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My overall result for the first week of paper trading is -77 ticks.
It also seems that I prefer shorting and trend fighting .
In the next week I will try to focus on both sides of trading, though all depending on my pre-market analyses (posted on StockTwits and Twitter, will add it here since next week) and developing market structure.
FOOD FOR THOUGHT:
- Morning checklist was urgently needed (done)
- Do not forget about VALUE, focus on market structure (ongoing)
- More strict definition of my SETUPS (done, filter added, review of the definitions themselves, focus on only one setup where supply meets demand)
- Check on my emotions regularly (ongoing) – it seems that following four days of loosing I got so excited by one winning trade that I wanted to overtrade (fortunately had too much to do ).
Thanks for following me.
Can you help answer these questions from other members on NexusFi?
Here is my preparation for trading tomorrow with S/R zones.
We moved back to the long-term value.
If there is no sign of rejection tomorrow, the market will probably move only around this magnetic area.
I am unable to wait for posting later.
Am done with trading today.
Target met.
My first opportunity came before 9.30 so I entered my buy order. Was filled some 10 mins later. All those trapped shorts fuelled the move upwards. After hitting my first target I moved my SL to BE+1. Then my second target was hit.
Result: 8+12 ticks = 20 tikcs for the day. Daily target met.
LESSONG LEARNED:
I had to sit tight on my hands. First, not to hit the CLOSE button, second to keep them warm .
Trading is about patience and sitting tight believing what you see.
AFTERTHOUGH:
It may sound funny but I feel dizzy and my head is spinning. I feel like I have conquered the market. I feel like I know everything about it. What a dangerous thought! I know what I feel. That is why I do not trade today any more.
Today FESX gaped up on the open and the sellers were not strong enough to push the market back. However, I did not get any signal so did not trade the first move upwards. I got a signal for short, however it was approaching noon chop. Still, I entered the short trade, I was just curious if any sellers arrive when there were (or would have been) so many bulls trapped. Sellers did not appear so I scratched my trade at BE.
As you can see from the attached chart, the sellers did not appear afterwards either. However, I could not and mainly did not want to wait so long (I trade only in the morning) - the move upwards started only at some 3.30 PM - three and a half hours after I get out of my trade.
LESSONS LEARNED
Holding my trade was not easy at all. I entered one tick below my inital entry since I got afraid that I would miss it. Than after a long time of waiting, I first moved my stop loss, than I moved my profit targets several times here and there but finally I managed to persuade myself to really close it and let it be. The stop was hit shortly afterwards and I felt relieved I was out.
AFTERTHOUGHT:
I think I forgot about the gap up and lack of sellers. Otherwise I would not enter the trade around noon at all and would let the market be for today.
We are a bit in the unknown now because of new highs. The S/R areas are from a year ago and will not have such impact. Need to look for the development tomorrow.
Need to concentrate on what sellers/buyers do and the structure of the developing day.
However, apart from trend fighting there was one more emotion.
After missing the initial move up, I was afraid that I would be left without a trade. So I took my first trade at the completely wrong place, not supported by S/R area. Before entering the trade I drove away that thought and fully realized it as soon as my order was filled.
I still am not able to close out the trade that I entered at the wrong place without any real edge.
Result: -6 ticks per contract.
Second trade was just an attempt and was taking too long.
Result: -3 ticks per contract.
Despite that I made only two trades, I now feel as of I was overtrading.
Also I wanted to be careful today because of the new highs but did not really think about it during trading.
The only thing that I really managed today was to move my stop losses closer.