Ok week.. still trading with fear. Only error moving stop on 1713.25 trade this morning.. unplanned entry the start of that. Key error was pre-market trading (gambling) around a report. Luckily no longer fighting the markets so worked out ok.. Once the frenzy began didn't remember I should be selling 1730 (on every chart I have) Hoping for a Doji today..
This trader traded more.. Consolation is the last one was patiently handled. Must be break all rules day.. Would be better if a price was paid for it. In hind sight looks so simple.. 1713 to 1730 to 1714 and back up... Officially done.
About 40% up for the week... probably common for 4k accounts which still end up blowing out. Key is consistency through loss control. Loss control has been just ok but I have achieved it by avoiding screen watching. Going forward must learn to watch screen all day and still avoid overtrading. Like fishing where you never know when something big will happen. Since my daily loss is capped there should be nothing to fear. Hopefully past catastrophes will slowly fade. Also must try to keep a swing contract. Will build Equity Chart next week.
Good job R, congrats! Don't be hasty to jump to 2 contracts. Keep trading until you're totally comfortable with 1 contract. If you keep your daily stop loss in place, it would be very hard to blow out the account. Over trading, and pre-mature exits can be avoided via strict discipline. For example, only taking signals from your anchor chart, and not looking at your entry/exit chart, until you get a solid confirmation on your anchor chart etc. Good luck Schaefer
Schaefer, Good advice.. that's the key reason my screen setup minimizes the shorter time-frame as it should be used for entry only and nothing else. Once I hopefully reach escape velocity (That level at which gravitational pull (risk) drops off) patience SHOULD return. Below is the risk matrix I am using. Yes 2 contracts puts me as close to 2% as I dare which may have manifested itself on Friday.. Could be 1% is ideal. Not sure at this point. A second contract also satisfies the take profit urge I have as it gives me a runner. You could also say I simply need more capital. I could also consider the single contract the runner and a "trading" contract overrated.
Couldn't comment on your risk matrix, as I'm not a fan of fixed stops. However, I am a big fan of daily stop loss. Don't focus too much on the money/capital; been there done that, just focus on following your plan, and doing it right. Money would follow... Schaefer
Morning Prep.. Surely everyone is thinking.. what??.. Clearly a trade what you see market AND a swing traders dream.. almost 100 points since 1650. 1740 to 1750 "looks" tough to get through especially with a near vertical wedge on the hourly but if cleared.? The powers that be out to show ANY amount of technical damage can be rectified.. Definitely won't be on 2 contracts long, if I go long at all. Becoming increasingly difficult to participate in a higher risk celebration of a tragedy. I wonder what markets will do once Unemployment starts dropping... No news reports till Thursday..