

Perseverance Means Everything As a Trader
March 28, 2009 by aa411853
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Wow, what a week! In recent weeks, I've gotten off to a horrible start just about every Monday and this week was no exception. Sometimes I wish there were no weekend breaks (just kidding I know we all need the rest!).
After fighting the tape most of Monday and suffering a fairly large drawdown, I went home Monday night focused on recovering my losses. It's amazing what a bit of focus can do for one's trading.
On Tuesday, with some locked in trading, I was able to earn back two-thirds of Monday's losses. And on Wednesday, I recovered the rest and actually ended up quite a bit from Monday's open. Thursday was just another day at the office with decent gains.
Yesterday on the other hand really tested my patience. We gapped down at the open and the market internals supported a nice selloff that never materialized. After hitting on my first trade of the day for a nice winner, I went on a string of 6 consecutive losses. I usually avg about 70% winners, so losing 6 in a row is not the norm. But I managed those 6 losses about as well as one could hope and actually was at breakeven on 1 for 7 around 3PM. My last two setups of the day were profitable and I ended up recording a decent day.
I could've beat my head against the wall and threw in the towel much earlier in the day. But I didn't force anything and just waited for my setups knowing that I still had the edge. I'm happy to go home for the weekend knowing that I made money on a day where my hit rate was the lowest of the year.
Only now I've got to figure out a way to beat the Monday letdown. If anyone's got any ideas, please feel free to share.

