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Talk about irony!!! Check out my last chart I posted while typing this up!!
This was actually a scalp before my entry. I already had my entry setup with a buy stop, but saw an opportunity to take a quick 20 tick scalp before the entry was hit.
However, I do enter then exit and re-enter again on occasion. Nothing wrong with that as long as you have have sound technical reason for re-entering the trade. Greed is not a good reason!! lol The biggest fear I have re-entering is giving back profits or losing more in the case of being stopped out then re-entering. I would rather wait until the next entry presents its self. If it happens to be within the same trend then I will take it.
Did not get a chance to post my journal entry yesterday. Decent days for both days. I made a couple of mistakes yesterday with my smaller trades. I moved up to a 8 tick bar from a 4 tick bar on the channel trend. This cut out a lot of the noise on the chart. For whatever reason I panicked when a trade started going against me. So I closed it out. Right after I closed it out it reversed and hit my 20 tick target. The other trades I was just wrong about the trades.
I had a overnight short trade on Sunday into Monday. This took off to the downside on Monday morning and I was able to get close to my 75 tick target.
I entered into an overnight trade last night. I did not panic when it went against me because the chart said it should go up. This morning it went up past my entry and had a hard reverse. I saw a double top and thought it was going to go lower. Instead of moving my stop up below the trend line and let the market take me out I closed the trade. As soon as I did the market took off in my direction. A couple of hours later it hit my target. The only saving grace was I realized my mistake and was able to get back into the trade. It cost me 25 ticks.
Once I get more comfortable with the overnight trades I want to move up to 2 contracts. Maybe have a 2 target objective. This trade alone would cover my profit objectives for the day.
Something else I have noticed; Since I have moved my target out further and I have let the trade develop my losses have actually been smaller. I am making more money and I am less stressed while trading. Who knew??
I feel like I am in the zone right now. I am seeing everything on the chart crystal clear. I am going to look into starting my Combine soon. I am ready. This last few months of learning to trade on a practice account was the best thing I could have done. I have flushed out the trading demons and have a clear (but still difficult) path in front of me.
Robert
The best thing that happened today:
I didnt implode when I exited a trade early. I got right back into it and hit my target.
The worst thing that happened today:
I didnt trust my trade.
I took myself out of the trade instead of letting the market take me out of the trade. This cost me ticks.
The PriceLineAsk is my own creation. It looks at the current Ask price and plots the line
I use PriceLineWH & PriceLineAsk to visually show the spread between the last price and the Ask price.
Important note on PriceLineAsk : I hacked this together to show the ask price. I have not tested it beyond that. No guarantees.
It would be cool if someone with some indicator programming skills could make one which could show the bid, ask and last price with the option to choose any of the three. I tried and failed.
Attached is my 10 day total starting on December 26th. I am currently meeting the criteria needed to pass the Combine. I have what I need daily to meet the 100K profit criteria and close to meeting the 150K profit criteria for the 20 day combines. Of course with the 'minimum day' Combine model this is less of an issue but still important.
It is my intention to start the combine in the next couple of weeks but I still need to put some final touches on a few things.
Thanks! Now I have to reproduce these results in the combine.... I think I have tried every bar type out there over the past few months. I went back to the channel trend and it was like visiting an old friend; It just worked.
Congrats to you Robert, this are really outstanding results !
Talking about the 'technical' side, it should be quite easy for you to reproduce similar results in your upcoming Combine, and I honestly hope that no 'psychological' issues come into play once you start trading in the Combine...
So, I wish you best of luck to succeed and hopefully you're one of our next funded traders here at futures.io (formerly BMT) !
And I'm also really looking forward to you next video...