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Being honest, mentally it is too difficult for me to do. I have a lot of baggage from the past that I still struggle to overcome. I use to trade like that and watched too many large winners turn into modest gains or small losses. I hate giving money back. Really the most that I am able to go for now is 22 ticks which actually is perfect for Crude (CL). I have been toying with the idea of +30 but that will probably be somewhere in the future.
I have no problem leaving money on the table for others to enjoy. In addition, all I have to do is add a contract to my first target and I will increase my earnings. Basically, my plan when I get funded is to trade the first 5 contracts for target 1 which is over $500 after commissions. The next contract I intend to let run to 22 ticks or get stopped out. The next 5 contracts will be for target 1 and then the following contract will be a runner to +22 ticks. So basically, 10 contracts for +11 and 2 contracts +22. Any additional contracts beyond that I will add to T1.
I am not worried about what others think, I don't need big trades to feel good as a trader and I have no problem paying commissions they are just part of doing business and I can still earn a nice paycheck. Think about it, 1 successful trade a day with 5 only contracts is about $525 after commissions. TopStep Trader pays 80% which means you are earning about $400 / day before taxes. Do that 20 days in a month and that is $8,000. Do that 220 days a year and that is $88,000. Add one more contract and you are over 6 figures with just 1 successful trade a day.
Yes I also had some problem and it's super painful to me. Now I normally book half at 1st target and leave 2nd half there; I want to read the context for the 2nd half, if momentum is still there I more likely to let it run otherwise, place a stop to protect profit and set a limit order for 2nd profit target.
I kept having to leave, come back, leave again for my daughter and wife today, so the trading from midmorning on was hit and miss. Overall, I took too many trades but ended up about $375 to the positive which I am pleased with. Too tired to go back and do my end of the day summary so tonight is just the trade reports. Here they are:
Crude (CL)
Euro FX (6E)
Gold (GC)
I figure with the holiday weekend any trading tomorrow needs to be done early so I am going to bed here shortly. Hope everyone had a great trading day!
I decided NOT to trade today because of the holiday and figured I would resume trading next Tuesday. I glanced at the charts to see what the morning looked like and wow do I wish I would have traded. Here is a chart of CL with the trade setups from 8:00am EST on:
I was unable to trade the morning session today so I took 1 simulated trade around 2:00 pm (EST). It was with 3 contracts for +11 ticks. A net of $318.96 after commissions. Here is the picture:
My goal for the day was 2 positive trades with 3Ks each @ +11 and stop. Goal reached but I had a small loss with 3Ks along the way. Here is the picture:
I just got home a short while ago and it is already after 11:00 pm (AZ time) and since I am trying to get to bed earlier I am just going to post a picture of my Gold trade taken yesterday and my Continuous Combine Journal Entry for the day.
Gold (GC)
When the Bible says, "Pride leads to a fall." it is so true. I reached my profit goal early on today but instead of switching to my simulated account I was determined to get one more good trade with 3 contracts of +11 each. However, instead I gave back most of my profits and am thankful to end the day POSITIVE. Lesson: When I reach either my profit goal or my trading goal stop for the day!