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I see a recurring theme in trades documented here, and probably the number one account killer: way too many shorts on steady or grinding up days. Today is a good example. It's as if we're hardwired to have a permanent short bias. I suffer from this issue myself, and have not find a good way to fight this.
Sorry to hear that. I am sure you will be back again. I was never comfortable in day trading because of my mean reversion mentality combined with revenge trading proved so many times killer of my profits and more if not the whole account. I hope you did good with your bigger account. Your bigger picture analysis is awesome so thank for posting every week.
You are 100% correct MsFutures. You can flip and make $900 from the market either by small profits or by being able to ride the trend up (make double or triple that). The issue we all have is how and when to enter a trade with minimal risk. I was attempting to go long all week. I did not take any short trades. All my charts guided me to go long all week. Unfortunately, the trend was ahead of me. I attempted to go long multiple times but was unable to get enough room to ride it up and it moved up every single day. For me, it is a matter of calibrating and fine tuning your decision-making rules to enter the trade. So, in the end, I kept my position neutral.
Well I learned that for a really small account you have to be really disciplined and just stick to your rules. Problem is with having such a tight risk limit (300 bucks) you can reach that within minutes and then be done for the day. Then you start thinking, well the session still has like 6 hours left and I can make it easily back. That's the biggest problem because it is just really hard to just stop and turn off the computer. Obviously, with a bigger account you can give yourself "more risk" and trade a bit longer because I only had like 3 losing trades and then I would be done.
Overall, up to last Friday, it showed that it kind of could be done as rigorously sticking to rules prevents at least big losses and I was break-even for the month. The other issue was that I didn't really hold onto my target of 20T which was hit many times after I booked like 5-10T...
The biggest problem with 1 lot trading is that if you can't scale out and book profits along the way when it goes into your favor. But it's also a patience issue which has been my little trading demon for a long time.
Anyways, thanks for following along and good luck with your trading!!
Getting out early is typical for many traders.Myself included.Many times , i look at entries i took 10 ticks, and it turns out i entered at HOD or LOD.This I believe, is where the trader needs to decide what the targets will be.Be it a tick amount, or a level.Just like charts, our brains can harbor a huge amount of noise.Simply accepting what type of trading we will really commit to,and staying true to it.Of course , we all know what happens when we try to do many types at once.
Michael seems to understand this very well.Newt as well.If youre cozy going for small targets and you do it consistently, its only a matter of time to add contracts.Or, if you like larger targets, look for entries that can yield more ticks, and pass on the little ones.....I guess the point is....make a choice, and stick to it....imho
Bob