Last year I finally started making money (+14k~). I'm starting at around $48k this year. I plan on making withdrawals over $50k. Previous threads: 2014 2013 2012 2011 2010
-840 +250 +1180 +0 -540 Same old problem. I didn't sell first once today. My last long would have put me in the black today but I didn't hold it. I had 3 losers by then and didn't want to lose more. Only traded one contract today.
-790 Monday, Nothing today. Monday I took 5 shorts. Thank God my trading instinct is to only trade 1 contract. I have to change something. One of my favorite things on trading is the Floored documentary about the Chicago pits. One of the traders compares the market to a whore, as it's out to fuck as many people as possible. In my case it's mind fuck. After trading no where for a couple weeks and the losses I had yesterday, I decided to just paper trade as I've lost all confidence in myself. Time to start meditating.
I took one unplanned short yesterday and scratched it for +20. -250 today. It would have been another -several thousand day if I were trading 5 lots with my old plan. It started sinking in today that the lines I have been focused on drawing for the past few months led me to become a pure counter trend trader. My best month was early last year, when I was trading simply off slanted lines. It was clearly and aberration, as I have struggled to have 2 +$6k weeks since. I'm sure the reason I did so well is some of those trades were with trend entries. This week has made it especially clear that counter trend trading is so much harder than with trend trading. All of the best trades this week glare at you simply using S/R levels from overnight and the prior day. Today, we were trading above all of yesterday's resistance which alerted me to not think too much about selling. The one sell I took I exited quickly.
In case anyone still needs proof you can forecast direction using lines. I cashed out my paper trade at 1191 today. The second screenshot is from yesterday.
My only hope is that in the next few years I just don't give a fuck anymore. When I paper trade (ie don't give a shit) I can make good money. When I PUT ONE CONTRACT ON, THIS IS WHAT I DO. I HAVE 120k saved now. That means I should be trading 15 lots!!!!!!!! I feel like I should start throwing money away so that I don't care about it anymore.
+0 -180 +660 +900 -400 (all 1 lots) I'm getting there. Today was one of those days which would have cost the old me my entire week's profit. I need to master 1 last thing to do very well at this.
-300 (1 lot) +10 (1 lot) +760 (5 lot) -110 (1 lot) Of course once I convince myself that my trades are counter trend and suck, nearly every day large trends are created by the setup.