Intraday Trading: -$979. Down day of decent magnitude, but actually pretty happy with the way I traded for the most part. I was very patient for entries and was completely wrong about oil, yet I didn't get carried away and take wider stops etc. Had the complete wrong bias, but each trade went exactly as planned!
The mistake I made today was with ES. Was up very decently and didn't manage any of the position, was going for the "home run" trade - instead of managing correctly. Trading the back account the way I have been hasn't helped my tendency to go for the home run trade.
Swing Trades: -$15.
Back Account: -$15957. Back account has been put more or less back at exactly where it was at the start of the week. This is unacceptable. I figured I would come off the winning streak pretty hard, but hadn't realised I could come off this hard. Will do a blog post over the weekend, on the psychology of how to handle of taking big size trades with high conviction, and how to ensure coming off the run doesn't ruin the net profit.
The general jist is that while I had a good idea today, it didn't do "exactly what I wanted", compared to the trades I took earlier in the week - thus wasn't a high conviction trade. To illustrate the point, I took 4 trades today, all of which were losers (which isn't to say they weren't good trades), prior to today for the trades of the week were roughly a 5/6 winning percentage (again, just because a trade is a winning trade doesn't mean it's a good trade). This illustrates the point about requiring high conviction for the sized up trades.
Overall I'm relatively happy with the way I handled it from a overtrading tilt perspective (which is my usual problem), I wasn't pumping out the trades like a crazy person, the problem was more the way the trades were managed, and the way size was implemented.
First time I have had a streak of "conviction trades", rather than one single one, so some good lessons for the future. No doubt there will be more of these to come because of the shift to get access to more shorts.
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