Last minute disaster

I had some gains while e-mini got a steady pace just before the closing, when a news wire from European summit (Britain out of treaty) destroyed everything. It was late and I was tired and I had a lousy stop : -14 ticks.

Self-confident (?)

On the -5 pips trade I took an enormous risk, as the result of a strongly bearish market, which makes you deadly confident . It could be a disaster..

Bad morning

Fourth trade was a pure compulsive (revenge) re-entry which compromised the whole session. -10 pips.

Awful

After the previous "perfection", here is my worst session since a long time. Everything is wrong on this : entries (compulsion to trade on a heavy range, entering against the supp/res levels)), exits (silly waiting for a stop to be filled). Bad timing, compulsion, need for revenge, addiction, all the human alienating passion  is there to be scanned by those who need to avoid this. Enjoy!

Friday's mistake

After considerable gains this afternoon, due mainly to increased volatiliry after Mubarak's resignation, I commited a newbie's mistake at the end of session, when I should already have stopped and enjoy the evening : I insisted to go for the break of the daily low, despite the strength of 1,35 support and  the "traditional" Friday's afternoon incapacity to initiate big, genuine moves. Silly me.. I took a -15 to close charts and play with my kids..

"I can't be wrong"

Two red bars at the same level but I can't be wrong, price must go up! So I lowered my defense and got an uppercut on the face!..-14 pips and felt really stupid.. This is the price of arrogance. I can't be wrong means I am smarter than the markets. But I have already learned that I am just a humble follower of the market. The days I feel I am something special, the loss is there to keep me on the soil...

Madness

Compulsive trading is just that : trading and trading at aeternam, exiting and re-entering at the same point, again and again. Overtrading is the "art" to destroy a genuine price move by splitting it into many trades and get ruined from the paid commissions.. From this 40 pips move I got ..nothing and payed a lot to my broker too.. I had a minor excuse - the move was hesitant and i had to be cautious and expect a reversal, BUT this is only an excuse..

Expectations

A serious mistake here : in the middle of a strong move and after some green bars, I believed it was time for a retracement. I went contra-trend and...I lost 7,6 pips. I had the  "honesty" to accept my fault relatively quickly and then I entered in the right direction and got the pips back.

I wrote this a million times before : Our beliefs, expectations, assumptions are the perfect way to perdition, especially when trading. What every zen monk knows very well.

Bloody Monday

A rather easy to trade Monday opening was transformed to a few pips loss. Looks like I lost my fast reflexes during the weekend.  On fourth trade for example, a "smart ass" anticipation of reversal costed me 11.8 pips. Silly, silly.

One more chance for the fool

On first trade, the two pillars of catastrophy were there : late entry and refusal to exit with a loss. Price went to -18 and I was just looking at the disaster, like a petrified newbie. Then price recovered to breakeven, trade not closed, and went south again, making a double top. I closed with a -6.8 loss, in extremis, just because the market was kind enough to give me a second chance..The pips came immediately after, when I got the correct direction...

Bad day

I have my moments of stupidity when trading, rather less frequently now than in the past. My own symptom of stupidity attack, is the prediction euforia. On these moments I can "predict" where the market is going, i can anticipate on price move. To feel more clever than the markets is the supreme stupidity in this job and the perfect suicide method.

The same mistake twice within minutes today. That means that I am in VERY bad shape and I must stop NOW. The reasons can be several : bad sleep, fatigue, a father in critical condition and so on. But no reason can be an excuse. Better stay aside for a while.

Mistakes last for ever

That was immediately after the previous chart. Buying local tops is a recurring bad attitude. It happens on my bad days, when I am not in shape. I entered long and waited an eternity to turn positive, while price was making several lower highs and lows, a sign of a probable reversal. It went to -10 and moved again to my favor just one pip above my stop. Very lucky indeed and very bad scalping manners!..

Anticipating, expecting, guessing

I came back one hour later. In the meantime price had retraced sharply to the 20 MA on the 15M chart, then resumed the down move. I entered late, close to previous low, a capital mistake, as i was sure of the strong bias, therefore a new leg down was almost due. I got an absolutely natural rebound in the face after my entry, I didn't close at -4 and price immediately approached the maximum loss i could support : 15 pips. The moment I was deciding to exit, euro made a red hook bar, started to go south again. Game saved with 14,5 pips gain!! I was very lucky this time. After 5 years in this market (enough time to get a PhD on other sciences..), I still commit newbie mistakes..

The art of giving (back)

Five mini losers in a row, after a looong time. Why? Because I insisted to anticipate a new leg down. Result ; I gave back a considerable part of the previous gains. Stopping now till Tuesday, to cure my overtrading syndrom...

The mouse and the cat (mistake of the month)

You are just a little mouse in this job and the market is the big hungry cat. The cat lets you have your daily food but If you are distracted for one single moment, you are lost, he will catch you for sure.

Post-NFP and I let the two elements of a common trap to be present: an unmotivated entry and a moment of distraction. So I entered against the fast trend, I was distracted ,I hesitated for a moment, no stoploss and then it was too late..! Closed finally at -92, at 123.33, which was the absolute high of the session!..

I had a moment of dilemma after this. To stop there, with a -13% daily, in order to protect a 52% gain for the week. Or to try to recover the day, using the extreme volatility of the recent days in my favor, with no more stupidities. I opted for the second and had a looong session with a lot of trades. Most of these, in the next posts.

Poor execution

I was in very bad shape today. Risked a LOT on the first, then I closed trade precisely when previous high was taken.. Smart guy!...

Mistake of the month

The price on this topped with two red bars on same level, then started to drop. I was distracted and super-confident, so i didn't close, even when price gave a second chance to do this. The important loss was the natural consequence.

Mistake of the month

I entered long on this, while price was making a round top. Several signs were there to show that price was reversing : lower highs, moving averages sloping down, descending triangle formation, CCI, you name it. I refused to close. When the strong support was finally broken, I was looking at the chart helpless, petrified from my stupidity.. Price went to -30, then I was lucky to close the drama at -11, at the 50% correction of the move down...

When I started forex 4 years ago, I used to commit such a crime once a day. Now, it's once a month. That means evolution of the human kind...

In the range

Unnessary trades inside the range. Whipsaws, losses and some frustration.

My classic mistake

I still do this mistake, less frequently now : on the second trade i entered contra-trend and insisted to continue with this, despite the price lower hights and bearish CCI. The trend was obviously down.... Closed at -15 and then traded very carefully to cover the loss..