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No trades today. This afternoon was a great setup for a long in the MCL market as price hit lows but did not take a trade. I didn't take a long because the daily chart looked like there was very little support and I thought price could take a big dive lower. Almost the end of the crude session, it looks like I am going to be wrong and the price may find support at $70.
I'm sure you could have guessed, but I trade my own cash in my own account. I don't think I clearly stated that in this journal. My account is small but I enjoy trading and will continue trading real money. Oil is my market of choice as you can probably see. I would trade the big CL contract but my account is small like I said and I am sticking with the micro oil contract.
@blackgrey45
I have followed your journal (this one and your other threads) daily for nearly the last year and have responded before. As I was thinking today, this question occurred to me: Can you tell me succinctly, 1) what have you identified that does not work for your trading and 2)what is the corrective action or next thing you will try in order to remedy #1?
Worth thinking about, in my humble opinion, because identifying the issue(s) and having a focus on correcting that issue(s) is fundamental to progressing.
Yes I can tell you my issue is risk management and holding onto losses hoping they will turn around.. When I was trading the ES I risked far too much...$800 on one trade on several occasions which was a lot of money for me because I only make $600 a week . Now trading micro oil I still risk too much. I don't exit trades which is deadly. I exit a loss when the day ends or I have finally had enough pain. I need to recognize when I am wrong and get out.
And what is the concrete step you will take to accomplish this? What criteria will tell you when you are wrong? Have you examined your MAE and MFE on your trades?
Right now there is no concrete step. I am still having fun and gambling and posting my results on this forum. I am going to have to research MAE and MFE because I don't know what it is. My criteria is a measure of how much pain I am experiencing on any given trade.
I'm a shallow and superficial man. I get my highs from women and the markets.