I thought about exiting when ES went to 1830 for a 10 point loss. But then got distracted due to my real trading. So, as of now, I still have this position. This position has seen a 31 point drawdown which is approximately 31,000 USD drawdown on a 109k balance. I think this trade has been the most RISKY trade of the journal so far.
I still think the short position is correct position on ES now. Unfortunately, I didn't realize "in-time" yesterday that we are witnessing a triple bottom on ES. Otherwise, I wouldn't have shorted around 1820 or would have definitely closed with a 8-10 point loss. I realized we had a triple bottom only when ES was around 1837 and then I decided to just let the trade on, because I believe short position is the correct position for the time being.
I would think you're getting real close to having your hypothetical broker close your position due to going lower than the maintenance requirement.
Are you still swing trading the ES? Just wondering how you handled getting out of your last position and what you've done since then?
Out of 20 at 1873. So, total loss on this trade = 50*20*53 = -53,000 USD Account Equity = 109,125 - 53,000 = 56,125 USD
ES rallied to 1898.5 2 days ago, part of your position would have been liquidated so you can't possibly still have 20. I know you are paper trading but this journal is just a joke if you don't factor in how margins work.
Yes you are correct. I am just too busy to do the calculations. I don't mind if 5k-7k gets reduced more from my equity In any case, this journal has served its purpose - the purpose was to show to me if I can swing-trade ES profitably or not. Apart from this last trade, I have been very very happy with my efforts so far. I am going to fund a new account to ONLY swing trade ES in near future. This will be apart from my regular intra-day trading.