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Hey thanks for checking. I did pretty good I ended up adding to my position after the open for another 6 and a bit points and then scaled out of my short from 2103.25 at two other areas of support or resistance. Then I called it a day and didn't bother trying to make sense of the bullish action.
What about you?
Trade in the present: what do you see developing today?
Can you help answer these questions from other members on NexusFi?
Not what I was envisioning for my performance today. We are not allowed to be in or enter a position one minute before or after the number comes out. Exactly one minute after and I went short, and it was a late entry. Fear of missing out.
I then took a number of trades just reacting to price action, and switching directions based on what I thought I saw on the chart. I was overtrading, not following my strategy or plan, more or less just gambling.
The best way to have played it would have been to wait 5 minutes after the number came out, determine the direction to trade in and enter in an area of consolidation/low risk.
With my net equity at -$1,024.96 and two trading days left, it will be almost impossible to pass FTP. I will probably wait until the next big number comes out so I can get the movement needed to make up this deficit.
So far my biggest weakness has been pressing too much, instead of being patient and letting the trades come to me.
You continue to neglect your trading rules. Over trading, chasing the trade, forcing trades these were issues you noticed in your first post of this thread. Continue to learn from your trading patterns, you have done well to get here, but you can do better. As the saying goes "Plan the trade, trade the plan"
Well said Bader. I'd like to add that overtrading has been one of my weaknesses too. However I managed to recently keep it under control. My turning point has been when I recognized that my system should bring about 1-3 quality setups a day. Anything beyond that is madness.
Oh and I also try to avoid the first hour of trading if I can, on days that I anticipate will be non trending days. The reason being, I can't trade chop. I end up overtrading trying to pick a direction and ruin it for myself. So now I try to come to the market on my terms instead of rushing to the screens and ready to place a trade.
Maybe it will help if you ask "where do I NOT place a trade?"
Good luck though. This is exactly when you need to maintain composure. You seem like you want to swing for the fences now towards the end of your post. Please reconsider that. Just like we should be accepting a loss = invalid idea, think about what you're up against and then acknowledge it and then work with it.
Trade in the present: what do you see developing today?
Thanks, you're right. I realize I am overtrading when it's happening, but it's hard to stop myself from pushing that button. I agree that having a plan is key, and I need to remind myself of this each day before I start trading, ie, what will I do if price gets to this level, etc.
Thanks for the advice. I also found that I did better if I woke up later and had more time to analyze what was going on before placing a trade.
I would rather not swing for the fences, but with regards to FTP, I probably don't have a choice now. I need to average $500 for the last two trading days or else I don't pass.
I am thinking about opening up a live account where I try to limit myself to only a few trades per day. I wouldn't have the pressure of trying to make a certain amount by a certain date.
Oh I see. Well good luck in that case. I think you have it in you, but it'll depend on what the market condition gives out the next 2 days.
I've been mulling over starting a TST combine myself, but with how I faced and managed Thursday and Friday's crazy situation, I know I would have been blocked from their combine. It's not that I didn't know what I was doing; but how I managed it. They would have wanted me to exit out of my shorts from overnight going into NFP. That would have put me behind quite a bit considering my Thursday didn't go good.
So yes, consider starting a live account and see how you do without the pressure of getting X amount in Y time.
Trade in the present: what do you see developing today?