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be aware the you can dip below the max. DD, but by the end of day you have to bring the account above it. The daily loss limit is different, you can not break it...
Can you help answer these questions from other members on NexusFi?
I discovered something today. I am not a big move trader. I look at charts and see these large moves off of major levels and think I can do that. It does not fit my trading style or comfort level. I am a short term, momentum trader and find when I trade that way, I am more disciplined and consistent.
Today was a rough day. I was up $310.00 and had a personal target of $400.00. I proceeded to lose the $310.00 and then became desperate, as I was only $120.00 away from my maximum drawdown. Very hard to stay focused when that number is hitting you in the face. I tend to start out very strong and then fade later. Part of this is due to wanting to catch these large moves.
Anyway, the plan going forward is to trade 2 contracts and look for good momentum set ups. That’s it, no more swinging for the fences because I tend to strike out! Maybe one day I can develop a method that will allow me to take advantage of large moves, but for now, I need to stay true to my style. No more conflict.
I still have 10 days to use the combine account as practice, and in two weeks I will start another combine and hopefully will have my plan in place. My goal for the next 10 days is to trade my style exclusively and get the combine account profitable, even though it is too late to be considered.
Of course, the conundrum here is trading a practice account that doesn't count will be easier than trying out for the combine. I realize that and will just focus on placing good trades that fit my style. I am just going to focus on trading my style and will continue to update the journal daily.
I continue to learn about myself through this and think I may have turned a corner. I won’t know for sure until the next combine, but for now, I remain confident for the future!
I had to travel this morning, so I was unable to trade today. I have been following a couple other combine traders and it's interesting to see the same struggles I go through. It really hits home how truly psychological trading is. We know what to do, but for some reason we don't do it when the "money" is on the line.
I think this is truly the key! I have a plan and have seldom followed through. I also have gone kind of back and forth on levels, strategies, etc. This is part of the process to become a successful trader, but eventually one needs to settle on the strategy that works and figure out how to minimize the psychological aspect.
I plan on trading tomorrow with only 2 distinct strategies. I'll keep my daily loss limit at $600 and consider lowering that if needed. My hurdle will be the psychological issues I deal with. The combine to me is like trading real money, which is why I like it so much.
This journal has really helped me move in the right direction. I hope that I can figure this out soon and really hope the others going through the same thing can find their success!
Trading is hard as hell! That's why I love it so much!!
Well, more of the same today. Considering I blew up my combine, I didn't take my trading seriously. I mentioned that I had 2 distinct strategies that I was going to play today. I implemented the first strategy at the open, taking two trades with a small loss. I then decided I was just going to play around (not a smart idea) and work on my risk/reward parameters. I managed to get back to even, took a really stupid long trade that reversed immediately. After that I traded recklessly and eventually hit my daily loss limit on my characteristic last desperation trade.
It’s really interesting that I continue to look at historic charts, develop a sound plan, and trade COMPLETELY OPPOSITE of that plan. Truly, I trade the exact opposite of the plan more so than not. I try to catch bottoms, find tops when a signal has already stated the possible direction. It’s weird and I just don’t get it. I have 9 days left and if I want my next combine to be successful, I had better treat this as if I was still alive in the combine.
Not sure if I will be able to trade Friday, just because I am travelling. I know what I have to do. Hopefully I can talk about my next trading day in the context of actually following my plan.
I placed 3 trades today, with the intention of simply working risk/reward. Every trade was a loser, as I was stopped out at 20 ticks each, with a 50 tick target. Frustrates me that when I have done this in the past, the trades end up being losers, just as today. Happy with entry and my targets and stop losses, but still trying to figure this out. I guess I can’t measure the success on only 3 trades, so I’ll keep working on this.
Monday I’ll be back to working my 2 primary set ups. My goal is to trade without fear, which is easier since this combine doesn’t count, but I have to work on my setups and discipline. If I can use the next 8 days to trade as I would the new combine, I might be ready when that time comes. I need to reinforce the good habits, regardless of the outcome for now. Again, I know what to do, but have yet to do it with any consistency. This will be my focus.