Elliot Wave, one of our new traders, was going for his tenth consecutive positive trading day. It was not to be. He sent me an email why.
Why I Failed to Make 10 Days in a Row Positive
- On the Open today, I thought I could replicate the success of past momo trades
- I was focused on making a huge chop in the Open, and not the right trade, because I wanted to make a lot of money to have a cushion for the Close
- I let my emotions takeover my logic
- When my emotions are on overdrive I don’t wait for the right set ups
I traded for P&L, not for the right trade – this always leads to failure - This gets at the heart of one of my problems – not being patient. Lack of patience costs me money.
Good work here finding a lesson in a loss. Elliot Wave tomorrow is an opportunity for the beginning of a new streak while continuing to focus mostly on your trading progress.
4 Comments on “On the Tenth Day”
IMO, Elliot has a very good chance of making it due to his own realization that he was trading his P&L and not the market, and the fact that he seems to know the cure for is own ills…..patience.
Andrew Menaker, PhD.
Thanks Bella for all the good posts in this new year. As for Elliot, as Andrew said, he must trade what the markets gives him in that particular day, not what he wants to happen.
I believe that he hit it on the head when he mentioned, “Because I wanted to make a lot of money to have a cushion for the Close.”
Like it has been said 1000 times….once you focus on making monetary gains and not a flawless trade, then the money follows….it follows into another trader’s account!
Keith
thedailyeminitrader.com
i didn’t know that you guys work with elliot waves as well. Also, 10 days positive is impressive.