T1000 

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 no trouble following a routine or plan.

I completely get that! Why are you trading?

"No one can beat the market"
every losing trader

1 Minute Man 

I completely get that! Why are you trading? "No one can beat the market" every losing trader

Good question. I like games eg PlayStation, poker, chess, backgammon and see trading as another game to try to master. Also one day I’d like to turn it into a supplement / primary income.. I think sometimes this overrides the first (enjoying the game) which then introduces problems such as scaling into losers or not following the rules since I’m focused on the money not the game.

T1000 

Good question. I like games eg PlayStation, poker, chess, backgammon and see trading as another game to try to master. Also one day I’d like to turn it into a supplement / primary income.. I think sometimes this overrides the first (enjoying the game) which then introduces problems such as scaling into losers or not following the rules since I’m focused on the money not the game.

Yea focusing on the money always gets me in trouble too!

"No one can beat the market"
every losing trader

Trades

Was not expecting a bear trend day since tight bull channel - expecting sell-offs to be bought. Overall way too many trades near open - get better at trusting the pre-market read and waiting for levels to be hit and doing nothing in between.

One ok trade - Scaled into a long trade around 12pm buying more ~5619. Target was open / highs of the day but exited since no follow-through buying.

PL 10 USD, account 3078 USD.
 

Trades

Happy with today's trading - executed well on bearish bias (long bull run, exhaustion probable).

Almost made a mistake - had the first short with a wide stop but exited before stop was hit on second big bull bar. However corrected my mistake when no follow through and entered short again, adding to position on the way down.

PL 30 Account 3107

Trades

Again with short bias which seemed to work at first but then got a good bull trend after double bottom. Reversed to long and made up for losses ending up slightly in profit. Perhaps early exit but I don't mind, at least did not end up in red big time like last week fighting the trend.

PL 9 USD, Account 3116 USD.

Trades

Finally when short would've paid off I screwed up by flipping my bias.. entered short in the open, when price reversed flipped to long, then short, then long again.. finally shorted the big bear candle but exited the winner early to cover earlier losses. Would've been a good win.

Then entered a long for a bounce but poor setup and no key level. This was 100% revenge trade.

Now PL -80 USD for the day. Acct 3036 USD. Will see if there is a mid/late day long setup around 12-1pm.

Trades

Continued the theme.. total damage -303 USD for the day, account at 2812 USD. Just tilt trading, bad setups and too much size.

Small wins and huge losses. Can't seem to shake it / get myself mentally right.

Chart here for fun

Trading is not the same as gambling, but it is pretty close to it.

For every future contract you trade, another guy is holding the other side of the deal.

Expect to have winning bets and losing bets, and it will be random.

You have a small account, so your primary objective should be to stay in the game.

I’d suggest if you did a nice trade, buy some common stock from the proceeds.

Depending on the broker, the value of the common stock can be used as collateral for further trading.

Good luck!

OneEye 

Trading is not the same as gambling, but it is pretty close to it. For every future contract you trade, another guy is holding the other side of the deal. Expect to have winning bets and losing bets, and it will be random. You have a small account, so your primary objective should be to stay in the game. I’d suggest if you did a nice trade, buy some common stock from the proceeds. Depending on the broker, the value of the common stock can be used as collateral for further trading. Good luck!

Thanks appreciate the advice