Shouldn't have reversed (Counter Trend) but take another long. Getting stopped out of a position doesn't mean "REVERSE" But that's what I most often do then regret it
I'm posting this to offer you some insight into your own trading and not to call you out in a negative way. I recognize what you're doing because I've been there, and escaping that place was a key moment for me. I went from struggling and losing to consistently profitable. Look at this series of postings you made and look at the time stamps. I circled them in red. 1) I'm taking a guess that you were using 1 minute data to make the long entry. One minute data has an edge on NQ, but not a consistent edge on ES. 5 minute data should be as low as you go if you are buying reversals from pullbacks. Had you used the same approach but on 5 minute data a long entry above the high of the bar that closed at 10:20 would have been the signal to take. But the poor choice of data is not fatal. You can trade the 1 minute ES profitably. I can't, but others can, including you if you put in some work. 2) You were then stopped out of the long trade within 5 minutes, reported your loss here, and within a minute you were posting a short position. THIS IS THE FATAL FLAW. Almost anytime I take a quick entry in the opposite direction of my most recent loss that trade is a loser. A quick loser. If you were to track your revenge trades where you are reacting to a feeling of needing to get back you most recent loss I'd bet your win rate is nearly 0%. It was for me. If you're trading the ES, define a set up or two on the 5 minute chart. Resist the urge to "find a trade" on the one minute ES chart. Then, when you do book a losing trade, get up, go outside, and do not come back for at least 10 minutes. Cool off from the loss. Let price print some additional information during your absence. Come back when you have accepted your loss and you are feeling confident that you can now look at the data with fresh, unbiased, and a cool and calm demeanor. Again, I'm trying to help. I've been there brother and it was only after another guy who had been there and left that bad place pointed it out to me that I was finally able to leave there. I'm just paying it forward. And tbh, even though I say I've left that place, I am still at times drawn to revisit it again. I long for the day I can trade my best without feeling the tug of my worst instincts. Good luck to you and to everyone here in this great thread working to do what we all hope to be able to do.
Thanks for helping Yes … I am trying to remove myself from the noise and I try to stop interpreting everything the market is doing. I use a 10ticks range chart alongside a 20ticks one. The 10ticks is definitely noisy and I have already taken measures to remove myself from it (filter signals). Looking forward to trade less, stop taking revenge trades and Co. I need a simple, robust, safe and sound, system (with an edge) and follow it no matter what.
When I hit my profit target on Topstep I lock out for the day. In my Tradeday account I exit the Tradovate Platform and switch Ninjatrader to Global Sim. I have a loss point and a profit point at which I'll stop trading for the day and I'll come back for more with fresh eyes, fresh rest, and a fresh new day. +20 points ES or -10 points ES I'm flagged for the day. The first few weeks of doing that were tough. I'd see great afternoon moves and feel I should be in them. Now, after months of doing it this way, I now feel so calm and relaxed when I lock out and switch to sim mode. Eventually discipline becomes habit and good habits feel good.
kinda wrong-footed me today on ES Did end up getting a little dip but I wasn't able to take advantage. I didn't feel we'd 'gap up and go' today which is why I tried that short, but you tend to need to have very good timing to benefit from shorts at the moment. still flat. Would like a bit more before I try a btfd trade...
Reverse is not the same as Revenge. One is trade system based, the other is emotional. The system must be robust enough to signal a reverse. The signal can be as simple as a stop, but that is only one (conventional) possibility for the signal.