Today's trading plan was to have a tight initial stop, and then mechanically trail slower than the previous days. It was wrong, since in the end it was like trading a untested mechanical trading system. I knew that right at the beginning - it goes against my rationale for trying out discretionary trading. Even a untested semi-mechanical system does give a sense of comfort - the possibility to blaming the "system"instead of taking full responsibility for the actions.
But I was psychologically damaged from yesterday's losses, and did not want to do the right thing. In the end, the results forced me to drop the plan, and concentrate on discretion. So the last 3 trades - one in HDFCLIFE and two in MARUTI were completely discretionary.
In MARUTI, I was tilting at the windmills - shorting an uptrend. On the previous days, a failed short would have made me go long, but today the plan was to avoid SAR. Even in the discretionary trades towards the end, I wanted to avoid SARs. Results of a couple of days in the last two weeks have been badly affected by SAR trades - including yesterday.
Tomorrow, let be play my discretion to the hilt. SAR will be decided by discretion. Entry will be discretionary. Trailing will be discretionary.
Live tweets of today's trades before I stopped tweeting.
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