As a quasi-full time futures trader that is transitioning into a real life full time futures (and equites) trader, I need to get a hold on my impulse trades and try my best to work serious discipline into my trading life (even if I don't have it in my personal life). But the roughest thing in the world is when you have a trading impulse that you hold down because there is no "setup", walk away, and then come back to see that it rocketed your way. Not that it "moved" in the direction I thought, it "rocketed" in the direction that I thought. I was sitting here thinking about my YM shorts and looked over at the ZG (gold) charts thinking "wow, seems to be squaring with a long position, but this that and the other thing doesn't square so the "new me" will just walk away. Came back 10 minutes later and fucker jumped 60 ticks. Not just that, but the new disciplined, conservative (yeah right) me stayed away from piling on ER2 shorts with the YM - another 40ticks left on someone else's doorstep. I know in the long run that type of discipline will assist in my trading survival, but its hard to get past the fact that I firmly believe that impulse (aka, intuition) does have its time and place.
BTW, take a look at the chart below. It's an up-to-date YM futures chart (just click on it for a clear picture). It shows the HVP for Tuesday and Wednesday. You can see the kiss-n-drop at the top when BAC came out with earnings. The bottom shows Wednesdays HVP where I took 1/2 of my position off. I must say that I didn't catch the full run. I couldn't run down the stairs fast enough to catch the full run after I heard the BAC news. So, I caught it from 13941.
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