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Besides 22 trades, am I right in seeing that your max size went from 2 previously to 6??
As your across-the-world, informal Asian trading counterpart most evenings, I feel compelled to say in a not so nice way, because I like you and respect you too much to be nice: if I were your risk manager I'd put you on sim tomorrow, no questions asked. Your style seems to be 10-15 trades per day, and 50 trades with 3x regular size means you lost control. You're too good to do that. You simply can not do that.
When I've done this, my P/L curve has invariable had wild swings down, then up, and then usually ending down. Please nip this in the bud! You are having success, and you should absolutely get yourself in the normal Godzilla state of mind before you trade again. Please!
I agree with your trading assessment 100%.....I got frustrated and lost the plot. I suppose all trades after trade 6 were probably errors as I did not stick to my plan for risk control.....the saddest part is that if I just had more patience and stuck to the plan it would have worked out fine with an eventual flat day.
I might have to pass on my opening trade strategy as it's around 70% accurate(lower than the PATS average) but when do you get the inevitable loss on trade 1 your under the gun...this strategy is not part of the PATS set-ups...just something I've picked up from watching the opening moves each day..
You could adjust your risk parameters and trade this opening strategy -- trading 2 mini HSI's gives you half the normal risk and still lets you trade something that clearly you have found to be advantageous!
Good point....1 contract will do the trick then....lets see how it goes....your post yesterday gave me a kick in the butt to focus on my discipline again so I traded the afternoon session for 2/2 on a 1 contract....I've still got my mojo (for now(><) but I really need to be able to know when to stop and walk away otherwise I could blow my account(I must have those gambler gene's inside me sadly - doesn't every trader?)....I was down BIG time at one point yesterday but battled back.....this is NOT a good strategy. I think it's more prudent to walk away with a small loss (+ do a detailed daily review of those trades) and reset for tomorrow. Other options include I ONLY take 4 trades per day...win or loss - this is one way to stop myself going crazy like yesterday. Although losing trades are part of trading I still get pissed at myself for having them....this could be a potential problem.
Fellow aussie here, been enjoying your journal, I had plans to get into the HSI this year but work had other intentions for me.
With your plan of only 4 trades a day, maybe just a losing limit instead of a total limit? based on what I can see in your journal when the market conditions are in your favour you will expect a big winning day and limiting those times might be detrimental to your long term profitability? Only stopping if you have 3-4 losing trades in a row might just remove losing days where conditions that are not favourable or when you are just not aligned to the market.
I only get pissed at myself when I take a trade that doesn't work that I know is in fact a bad trade, but which at the time I lack the discipline to pass on it, for FOMO. I've had some losing trades which I've been rather proud of because it was really quite a good opportunity. In fact, just now I took a couple of subpar Nikkei trades and while down a pretty small amount, said "nope, not gonna take any more of my money!" Walked away and that was that. On to China.
I know all too well the "down big, battle back" and sort of promising to not do that again. But unfortunately, that does something to our minds which actually make it easier to take bigger risks again next time, often on subpar opportunities.
At any rate, don't overthink it. Trade well. Best to you today and I'll be continuing my HHI trades which I've been hitting pretty well on. Let's see how much PBOC injects in OMO today
As you can see from my journey with the HSI it's amazing at times and a bloody nightmare at other times....I'm on bit of a struggle last couple of days but it always comes back to discipline...just have to wait wait wait for the best set-ups....easier said than done of course and if your not on your game you miss the entry easily given the speed of this market...(best trades close out within seconds)....with my %win rate I'm scratching my head if I get 2 in a row losses....ie something aint right. + I have to be careful as with my 0.5R target win I need 2 wins to make back a single loss..
Managed to sneak in another couple (2/2) of trade in yesterdays session at the open for a gain of 14tics....fingers crossed I don't screw that as I only need 3 good trades and I'll be done for day....want to work on patience today and follow the plan.
+48 tics for the day.....couple of losing trades that could have been avoided if i was more patient.
- something wrong with the consecutive wins formula - will crack it later.
- the 1 day I lost control (18th) kills the SQN number....food for thought.
