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So what do you do here? Price trended higher than my target and formed a double top. There is a chance it go higher if it breaks above the double top. I had a buy stop above the stop but took it out. I will wait for a pull back. Its possible this could be the start of a range.
I sometimes struggle with setting targets. I set a trade for 10 ticks it hits then goes 30 ticks higher. Next time I might set the target for 30 ticks and it will go 12 ticks and reverse. I have been trying to set a target and be done with it. I get what I get.
Decided to do a video recap of my trades from time to time. This is to help me visualize what I was looking at on a particular day and to help me get back on the disciplined path if I were to stray from it.
Since this is on my personal development as a trader, I will be making remarks on what I need to work on throughout the videos. This will remind me where I need to improve.
I can here all sorts of digital background noise in the video. Something is not grounded correctly in my computer. I am going to work to track this down.
Can you let me know what video/audio capture set-up and software you use. I can really see this being a helpful tool and would like to experiment with it.
Thanks in advance for any feedback - nice trading by the way.
I have exactly the same 'issue' in my trading, CL sometimes really tortures me until I can grab 10 ticks very laboriously which often leads to adjusting my target for the next trade.
When I enter the next trade, my 10 tick target often gets hit in a blink and I leave some additional 10-30 ticks on the table.
Then I adjust my target again, and after 11-13 ticks in profit the trade turns against me...
So I completely agree with you at last, just get what you can get, and just do it constantly...
And thanks a lot for the video, Robert. Great work !
Had a good day today.There was only a 10 dollar range today. This is tiny for GC. I played my setups and waited for the entries to present themselves. I was one tick away from my daily tick goal twice. I really wanted that tick, but decided it was not worth messing up a good day and start to the week.
One one of biggest fears I am working to overcome is trading after a big win. To do this I am cutting my number of contracts in half after a big trade. The physiological reasoning for this is if I would have to lose several trades in a row to give it back what I made on the first trade. As my confidence grows with trading my setups I will decrease the amount of times I do this.
I am also finding it difficult to find time to post daily reports. To much going on. I may just start posting numbers without commentary on my busy days.
Today was a rough day of trading. My first trade of day was a loss which I could not bring myself to exit early. I ended up losing twice as much as I should have. The second trade of the day was intended to be a long single contract trade. There was a channel going up and I caught near the bottom but then the bottom dropped out quickly and I got stopped out before I had a chance to close it out early.
Right about this time one of the expereinced / funded traders in the room mentioned the day before the FOMC meeting is one of the toughest days to trade in GC.
So, knowing this, I made an adjustment. The final two trades were more or less scalps on bar reversals. After the 4th trade I stopped trading.
This day could have been a lot worse. One of the things I did on the first trade was to reduce my contract size because I felt the market was tight. ding ding ding!! Probably should have taken that queue and not traded at all. It was a learning day. It was a good day
I am disappointed that Ninja will not be available until March on TST. Perhaps a blessing in disguise. More practice time and time to keep looking at other instruments. Speaking of; I traded ZB today in while I was waiting for GC to do something. This is a interesting instrument. Its not as choppy as many of the other instruments and tends to trend very well. The tick size is large; 31.25 a tick. Had four winners and one loser.
The best thing to happen today?
I didnt collapse after the second losing trade and go into panic or revenge trading mode.
What was the worst thing to happen today?
I recognized it was a tight market but didnt heed the warning. Today should have been a sideline day
I totally messed an entry this morning. There were big bars this morning, like 50+ ticks for a single bar. I wanted to get in and adjust my stop further out. Well, as soon as I entered I was stopped out. This was a stupid move on my part; a 10 tick stop on a 50 tick bar. Really?? what was I thinking! I should have adjusted my stop before entering. I got in on the next run up and made my my ticks back.
The FOMC meeting is today. I will wait and see if other trades present themselves before the meeting.