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My focus needs to be on what to do psychologically when the trade doesn't go my way. Today, when I entered the trade, I had a good feeling the trade will go my way. This mentality will usually come back and bite me very soon, as I start believing I'm smarter than I really am. Fortunately enough, the trade did go my way. I need to be in a headspace where I have no bias, and no matter how good the trade looks I can still accept the trade stopping me out.
The first hour was very quiet, only moved 4.5 points. I noticed it was a bank holiday, so unsure how much volume there would be. Was also watching the previous level at 1075.75, looked like it tested in globex session, and I was expecting it to go down and close the gap. In hindsight it did, but you can't trade hindsight. =)
I usually look for the retracement trade on a gap move, looking for the possible trend day. The move wasn't too convincing, but I had a breakeven stop after it move 1.5points my way.
Looking back at it, I wasn't too comfortable holding the trade that long with the sideways movement. Since I had the BE stop in the market, I had nothing to lose.
Trade 2:
Short 1073.75 11:33
Exit 1074.25 12:28 -0.5x2=-1
This was a trade I probably shouldn't have taken, but I came to my senses and got out with a small loss. Should have packed it up for the day, but ended up getting stressed for another hour
In hindsight, if I held on to the trade, it would have been the trade of the day. But I have to watchout that I don't build bad habits, it will come back to bite me.
Wasn't much of a day today, it mainly traded within the IB. Maybe because tomorrow is FOMC minute. I probably won't end up trading if there isn't much volatility before FOMC.
I was tempted to sell 15 1067-68 level, but it was the previous day's low. So I don't want to get suckered in. Ended up, it broke nicely out of 1068, took the signal of the bearish bar, got the 2 points and scratched the rest.
I did notice that there was a POC from 10/9 at 1064, and afterwards applying the pivot levels, there was also a S2.
Trade 2:
Short 1064 10:25
Exit 1066 10:27 -2x2=-4
Looking back, this was a trade I probably shouldn't have gotten into. I'm reluctant to trade bullish/bearish bars after the initial move (ie. within a retracement.)
I had to hold for abit over an hour, and the sideways action after 10:30 didn't give me confidence in wanting to keep holding.
Looking back, with bullish/bearish bar entries, I want the trade to move in my direction immediately. If it didn't, I must scratch it immediately, and possibly look at a better entry in a retracement.
What I should have done was to scratch the trade when it didn't go my way. Take a 10min break, and come back to reassess.
What I did well today:
- I kept my entries within first 1.5hrs
- I rehearsed taking losses
What can be improved:
- Take a 10min break after taking a loss.
- Scratch bullish/bearish bar entries if it doesn't go immediately.
- Don't jump into bearish/bullish bar entries, be selective (ie. first move of the day)
Keep focusing on:
- Trade entries within first 1.5hrs
- Rehearse taking losses.
- Max loss for the day is 8 points.
Today was a a nice trend day that closed near the high of the day. I consider this more of a Normal Variation day, as it only reached slightly above 2xIB. Would like to have seen a bigger move, but markets tend to make smaller bullish moves and larger bearish moves.
It's one of those days that was easier to read, and abit of a no-brainer to trade. I have watch out for these kinds of days, in the past I have felt like it was my trading skills that made me successful that day.
Market opened with a big gap up, usually a sign of a trend day, market is in imbalance. Was tempted to sell short, but kept my hands away from the computer.
Was tempted to take full profit, but days like these I need to bank on the market closing near the highs, so holding till the end of the day.
Looking back, I should have gotten in at 1079.75 rather than 1080.5. I got distracted, and wasn't watching the move. I'm not sure what I can do about this, as I try not to watch every tic as this gets me missing out on the big picture. Something I need to observe, and figure out as I go.
What I did well today:
- Traded long with my long bias from the gap. Was tempted to short, but stayed away.
- Entries focused on first 1.5 hours.
- Was selective on the bullish/bearish bars, there was some nice headfakes.
What can be improved:
- Was abit distracted, need to rehearse taking losses. This is what makes or breaks you, not getting lucky on a trend day.
Keep focusing on:
- Trade entries within first 1.5hrs
- Rehearse taking losses.
- Take 10mins break after loss.
- Max loss for the day is 8 points.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
I wasn't expecting much from today, most likely to be choppy since yesterday was a trend type of day. First 1.5 hours was quite choppy, with news events at 10:00, 10:30, and 11:00.
After the morning chop, it looks like it broke out of the range in the afternoon. Days like these, I try to sit on my hands.
Trade 1:
Long 1085 9:36
Ex1 1087 9:58 +2
Ex2 1085 10:00 +0
Market internals looked negative all morning, wasn't expecting too much of a big move. Manage to take some profit.
Looking back, I probably should have finished the day here.
Trade 2:
Short 1086 10:18
Ex 1085 10:57 +0
Trade 3:
Long 1085.25 10:57
Ex 1085.25 11:18 +0
The market 1 ticked the IB, and reversed. I chased this trade, luckily got out at BE.
What I did well:
- Didn't get chopped up after a trend day. Days like these will milk away my past profits if I'm not careful.
- Traded first 1.5hrs
- Rehearsed taking losses.
What can be improved:
- Watch out for chasing trades.
Keep focusing on:
- Trade entries within first 1.5hrs
- Rehearse taking losses.
- Take 10mins break after loss.
- Max loss for the day is 8 points.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
Was a choppy first hour, had to take a couple of losing trades before getting into the move. I'm pleased that I was quick to get out when I sensed the trade wasn't going my way. If I would have waited for my stop to be hit, today would have been less profitable.
In hindsight, I could have held on to this trade and saved myself being stopped out. But I wanted to work on getting out of trades quick, especially with bullish/bearish bar entries, they need to move almost immediately.
Originally, I thought the market was selling off, but I saw the market test down, and started moving up quickly. I couldn't get a good entry, and had to go market.
Re-entry:
Long 1090.5 10:40
Ex: 1092.5 10:20 +2
I saw a nice setup, jumped in and made quick 2 points.
What I did well:
- Got out of losing trades quick.
- Traded within first 1.5 hours.
- Rehearsed taking losses.
- I did walk away after each loss, but saw the market moving, and had to jump right in.
What can be improved:
- There's a whole gray area where I'm still trying to figure out what's the best course of action. It's one of those things where if I stick strictly to the rules, I will miss out on good moves, and if I get too relaxed it will come back and bite me. Here are some of the gray areas:
- Getting out and back in reverse direction too quickly.
- Taking the 10min break, or missing out on the move.
- Market into the trade, or wait for better entry.
Keep focusing on:
- Trade entries within first 1.5hrs
- Rehearse taking losses.
- Take 10mins break after loss.
- Max loss for the day is 8 points.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
What I did well:
- Got out of losing trades quick.
- Traded within first 1.5 hours.
- Rehearsed taking losses.
- Kept my daily loss below 8 points.
What can be improved:
- NEVER EVER move the BE stop after I made profit. Just a big indication that I'm focused on making money, than controlling my risk and trading well.
- Next 3 losses I take, I'm going to force myself to take the 10min break. No matter how good of a move I think I'm going to be missing.
Keep focusing on:
- Trade entries within first 1.5hrs
- Rehearse taking losses.
- Take 10mins break after loss.
- Max loss for the day is 8 points.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
- Never move BE stop after profit.
- Next 3 losses I MUST take 10min break.
What I did well:
- Wasn't greedy with my trading. Was satisfied with that I took out of the market for the day.
Keep focusing on:
- Trade entries within first 1.5hrs
- Rehearse taking losses.
- Take 10mins break after loss.
- Max loss for the day is 8 points.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
- Never move BE stop after profit.
- Next 3 losses I MUST take 10min break.
