Well, it was a rough day in the end but each tough day is a chance to learn when you are trading, paper-money or not.
It seems that I am destined to repeat the same errors over and over. In the case of today, I was not waiting for the best set-ups; high probability setups. And for the life of me, I cannot help the BAD habit of playing for reversals. This has been a constant issue since I started trading in October. I am always looking for the turn instead of jumping on the move and riding the Momo. This fascination/fixation with picking the end of a move is incredibly frustrating. I don't know if it is the great thrill of catching the beginning of a new move (the satisfaction of "Being Right"), or concern over jumping on momo with the fear that the move is going to end, or some other mental dysfunction. This is something of which I'm aware. It is a pattern. Therefore, with enough attention, I am confident I will correct it someday. It just doesn't look like it will be right away! The whole point of this method of trading is to ride momentum, to hop on the train instead of trying to turn it around (an impossible feat).
I think I'll get the point eventually. I am only about month and a half into playing high-ADR ETF's and not full-time trading. Only a fool would believe 30 days is enough time to master a skill as difficult as this. Some traders speak of 6 months, 1 year, and longer. Scott of Fear & Greed wrote of watching and studying for 2 years before jumping in.
I'll just keep plugging away and trying to improve.
25 Trades for net loss of $1.97 per share. 60% win rate.
