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There can't be many people here who haven't done that.
The only thing that works for me when I decide to stop is to close my platform and switch off the computer and go and do something else. Especially if I have lost money I always have the temptation to try and make it back and I invariably trade badly and usually lose more.
Looking at your chart it looks like the trade lasted about ten minutes. I use a rule that if I enter an impulse trade, or a trade against my rules I will hit out and exit straight away and accept the small loss. Easier to say than do I know.
I guess shuttin down the system cld ve helped. Sorry, yes the trade lasted about 10 minutes. I actually meant my entry decision took less than a minute. Sorry for the misinformation.
It is so funny that I waited 5 hours to scalp just 3 ticks and what am I thinking when I entered a trade based on less than 1 minute analysis expecting my TP of 20 ticks to be hit?
One major reason for the loss is because I was in a haste to hit my profit target this week. Guess I have no other choice but to learn from this shortcoming.
There comes a time in a traders(especially the amateur ones) life where you have to handle losing trades.
I guess I'm in that cross road.
I switched to Fibonacci chart setup to see how I can realign well with the professionals. Not afraid to try new things. Also I went through my charts and realized that I made 80% of my wins during the most active hour (1pm-3:30pm my time). My strategy is based on momentum trading and a low volatility market will see scalping tiny ticks and risking too much.
I have decided to trade the hours that are more volatile. And I will making using of 610 ticks to see more opportunity.
This two changes, I believe will help me structure my trading system well.
I took 3 trades today. What is more important is that I sticked with my trade setup despite having a loss of 14 ticks.
Trade one fetched me +7 ticks (Ideally if this trade was during the active hour, I'm likely to hit at least 15 ticks considering there is no resistance ahead of the price action.
Trade 2 and 3: Typical pullbacks setup. From the chart, the setups were great but this kind of setup (pullbacks) works very well during active session.
I will spend the remaining of today analyzing the Active session of CL and see how I can optimize this session.
Sure you are right but I don't think I'm fast enough to pick those trades and again we've to factor in commission. I believe that AlgoTrade will fit in nicely in your recommendation
It is important to state here that my new adjustment is to help me see what is happening in other sphere. I have seen successful traders use 800, 377 and 610 tick charts. My ultimate aim is to improve my trading and make it more better.
So far, I can say the following regarding the 800 ticks
- In the london session, typically, it takes one bar 10-15 minutes to complete
- It is far effective when trading support and resistance line.
- The trades based on this chart should be based on momentum. Since we are looking at grabbing 15-20 ticks in a matter of minutes.
- All My TP of 20 ticks were hit during the New york session
- From my short experience, an ideal TP of 10-15 ticks will be well suited for the New york session
- Scalp of 3-7 ticks is more feasible during the London session.
While I will be trying out other tick chart (377 and 610), I will also leave my 800 ticks chart open.
Though my account balance has a drawn down now, it is important to state here that in a space of 9 days, I achieved about 58% of the profit target required by OneUp. This is to help see reason not to totally eliminate my present strategy but rather find feasible ways to refine my trade system.
In The trading environment, a saying goes thus.:
Change is inevitable in the unchanging market environment
I did not update my trades yesterday but I promised I will try to post on it today.
On wednesday during the News hour, The market humbled me and the effect still resonated to my yesterday's trade. The volatility of the crude oil on the inventory report was so spiral and ofcourse detrimental to someone like me chasing the market hoping to be among the elite thread starters
Anyway, most folks here ve read similar story about account being blown and other similar scenerio, so I will save you all the stress of narrating how I ended starting from scratch (sub zero). Just lucky, I have not broken any rule.
Trading, though a simplistic game, is so subtle and nerve wrecking. I ask myself, why is it so HARD to stick by my own self made rule or are the rules not feasible in a typical market condition.
I have been doing some soul searching and putting reason to play since 2 days back.
And I hope to continue documenting my progress as I go through this path of being a professional trader.
@lead you've been doing good, why are you changing your method and try using fibs? Yes, I can see sometimes you hold your loser too big, but that's pretty much it.
I appreciate all the inputs. Though, I didn't break any of the rule, I mailed Oneup regarding cancelling the evaluation.I took this step to help guage my trading. I am presently during an intensive evaluation of my trading system. Sorry i'm yet to update the house on my result so far.