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Discipline Saved Me Today - Avoided Self Sabotage


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#1 hedgehawk

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Posted 14 March 2008 - 07:20 PM

I was driving this morning to work and checked my palm pilot after the CPI report time release window and saw futures were gapping up bigtime, I said I should buy the futures here, they are going to the moon without me. Im gonna miss the 100 pnt move. Then I remembered that I made a rule that states "Rule #5 Never trade futures from your palm pilot while driving 70 MPH to work" DUH! So that kills that desire to get long from my palm pilot. So I get to work, and I'm saying gotta trade, gotta buy those futures and buy them now like right now, please pull back dont leave without me! Then my computer takes a big uno wut on me and it wont work. It wont let me log onto my brokerage account. Takes me 20 min to get online finally I felt like strangling someone from my broker. Not even sure it was their fault there just good to vent at sometimes. Then the ES futures were at 1334 when I remembered Rule #3, "Never trade until I have drawn my S&R lines on my chart program" and then rule number "#2 Never buy the globex high." While I am drawing my S&R lines the ES I think the BSC news drops and ES spirals down below 1300. So I said I will short my favorite high beta play to get in on the action (skipping my reg routine), I immediately get stopped out. I reload the same short, and get stopped out again in seconds but they were min losses but psychologically they hurt more almost draining to my psychee. I then realized that I was to emotional to trade from all the previous stuff and I just sat on my hands for a while until I got control of my emotions which took about 3 hours. I now realize that this game is about the basics of following your morning routine, obeying your rules, and using unconditional stops. There were several opportunities for me to make a big mistake today, luckily I followed my rules which I think can save you when your not thinking clearly and logically. My rules saved me today from self sabotage so although I did not make money today I proved to myself that my rules work and they should be followed no matter what. Cuz "Anything can happen."

#2 TheArchitect

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Posted 14 March 2008 - 08:31 PM

good rule hedge... :)

#3 Rogerdodger

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Posted 14 March 2008 - 10:38 PM

I'm glad I'm not the only one. Must be an Oklahoma thing. :D

#4 atlasshrugged

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Posted 14 March 2008 - 10:40 PM

i felt like i had 100 nq points in the bag today...i bought in the low 1740's...the CPI comes out as I posted last night would surprise the mkt and in 20 minutes i am up 40 points...then the bsc news hits and my profits go back to zero.... i feel like the grinch took away xmas