4:00pm It's been quite some time since I've had close to a five figure draw and have been really pi$$ed off with my trading, but I did and I am. Despite the overall larger range (breakout traders have been getting absolutely hammered), today's ES market was extremely tradable and yet I again for some ridiculous and unknown reason was pressing just enough to be out of tune enough on a day where precision was absolutely mandatory.
Sure, I'm not a great range trader, but bluntly, I sucked ... and I can't blame the market action that currently has little conviction/emotion and that's reacting to every on-again off-again bailout rumor. In fact the market action can never be blamed ... it's our job to adapt and the accusatory finger always points backward as this game is solely about competing against oneself. The only impact the current market rhythms have on my trading is that it simply requires more precision.
As I've preached for years and throughout this diary, trading is a mental sport ... period ... and I'm not sharp. Oh there were hints of strong performance, but it was spotty at best. And believe me, the -$9K draw doesn't bother me as the only number that matters is the one unveiled on December 31 ... it's the performance that does. I frankly don't care if I'm +$20K on the day ... if the performance isn't there, it would still be an atrocious day.
If there's any good news, it's that I've avoided significant damage and am in that mega-frustrated mode that often proceeds the next strong run.
Yet that will only happen if I quickly get my s*** together and right the ship.
4:45pm Postscript - Per Briefing.com, today was the first time since September that the Dow had two consecutive days with swings of less than 300 points.