Plan

News in the morning, Fed minutes at 2pm. Look for quick trades around open, buy low sell high.

T1000 

Plan News in the morning, Fed minutes at 2pm. Look for quick trades around open, buy low sell high.

(Sorry to hijack)

I don't see Fed minutes at 2 PM today?

lightsun47 

(Sorry to hijack) I don't see Fed minutes at 2 PM today?

No Probs -> https://www.marketwatch.com/economy-politics/calendar

Plan

No trades yesterday, was not at the screens.

Hourly due for a pullback but will be a buyer lower. No news.

Trades

Action from previous days was bullish but went against this and tried to find the top - obviously a losing strategy.

Took a short near open and then another one at 5600, scaling in more at 5610 and 5620 getting stopped out at 5625.

In hindsight, should've taken the long near open at test of support ~5585, scaling in to the winning position.

P/L -250 USD, account at 3068 USD.

Weekly summary

Trading results since i've started this journal obv have been subpar, not because of market but because of myself.

Need to find the discipline next week to stick with 1 MES and my pre-market plan, no scaling into losers getting stopped out is ok.

Strategy to buy support, sell resistance, aling myself with higher time frame trend. If account goes below 2k again then that's it for this year, no point putting more money into something where I'm -EV.

I seem to have a uncanny ability to do just the opposite of what is correct.

Any tips welcome.

T1000 

Weekly summary Trading results since i've started this journal obv have been subpar, not because of market but because of myself. Need to find the discipline next week to stick with 1 MES and my pre-market plan, no scaling into losers getting stopped out is ok. Strategy to buy support, sell resistance, aling myself with higher time frame trend. If account goes below 2k again then that's it for this year, no point putting more money into something where I'm -EV. I seem to have a uncanny ability to do just the opposite of what is correct. Any tips welcome.

We all have that super skill haha I know I do... some suggestions that I'll pass on that I have learned on my journey,
Reframe it as scaling in to trade and look at scaling as just avoiding discomfort. Something I always say to myself is that
"Trades that work,work". Until the loses are accepted you will continue to spin wheels. A strategy you could deploy us wider initial stops and don't actively mange trades put it on with stop and target and walk away.

"No one can beat the market"
every losing trader

1 Minute Man 

We all have that super skill haha I know I do... some suggestions that I'll pass on that I have learned on my journey, Reframe it as scaling in to trade and look at scaling as just avoiding discomfort. Something I always say to myself is that "Trades that work,work". Until the loses are accepted you will continue to spin wheels. A strategy you could deploy us wider initial stops and don't actively mange trades put it on with stop and target and walk away. "No one can beat the market" every losing trader

Thank you I appreciate the advice, will incorporate next week. I have noticed the more I manage trades the worse the outcome, typically leading to too many trades and exiting early.

Do you ever scale in to a losing position or only add to winners?

Also, do you use higher timeframes (and which ones) for directional bias and levels?

It’s definitely not the market that’s the problem but me.

T1000 

Thank you I appreciate the advice, will incorporate next week. I have noticed the more I manage trades the worse the outcome, typically leading to too many trades and exiting early. Do you ever scale in to a losing position or only add to winners? Also, do you use higher timeframes (and which ones) for directional bias and levels? It’s definitely not the market that’s the problem but me.

When I'm gambling I'll scale into losers get a little hopium high haha the moment a loser is sealed into you are on tilt it's really that simple from my experience because now the trade has to work and your going to make sure it works... clear fallacy

I use daily levels and 5 minute charts but I'm a pure scalper. Having rules that you can stick to will help alot i.e. never loser more than 2 points focus on small losses and winning will handle itself

"No one can beat the market"
every losing trader

1 Minute Man 

When I'm gambling I'll scale into losers get a little hopium high haha the moment a loser is sealed into you are on tilt it's really that simple from my experience because now the trade has to work and your going to make sure it works... clear fallacy I use daily levels and 5 minute charts but I'm a pure scalper. Having rules that you can stick to will help alot i.e. never loser more than 2 points focus on small losses and winning will handle itself "No one can beat the market" every losing trader

Thanks will spend time this weekend to rethink my appproach.

For some reason I’ve had problems following my rules although outside trading im very disciplined and have no trouble following a routine or plan.