Subscribe Feed (RSS)SCSS, SNPS, DRRX and process improvement
November 30th, 2006 by eyal | Filed under Day Trading, Personal development. |
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Another flip-flop day with bearish bias in the morning which turned into strong buying and then turn down again in the last half hour or so. I had 3 candidates and took all three. SCSS - I used a rather tight stop, or tighter than I normally do and got stopped out for -1.2R after slippage on both ends of the trade. DRRX - kept going downwards so approaching the afternoon I decided to cancel it but just as I was about to do it it got filled. I scratched it for minus change after commission. The only winner for the day was SNPS which closed for +1.5R after giving back 1R towards the close. So in the end only a marginally up day.
I’ve made a few basic mistakes over the last couple of weeks so I’ve started implementing my Zen Golf process improvement again which I last used almost 1 year ago. I found it quite useful the previous time so looking forward to ironing out those nagging mistakes in the coming session.
It’s interesting how some problems keep rearing their ugly heads every now and then and need to be brought back under control. I think the basic principle of the issues over the last two weeks was that I wasn’t able to see good setups that meet my criteria which then meant I wasn’t making money, it may have also been aggravated by seeing how other traders using different variations of the dummy system were able to generate better/more trades. And it’s this comparison which probably made me tweak my criteria and break my rules chasing and forcing trades. It is sometimes difficult to assess whether a change to the plan is an evolution based on learning something new and observation vs. a regression and an unwarranted deviation. One thing I will try to implement in this regard is whenever I put on a trade that is not strictly within my own original rules I’ll cut the R risk in half. I could probably paper-trade it but it’s never quite the same as putting your money on the line.
great post eyal
Thanks, John.