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The above trade, proved a good idea and a valid setup.
I was busy first thing, so I don't know if I would have caught any of the down trend early in the day. Moving along, I was so sure we would break down into new lows, that I used wider stop than normal and missed other opportunities that are in my tool box.
Part of the point of this journal is to compare trading to something that I know...plumbing. If my original plan to run a pipe from point a to b doesn't work out, I modify. I don't start removing the obstacles like a heat run or piece of structure to get my way, I simply adjust to what is in front of me. So today, as embarrassed as I am about p & l, it was yet another good lesson learned.
for reference, here is a link to a question I asked in @mfbreakout's journal regarding the channel/box we had:
1) Time filter is a tool to see if long or short makes sense. We mostly looking for 30-50 ticks per st up, so it becomes important to wait and wait.
2) 45 minutes OR traders are reversion to the mean …
I guess part of me was wondering why I wasn't long based on time filter?
below is my chart with notes:
Busy tomorrow, but inventory report day so I try to avoid the first couple hours anyway. Might be back for last hour or two, otherwise looking like Thursday before I'm back again....
so today, I did shitty in Sim, but saw some decent setups and decided to take them in my IRA acct. Hey, I actually made money!! Maybe the whole real vs. sim trading is for real?
P& l not that great, but I am intrigued that I could trade live better than I did sim.
So I havent been as consistent as I was hoping, picking the edges of a mkt like we should all aspire to do. Last week when the mkt was slow, just for kicks I put some stochastics on my 4 range chart. I was amazed at how well they "seemed" to work. So I traded with them Friday for + 295 and today+ 305 It was alot of work to get these profits, but part of me feels I may have found something that works for ME. Lots of trades, using 2 lots, some got more ticks than others and I waited for a signal after a new trend appeared to develop as I know that in a trend, sto's will be above/below the 80 or 20 line for a long period of time.
I also had some option trades expire on Friday, but they haven't showed up in my account yet for settlement. I know the FSLR IC went out as a loss, and the WAG IC expired worthless
I found out today that I won some projects, so it will be a week or two minimum it's looking like before I trade again. I've been wanting to share this song for a while as the lyrics really seem to touch home when it comes to trading or any business/goal in life:
On losing trades or failures:
"Another memory and I'm asking myself
Why can't I let the past be the past.
Once and for all take a hold of the future
And not let it control what I aspire to have.
I see where my decisions have brought me
What's done is done and it's time to start again
Can't let it tear me in two or waste me away"
And one of my favorite lines regarding life in general:
"How can I can change tomorrow if I can't change today
This is now
If I control myself I control my destiny "
I personally find metal to be very poetic and inspiring.
"if I control my self, I control my destiny"
"I see where my decisions have brought me
What's done is done and it's time to start again"
This happened last week when I had a couple of hours to trade. At least I was smart enough to reduce size overnight as I know CL can be down a buck or two easily in the overnight.
Lesson learned..........NEXT!
Finally back in the saddle today, we'll see what the day brings
I thought that having this journal would increase my accountability. It has, but not that well. It's funny how one can completely have his wits about himself, but then starts forgetting the world around him stares at a glowing screen and gets hypnotized by the vertical bars moving up and down in front of him.
Yesterday started thinking I should try a combine, then saw there was a webinar by topstep. I am sold on what they are doing, and am thinking heavily about at least doing a practice session to get comfortable with the risk parameters and T4 dome. The goal wouldn't be funding, but ACCOUNTABILITY. I'm starting to think that my head is too wired to sim trading and "trying"