Took one trade today. It failed.
Monday’s are historically not a good trading day for me.
Powell’s talk around 11 a.m. gyrated the market a bit: ES pushed up to 4438 and then sold off quickly to 4295 and then hovered in the PDL/ONL zone for the next 3 hours or so before breaking out for 20 points very late.
Easy day to get chopped up, I’m glad I only took the one trade.
I hope you the reader had a better day and if not, did not chase the market revenge trading to make that first loss back.
Revenge trading - trying to make back the loss you just had immediately is one of the cardinal sins of trading. It can derail the confidence you have built up and it can put a major dent in your trading account.
After a loss, your mind is agitated. You are not calm and your emotions have hijacked your ability to think clearly. Your ego wants to satisfy itself with a winner and it is searching for a quick trade to make it all back, or even better by having a winner for the day. This is revenge trading. You cannot do it.