Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I had a similar issue this morning because I didn't roll to the May contract. When Panda's saw the chart post I was puzzled. I saw a few threads on the roll over yesterday and ddin't even think about it. There maybe be other differences between CQG feed and Mirus but the two months are way different on the chart this morning.
My bad! I still had April on! Two days of training now down the drain as I was constantly going up and down on chart frequency setting trying to figure out what went wrong! Thank Chris!
There is no easy way to spin this. I had a total screw up day today. Doesn't happen often but when it does, its a nasty one. Thankfully, there is my daily stop to protect against really having a bad day.
I could not figure out what I thought the market might do early on. Once it got below the resistance level, I knew it would come off but in the meantime, I was extremely double minded.
The really bad part was this, I told my trading partner I was thinking of putting in a limit order to sell 93.36 with a stop above HOD. Instead, I sold at a much worse price thinking it would not make it back to that price. I forgot I had a limit order there and when my sell stop triggered, it placed the OCO stop at that exact same price....now I needed to cancel the limit order but since that had never happened to me, I didn't know how to do this. While trying to figure it out, I decided I needed to put the stop in the correct place which was the HOD and before I could get it done, price popped up there, and triggered my stop but not the new sell limit. So I ended up with an unnecessary loss and I kinda lost focus on what I thought price might be doing.
So ended up second guessing myself several times....finally I just got short and stayed that way. It took a long time but price finally started breaking down and ran out to +44 ticks. By this time I was pretty upset with myself, I moved the stop to +10 and walked away from it for about 10 minutes forgetting that inventory was in less than ten. My audio alert I use is fine as long as my headphones are in but I took them out....so I missed the exit alert 5 mins prior to news. So no trail stop to the logical place as noted on the chart, a quick spike up that took me out almost to the tick and then back down.
Got long after the news but didn't notice the broken structure short. Finally got short, got up and walked away, and ended up BE on that one.
All in all, a totally mental lapse on my part. I had enough profit on those two shorts to cover my losses and then some. Instead I ended up with the full loss. Today was a harsh lesson in maintaining focus and discipline. I'll not soon forget this day.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I could show you day after day after day where you absolutely rock it.
You constantly inspire me to be more patient and to see things as they unfold and to remain flexible. You also remind me to keep trading where it should be on my priorities list.
"All in all, a totally mental lapse on my part. I had enough profit on those two shorts to cover my losses and then some. Instead I ended up with the full loss. Today was a harsh lesson in maintaining focus and discipline. I'll not soon forget this day."
Hi Brian, my first post here but not a newcomer to your thread. You hit it home with so many things and I'm sure many traders can relate with your experience. Time after time last year I routinely gave back weeks profit in one out of control bad day. As they say in baseball that your momentum goes as good as your next day's pitcher, so I took up on a mantra that I'm as good as my next trade as I'm notorious for getting complacent. Like on Monday, I traded May contract without setting up chart properly and got slapped, each trade I took after a losing trade, I wanted to wipe out all the losses with that trade leaving profits on the table. I was adamant to not have a losing day as I wanted to keep my winning streak going for the month. You inspire me to keeping it honest to yourself and discipline and self control. Been learning so much
from your and Vance's thread along with many others.
Hello @EastCoastTrader, glad you chimed in and that you find the thread useful. @VinceVirgil is a good friend and we help each other out off forum. He's a great guy to learn from.
I know this kind of day happens to most of us. The key is to keep them to a minimum and recognize it when it begins to happen and either just stop or get it under control. I did neither.
I'm not sure who your broker is but perhaps you can implement a broker side equity trail stop that shuts you off that day if you fall say 50% below your equity high for the day. This is the only real option I can see if you are unable to implement a daily stop on your own or an equity trail stop. I've been ok at this as I know I cannot refund my account if I blow it out so makes it easy to honor my daily stop. The equity stop thing has never really been an issue because the guy that mentored me originally just traded to a daily target and quit so he didn't have that problem and I learned to quit while I was ahead....there's good and bad to this of course but blowing a weeks worth of profit has never been my issue....making the profit in the first place has....
Anyway, thanks for stopping by and taking part. I appreciate it.
And by the way, another lesson I learned today was when I am down, take profit as it comes, you need to stop the bleeding as soon as possible and at the very least, end the day with a much smaller loss than I did.
Cheers.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Having read your journal from beginning to end (and thoroughly enjoyed it), it is these types of posts that speak to your true character. Too easy to just post the good things on a forum like this, and though I am sorry you didn't have the greatest trading day, I want to thank you for your honesty on your daily journey and for providing inspiration.
