been a lot worse.
I made several mistakes. Rules that I broke were:
I did not fall below the previous day's low.
The MACD and StochRSI had falled below or near the 0 on my 13 (just dumb to enter after seeing that ).
The ADX line was far to high.
I did not wait on the "E" on any chart
RTT did not show a strong surge in the direction of a possible put trade
The Market was sitting stagnant and did not show any strong directional movement
Look at those long wicks on the 9:30 candle off the 55. That is just crazy to go into a trade when seeing that.
Missed the "3 knock rule". Off my 13, I got 2 knocks on the 50MA and a charge up and through the 50MA. If I would have waited, it would have been aparent that the candles were not going to charge down.
I only shared this with you because I want you to learn from the good trades that I make, and the ones that I am almost too embarrased to share. I would almost rather crawl under a rock rather than share these stupid, elementary mistakes I made. I simply lost my bearings over the last week and paid a price for it. I missed 9 major indicators- 9!
How do I minimize my chances of this from happening again? Well, greed took over, so I am forcing myself to slow down and allow my trading mind come back to me. I need to nestle back into the area of patience, precision, and execution. I will start back practicing and re-programming myself to stay consistent. I will not allow myself to have one bad trade after the other and the other. I have adopted Darcy's rule. I will replace that money before I trade another penny. I will take the $200 from my monthly allowance that I provide for myself.
Last thing, for those of us who trade intraday, we must stay ontop of everything. If we lose focus and think we are going to snipe a stock without all guns loaded, get ready to get shot down before you ever raise your gun.
I hope this helps because it does not feel good to look like and idiot and make "bonehead" mistakes when you know better.
Train well and trade the evidence