I watched two of your videos. The one in the link from post #1, and a random one after that in your channel. You're getting ahead of yourself if you think leasing a seat on the CME is going to help your trading, or provide some tax advantage? Trust me, sir. Calm down. You are falling into the same pattern I did. I can see it clearly in your thought process. Use extreme caution. Please do so. Especially now, and especially in the NQ.
And that was the point of mentioning. You might find that leasing a seat may not make sense at the 150K milestone, but you will also learn that taxation CAN BE substantially offset with "perks" of operating through an entity with TTS (Trader Tax Status). GreenTraderTax can give you answers for your specific circumstances. Happy Trading!!
man that was a hard session. it's good that i got it on video cause i definitely saw an issue at 1:34:30 after the winning trade. i usually wait for the hour to complete before taking another trade (1 per hour). But i was just "convinced" that the range is established and we were going back to the midline..and booom got caught in series of low breaks. Would've ended the session in the black after the 11am trade if i waited. It's always about timing... But my god, didn't anticipate the whole crash down today. You know there are blown accounts on that one. It's a bad day, but man it could've been worse. I thought about going short, but it was out of my strategy to jump on it. So i just decided to take it up the ass and call it a day. kind of still up for the month, but i'll wait for the friday statement before updating ..
Too much size, you stayed cemented to the Long side with only 1 - 2 Short positions late in the game as if you had to admit it was a Down Trend Day. You have to backtest that type of trade management strategy and position size management to determine if statistically if your winners on trend days will out weigh your losers on trend days like today when you're fighting the trend (counter-trend trading). If your backtest results with the simulator results shows that trade management strategy with position size management strategy do in fact work...you can then view today as part of the statistical expectations. Thus, you do not need to worry about today's (-3150) losing trading day. Also, the stats will psychologically help you to remain in control until the winning days show up on trend days while using the same trade management strategy with position size management strategy...scaling into trades on a trend day. Do you add to winning positions in the direction of the trend day ? The first strange thing in your recording of the live stream...you started talking about your profits, losses...how much money you made and loss as if you're giving a quick history of your trading instead of focusing solely on the current trading day...today. Psychologically, you're brainwashing yourself in the beggining of your trading session. Yet, I prefer to view it as setting yourself up to not be able to recognize its a trend day with each and every position add...cementing the view that the market will retrace back upwards to some target that you've set. Also, that brainwashing with those losses accumulating will set you up to ignore your Short signals. If you're really using VWAP...I know you got several Short signals but you must figure out this weekend why you ignore those Short signals and continue pushing those Long positions when the big downtrend day became so very obvious. The other biggest problem is your position size management. You're adding to Long positions when and bullish price action is unable to take out the prior (most recent) reaction high. Simply, its a downtrend. The next strange thing I notice...you intentionally muted the audio. When I see someone say they're trading via a certain method (you said you're using VWAP) but they then start placing trades in areas not associated with the trade method and then they mute the audio along with the fact there's no VWAP on the chart. Psychologically, you're unable to manage that loss and it was only (-655.00) @ 1:14:10 in your video just before you strangely increased your position size to 2 contracts on the next Long position. It briefly worked...you trimmed down your losses to (-155.00) but there's no audio to know what you're thinking now. You're now telling yourself that it was OK to increase your position size on a Long position on an obvious downtrend day. You then go Long again with 2 contracts and manage to get positive but only briefly around 1:38:52. Yet, the stop for those specific 2 contracts was @ 7905 while your Long entry @ 7936.50 The issue wasn't that it was a -31.50 stop/loss protection. That's a huge stop to be using on a downtrend day. This is a huge problem because you said you're using a risk / reward ratio of 1:1...something you said earlier in the video when you were discussing your brief history. Regardless, the -31.50 stop would imply your profit target was +31.50 I call these types of ratio as fixed risk:reward. They do not adjust to the current market condition of the price action you're trading. For example, if the market was only able to give you 5 - 10 points on those Long positions...that fixed risk:reward of -31.50:+31.50 will be very problematic. Have you backtested how you're using position size management ? Why were you consistently trying Long positions as if you did not get any Short signals...what gave you that bullish bias...was it via technical reason, expectation or something in the market context that you're not showing in your live streaming ? Yet, your intentional muting of the audio when you were only down a few hundred dollars in the beginning and you're not showing your other windows (e.g. position windows) in CQG trade execution platform is odd too. Surely you must have been thinking about something when you were adding to a losing trade position. Its as if your home environment has too much distractions and you do not want anyone to hear what's really going on in your trading environment (e.g. getting up from the desk and leaving the trade position not being monitored, talking on the phone with relatives). Something else, its as if you're trading from a single monitor and you're trying to make the viewers of your live stream happy by putting up a chart (maximze) on the screen instead of you (the trader) utilizing the rest of your broker trade execution platform because those other windows (not shown) will HELP you to not get fixated (hypnotize) on the chart when you have open trade positions. This is only an issue if you're not using automation in your trading. Going forward @ 3:15:45 in your video...you were only down (-945.00$) but you did something strange again involving your position size management...you went added another 1 contract to an open 2 contract Long position...you now have 3 contracts. The stop gets hit and you're now sitting with a (-1905.00) losing trading day. You stop for a long time...still no audio and no views of your other windows in your broker trade execution platform. I figure at this point...you're like deer at night in front of headlights coming straight at you...you're unable to see the car/truck/semi behind those headlights. If the downtrend was not obvious to you earlier...it should have been obvious to you at this point. Next, you go Long again but this time with 3 contracts and still no audio about why you're increasing your position size, no info about the downtrend that you keep live streaming. Yet, you manage to get back to a loss of (-945.00). This is where the mind games kick in. Profitable trades can trick you into believing you're doing something right when in reality your training yourself to continue with the bad trading habits. You nailed a nice retracement back upwards on 3 contracts and should have called it quits for the day on that winning trade to then rethink over the weekend about what happen and why you're not tuned into the obvious trend or maybe you knew it was a downtrend but was afraid for some reason to go Long until near the end when you increased your size again to 5 contracts from an earlier losing 4 contract Long position that had an add...losing 5 contract Long position in which you finally (too late) do a position reversal into a 5 contract Short position as if you now realize its a downtrend or you gave up to say that it must be a downtrend. Seriously, if you're going to live stream your trading...don't mute your audio in the heat of the battle, show those other monitors involving your position window and VWAP indicator. The latter is very important so that you'll hold yourself accountable because it really looks like your trades have absolutely nothing to do with VWAP especially when VWAP is not on your NQ chart and your position size management seems random (emotionally based). wrbtrader
My strategy is backtested..it's fine. Like you said, 1 down day doesn't mean a thing if you have the stats to back it up, unless of course it was an outlier. But i definitely saw an improvement needed. You keep bringing up the muted video and making quite a longshot assumptions on my state of mind or my strategy. I've explained before that i keep my stream muted most of the time cause i dont' feel like talking. Also i almost always reset on the hourly (1 setup/hour) so it's no point of talking for that long right? Maybe you didn't bother to look at all my other stream videos on my channel; i keep it silent for almost all of them, and just walk through the process and thoughts in the stream chat if the session is long enough. The mistake i made was jumping on the trade right after a good trade at 1030, which i always wait till next hour. i was impatient. i mentioned in the previous post if you care to look and also in the chat. The assumption me not following my strategy or my state of mind is just off base. i admit the position sizing needs a bit of work. but in general, i would put more size in trend/breakout setups then i do fade..it's not fixed contract for all setups. i made the introduction to explain the asian session..with structure i was trading and the pnl i got. Then we moved on to US session. I muted the audio, but i kept the chat open to walk through what i was seeing. No different than my other videos except i just decided to narrate it this time.. And i only show sierra chart cause it's just about the chart. i mean why is this a problem? why do i need to show my other windows and all of that? it shows on the chart where my order/tp/sl are. And also the vwap was on there temporarily but i took it off realizing the time shift was off. Like i said in the video, i use tradingview for trading and sierra as a stream visual. So i didn't really check the indicator properly when someone asked for it in the chat. i liek to keep the videos clean for my own purpose. But i did mention in the video but i admire you attention to detail, but it does have a lot of assumptions on your part. cant blame you since i dont' really got into explaining it before hand (which i have in other forum in great detail). My goal is just to document here since i have access to more futures information than a forex forum. But like i said, this is just for me, the videos is not meant to "explain" how i go about things. Its just there for me to view later and serve as record keeping in tracking the different setups and observing myself live on how i reacted to them..
Glad you finally moved over to ET...I was subscribed to your thread on FF but I don't post enough to have a red flag so I couldn't post in it. Good luck!
First of all, overall you're doing well and I'm glad to hear you have statistics to aid your trading (most do not). Yeah, you're absolutely correct...I have a lot of assumptions because I'm still trying to figure out the important pieces in your trading. I'm not one of those that needs to know any details of your trade strategy. I'm more interested in that stuff most traders underestimate or don't talk about. My interpretation is that you're using your journal to document your progress to whatever goals you have and the current goal is for a CME lease although you're still documenting your progress. I mention the mute of audio several times because it seems like you're doing something else and now you've confirm you were chatting (typing) with others. I've learned that when we think thru a process instead of talking our way thru the process...the latter reduces errors which is why I strongly believe that we should not mute our thought process from trade to trade especially if we're journaling our trading. One day your going to look back/review your history of videos and you're only going to see a price chart with trade executions. Thus, you will not know what you were "thinking" during those trades from trade to trade. Your written text in a chat log will help a little but it will not contain all of your thoughts (we think faster than we can write and we think about things we don't write about). As for position size management...its key in my own trading. I like it when I see someone using different size for different market conditions or for different trade setup. I'm a strong believer there's an edge in position size management because all markets or all price action should never be traded with the exact same size as if all price action was exactly the same. Hats off to you for recognizing the importance of position size management. In fact, I believe that when you solve that puzzle in your trading...you'll have less swings in your profit/loss, less drawdowns and more consistent winning trading days. I've seen traders with less than 50% winners make consistent profits because their position size management is superbe. The other issue as you noted that I made was about the VWAP. I was curious why it was not seen during the entire video. At first, I thought you had an excellent memory and didn't need to show it as a visual reference. I then thought you had another monitor. Thus, your trading involved multiple monitors (I myself use 3 large screen monitors) and I was curious if there was other information on those other monitors (if you're using a multiple monitor setup) that's not being discussed in your videos that impacts your trade decisions. Once again, welcome to ET and many thanks for the trade journal. Its good to see someone else putting a lot of emphasis on aspects in their trading that are important in my own trading. Je suis complètement d'accord. Also, I'm looking forward to your next big profitable day so that I can study/review your position size management. Its nice to see what others are doing different in that area of their trading. wrbtrader
And as his statements show, this is where there is a bit of a fall down. He did X amount or work to get to where he was on July 5th. Then he continued to work and work and work, and on July 19th gave back all the work he did for profit in the previous 2 weeks. He's back to July 5th levels. That SUX!