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I want to apologize for part I because I think I came across, to put it mildly, as a pompous ass. I do get a good feeling when everything goes right. Mainly because it does not happen often. In an effort to be honest with you, I wanted to define a difficult or bad trading day and what I do when I have one. First let me give you my definition of a bad trading day. A bad trading day, for me, has one major characteristic: When I do not follow my trading rules. I know in part I of this post, I gave the impression that making money equates a good trading day. That just isn’t accurate. Blindly linking making money to a successful trading day is dangerous. Let me give you some examples. What if you if were to take a gamble on XYZ stock. You buy 5000 shares and hope for the best. You end up able to sell for more than you bought giving you a nice profit. Most traders are sophisticated enough to not fall into this scenario. We all have methods and criteria for trades. We don’t blindly guess at what a stock is going to do. We know the trader using this method is not going to be in the market long. So let me give you a more realistic example. Let’s say I see a good setup that fits all of my criteria and I coldly pull the trigger. Ok, so I am in the trade and a couple minutes later the stock is pennies from my stop. My heart starts to beat a little quicker, my palms are a little sweaty. In my mind I tell myself I am going to have to bail if the stock ticks any lower. But I really want this one to be a winner. I mean, it had such a good setup. A few ticks later the stock is 5 or 10 cents below my stop. I silently root it back up. I tell myself: 5 more cents and I am out. Well, instead of going lower, the stock creeps up. As it crosses back into its original pattern, it picks up speed. Now I'm even and the stock begins to take off. It turns out be a profitable day, as I exit at my predetermined target. Was this a good day? I do not think so. I would rather follow my method and exit at the stop. Granted, I would have been on the sidelines as the stock crossed back into positive territory, but I would have stayed true to my trading rules. No one disagrees with the importance of following your trading rules. Aside from it just sounding good, the statement is rooted in the fact that the more you allow yourself to deviate from your method, the more risk you allow into your trading. When you deviate from you trading method, your other rules become invalid. You are no longer making decisions based on rules with which you have experience and confidence. Once you deviate from your rules, you’re basically incorporating hope. You don’t have anything else to base your decision. It is always important to do your after session analysis or homework as I refer to it. When you have had a bad trading day as I have now defined it, doing you homework can be painful. Make sure you still do it. I have found I learn the most when I lose. During my homework sessions, I incorporate an analysis of how well I followed my trading rules. I do this because over the course of my career, I have found that following a solid method will take care of you by managing the risk and allowing your to profit consistently. So we defined what is a “bad” trading day, briefly discussed by deviating from your rules is risky and touched on reviewing how well you followed your trading rules. These are all important concepts. They aren’t new, but I do plan on going in depth in future articles about my personal experiences as it relates to trading rules, homework, and risk. In part III of Trading a Difficult Day, I will outline the actual rules I have implemented in my trading plan.

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