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A bit all over the place looking back at the chart today.
Trade 1 was just before 09:30 just would not go.
Trade 2 same as above waited and it would not go so decided to bail (good opportunities generally don't last for too long).
Got a little frustrated and just started to take smaller number of prices where possible.
The two circled trades had me a bit emotional after bailing cos they did not happen quickly enough for my liking - keep calm in future (you are not entitled just cos you may be right on the direction). You could just as easily have been wrong. You need to be right on direction and timing if you dont want to expose yourself to too much risk.
Just keep plodding along with the risk management being the first port of call. Manage risk with the size of contracts and stops. Think long term. If I took this trade 1000 times what would be the long term outcome? Long term expectancy.
Simplicity is the ultimate sophistication - Leonardo da Vinci
Can you help answer these questions from other members on NexusFi?
Oil "killing me softly" before we even got to the oil data. Today was one of those days where from my first trade I did not feel in tune. I was jumping on to things and not thinking and paid the price (stopped on the day). Lost focus and dicipline and then the chase was on (really silly of me - donating unecessarily).
I feel like im treading water and not making progress. I make, I lose, make lose and it seems I advance little. This has to change. A plan of actionable steps are required.
In order to be more self away during the trading day I have copied a table that a well know twitter trader said he used in the past. Although simplistic in nature if I am having to fill it in too regularly and I am repeating the same mistakes over and over again then there is a big issue that need addressing.
Today there were too many check marks on this table.
Simplicity is the ultimate sophistication - Leonardo da Vinci
After switching off yesterday and seeing the over 5% collapse in oil I was a little bit angry with myself for having used up my risk yesterday before the oil data was even announced. For this reason I did not even turn on my computer today till gone 12:00. Just before the ECB interest rate decision and Initial Jobless Claims at 13:30 when I thought volatility would rise and we would get some decent moves.
Now due to my tight risk on the combine I decided if it got too volatile I would play QM (Oil Mini) as opposed to CL for today. The plan on the short trade just after the pit open was to ride it to the lows from just above the $50 mark if possible but as soon as it paused on the way down I am ashamed to say I bottled it and did not want to give back the profit - paritially because of my losses yesterday still playing on my mind. As a behaviour long term this seems the wrong thing to do, that is trade my P & L and not the market itself. I am being in this regard a destructive force unto myself (again not trading multi lots is causing me dilemas). I really should have ridden this winner and will need to work on this going forward.
Supposedly to quote Jesse Livermore from the book Reminiscences of a Stock Operator
"... always sell what shows you a loss and keep what shows you a profit ..."
So many components to trading well. Slowly slowly.
Simplicity is the ultimate sophistication - Leonardo da Vinci
Would just be making a broker happy with this mess. Slow grinding day similar to Monday. I some how need to have a mechanism to stop trying and forcing it on days like this.
Simplicity is the ultimate sophistication - Leonardo da Vinci
Really silly mistake today - busted combine. Forgot to account for the time change and was holding a position into what I though was 15:00 CT but they are an hour ahead
Simplicity is the ultimate sophistication - Leonardo da Vinci
Their business model is based on that a trader will break one of their fine print rules. So u have to keep on paying over and over. It s a good business for them not for the trader.