And the question is, did you do what you are supposed to do? What happens or doesn't happen is based on prediction of the trade, you take trades based on back testing, but it still comes down to whether you followed your rules. I find three minutes or less after I took a trade, I have forgotten the outcome of a day trade. I don't think of losing trades, they lost cause I have rules. Playing "could'a, would'a, should'a is not positive. Concentrate on winning trades as you want your brain to be taught to keeping looking for those. Congrats on better day mentally, tomorrow another widget day.
When you targeting 10 ticks, when market to consistently have 20 tick range, when it is less than that, have to change targets to half. And when you have many trades, you know you are trading chop, with proper stop amount and not using price, seldom get stopped out. Stop placement in running market, then stops based on chart itself is good to use, but when range is moving, having set amount works for me. Not any large winners, but just small consistent ones.
Day #6 - Sleep was restless for some reason, but went into the day prepped and ready. Standard routine. Goal again was to adjust trades based on market structure. Today was an interesting day, with the cargo ship seized by Iran and sending crude shooting up... only to then come back down. For me, it just didn't seem to click... I actually took a break and walked away from the computer for a while, because it felt more like I was fighting the market. After that I put on decent trades, but the chop kept happening and no follow through. Finally, I just stopped for the day rather than dig a hole any deeper. I still am fighting with that whole fear of loss thing, and it is ridiculous. At one point, this feeling that I am such a loser came over me, if I couldn't have a winning day. Stupid, eh. Anyhow, it is becoming more and more evident that this is another point I really need to work on. Still working hard on managing my time, and ready to stop trading the moment I feel my mental capital has slipped. Tomorrow should be a good day... -573
I often find myself in a trade where it "feels" like the trade isn't going to work out and I have that thought of taking a smaller loss instead of holding for the full loss. I learned the hard way that there's no point in doing that unless there's a valid signal in the other direction in which case, I should be reversing. If there's no opposing signal, hold the trade unless the reason for the trade is no longer valid.
YK Are you expecting to wake up one day..., a miracle occurred...., your stuff resolved..., and you've somehow morphed into a consistent and successful trader Or do you think you can will your way to being a consistent and successful trader If not.., What are you doing What is it your accomplishing Not hoping to accomplish..., not trying to accomplish..., but actually accomplishing day over day Lately one could literally map..., and forecast...., your day to day results with a zig zag indicator And as much as it breaks my heart - not a damn thing I can do..., but sit and watch RN
There is literal GOLD in that sentence, if you will just take the time to dig and sift through it. Losses are this business. As a restaurant has fees, wages, rent, so does the trader. Losses and commish. And it's not ridiculous. I'm still traveling that journey. But I'm learning to "think"/"believe" differently.
If you going to trade OPM, better you know how to trade both trend and chop, otherwise you are going to get many consistent losing days, learn all you can about chop, you can make decent money trading chop, chop is really learning about singles and getting good at it. I still have a rule that after three losing trades in a row, done for the day, for the longest time I was hoping for three losses in a row so I could go back to bed. Took long time before I tolerated the trading part as I prefer to test, perhaps why I trade so long and quit for the day.
Overnight invasion of the body snatchers (sorry I just had to), if you think about it they would make great traders no emotion.
Hi Handle, Just out of curiosity. Why do you start trading crude oil futures so early ? Can you wait until 9:00 AM Eastern Time ? Are you bothered by the low volume and wide bid/ask spread at 6:00 AM ? Thanks for the chart.