My third trade on the futures: /KC

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

  1. rokka

    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.
    Nope.
    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 :)

    --R
     
  2. mickmak

    mickmak

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

    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

    mickmak

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