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Trading: Mostly NQ and MNQ past 9 months, ES & CL in the past
Posts: 22 since Mar 2016
Thanks Given: 14
Thanks Received: 32
02 09 2021 journal entry - I've not been sticking to my trade plan through out the day. I trade too much and not according to my planned set ups. With the market lately slow to provide fast trades, I'm learning I must be patient (which I plan to do) or develop a plan for longer hold times on the trade. I'm committed to trading only 1 contract because trading 2 or more does not give me room for bad trades in the TopStep combine rules which I must adhere to. I'm not willing to reduce my risk and only trade MES. That's just not appealing enough. So I traded 8 times today which is too many based on my trade plan. At one time I had the day at a small profit but I broke my personal rule and tried for more and lost for the day. Stick to my plan - No more than 2 back to back loss trades and daily loss limit of $300. Trade with the trend off of support or resistance after a pull back to that support or resistance. I want to post a trade picture that I took today that represents what I should look for. The other trades were irrational trades and not worth posting, just take my word for it, I'm not proud of them. I would appreciate any "thanks" if you find any benefit from my journal or thoughts as to my journal's content. 021021 trade
Trading: Mostly NQ and MNQ past 9 months, ES & CL in the past
Posts: 22 since Mar 2016
Thanks Given: 14
Thanks Received: 32
2/10/2021 Wednesday - As you probably know the ES took a dive early in the trading day. It got me sorry to say. I let my emotions take over and I tried to jump in without looking for reasonable pull backs and trading my plan. Short story is that I got lucky and managed to have a small profit after 38 trades. That's not according to my plan. Writing out my thoughts in my journal is at least self acknowledging my faults and hopefully I will change. My actions today are not an example of one that is worthy to trade for TopStep. No trade is worthy of showing my trades because none of them are examples of my plan. Let me confess and try to trade with less emotions going forward. Boy this is hard.
Trading: Mostly NQ and MNQ past 9 months, ES & CL in the past
Posts: 22 since Mar 2016
Thanks Given: 14
Thanks Received: 32
02/11/21 Thursday - I continued with crazy trading habits of not waiting and then trading too many times. 17 trades today, less than yesterday but still too many when I trade inconsistently. Net loss for the day $300 when I had a profit of $100 early in the day. I should be happy with $100 days trading my conservative plan. I don't think it is my trading plan that is the problem. It is me! Trading with emotions and not sticking to my daily loss plan.
02/12/21 Friday - Been busy at my day job. Sorry for the late post. I felt good about the results today. Two trades both winners with net profit of $58 average. I know not stellar winning day but I stuck to my plan and did not continue to trade when I had net profits and my mind was not into it today plus the market kind of went limp after the open while I was able to watch. For me that is a winning day. Goal for Tuesday is to continue with my plan and not over trade is the main point. Let the market open and digest the holiday inactivity and wait for longer term support and resistance levels to show me where the market is playing ball on Tuesday.
Trading: Mostly NQ and MNQ past 9 months, ES & CL in the past
Posts: 22 since Mar 2016
Thanks Given: 14
Thanks Received: 32
2/16/21 Tuesday - I'm not accepting my loss well. I continue to revenge trade on Tuesday and trade too much again. I'm telling myself again that I have a plan, stick to the plan until I prove my plan wrong. How can you say your plan is working if you don't stick to it? No use putting my trades up when they don't represent my plan. I have the rest of February to prove that keeping a journal can benefit me.
Trading: Mostly NQ and MNQ past 9 months, ES & CL in the past
Posts: 22 since Mar 2016
Thanks Given: 14
Thanks Received: 32
2/17/21 Wednesday - I continue with bad trading habits for another loosing day. I may take my trades in SIM today so I can work on my trading habits. I'm going to post myself a note showing my trading plan and daily loss limits as an reminder of what I should do.
Sometimes we can learn the most from our worst trades... ie what not to do. It can be useful to pay close attention to them because they are telling us something about us (different than a trade that is according to plan, but simply fails.)
Overtrading, revenge trading, just throwing darts to see what lands... everyone struggles with these. It took a long time before I was able to wrestle these tendencies from the point where they were literally controlling my trading results (in a very poor manner I might add) down to the point where they are no longer running the show, but must remain cognizant of the fact that it is far too easy to slip back into those bad habits.
Keep pressing on man, work your way thru these hurdles, it is the only way to get where you want to be.
Trading: Mostly NQ and MNQ past 9 months, ES & CL in the past
Posts: 22 since Mar 2016
Thanks Given: 14
Thanks Received: 32
2/18 and 2/19/21 Trading days - I have not improved my trading habits because I can't break myself from emotional trading. 2/18 was better because I did manage winning trades for the day but still trading for short scalps. And of course, it seems all Fridays (this one on 2/19 also) are my worst trading days. I either give up what winnings I have had for the week or I jeopardize my TopStep combine by coming close to daily loss limit. Honestly folks (and self), I continue the roller coaster ride up and down and never to the peek of the summit of the ride. I've never been over $1,000 profits in my combine before I broke one of the rules. It's all on me because I am not trading any plan it appears, certainly not one I have told myself to follow. I still have a goal in mind if I can just stop trading on emotions.
In your case I don't think you should really blame yourself, I think you should put "market Volatility" in the equation. If you have a very small max daily loss and you trade a big market there is no way you can manage risk.
Markets are fractal but trading strategies cannot be scaled down to match any risk parameters you have. So in your case if you have a max daily loss of 300 USD or 500USD you cannot trade the ES.
I trade it everyday and 200 to 300USD is my stop loss, and my daily loss limit is 3000 USD, and trust me is difficult.
If you trade MES and take longer trades you can "easily" take some movements of 80 or 100 USD with one contract. With a couple of days like that you can reach your 1000 goal easily, once you have reached that you can increase size.
Just to give you an idea of how "little risk" is 3000 USD max daily loss, with this limit I cannot afford to trade the nasdaq for the first 3 hours, of the day that are very volatile.
