It looked like the stars wouldn't align for a trade this morning. I was dozing off. Then a good signal came at 9:20 Central Time. I took the trade. It pulled back with a two bar reversal. I didn't like the thought of a loss, so I move the stop to BE + 2. Price came and hit the stop. Then price went on to my target. Lesson: set your stops and stand up like a man...unless the original signal reverses.
Thanks to futures.io (formerly BMT) members in chatbox channel 2 today. It's more enjoyable to trade with others working on the same instrument, TF. I looked over to channel 1 to see what was going on there also.
I entered a short on good signals. I was coaxed into exiting by a pullback. Price went on down over 5 more points. I think I'll go to trading two cars with one a runner. Is that a solution and good idea, or band aid?
First day trying 2 cars. First day of loss in quite some time.
Two trades. First went only 5 ticks and reversed. Had conflict between indicators. MACDBBLine said go short, but short distance from Fib reversal area. DON'T TAKE THOSE! When I recognized I was in a "conflict trade" I should have bailed. Could have gotten out at about B/E.
Second trade had nice runner. :car: Hard to manage a runner, but feels good.
I've been knocking out consistent sim small gains but am frustrated on catching runners. Thought I'd try 2 cars. It worked. Please explain the downside of this. I'm all ears! I hope your trading is going well.
The thing to think about now is do you have the discipline, control and confidence now trading 1 contract for so long?
If so you should be grinding small profits out of your account with 1 contract getting used to live trading conditions
Yes they are small but once you can do it with 1 contract.......you can build your account up and with rules grow it
So let say your starting off with a small account $5,000
You should only be risking 5 ticks on average per trade
1 contract 5 ticks $50 = 1%
If you average stop loss is 7 ticks then start with a $7,000 account
As long as you have your edge, your confidence, your discipline and control with correct trade management
You should see your account grow if you are performing
Then say on the $5,000 account with 1 contract with 1% per trade (along with correct daily stop loss and win targets)
You grow your account to $5,000 in 1-2 months
Now you can trade 2 contracts with the exact same risk and exact same trades etc
But your profits are double.....
You can keep doing this and grow your account and add contracts accordingly then start worrying about maximizing profits with runners etc
This is more advance and more complex and until you have some hard stats to work with to monitor you and your systems performance id worry about getting some small profits out of a live account. The real money will come with time and experience
Just think the small money your making with 1 contract…. what say 3 pts $300...10 contracts with the exact same trade will now be $3,000
Also when trying to grow your account with this idea, the same applies with down draws. As you grow say you hit a drawdown of $5,000 you take 1 contracts away. The idea is to grow your account uniform with the same amount of risk on the account per trade
As long as you stick to this then on paper you can’t lose, your edge makes you money. You just have to keep control and follow the rules
Hope this helps dude
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
The following 2 users say Thank You to greenr for this post:
Stand up to the market and make your trade. That was the lesson for me last Friday.
I have been privileged to work with two veteran traders. We use channel 2 of the chatbox and trade TF.
At 9:10 Central Time my indies fired strong for a long. I took and announced the trade. "WTF" responded a chatbox participant. Taking and announcing the trade made me feel naive bordering on stupid. Anyone could see TF was trending down gently while chopping. But I stood by my indies. I even entered at the top of the channel!
23 grueling minutes later price took off long. The market went over 7 points and I got 3.