My third trade on the futures: /KC

Discussion in 'Journals' started by rokka, Nov 11, 2010.

  1. rokka


    Hi trading people,

    Just started trading futures, this is my third trade.
    But I'll remember it as a first one that dipped my account.

    The first 2 went just nice with 70 ticks gains totally on /NG
    What an excitement to make first real money on trading.
    I'm the king of the world!

    Then I had a stupid call from an internal customer who is trying to resolve some infrastructure issues. Had finished it at almost 2am in the morning. A rare case, but sometimes such shit happens.

    Next morning I'm at the trading screen stare at /KC futures chart.
    It is reaching top of the rising channel. I've been watching it for a while and I'm deciding this is it. I need to trade this now.

    So I'm opening a position at 214 looking at 15 mins chart.
    Stop loss is set at 218.10
    And it looks like going down.
    It is not.

    In half an hour, looking at whopping -300 ticks, I'm closing the position in a panic.

    Then I am heading to my usual job place, and of course when I opening my account I see that /KC is never back from where I sold.

    It's been more that 1000 ticks down from there for past 2 days.

    Lessons learned:
    1. if you lost 300 tick, you can easily get it as well.
    2. No trading till the market opens in US, at least till 9:45
    3. Entering the day position should be satisfying on day, hourly, 15mins and 5 mins chart.
    (I missed reverse by not looking at 5 mins chart which just cries out "don't short me here")
    4. If you have a plan - stick to it.
    5. No trading next day if happened to work till 2 am :)

  2. mickmak


    Didn't you have a stop loss? Did it not execute?
  3. rokka


    I had, but I pulled the trigger thinking it go up. It never did for the next few days :)

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  5. mickmak


    I would take another look at what your draw down potential is and capitalize the account appropriately.