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MMichael top step trader combine Journey


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MMichael top step trader combine Journey

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  #1 (permalink)
 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

Attachment 121479My Goal is to develop into a consistent, disciplined trader.
I will post my daily Trading and elaborate on what I did good or bad on following my process as a current student of the College of Trader Development from Top Step Trader.
The daily check list, I will be following is detailed on the attached file of my daily checklist
Will Start the combine next week

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  #3 (permalink)
 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received


My First Day in my new combine

Monday August 19, 2013.

This is my first day of combine:
- 150000$ account
- 20 days combine
- Maximum position size 15
- Daily combine loss limit 3000$
- - Maximum Draw-down allowed 4500$
-
Here is my money management strategy:
Based on previous combine, I found that I was too focused on money rather than trading well.
I had accumulated several failures and decided to take some courses at top step trader with the CTD program to have a better understanding of price action as well as money management.
My last combine was the best after more than 10 failed combines. I ended my combine green, however my money management was very poor guiding me to do a lot of revenge trades to get to the goal. Despite learning all the good quality courses I am getting, I went through all my trades and realize that the only way for me to move on correctly is to trade based on the following criteria.
Now my own combine requirements are the followings:
- Account 4500$ based on maximum drawdown that I cannot go below. This will help define my position size and manage better my account until I build a cushion of 6000$ and I will move my account to 10000$ in size
- - Personal daily loss limit is 900$ including commission until my cushion is reached
- - Maximum position size is 2 until cushion
How did I approach my first Day?
My Daily Goal:
1. Correctly define Market Structure and be Patient
2. Reward/ Risk of 1 to 1 or better on first target and trail remaining position
3. Apply correct position sizing.
4. Avoid over trading and stick to PLAN AND set ups AND MY CHECKLIST

I went through my checklist on every trade and had a total of 6 trades today:
In fact it could have been only 5 trades. I made a manipulation on my Dom when I wanted to place my stop and got filled on the wrong side. I did not want to use the OCO and got one additional contract which in the system showed as 2 different trades. I took my short at 1650.25. My expectation was for price to reach my significant level at 1647, however after the opening, my stop got hit. I went in long based on the trading range and was able to have a successful entry from 1651 to 1653.50. Price did reach 1655, however my target was the other end of the space, and when I saw an increasing sellers, I locked some profit and got out of the trades. I ended green on ES.
On CL, I had 2 trades and 2 winners. First was 1 short with an entry at 10673 with 17 ticks profit after price started to get rejected back into the previous range.. Second trade long 10696 to to 10739.I need to work on my Loss duration on ES
After these wins , I did not want to get back in the mood of Greed and give back my hard earned money. Stopped for the day

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

Daily Goal:
1. Correctly define Market Structure and be Patient
2. Reward/ Risk of 1 to 1 or better on first target and trail remaining position
3. Apply correct position sizing.
4. Avoid over trading and stick to PLAN AND set ups AND MY CHECKLIST

My Checklist has not changed as well.
I had today a very Good market analysis which ended with an excellent trading Day.
My Worse was putting the right trade on my practice account without noticing it until price reached 525$ in profit for 2 contracts on ES. I initiated 2 trades on my live account and had 2 trades on ES with 1 loss. I voluntarily took 3 ticks loss after 1 min trade despite being in the right direction of the market to be able to balance my average loss time that was too high from yesterday trade. Best: I was able to get into the same trade that I missed earlier on a pull back and took the remaining profit target for 225$ on ES. On CL, It was a bit tricky. I had a total of 5 trades on Crude (2 very small losses. Despite a strong break of the 60 min trendlines below. I saw that the area had previous price rotation and reversal which guided me to be cautious) and 3 wins. I was able to get into a good CTD double bottom from on CL from my entry chart for 130 ticks on 1 contract from 10554 to 10684. I had as well 2 small scalp profit.. Second day of combine Green. I still need to work on decreasing my average loss time on ES. It could have been solved today if I did not enter my long on the wrong account in ES has that trade took me 2 hours to get to my target

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 Trade Ninja 
Tacoma, WA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, CL
 
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Posts: 15 since Jun 2013
Thanks: 6 given, 3 received

MMichael

Thank you for being so detailed in what you are doing, it will really help to understand what and why you are doing things. I plan on doing the same account size when I am ready to start my combine, so having a dry run through your experience will be invaluable. Keep it up!

John Kavanaugh
AKA "Trade Ninja" in the TST chatroom
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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

My DAILY GOAL for today has not changed from yesterday.
I had today a difficult day. Price could not unfold earlier has I was expecting and all day we had a slow movement in my 2 markets. (ES AND CL)
I did not make any real mistake on my entries except one which was an early entry without waiting for a close on the bar in my strategy. Except that, I will just say, It just did not work well for me.
Worse: On my first 2 trades on CL. Price moved 2 times to half of my reward and always returned to stop me out. Should I have made it different? NO. My plan is at least 1/1 on Reward to Risk or nothing. I ended losing my first 2 trades on crude and waited to see if there will be a huge move after the inventory, none either. I finally got a good long on cl from 104.36 to 104.86...It was not enough to cover my negative balance. I had 3 trades on ES which ended with a loss. I passed a bit my personal loss limit by 200$ with a bit a violation of my personal loss limit. In fact I forgot to add my commissions while I was watching my account activities, which contributed to as wel an increase of my person limit
Anyway, even with my losing day, I am happy because in my previous " Trader Life", I would have fire my gun to get back my losses and finish probably with more than 2500$ in losses or hit the combine loss limit has it happened already in previous combines.
I controlled myself well and I am ready for tomorrow.
BobLaccino Dean of the CTD always says If you cannot handle your losses, it will be impossible to welcome winners. They are all part of the game. The most important is MONEY AND RISK MANAGEMENT as I learned in the CLASS.
Nebraska the CEO OF TOP STEP TRADER REPEAT AS WELL EVERY DAY: ALWAYS TRADE FOR TOMORROW.

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

My dome problem persisted today because I forgot to place platform and dome on my daily check list as well as my Daily Goal which was the same as yesterday. I eventually placed an excellent trade on ES again on my practice account and noticed it again late. I thought yesterday by saving my settings on my platform, all account displayed will be my combine when I will open my platform this morning, and unfortunately it was not the case and could not grab more than 400$ on 2 Contracts for a good entry on ES at 9:35 am ET after the open with an entry price at 1645.25 to a target that was established during my prep at 1655.25. It was a perfect CTD Normal R-zones retracement trading into space on the 15 min chart, wedge pattern followed and trend line break as well. It was the perfect set up for a huge winning trade. It was hurtful to my mind all day. I got one part of the move on my combine for 225$ with an entry at 1649.50. So I most remember to put definitively on my check list platform and dome verification.. I did as well traded more today as i got disturbed by this missed opportunity, especially on crude by scalping and ended losing more until I get at the end of the day, the move I was looking for since morning by an entry long at 1:24 PM ET from 10463 to 10505. Price did not reach my target because it was already the end of the day.
After missing my move on ES, I knew that there was no way for me to get that amount of money anymore on ES. I used the day to correct a bit my maximum consecutive losers on ES as well losing time to be able to stay in the combine without no huge spread between average winning times versus average losing time. I ended red for a day that could have been green for a lack of verification of my dome. However I am extremely happy to have been able to catch this set up which was great. Second losing day money wise, however I consider it a winning day on combine rules on times and consecutive losers and winners on ES. CL was as well a win on win times.

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

Trade Report 08-23-2013
My daily Goal has not changed except adding trading platform verification

CL traded for all part of overnight inside yesterday RTH range, however could not take the low of yesterday RTH session which was in favor of the upside.
Gold was similar to Crude Oil as well..Failed to take yesterday RTH Low from which it got rejected with a piercing bar from the 15 min chart establishing an up bias.
ES was in the same pattern, However traded in consolidation at the top 1/3rd of yesterday RTH session.
I had a good understanding very early of the market, however I had some technical issues that trouble me a bit and could finally address them because I had the wrong settings on my mouse.
Worse: Came during my technical issues. I placed one order of 2 c in size on ES as well as 1c on CL and after few second, I Got filled 4 times on ES for 8 c and 2 times on CL for 1 contract. 1c on GC got the same issue and got filled with 3. I closed all position in red except GC that was at break even. I calm myself down and managed to trade slowly and recovered everything nicely profit wise or combine rules wise, except in Gold were my losing time was a bit higher than winning time because I had 2 normal losses on GC where I went short after price closed below the 60 min trend line , it got rejected from yesterday RTH low. I managed to recover with a breakout long on GC from 13831 to 13941 and CL from 10467 to 10591 from a CTD ice cream set up
First week of Trading Lesson is that Focus, patience and following your plan and checklist are the key despite being troubled.

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

MOTIVATION - "It's Possible" Best Inspirational Video Ever - YouTube
MOTIVATION - "Never Give Up , Reach For Your Dreams" Best Inspirational Video Ever - YouTube

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received


Today's Trading Journal

Morning prep done at 8AM,

Daily is in an horizontal channel

Crude oil opened Sunday with a 60 ticks gap up and could not hold the bullish Gap during the RTH session nor trade into the space that was below.

- I followed my steps and my entries set ups correctly, however there was no follow through despite several attempts ..on all my losing trades on cl, price will move few ticks and then revert back to hit my stop. I guess, this was one of the day where, you need to stop earlier when nothing is really working.

I biased my thinking process myself. Since I was above 151500$ after my first week of combine, I changed money management rules and increased my personal loss limit to 1800$ which was 2 times from my first week and I realized that it has a huge impact on your thinking process and disturb you from your earlier focus because you change completely form being set ups focus to money focus. My 10 min chart had several set ups that were not confirmed and the one that were , there were no follow through. We had 3 beautiful combined set ups: CTD Inverted Head and shoulder , Ice Cream Trade as well as trend line break which decided me to go long with target being the higher gap. It moves few ticks and came back to hit my stop while staying in a complete chop mode to finally try to unfold a the end of the day and move into the direction I was mainly aiming for since this morning. I did not want to do anything at this time as I already stepped away fro my personal daily loss limit. Same happened all morning with good set ups that were not going through. Bottom line. Finally I decided to stop and close all position to not be hurt more and refocus for tomorrow. I am back to my first week strategy, however even if I get the cushion, I will not risk more than 1200$ per day. it was a poor money management to have change my last week strategy which was excellent.

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

I had an earlier grab of the up trend on Crude with an excellent entry which made me green for the day. As well on ES I had earlier catch of profit. My first mistakes here were to have targets too far away. I took profit , however left 2/3 of my profit on the table which was bad.
I am not going to comment on entries today because after doing good in the earlier morning, I messed based on a problem that I was carrying for a long time without getting any real answer as well as noticing that my targets were always done from the 60 min while entering from a lower time frame, which in fact is good when there is a trending market and multiple position on the trade, however not good for a single position. This was my biggest struggle for few months and today was not less despite having good entries and set ups especially on CL from my classes. I messed up as well on ES by personal bias on the down move. After more than 20 points move down, I was not convinced of a trend continuation to the down side and took 2 losers on a set up that was good, however it was against the higher time frame direction. That was a mistake.
In fact my biggest problem today was not relative to how I traded today Bad or Good. An issue was there with the way I set my targets. I did not change any entry rules because no strategy was bad. From all the trades taken except 2 misreading from my personal bias on ES and 1 on CL. I as well added 1 contract on 3 trades after price move 15 ticks in my direction. It just did not work out and it just returned to stop me out increasing my maximum consecutive losers on CL. On all my entries, price will always move few ticks into the advanced space from my entry chart and return to hit my stop because I was aiming for too much and ended losing on 60% of trades that could have been winners if I was just respecting the targets on my entry chart. I ended up losing my day because of that management STYLE which was a misunderstanding on how far I could go to take my profit. I was extremely fortunate today at the same time that during CTD office hours at TST the Dean and Vice Dean of CTD addressed that confusion and made it clear to me and the others students. I finally understood that for target projection it is unrealistic to expect an immediate move to a 60 or 240 min targets while entering on a lower time frame. One could still trail or take one profit on a lower time first target and the second could be the higher time. That misconception made me over trade looking for big move based on the 60 min targets which was unrealistic. The session of Office hours today was a light in a complete darkness.
I was even planning to stop for a few days and finally got my answers today.
I was, happy with Gold as I was able to set the combine parameters correctly on that market even if I made the same mistake by targeting the 60 min target. My focus is to recuperate on ES and CL slowly until I get to break even on my combine.
I for sure put my combine in difficult situation , however the most important is not the amount of money you have in your account..the most important is how well you trade and understand what you are doing wrong or good. since the problem created was not the strategies I am using, my first focus for this week is to trade less and try to bring my combine to break and I will advise based on the number of day left. I did learn today a huge lesson from my office hours and cannot only take responsibility for myself.

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

Good market analysis from daily, 240 min, 60 min. Entry charts from 15 min which ended with an excellent trading Day on CL. Medium on ES.
I had a right analysis on ES; I had few losses on ES as well as winners, however traded 2 times against the 60 min trends and took at the end of the day a short at the VAH to test the LVA. My stops were too tight and I got stopped out before price took that direction. It was already the end of day. I let it go to not risk anymore my small profit for the day.
Best was to have learn from my last 2 days mistakes and decide to go slow until the end of my combine which is almost 1.5 months away. So there is no rush except working on developing consistency and working on keeping my targets build from the Lower time frame entry chart until I move to 2 contracts after cushion is built where I will be able to have 2 targets
Despite having a losing day on ES, my strategies worked well with the adjusted targets.
I need to work on keeping losses small. Had a small green day and a winning day is winning day.
No trade on Gold today

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

Daily Goal: 08-29-2013
1- Correctly define Market Structure and be EXTREMELY Patient…I did not do well on that level in crude
2. Reward/ Risk of 1 to 1 or better on first target and trail remaining position BASED ON ENTRY CHART TARGET NOT THE HIGHER TIME FRAME TARGET My Checklist has not changed as well. Did it well TODAY on all my winnings trades either ES or CL
3. Apply correct position sizing. Not applicable because I am trading up to now 1 contract
4. Avoid over trading and stick to PLAN AND set ups AND MY CHECKLIST. Respected, however poor market definition on CL .

I correctly established the range day on the 60 min, however got biased by the daily chart on CL where price closed above the trend line and the horizontal channel for the last 2 days. After an attempt to test the trend line today it got rejected for most of trading day tick for tick which for me was putting my bias to the upside with a possible retest of yesterday high as well as going to the 75% Gann horizontal channel breakout first target from the daily. The move came late in the day giving me small wins from my entries on 15 min. Price did as well closed above the trend line on the 60 min at 2pm and I went long. It strongly got rejected to the downside because of lack of clean space to trade into on the 60 min. However on the 240 min, there was a rotation at 110.09. In fact I have not been well disciplined today on my crude oil trades and let myself overwhelmed by my daily bias and had to manage conflictual information. I most take full responsibility on this because I was warned Yesterday by the Vice Dean and Dean to stay away from Crude until we have a clean space to trade into. I did not respect it and entered set ups despite the lack of space. Well, I must say that I am Glad that I had a red day because I would have been rewarded for Bad behavior on CL.
On ES I had an excellent day: 3 trades, one loser and 2 winners with appropriate entries completely respected from a trend line break on the 60 min chart. So it was a well deserved winning day and I got rewarded on good behavior in that market.
NEXT STEPS:
- Stop following my own bias that leads to conflictual decision. Keep Staying Honest to myself, the forum and my journal no matter the outcome of this combine in the next few days.
- Stop being aggressive by decreasing the number of my trades and follow correctly my steps that were successfully back tested with success proof. My combine is now in Intensive Care and I need a correct focus and do the right things for its survival.
My favorite personal Motivational Video:
Best Motivation Video - Never Give Up! [HD] - YouTube

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

After listening to my motivational Video and enjoying some relaxation Yesterday. I started my preparation earlier in the evening before posting my yesterday trading. I was ready in my mind to tackle CL because I was thinking already that the down move on CL could happen any time during overnight the 6 PM opening. So as indicated it happened and I was able to catch all the down move to my target recovering a bit from my downside and keeping my combine alive after 10 days, despite a loss on Gold today

This has been a difficult trading week where I came closed to blow my combine. Calm , Relaxation and recognizing with honesty what I have done wrong helped me today. Next week is a new week.
I am happy with my day

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 atata 
Calgary, AB
 
Experience: Intermediate
Platform: NT, IB, TOS, MC
Broker: IB, Rithmic
Trading: CL, ES, GC, ZS, ZB
 
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Posts: 116 since Mar 2010
Thanks: 90 given, 99 received

Michael from Montreal this is atata from Calgary,

Very good job of keeping up your trading journal. I'll give you my feedback and hope it will help you in some way. It seems you get chopped up a few times therefore I'd focus to find every morning a trending instrument - if you still desire to trade multiple instruments - buy or sell on pull backs to go with the recent trend. Trade the equity indexes only if there is a very strong trending day otherwise avoid them. Strong trending day would be confirmed by market internals and shadowtrader.net /I am not related in any way to them and all their services free anyway/ has a lots of free info what to watch for how set things up etc... setups are based on TOS so if you have a TOS account that would be most helpful. What I've learned if I am on the right side of the initial trend I can be wrong or just too early yet I can get out with a scratch or a small loss as a worst case scenario. You had a couple of good days on the CL than you gave back your profits and more with "over trading" on probably choppier days. Try to find patterns on CL such as after a sharp decline or run up 120-140 ticks /however you'll never know if reversal will start at 108 or 148 ticks or so you need to find a reversal signal /cl likes to retrace part of the move, like a half way back or use any of the fib numbers to pick a target/. "Memorize" the market profile for trade locations, resistance levels, possible reversals and use that additional info before you enter a trade. What I mean here if you want to buy at VH or sell VL without a good price action than that most likely won't work out...
You may have all of above under your trading belt than just ignore my comments.

Hope regardless you find my comments helpful and good luck.

atata

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  #16 (permalink)
 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

Hi atata,
Thank you for your support and king message.
I am flattered that my journal is finding some interest.
I will look into your suggestion and make my final sandwich for my own trading in the future.
At this time, I am just using the teaching I am getting from CTD and testing myself the strategies. The combine is extremely helpful and especially the public journal accounting I imposed to myself by posting publicly my journal.
If people like you could write openly their observations, they are welcome and I am sure there will always something to get from it. So feel free to continue if you have anything or suggestion to do either here or privately.
For the last 2 years, I started trading, I was not even able to understand clearly what I was doing until now.
I remembered sending a private message one day to Big Mike less than a year ago looking for educational price action class. As this was not part of Big Mike trading process, I got advised to look around and talk to people. I did not know than how to address it clearly.
I am happy that today, I can write a journal clearly for myself and see what I did wrong during the day and not blame the market or anyone else nor any strategy.
I have been using the concept of HVA or LVA, However it will be part of the program very soon with Sir Hoag, the Director of Scouting himself. That will be excellent for us to move forward. As soon as that is done and clearly defined and tested. I will certainly use it in my trading to increase trades probability.
Meanwhile, I will look into the website you sent, to see how it is.
I am reviewing my lectures to avoid getting crashed in choppy condition and indeed you are right, this is where I got killed the most this week.
Next week is a new one and I will get myself ready and prepare to survive and get to break even and I will take it from there.
I am thankful to you and will go slow and steady and avoid over trading ( My biggest weakness). I will just try next week to trade well and AVOID COMBINE OR MONEY ATTACHMENT. If I do so, I am convinced that Money will take care of itself.

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

As requested by private message , I am attaching the pdf form of the checklist. Good Luck

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

Daily Goal: 09-03-2013
1- Correctly define Market Structure and be EXTREMELY Patient…
2- Reward/ Risk of 1 to 1 or better on first target and trail remaining position BASED ON
ENTRY CHART TARGET NOT THE HIGHER TIME FRAME TARGET
3- Respect Checklist.
4- Apply correct position sizing. ( I traded only one contract)
5- Avoid over trading and stick to PLAN AND set ups

Despite being a day following a Monday holiday, we had good price movements. The bias was long on both CL and Gold. My main focus for the day was to not over-trade. I was planning to take a maximum of 2 trades per Market. I managed to have 3 trades on CL (One loss and 2 winners). I managed well my entries on Crude based on a pull back with a 8MVA pushing price, one of my entry strategy on a Pull Back. My loss was on the same pattern, I had a correct stop placement. Price came to stop me out and when it returned, I took the same trade that made my win. In Gold I had one Long based on a wedge breakout and try to hold the trade, however I did not like the price because despite the correct set up, there was too much price static rotation zone from last Friday and Tuesday that could have stop price at any level and decided to keep my target based only on the 15 min. Price did unfold later, however I followed my plan and decided to stop trading after 4 trades. I did not trade ES today. My Goal is to trade less and Go slow and steady. Good trading day. I need to continue to just go slow and steady. Looking first to be above my initial balance and will adjust

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

I had good analysis on all markets that I trade with clear direction and well defined strategy. On Gold, I had a short, however since I am not yet comfortable trading news and the early opening on Gold or CL, I took 23 ticks profit on the sole trade to see price moving after the opening to my first established target at the end of the space. In ES, I did not get any retest of the opening range that I was waiting for and could not get any pull back from the 5 min chart with good Reward to risk. There was as well too much static rotation zones on the left side of the chart which could have stopped price at anytime, so my focus was on finding an entry from the 15 min and could not get any that could be acceptable for my reward to risk. The 2 trades taken on ES were a pull back long that could not reach the targets as it was already the end of the day.stopped out in the first with an entry at 1653.50 and stop at 1650.25 and took one small profit in the second with an entry at 1652.25. The difficult time was on CL, where I had early loss because of bad filled with market order that made my stop to wide and needed to exit the trade on a loss. That was a big mistake. I got completely disturbed and tried to scalp to recover and could not: (This was not a good attitude because it was a change in targets). I should have avoided entering on a market order and stay calm when that loss happened and stop after my second trade, instead,: I ended over-trading in this market because of my mistake that led me to make 3 bad decisions reported and analyze in my note book where I do a hand writing of all my trades as well as my personal emotions. Well deserved Losing day. I will refocus and try as hard as I can to not take more trades than planned.

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  #20 (permalink)
 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

Good analysis on all the markets that I traded today with well defined strategy.
On Gold, I had a long with correct set up and entry at 1359.8, price moved up to 25% Gann Reverse Extension and reverted during the news with another immediate short set up that I avoided to take because of the news going on and on. I came after discussion with CTD Dean and Vice Dean, I had a money attachment and scare to lose despite the excellent set up. I need to work on this.
In ES, I had the same entry set ups, however miscalculated my entry and stop which was aggressive by not placing it below the most recent price action swing. I limited myself below the significant level and price did move almost few ticks in my direction without reaching my target from my 5 min entry chart, It came back to stop me out.
On CL, I did not developed a lot of patience, reviewing calmly my trades after the losses I had, I realized that only the long trade made complete sense. That long was not the one I won, it was developed after I was done for the day and took it in practice account. Indeed after price broke above the 60 min long and reentering on a pullback long from the 15 min was the only high percentage trade. I just messed up by taking best fit lines set ups from my lowest time frame on 5 min.
Combine back to Intensive Care unit for the second time. The difference is that I started to trade less and respected my daily loss limit as well as plan and set ups on almost all my trades. So i am still confident. We will see tomorrow or Monday. If failed, I will be back again with a new combine knowing what went wrong.
Conclusion:
1- The most important is not knowing what is wrong or going wrong, the most important is knowing what is wrong and doing something about it.
2- Winners never Quit and Quitters never win:
Talk to you tomorrow. We will see how it goes.
MM

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  #21 (permalink)
 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

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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  #22 (permalink)
 blackdogfx 
Londonderry United Kingdom
 
Experience: Intermediate
Platform: ctrader - Ninjatrader
Trading: Forex
 
Posts: 9 since Sep 2013
Thanks: 6 given, 3 received

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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  #23 (permalink)
 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

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.

What Next:
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

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

Thank you blackdogfx
Enjoy your vacation and we will need to chat when you get back. Could not get over 15 days.
Getting myself back together for next week.
Talk to you soon and Thank you
MM

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 Big Mike 
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Good job being honest with yourself, identifying strengths and weaknesses, and creating an action plan.

Mike

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  #26 (permalink)
 MMichael 
Montreal
 
Experience: Beginner
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Thank you Big Mike
MM

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  #27 (permalink)
 MMichael 
Montreal
 
Experience: Beginner
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Posts: 39 since Jun 2010
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My crude oil analysis for tomorrow
Getting ready for my new combine next week

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 MMichael 
Montreal
 
Experience: Beginner
Platform: Ninja
Trading: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 36 received

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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