Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
yeah I wanted to post anyways what had happened last Friday. Just to put it short, I messed up and used my daily loss limit but didn't consider the commissions and therefore, broke the rules and the combine was over...
I wasn't sure if I should reset the account but this morning, I decided to give it a last go and pay the $100 as I thought, I pretty much received the $375 combine for free so I should give it a last shot and continue to document it.
I broke my own risk limits pretty fast as I tried to long CL on Friday, I had 2 losing trades where I scaled in too many lots and was quickly looking at a loss of $-1,645. I told myself that I should stop when reaching -1.5k but I didn't stop and reentered another trade with 10 lots. It went quickly onside +9T but I thought, ok let's wait for at least 15-20T in order to get my loss back. But again, it was a long trade and it quickly turned around after I was up $900... and then didn't stick to my initial stop and increased it and was stopped out. So I was down about -2.5k and I thought, f*** it I give it another shot and again I was stopped out and I was down -2.9k. But I only realized after I was stopped that with commissions, I had broken the rule and the combine was over...was pretty annoyed at myself and didn't have the balls to post my stupidity.
So then yday and this morning, I decided to give one last try and my next post shows my trades and recap from my session
After Friday's sell-off, I was very cautions in the morning and waited for clear set-ups. Initially after I had done my daily prep I was looking for support areas and I had marked them on my 60min chart. For the first hour CL was trending just lower and lower and I entered a short but was stopped at BE,
Then I tried to long just above even 47 as it looked it would hold, however I was stopped out.
Then I entered a long (3 lots) and put a limit order for another 3 lots on even 47 which was filled and stop below at 46.95, after touching 47, it just took off and I made a nice gain and considered to stop the trading session on this combine account but I continued to trade a bit more but couldn't really hold the next trades for proper gains and was just scalping and managed to end the day with a gain of $+819.
I'm very sorry to hear of your frustrating day.
I trade ES too & felt it was a choppy day (which I stayed out of) and hoped you not try for it anymore on Friday. I guess that's why I asked as I was hoping that you did not get chopped up.
I don't trade CL but I do follow it as I trade and inverse ETF and felt it would break hard so I was worried at your long bias.
I commend you for your honest posting and please understand that we all know how tough it is to post this stuff and wish you all the best. We can beat ourselves up on down days and can be our own worse critics but the truth is we all have them.
Today was an okish day for me. I made a couple mistakes as I took many trades off prematurely but at least I booked small profits and they added up. I didn't manage to reach my goal of 800-1000 as the after lunch session was pretty slow and I had hoped for some movement in ES.
I'm not sure how many times I've gone through this scenario myself, but I would say at least 855,233 times. It must be some sort of stage you have to go through before becoming successful.
"It does not matter how slowly you go, as long as you do not stop." Confucius