No trades today. This afternoon was a great setup for a long in the MCL market as price hit lows but did not take a trade. I didn't take a long because the daily chart looked like there was very little support and I thought price could take a big dive lower. Almost the end of the crude session, it looks like I am going to be wrong and the price may find support at $70.

I'm sure you could have guessed, but I trade my own cash in my own account. I don't think I clearly stated that in this journal. My account is small but I enjoy trading and will continue trading real money. Oil is my market of choice as you can probably see. I would trade the big CL contract but my account is small like I said and I am sticking with the micro oil contract.

-blackgrey45

@blackgrey45
I have followed your journal (this one and your other threads) daily for nearly the last year and have responded before. As I was thinking today, this question occurred to me: Can you tell me succinctly, 1) what have you identified that does not work for your trading and 2)what is the corrective action or next thing you will try in order to remedy #1?

Worth thinking about, in my humble opinion, because identifying the issue(s) and having a focus on correcting that issue(s) is fundamental to progressing.

Thanks!

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COoneguy 

@blackgrey45 I have followed your journal (this one and your other threads) daily for nearly the last year and have responded before. As I was thinking today, this question occurred to me: Can you tell me succinctly, 1) what have you identified that does not work for your trading and 2)what is the corrective action or next thing you will try in order to remedy #1? Worth thinking about, in my humble opinion, because identifying the issue(s) and having a focus on correcting that issue(s) is fundamental to progressing. Thanks! Sent using the NexusFi mobile app

Yes I can tell you my issue is risk management and holding onto losses hoping they will turn around.. When I was trading the ES I risked far too much...$800 on one trade on several occasions which was a lot of money for me because I only make $600 a week . Now trading micro oil I still risk too much. I don't exit trades which is deadly. I exit a loss when the day ends or I have finally had enough pain. I need to recognize when I am wrong and get out.

-blackgrey45

blackgrey45 

Yes I can tell you my issue is risk management and holding onto losses hoping they will turn around.. When I was trading the ES I risked far too much...$800 on one trade on several occasions which was a lot of money for me because I only make $600 a week . Now trading micro oil I still risk too much. I don't exit trades which is deadly. I exit a loss when the day ends or I have finally had enough pain. I need to recognize when I am wrong and get out. -blackgrey45

And what is the concrete step you will take to accomplish this? What criteria will tell you when you are wrong? Have you examined your MAE and MFE on your trades?

Sent using the NexusFi mobile app

COoneguy 

And what is the concrete step you will take to accomplish this? What criteria will tell you when you are wrong? Have you examined your MAE and MFE on your trades? Sent using the NexusFi mobile app

Right now there is no concrete step. I am still having fun and gambling and posting my results on this forum. I am going to have to research MAE and MFE because I don't know what it is. My criteria is a measure of how much pain I am experiencing on any given trade.

I'm a shallow and superficial man. I get my highs from women and the markets.

blackgrey45 

Right now there is no concrete step. I am still having fun and gambling and posting my results on this forum. I am going to have to research MAE and MFE because I don't know what it is. My criteria is a measure of how much pain I am experiencing on any given trade.

All due respect, I am trying to help. Everyone's path is different and I understand that. Best of luck in your journey.

Sent using the NexusFi mobile app

COoneguy 

All due respect, I am trying to help. Everyone's path is different and I understand that. Best of luck in your journey. Sent using the NexusFi mobile app

I know and I appreciate you. Best of luck to you as well.

4 trades
1 contract
Market MCLM3

Short **Took a short as oil market was hitting new daily highs
Entry 71.60 @9:06am EDT
Exit 71.57 @10:07am EDT (trailing stop)
Result +$3.00

Short **Price hit highs, got short
Entry 72.24 @11:20am EDT
Exit 72.22 @11:33am EDT (trailing stop)
Result +$2.00

Short
Entry 72.43 @11:37am EDT
Exit 72.40 (trailing stop)
Result +$3.00

Short
Entry 72.62 @12:20pm EDT
Exit 73.25 @12:55pm EDT
Result -$63.00

Daily Result -$55.00

3 trades
1 contract
Market MCLN3

Short @8:59am EDT
Entry 72.21
Exit 72.19
Result +$2.00

**Tried selling lows on last trade, didn't feel right and exited

Long @11:29am EDT
Entry 72.03
Exit 72.00
Result -$3.00

Long @11:48am EDT
Entry 72.10
Exit 71.89
Result -$21.00

Short @1:41pm EDT **Got short at lows looking for a break lower but never happened.
Entry 71.73
Exit 71.72
Result +$1.00

2 trades
1 contract
Market MCLN3

Long @11:29am EDT
Entry 71.73
Exit 71.76 (trailing stop)
Result +$3.00

Oil rallied into the 9am open then began a precipitous decline that continues.

Long @12:20pm EDT
Entry 71.58
Exit 71.60 (trailing stop)
Result +$2.00

Daily Result +$5.00