I will ask for nothing. But I will produce motivation for free. STAY AWAY FROM NG! Too many coaches and no real traders!
Glad to see you bounce back, wabu! I was worried when you took that great loss earlier as it's a pattern in which the outcome is one I've seen too many times.
8/25 -$3,120 Balance: $39,595 Yea... so this happened. Since start of day was just gambling. Told myself I was gambling. Knew I was gambling. Was disappointed because I knew I was gambling. Didn't follow any of my trading rules. Should have just exited but the dumbass myself was being stubborn and was so convinced MRNA is going to go higher and someone is forcibly forcing this stock down. I think it was my ego and just trying to beat the market since I had 2 huge wins the last two days. Thought MRNA would bounce back and rise to $413 by day end but at 11:38am the huge drop... wow the one day I try to be a dumbass and ride this out till the end, this happens. Had 300 positions in but got 101 liquidated at 12:51am... didn't know I needed more margin to keep the position overnight. Still have 199 positions. Tomorrow morning is going to be very interesting. Lets see if my "intuition" will work or if it's just my pride and stubbornness not willing to accept failure. I'm so shit. I thought leaving it overnight would be a good idea because I was really adamant on my predictions but after a nap, im like "wtf... shit this isn't how I trade...".... so yea.
8/26 $+2,091 Balance: $41,685 Man what is going on with MRNA. It is moving so weird. Was waiting for its bounce and it just wouldn't.. until I exit my positions, of course. Now I shorted and waiting for its fall because it went up too rapidly and needed to fall first but it just wouldn't fall... and gosh it was just frustrating. Lost 1K on the trade because it went higher than I expected and also because it just wouldn't fall. However, saw NG topping and I went "heck lets do it" and exited all of my MRNA positions and went all in shorting NG. Made a quick $900. Was thinking of just exiting half of my positions but I was so tired from looking at the charts all day I just called it a day but man... shoulda waited 5 more mins. Coulda made 20 more ticks. That's $1800 more. Coulda Shoulda Woulda hell no we all know just be thankful for what you have and for not losing money. I'm still shaken up from yesterday's disastrous performance. I'm glad I got some money back today. FYI putting in another 5K in. So tomorrow's balance will be 5K higher.
Don't do it. You know how to make money...let your trading account grow the natural way via profits. wrbtrader
UPDATE:: 8/26 +$2,689 UPDATE:: Balance: $42,284 Went to get some lunch. While eating, I was looking at the NG chart with my phone and omg it was going even higher. I saw that and thought that was so BS. It was forcing it trying to get that last push in before reclining. So I called the BS and shorted the elephant out of it. Went in 2 positions. It goes higher 10 points. Went in 3 more. It goes higher even more. Went in 3 more, and than 1 more. Cause if you're going to go in 8 contracts, might as well go all in and add one more, right? If you're wrong, your screwed anyways. But I wasn't wrong! It starts going down. I am on my phone so I don't have the best chart view so I think to myself "let's play it safe" and exit, when literally 2 seconds later it falls another 10 points. OMFG. If only my finger slipped. Or someone ran into me. OMFG. And I really really promise really called that it would go down to at least 4.179 (it didn't, but it's pretty close) but didn't leave any positions in because you never know what's going to happen. And I had to go get a haircut. But AHHHHH I missed out on like 45 extra points I could've had. AHHHHH could have made back everything I lost yesterday, and like another couple thousand. Starting tomorrow I'm going to trade a lot smaller because I think just a week or two ago, I was playing in like the $700-$800 range and making that amount a day was a very good day. Now this week I'm suddenly playing in the thousands and I am losing my shit. Gonna reel it back and play it safe because I'm about to lose another $10K in like a day at the rate I'm trading. AHHHHHH why is trading so fun sheesh!
I appreciate your honesty in posting, and I am going to comment in the same manner. You can't trade that way, take a loss and look for another entry. You will get crushed one of these days playing instead of trading. Unless you are independently wealthy and this is just a gambling game, you need to have the discipline every trade and have a plan, not a guess. Even if you are wealthy all ready, this is a really boring way to throw money away. The long was the trade.
Re-read this post you wrote 3 weeks ago... https://www.elitetrader.com/et/thre...ing-year-journal-1.360557/page-7#post-5434255 It seems to me you are just trying to trade "where the wins are". What I mean by that is...You lose in one instrument, you go to another. You stick with that one until you take a big loss, and then you go to another instrument. Your trading is a yo-yo. Your gains and losses are going to amplify, as you scale up to the point where you will have a UUUUUGE win day. Great! But the inevitable UUUUGE loss day will bring your account back to zilch. 8 contracts on NG (and it was really 9 if you count up what you wrote there above)? Dude, you are risking way beyond all reason with a $40K account, looking for a fast 4-digit gain. It AIN'T WORTH IT.
I've been both behind wabu and against him as he vacillates between one idea or another for the month this journal has been alive. My theory still stands. He is sticking with something that works, but then switches to something else when the first thing stops working. There is going to come a time in the trading style where nothing works, all trades go against him, and he will lose his hard-earned profits. This is painful to see. Stick to what you think you know, and try to know it better. This is why I do not trade CL anymore. I switched to the indices years ago, and have learned a great deal, for my style of trading. But it takes a LONG TIME TO GET COMFORTABLE WITH SAID INSTRUMENT. Switching back and forth, chasing what you think is the "next big thing" can be a distraction. ESPECIALLY if you are trying to trade individual stocks and commodities at the same time. The two are mutually-exclusive. The floating PnL numbers will get you every time. One needs stability in the trading mindset. You do not need to find the max opportunity in every instrument all the time. You only need to find the best opportunities in one instrument MOST OF THE TIME. That is what my mentor taught me, and I am sticking with that thesis. I hope wabu can come to the same conclusion.