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MES 1 contract, for every $50 gain will increase contract by one more.
Post Trade
I consider today a good trading day. I had more failed trades than winners but my goal today was to have the discipline not to monkey with the Stops unless I was bringing them closer to the entry. I was able to resist the temptation of moving my Stops with every trade, my largest Stop was 5 ticks (give or take).
With that said, had I kept all Stops at 2 point then I would have been 100%, minus the breakeven so I was reading the market right. That is more of an accomplishment than having 100% win rate today. I made 6 trades today, 3 losses, 1 breakeven and 2 winners.
For the fun of it
large green box drawn with the numbers 1-5 was a take from yesterdays study.
Pre Trade
Mindful of Stop management (2point and don't move it further away), study prior candlestick movement, must take 5 tick scalp with Stop if presented.
Post Trades
Positive note, was able to not go beyond my 2 point stop today. All else was a complete failure. Made a note while trading near the end of this gambling I did today. I feel hurried and anxious. Why? am I to worried how it will look to loose with others watching? When I fail at a trade I anxiously wait on another trade without clear thought, just to make up for prior trade. I see a big fault in my mental attitude and I don't know if I can beat it. Hopefully the shame I feel today will help me with my trading tomorrow.
Thoughts
What I did wrong today, didn't wait for the second candlestick to return to the retracement area, several times. Moved Stop to close to the entries, when if I had left alone, would have been good 1 point trade. Failed to take the 5 tick profit (later I lowered to 4 tick) when it presented itself. At the end of this trading day I through several Hail Mary's for no good reason. What I did right, nothing!
Pre Trade
Don't be so hard on myself today, stay disciplined and "May the force be with you"
Before todays trades
Decided to study yesterdays trades to see where I failed before attempting todays trades. Found that even the winning trades had faults.
Post trade
Good patients today, with the economic news this morning and FOMC at 1:00 decided to sit tight, study the chart and draw my retracement area lines. Took a break and came back to trade after FOMC. Made 4 trades today, 3 wins 1 loss. Held tight with my Stop loss at 2 points max and scalped 1 point on all winners (couple extra ticks on one winner).
Thoughts
Today I felt mentally and physically sharper, better mental picture of what and how I wanted to place trades.
Pre Trade
Economic news this morning 7:30-9:30, be patient, wait for second entry off the Retracement area, mindful of overall support and resistance.
Post Trade
No trades made this morning due to the News, stayed out of the market until 1:00 today. What I saw when I came back I didn't like. I have been burned many times when the market moves like it did today. Could have jumped in at anytime and probably done ok but I was trying to hold true to my new trading method. Friday is my day to do Turtle Patrol so I won't be able to trade except for Pre Open or possibly after 1:00, weather dependent.
Thoughts
My trading this month is about seeing if this new trading method has validity, not how much money made or lost.
What is it that I am I trying to do?
I am trying to show that at the areas that I have an arrow drawn is a good place for a scalp. Timing of the entry is paramount but also understanding what the price action is indicating. Often times price action will take off after the reversal without returning to that area, more times than not I am seeing that price action will return to this line. If price action doesn't return to this area within a few candlesticks you will see it at some point return to that area with a bounce of that line. In other words I believe it is looking to fill or get back unpaid dept.
How have I faired?
Not well with this method, not because it is not a valid concept, it mainly was because I have used to tight a stop (on purpose). Another problem is I haven't yet dialed in a good ATM strategy to gain more of a profit than just 1 point while risking a 2 point stop.
For the remainder of next week and to the end of this Journal Challenge, I will focus on better ATM strategy looking to gain more than 1 point with a runner. I want to also thank all that have watched, followed or thanked me. Many more than I would have thought would even had the slightest interest in what I am doing. But again Thanks!
Have you factored into your risk management tight stops have a higher risk of being hit than wider stops. When you review your trades, have you done a 'what if' my stop was a few more ticks away, or at a different point of market structure how would it fair? You may have, but I would like to read your thought process, if you're willing to write it out.
My thought process, I have giving this some thought and to be honest I don't know how to put it in words, other than to say, I'm a little guy playing in a big mans sport. Trying not to get to beat up before learning to be quicker and smarter than the big guys. I'm at a point now where because of the pounding I have taken, it is getting hard to get back up but I'm a fighter! So you might say that my Stops are my bruises, how many more am I willing to take?
May not be what you were looking for but that's my thoughts on it and thanks for the compliment!
Memorial Day today. Thanks to all who have served and a remembrance of all we have lost.
Pre Trade
Think better entries, are trend lines correct, what is the last candlestick telling me.
Post Trade
Today I made the decision to place my stop further than 2 points with the only trade I was able to enter. The trade wasn't a trade I wanted to make per say but after sitting and watching this slow moving train for hours I jumped in thinking the market would soon turn. It didn't! So I moved my Stop many times taken a 10 point loss. That was with 15 minutes to 12:00 close time. If anything, this will reinforce my belief that a 2 point stop is better (for me) that a wider Stop.
Think better entries Failed, are trend lines correct Yes I believe so, what is the last candlestick telling me don't enter!. When I was turning wrenches for a living I thought this is a very hard way to make a living. I couldn't wait to stay home and trade all day. Now I realize that this trading full time is more mentally tougher than car repair. At any rate hopefully I learned something today and I figure out a way to make all this work sooner rather than later.
Thoughts
Remember today those that didn't come home from the battle field!
Pre Trade
Quiet mind this morning, no wishful thoughts just trade.
Post Trade
Better today, was a little more aggressive with my entries based off drawn Retraction Area lines and trend lines. All my trades had a runner which all got stopped out at plus one tick past breakeven.
We had a loss of electricity this afternoon which changed the chart, lost all drawn trend lines and candlesticks were no longer same as when trading. The chart shown is last good image saved.
If anything, this will reinforce my belief that a 2 point stop is better (for me) that a wider Stop.