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I like your style of trading, trading your way out of losses. It certainly does take a lot of experience in the markets to make it work. I have tried that style off and on with live accounts for the last 14 yrs and never could figure out when I should close a big loss. Blown many accounts adding to losses. I wish you luck and this journal is quite interesting.
Thanks, but that doesn't apply to this conversation. I don't trade with a tight, hard stop. I'm either scalping momentum or building a position waiting for momentum to swing. When I'm wrong, I bail. I don't at all ever see it as adding to a loser. It's a trade.
I've been taking it a bit easy this week, not wanting to carve another divot before month's end and a busy week with other stuff. This has led to a profitable week and $10k objective hit for the month, barely. Below are the trades for this week up to month's end.
January ending balance: $27 681.32
February ending balance: $37 767.09 February P/L: $10,085.77
I'm still riding an open position in platinum, now long 5 contracts. The p/l for this trade will be recorded in the month it closes...likely March.
It was a slow week for me with my focus away from the markets quite a bit...traveling the first half of the week. Despite that, I was still able to post some gains to kick off the month.
I'm still long 5 contracts platinum carried over from January. These are currently up ~$8k at the moment.
Here's the trades for the first week of March:
2024.02.29 08:13:13 correction in 0 -28.22 37 738.87
Another good week for me in the markets. Some profitable trades were had in Nikkei and DAX futures early in the week. I closed out the last of the platinum trade yesterday. Nice to see the account above $60k. I have some personal business that will likely keep me away from trading for the next couple weeks...which will probably be a good thing. Up $24k halfway thru the month, I should probably be sitting on my hands regardless.
This journal has helped demonstrate to myself that patience is perhaps the biggest key to success in trading. The timing of me starting this journal is not lost either...success does come easier in a raging bull market.
In addition to the personal business the next few weeks, I've also treated myself to a new computer. I've been relying on an eight year old gaming laptop for my computing needs. While it's been a great machine (ASUS ROG), it's time for an upgrade. I suspect it will take a bit to get the new computer up and running.
