This morning, I neglected to check order entries. I was in a hurry to get a cup of coffee at Starbucks. Like clockwork, my system worked - but it worked against me b/c I didn't reverse the trade as I should have. $1200 vanished while I drank the most costly iced coffee of my life. Idiot.
That's not so bad. You got a consistent record over the last two months. $1200 is easily recoverable if you continue that. I got a system and there are two possible paths I can take with it: 1) I can scalp multiple small profits that can add up or 2) I can try to aim for big moves There are pro and cons to both. If I scalp I wold be reacting to multiple signals including whipsaws that can hurt me. And commissions would eat up my p/l. If I aim for big moves, there are usually one or two idea entries pt and if I miss them I miss the move. Which then could lead to revenge trading. I'm leaning towards trying to go for the big moves. But what do you think???
Hopefully it's a fraction of your monthly pnl and you make it back before month end. Complacency has cost me a lot money too during the last few years, it's hard to stay disciplined and fully aware of all the dangers. Good luck.
yeah, it's looking like today might be a green one despite the $1200 swing earlier - which means today should have been a much much better day. re: your question... i'd be saving $$$ so you can trade stocks, not futures. but, if you must do futures, i would minimize trades and try to stick to longer term trends. so, aim for the big moves.
All the backtesting I have done, suggests that going for the big move is best. Otherwise, chop and commissions eat too much of the profits. Of course, everyone needs to do their own homework.
Well it's looking like today may be my worst day $$$-wise in a long time. I thought I would share a few details of it here: I had a horrific trade this morning...the worst single trade result I've ever ever had. Now here's the worst part: it distracted me from completing an order (accidentally put it as an unfilled LMT order) that would have netted me back more than half of the loss on the horrific trade. it's an odd thing, really. But I think it really reinforces the fact that not there are so many ways to lose money - and a huge part of that is just from failing to make money when it's right in front of you.