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Scenarios for the week
There's not a lot of economic news this week and we are approaching the summer break but the market has been very strong. Here's some potential scenarios.
This is the first time I've done weekly scenarios, so I'm unsure as how I will use this for trading. Something to work on I guess.
Goals for this week
Journal every day you don't have to go into the office early
Figure out this new TWS data situation, my subscription has changed for some reason
Start new spreadsheets for tracking my data
Additional psychology goals for this week
Be extra cautious as you haven't been in the market for a while. You currently don't have a 'feel'
Alright guys, let's do this. I'm back!
Yesterday's excellence is today's standard and tomorrow's mediocrity
Very sad to read your temporary leave of absence from trading.
But a mil thx for all your posts.... so far.
Hopefully, there will be much more in the future.
In trading futures, you really do not need more than 5k to start,
if you already have your trading tools selected and simmed it
for a while to test its yields.
AND ANY TRADER, SIM OR LIVE OR OTHERWISE, WHO
COULD NOT KEEP, MAINTAIN AND GROW THE 5K,
HOW ON EARTH, CAN HE/SHE DEFEND ANY AMOUNT
BEYOND THE 5k?
When you decide to return
Please do
STAY AWAY FROM ES,
it is not for beginner,
regardless of how popular
and attractive it may seem.
bEFORE YOU DECIDE TO RETURN
TO THE VICIOUS BLOOD LETTING
TRADING ARENA;
Give me a jingle, if you like,
would like to add some
NEW FUEL TO YOUR TRADING,
without any cost or obligation, K?
I can only show you what I know,
there is no guarantee that the next
trade of mine would be profitable
either, LOL.
Just a bit more to perhaps
render some desire in you
to return to trading a little
sooner, rather than later, K?
Trading is very much like flying!
Do you wish to soar like
an eagle, like this Boeing?
Or just be content with
what you could have become,
if you would only search and
stick with it a little more,
a little longer, with a little more
controlled impulses.... perhaps?
Have a content and satisfied life
whatever you decide and endup
pursuing, K?
Won't it be great, if we could also follow
your trade in terms of clarity and exact,
such as.... walk home with a winner?
exactly just how much was it?
it would be even greater if you
could just also show us a screen
shot of your trading screen for
all of us to also learn from what
you actually saw at that moment?
Patience my friend. I always write very detailed psots with screenshots about my trades.
Quality posts take time though! Just trying to find some time in between meetings to be able to post it.
Stay tuned!
Yesterday's excellence is today's standard and tomorrow's mediocrity
First day back, and I’m glad to be back. P&L wise things went well, but psychology wise there’s room for improvement.
However, for being away for quite a while, I feel I handled myself well. I made a mistake with my first trade but I quickly set myself straight and was able to trade well for the rest of the day.
First trade
I walked into the market with the wrong mindset. I was excited to get into a trade and I played the “the price is here, where do I think the price will be in an hour or 2?” game, so I went long. This trade was a quick reminder of how strong your psychology must be before getting in the market. This trade was a pre market trade so not a lot of information of course.
I’m honestly very grateful that I got stopped out relatively early, as this helps reinforce that I shouldn’t do that. Very glad that I didn’t win that trade. This might sound crazy to those of you who haven't read my journal before, but it is a very cheap lesson in the long term. I would rather my mistakes get punished and I lose money immediately, than for my mistakes to be rewarded in $$$.
Trade Grade – Bad
Not in plan
Bad entry point or target
Feels like a gamble
Second trade
I put the previous trade behind me and focused on looking for the next opportunity. The market at open was showing signs of some price absorption so I chose to get into the long side. I got in just in time and the market reversed and moved up shortly after.
As the market moved up faster than I expected, I knew it was appropriate to modify my target to just below the next expected area of resistance.
I also modified my stop to guarantee a small profit should the trade turn at the ~50 area, which I didn't expect it to.
I walked away for a bit as per my psychology goals and when I walked back in the market was close to my target and the signs were stronger than before that we were going to continue this bull trend. I modified my stop and target as per my trading rules.
I then had to step out as I had to go into the office. As per my psychology goals, I made changes to my stop order to guarantee a profit and I walked away. I did not know whether I won the trade or not until I got home at the end of the day.
Trade Grade – Excellent
It was in the plan
Observed signs of entry
Good target and stop
Excellent
Also adapted to the market either by modifying entry for better potential, or exited early/late depending on the market conditions
Overall, any day where I walk away with 30+ pts off 1 contract is a good day, but I do want to emphasize my psychology more so I can get back into good shape.
Psychology goals for the day
0 FOMO trades – Failed, my first trade was a FOMO trade
0 Emotional trades - Passed
Engage deliberate thinking in all trades – Passed, although the trade was a FOMO trade, it was a conscious FOMO trade…
Do not get greedy with any trade – Passed, the changes made to my trade were aligned with my scenarios and with my trade management rules
Abide by your trade management rules – Passed
Do not break any golden or silver risk management rule - Passed
Set alarms and walk away during non-critical periods - Passed
Maximum of 3 trades per day - Passed
All trades must be part of plan / scenarios – Failed
Do not look at P&L until end of week - Passed
Do not trade while the market is flat on a daily basis - Passed
If up more than 15 pts of profit and I have to leave, set stop loss to minimum break even – Passed, I did this for the second order before walking away
No trading unless plan is complete – Failed, I took my first trade before I had completed my
No trading if you are in a rush to leave the house – Passed
I'll be able to trade on Wednesday, so I'll see you guys tomorrow with my prep!
Yesterday's excellence is today's standard and tomorrow's mediocrity