After surviving today, I think I can handle any kind of stress from trading.
I started extremely bad my day with AN AGGRESSIVE entry short at 13640 due to external influence and poor reading. took an immediate hit for minus 55 ticks per contracts on 2c. My thinking process was immediately disturbed and messed up. I Went long at 958AM entry 13846 added contracts at 13895, adjusted my stop and that where I made my mistake, because price came to slap my stop after giving more than 90 ticks profits that I could have taken and be extremely green today. Instead I added another losses. After price stopped me out, it indeed returned to my final target. My combine was now in seizure mode with a certain death for today.
I reevaluate the market and made some nice profit on ES going long from 1646 to 1657.50 and scaled in contracts 3 times before reaching my final target for a large gain.
On CL I developed the same approach between my bad Gold trades and my ES trades.
My final salivation came in after a long and painful delivery. I entered 9c at different times, however at the same entry price to be able to balance my losing trades versus winning trades in case it worked out because, if I was stopped out my combine was done for the day and I was looking for emergency resuscitation of 10 ticks per contracts to become green with plus 36$, after 3 hours in the trade, I finally got my green day and saved my combine from certain death. it is still in ICU ( Lolll). good for the mental during the week end. Was it or not a good behavior by doing so, I do not think it was, however I had no choice than doing as I did and will certainly even not recommend it as a good trading behavior, however I saved my combine.
I did not as well over traded. I just added position which explain the number of trades.
Day Lesson: Believing in oneself and staying calm even under external influence is the way to go
Let's see now what next week will offer.
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Hang in there Michael things could well turn ....remember the videos and be encouraged. I'm being helped immensely by your raw honesty, transparency and comments from your days trading. Great qualities that will serve you well in the profitable trading years ahead.
I'm cheering you on from the sidelines from 4000+ miles away so I'm shouting!
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Could not survive day 15.
My failure in this combine especially was entirely my fault, starting from the week 2, I had not performed well. Today was not different. I had 2 opened positions on Gold and 1 CL and was blocked in these very bad trades on gold and CL because these 2 markets were completely ranging during the morning session. Consequence: I could not get into 2 high probabilities profitable set ups with PIT Gap and Opening Range BREAKOUT long opportunities on 6E and ES that went and pass even their respective targets. Traded big position to cover back losses on GC and could not catch and finally gave up. Combine was completely max draw down. Went in with big position that did not work out.
I managed to survive 15 days which for me is good to take because that combine should have been finished since last week.
What did I learn?:
1- Messed up this combine because of personal behavior and poor downside control. No strategy or set ups were guilty.
2- Over traded mainly during the second week, completely in relation with revenge trading rather than respecting my set ups correctly
3- Should Reorganize myself and focus on a maximum of 2 markets in a single trading day to be more focus.
1- Continue to practice after 2 days of rest and review strategies all week and continue my journal even while in practice and apply the rules that I will be using during my next combine
2- Start a new combine next Monday 09-16-2013 with clear defined criteria
Last edited by MMichael; September 9th, 2013 at 05:21 PM.
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Good job being honest with yourself, identifying strengths and weaknesses, and creating an action plan.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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I just finished my combine last Friday after learning from the mistakes made in my past combine, I was able to put some discipline on following my plan for 75%. I finally got a rollover today and I am extremely Happy. This is my first ever Rollover after more than 15 combines. I lately graduated from CTD Master program and decided to apply what I learned and build my own approach and experience. this approach has been very beneficial for a rollover despite again few mistakes made during my trading. I am sorry I could not keep the journal going day by day. It was putting too much pressure on me and I wanted to come up with another approach that could help myself and others rather than posting daily to say, I did good or bad today. journaling must bring something positive and for that , only analyzing my days and my combine here make more sense to me and keep my details journal in my note book
The summary of this combine is to know what led me to this.
1- It was not a random accomplishment because I followed my plan, however I did get some stepped out from it and the days that happened , I got nailed down by the market. I followed my plan at 75% with a win rate of 81% WHEN PLAN AND PROCESS WERE FOLLOWED CORRECTLY. I was not that much attached to my combine or money except the last days. I missed respecting my plan on the first day of my combine as I got filled with 5 contracts and when price moved 2 ticks in profit, I did not close the position and decided to keep it and in the end paid a huge price by being down on my first day with more than half of my max draw down. Lesson: get out of a non plan position size no matter where the market is going.. Get out immediately
2- As you can see on the attached Graphs, victory is not and has never been on the number of time you trade. It is just on the quality of the trades you make. I have heard this over and over, however this was the first time i made a comparison based on my own trades and finally the conclusion appears to me very clear. The most profitable days were the days with less trades
3- Persistence and improving what is wrong are the key for positive accomplishment.
As Mike Arnold and Boblaccino, like to say: you do not know what you do not know. I have learned this by improving my education which today helped me make the first step toward others.. it is a good feeling to know that I can do it and will certainly do it sooner or later.. Keep the hard work going and work on improving.
Mr Hoag the Director of scouting at Top step trader, one of the most experienced and honest trader I have met just told me a few minutes ago during a review call, it takes time and dedication and the road for success is based on knowledge, dedication and hard work. So I am right now putting the puzzle together for my Journey.
Best and talk to you in the middle or at the end of my next combine starting next Monday. I need a week break
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