Gross PnL: -$20877.
Net PnL: -$21175.
Note: I kept the BTUUQ short overnight because I will be under the PDT tomorrow and won'be able to reshort. Strong conviction in $3-$4 range over next few days.
3/10 psych score at 10:30. Worth noting that at this point I was down around $3000-5000ish. Notes I have are: Tilted as fuck. Platform crashed straight after the open and I didn't have my setup saved. Also too aggressive and got squeezed on BTUUQ.
So this is the worst psych score I've given myself since I started taking them - so begs the question, why did I continue trading when I knew I was tilted? Whole point of this is to help avoid a day like this.
After this I took a few "good stops" (which were still bigger than they should have been) but point is, that would only serve to deplete my psych capital.
Completely wrecked, so much more than I needed to be as well. I had been feeling a sort of arrogance creeping in over the past week - just a result of being so consistent, but also a result of having a few days that should have been negative but broke rules to try and make money.
Two main causes of today:
(1) Going over max size.
(2) Not having a hard stop once got to max size.
A few contributing factors:
(1) Scaling over too wide range. Better to take stop and re-enter. This means that when I add at desired levels it is difficult to get anything size reduction for profit.
(2) Account size. I didn't withdraw immediately after depositing the money to meet margin call (had planned to at end of week). This meant I had more buying power than would be ideal - but obviously discipline would solve this issue anyway.
(3) Fighting trend too much. (Hindsight) it was obvious that BTUUQ would be a hard short once it got above morning range and yesterdays high. This somewhat relates to the prior arrogance.
Every time this happens it's looking at the situation and trying to work out how not to do it again - never seems to be as simple as DON'T BREAK RULES.
What this does tell me is that I am not ready to look to increase account size yet - it reinforces the importance of saving some backup money.
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