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As mentioned in the title, my goal is to get funded. I didn't turn the corner yet but I make progress everyday. Before to get funded, I need to be profitable and this journal will help me to reach this first objective.
I trade the FESX with a 1 lot from the open at 9 AM CET until 11 AM. I use Jigsaw Trading's depth of market.
I will make some daily posts with my results and try to comment every trade when there is something interesting to say.
Can you help answer these questions from other members on NexusFi?
For the moment I don't really care who. I'm not profitable yet. Once I will have eliminated all the mistakes from my trading, the ticks will accumulate automatically. If I can show some positive results over several months, it should be easy to find someone willing to fund me.
Low volume + small range : plan for the day was to take some fade trades
1. Fade : Poor entry. I chased for 1 tick and then got shaken out by the flow, it appears to be the high of the day. I should have been more patient
2. buyers were sustaining the prices, entered long hoping for a gap fill 11 ticks higher. I see the high holding, I should have exited earlier. I think about reversing but there is not a lot of volume and when it picks up it's already too late.
3. Fade : missed the first visit (not fast enough). Waited for a small retracement to enter long. It goes 6 ticks in my favor, I cover after it came back 3 ticks. In these kind of situation I'm always afraid it could come back on my entry price and then turn into a loss.
+ / - of the day
+ : stay outside of chop during most of the day and was very patient
+ : wait for a retracement before to take the 3rd trade (instead of chasing)
- : poor entry on the 1st trade, not enough patient
- : should have cover earlier on 2nd trade (1 tick lost)
- : missed a low risk trade around 10:50. Since I was about to quit for the day, I didn't want to turn my day into a loosing day but that was stupid since the risk/reward was really good.
Gap down, decent volume, exactly the way I like it : not to fast, not to slow
1. Fade. I forget to start the screen recorder so I can't replay the action. I got shaken out. I appeared to be a very good entry since it was the high of the day...
2. I'm able to review the action, screen recorder is on. I entered 2 ticks too late. It then has a bad influence on my psychology, it went 2 ticks against me and I exit for a small loss. It then goes in my direction (more or less 8 ticks). If I would have pulled the trigger faster, I would entered at a better price and wouldn't be shakened out.
3. Sellers sitting on the prices. Path of the least resistant on the short side. It goes 4 ticks in my favor, came back on me 2-3 times and I take a scratch (+1 tick)
These 3 first trades are dramatic, my reading of the situation is excellent but since it doesn't go immediately in my direction I exit 3 times stupidly. I would already been 15 to 20 ticks in the money if I would have commit to the trades and react faster.
That's dramatic, I take some risks and I'm not rewarded when I'm right. That's the worst situations possible. I really need to work on that.
4. I tried to enter long 2 times around 9:30 but once more I was not fast enough to enter at a good price. I was frustrated to miss the entry and chased stupidly. Good point is I was able to exit quickly when I saw the momentum die and sellers not allowing the market to go higher.
5. I let a limit order 2 ticks lower and I'm executed when the markets makes a run, that is just supid. I cover just when the market is holding. Very poor management from entry to exit : entered to late and then I exit when it's obvious the market will retrace and allow me to scratch.
6. Entry is good, I was fast and didn't hesitate. Exit is poor, I should have covered at +4, action is not good, sellers holding, not enough buying interest. I'm really lucky to exit with a scratch, the market should have punished me here.
I wanted to enter long again at 9:59 but pulled my order realizing there is a news 1 min later. No reaction at the news and it makes a nice run up...
Then action becomes strange and I'm unable to have a good read.
7. It didn't stop me to take this stupid trade.
8. Nice trade. Nice entry, perfect exit !
All the other trades are the same shit, I try to fade, it doesn't go, I scratch or take a small loss.
Trade #11 : I covered trade #10 just before it hits my stop, but it makes a run and my hard stop is also executed... That was not the plan at all but I earned 2 ticks going short.
+ / - of the day
+ my order flow reading is often very good (first 3 entries + some exits are good)
- I got shaken out to often
- I often hesitate a few seconds before to pull the trigger and then it's already to late
- it shakes me out when I enter too late. If I would enter faster, I would already be 1-2 ticks in the money and then be less influenced by psychological reactions since I know I will be able to scratch instead of taking a 1-2 ticks loss.
The only person who gets richer if I trade like this is my broker. I took way to many trades today.
I need to be faster (for entries and for exit) and trust my order flow reading.
A few weeks ago, I would have lost a lot of money in a market like this.
1. Momentum trade, covered way to fast, panic out for no reason.
2. My reading was not good, I had 10 times the opportunity to scratch but didn't do it.
3. Stupid trade, I enter when there is no more momentum
4. Fade: entry is good but market went 2 ticks lower and stopped me out before to reverse
5. Missclicked when I wanted to center the DOM! I wanted to enter long anyway but was waiting for a better price. Very poorely managed. It appeared to be the low of the day.
No trading on Thursday
Friday 4th of September
1. Very nice trade, could have made 1-2 ticks more on the exit
2. Entered 1 tick too late. It was a good trade.
3. Should have made 1-2 ticks more on the exit
4. It came back on me. I decide to stop for today. I don't want to give profit back.