XOM monster, DKS was good too, good start. Started out shorting XOM in the premarket when the news of Tillerson leaving first broke, then i added to it, ended up bailing on most of it as it went against me, then i smoked it on the way down, this is the kind of trade i would have gotten myself into trouble in the past, i can promise you all i would have maxed out my buying power the second i heard the news, but i was patient with it and it worked out real good. My theory that a Tillerson exit would hit XOM may not have been accurate, but thankfully a Tillerson exit crushed the whole market instead.
DKS was an obvious short towards the 30 level but i could feel it firming up and not wanting to give, those were my only two trades today up a couple k so far.
Boring couple of days, nothing yesterday then today had an old position on PAA go south on me and lost a thousand bucks when the news broke on the sector, bad luck on that one.
-17 k I really wanted to put in a monster day for my birthday, stuppid stupid fucking hubris, today ill leave it at that, i got smoked, my mind was on other things, i got cut to pieces in chop on the ES something i promised i wouldnt do. Boredom kills, Cheers guys have a good weekend.
Gotten asked a couple questions, onces its happened, its happened, nothing you can do about it but bottom line anytime you think you know something, especially on something as this thick as the ES dont get stubborn, this one was idiotic.
Money come, money go...Fridays stay the same. The mark of a good trader isn't hiding the fact you lost a trade...it's getting back up when the market knocks you down.
Thing about trading the action in ES today is that you really have to be aware of what it’s psychologically doing to yourself. Meaning you can totally be aware it’s chop garbage vwap-hugging nonsense but you have to explicitly tell yourself stop trading this, stop revenge trading it, just walk away because nothing good will come from this. Even if a good trade happens it’s highly likely it won’t so even the FOMO factor should be dismissed and trading platform shutdown once one realizes what the market tone is like. I guess my point is that days like day have a particular magnetic pull to trade it, just waiting for that break, when in reality it’s just a toxic trading session.
Thx for the advice man you are spot on, i should have realised it was chop earlier, but i let it get out of control, and i started hitting it much harder than i would have cause i thought the risk was limited, cause i thought the bottom was building a base...... its a fucked up way of looking at chop. Its a month of earnings down the shitter, but i have been lining myself up for this for a while. I basically bought the bottom on the ES when it held the 200 day, then i shorted the dead top but i didnt do it with size either time, so i convinced myself this was the one i wasnt going to miss..... I got cut up in chop and i got owned, but there was alot leading in too it, but its only a month of earnings, ill get it back. Itsfunny cause it doesnt look like much but when you start swinging 20 contracts at a time it adds up quick.