Bad week.

I'm not sure why is it that every time after I have a great week, I just blow it out the next, but I think it has something to do with "overconfidence", which is a bad state to be at.
This week I had been trading, thinking "my method is working, I don't have to stop with my stop loss limit of a day", at least I traded only 1 contract which made me lose less money than in my really bad days, but still, I should really stop trading after losing 1.5% of my equity, because after that each trade seem reasonable, even if it's 2 minute scalp of just 3 points, which makes you pay a lot of commission.

I know how to have good days of winnings, but what I need to control of is the losing days, not letting them effect my equity curve, and now they are just making it freefall everytime they happen, and if this keeps on, I'll be going bankrupt in a matter of weeks, this is how bad it has been, and now is the time to change.

I will have a losing days, everybody does, but that fact of the matter is that I need to make them as small as possible, and let the profitable days run.

Having a bad week.

This week I think I went -681$ overall, which is the exact opposite of what I intended to do, there are a few reasons why and I would like to tell you what I have learnt from this week:

1. Don't scalp in futures trading, the commissions will eat you alive.

2. Keep your stop loss, if you don't you get to a point of losing 20 dollars here, 20 dollars there, and then you "scalping" your way to losing money, what happened to me this week is that I went out of trades before my stop loss have been met, on false alerts, while the market was going sideways, I lost a lot of money trying to join the next market move.

3. Keep the method simple, buy on breakout of resistance, or in a forming trend, don't guess the market next 2 minutes trend, just go with the flow, I could have gotten 30 points Friday without a sweat, but instead I just scalp my way up, which means I took about 19 points, maybe less including commissions.

4. Don't ever set unrealistic goals, like 500$ a day (on 1 contract), just because you feel like that, because it will cause what happened to me Friday, which is averaging up (buying another contract on the top of the trend), and then when Dow went down few points, all of my profit was lost due to the other contract, basically don't trading more than you can handle to lose, for me 2 contracts is too much for you now, and it caused me coming from a profit of 150$, to losing 130$ Friday.

I hope it will help me form somewhat of a trading rules in futures trading, learning from mistakes is the best way to evolve as a day trader, and I would like to help you guys learn from my mistakes.

Have a great week end!