A Lesson In Complacency

I've been fortunate to be on a pretty decent run of late. Indeed, it has been twelve days since I had a losing day. It is very easy therefore to become complacent when on such a run, so today's performance came as a sharp reminder to watch my discipline and remain focussed.

Right from the off this afternoon, I felt that today was going to be difficult simply because I was giving away, or at least reducing, far too many green positions. Although I was building up profit, it was a lot slower than it should've been if I'd not been so careless.

One of the things that I found frustrating today was my seeming inability to get on any of the major moves that I spotted. I either found the market remained static after entering my position, so I'd end up scratching only for the price to charge off in the direction I expected immediately after I had done so, or the market went off as I thought it would after leaving my unmatched bet behind.

This can really try one's patience at times, not to mention discipline and I am afraid to say, I let it get to me a little and I started being sloppy; not watching the market as carefully as I should; chasing prices and entering at the wrong points. I did this to such an extent that in the last hour of the afternoon session, I wiped all my profit out and found myself marginally in the red.

I didn't get myself back into profit until the fourth last race of the evening session.

While it is always great to be pulling in decent profits everyday, days like today can be valuable reminders that this trading lark isn't as easy as it appears. Keeping focussed and maintaining discipline are such important parts of trading that having the odd poor day is not only inevitable, but I'd argue essential, in order ward off the spectre of complacency.

Today was a good lesson, even more so as it didn't cost me anything and I came away with some profit.

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