How did you find yesterday?
For me, it was a tricky, choppy day.
And it was a good lesson on risk management.
Witness my trades made yesterday, here.
Even though I ended down, it would have been far worse without my due diligence in following my risk management.
The key was I started off trading only a couple of contracts – a great way for me to see if I have “a handle” on the day’s action.
My plan was to only increase my position size after a few wins.
I put on some high-probability trades and the result was 3 losses, 2 scratches, and 1 win.
The fact they didn’t work out stung a little, you can never fully remove your ego from your results… but…
Each loss was controlled and small in terms of points.
And my position size remained at 2 contracts.
So after stopping I was effectively only down 3 points ($325) which is easy to make back in a single trade.
Emotional management is key to avoiding going crazy, spiraling out of control, and wrecking your account.
So it was a good decision to stop one and a half hours into the session and rather than trading my PnL just wait for the next day.
Let’s get it today, and watch out for Mr Powell at 6:30 PM.