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Since I lost my shorts yesterday and the FOMC is today I will not be trading this morning. I am going to wait until 2PM to see if the market picks a direction.
Can you help answer these questions from other members on NexusFi?
Once you're funded OneUp Trader restricts you from trading during FOMC and I completely see why! Once the rate hike was announced ES SHOT UP and slid back down just as fast. I took a trade thinking it would cash out immediately but it didn't. I got stopped out and then it was just super erratic so I waited until after the press conference to trade again. I lost a lot of money yesterday so I just scalped today and even though I am still in the hole I am still in the game.
My best thoughts for today would be, as soon as they announced the interest rate hikes around 2:35 PM, watch it live on TV, THEN go short as the market was responding to THAT news.
If you have order flow, it was crazy going short at that time, which confirms the quick entry and exit points.
Thursday killed me and I was not able to fight my way back so I would have to reset the evaluation. I think I am going to take a break from trading. The learning curve is becoming too expensive for me at this time.
I'm back! I took a break from live(ish) trading and only did SIM for the entire month. I think I have finally found a strategy that works 80%-90% of the time. The setup is available everyday 1-3 times a day and if the setup is not there I won't take the trade. My goal is 6-10 points a day no matter how many contracts I put on there. I will be using my own money AND I am doing the OneUp evaluation again. I will use Rithmic Trader Pro to place my trades for OneUp and I will use Ninja Trader with my real money.
I will still be trading ES and nothing else. I am also no longer entering during opening. I will only trade between the hours of 10am and 3pm EST. If my first trade is successful I will not take another even if the setup is there again.
I have back tested my strategy and traded live SIM but there is nothing like LIVE LIVE trading with your money. This will be my first time trading with my own money and not a prop firm so that's how confident I am about my strategy.
I will not be sharing the strategy yet (just in case I blow up my account again) but it's pretty simple.
Within the next 90 days I hope to have life changing financial success!
I will continue to do my daily updates with screen prints from both Rithmic Trader Pro and Ninja Trader.
I made $1700 on my OneUp trade and $300 with my real live money on ES toiday. I am executing the same exact trade on both accounts so my entry may be a tick or 2 off depending on which account I enter on first.
My signal didn't occur until 10:50am EST so that is when I entered.
Things I did right:
1. Entered on my signal and placed my stop correctly.
Things I did wrong:
1. I could have let my trade run a bit longer but that's not part of my trading plan.
I made $1700 on my OneUp trade and $300 with my real live money on ES today. Today was a true test of discipline for multiple reasons but I stuck to my plan and was successful even though I left a lot of money on the table. For starters I no longer take a trade before 10am even if the setup is there because based on back testing there's 50/50 chance of it being successful and I don't like those odds. So today I got my signal and didn't enter and watched as the trade went in my direction. I got my signal again around 12PM and I entered and was successful. And then when Powell spoke the market rallied like crazy but I didn't enter. It just went up and up and up and I left thousands on the table but trading the news has never worked out for me so I am better off just watching.
Things I did right:
1. Entered on my signal and exercised extreme discipline.
Things I did wrong:
Left money on the table by not reentering even though that's really my plan.
I will not change a thing until I have followed my plan and strategy for at least 90 days. After that I can start incorporating multiple trades or longer targets. I forgot to screen shot earlier so the PNL reset to 0 but you can see that I am at $153325 and $1276 now.
I live to trade another day! Screenshot 2022-12-01 000116
I made $2100 on my OneUp trade and $462 with my real live money on ES yesterday. My signal hit exactly at 10am so I got in and made my money. I am playing it extremely safe so I am still only doing 1 lot with 6 points but tomorrow I will do two! And every day I will add on another contract until financial freedom is reached!
Things I did right:
1. Entered on my signal and made a successful itrade.
Things I did wrong:
Left money on the table by not extending my target...I am working on trusting my chart more so that I am not leaving so much money on the table.
Note: I meant to enter this journal entry yesterday but I forgot.
