Confessions of a Stock Operator

This is a discussion on Confessions of a Stock Operator within the Trading Journals forums, part of the Reception category; Today's confession is "I opened to many correlated trades in one day (on a news day - PPI bureau of ...

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Old Sep 13, 2017, 9:57pm   #9
Joined Oct 2008
Jason101 started this thread Today's confession is "I opened to many correlated trades in one day (on a news day - PPI bureau of Labour Statistics, lunch time release.)"
Why = Off the back of loads of really good wins, so I thought I was walking on water.
And Greed!

Solution = Never open more than 2 USD correlated trades at the same time.
USD pairs or USD priced Commodities.


And Ease back, especially after a run of big wins. -Pride before a fall and all that.

Punishment = No more new trades for a week.
(No real harm to account done, especially after such a good run.)

Edit: See post 7, then slap yourself around the head.

Last edited by Jason101; Sep 13, 2017 at 10:10pm.
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Old Sep 18, 2017, 4:01pm   #10
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Jason101 started this thread Another thing I have been guilty of doing recently is buying back into a new trade that stopped me out on the entry stop, so never went into profit. My rational was that the trend was still up, and it's now a better price.
But in reality, entry is no longer my set up (and half way through a candle, so entering in the day) So it is pure and simple Revenge Trading!
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Old Sep 18, 2017, 4:09pm   #11
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Jason101 started this thread Thinking back to post 9, the opening to many positions on dollar weakness, also occurred on the same night as a big domestic argy bargy, could well have been adrenaline fueled over confidence or perhaps self sabotage.
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Old Sep 18, 2017, 4:54pm   #12
Joined Feb 2002
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Originally Posted by Jason101 View Post
Another thing I have been guilty of doing recently is buying back into a new trade that stopped me out on the entry stop, so never went into profit. My rational was that the trend was still up, and it's now a better price.
But in reality, entry is no longer my set up (and half way through a candle, so entering in the day) So it is pure and simple Revenge Trading!

I use a table with various tick-boxes or score-boxes for price characteristics to define trends. Also helps to assess them against each other. Very simple stuff, e.g. is 50EMA sloping upwards or downwards? etc. etc.

Sometimes what I thought looked like a strong trend on the individual chart turns out to be (technically) not a trend at all as per my criteria, or not a strong trend when compared with others current.
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Old Sep 28, 2017, 10:13pm   #13
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Jason101 started this thread
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Originally Posted by tomorton View Post
I use a table with various tick-boxes or score-boxes for price characteristics to define trends. Also helps to assess them against each other. Very simple stuff, e.g. is 50EMA sloping upwards or downwards? etc. etc.

Sometimes what I thought looked like a strong trend on the individual chart turns out to be (technically) not a trend at all as per my criteria, or not a strong trend when compared with others current.
Tomorton, you are dead right here.

I have a tick off check sheet and the first item is

1. You must be at home (not on the mobile) with this check sheet in front of you.

Then I have to check off other items such as the order of ma's, exposure, news, correlated exposure etc, etc.
Because like you say in the heat of the moment the most ridiculous charts can look like good trends.

BUT. The big but is I wrote this about a year ago and I change it sometimes. BUT... it's still on the computer and I have never printed it or used it!!

This changes now. Thanks for your input.

Last edited by Jason101; Sep 28, 2017 at 10:18pm.
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