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Cool. Best thing to find the strategy which could be easly reviewed. In your case it is much harder, because you have to setup a lots of line, which never will be fullz objective
P&L for the month: 1786.86, so couldn’t reach the 3000 target.
I just asked myself the question, how could it be better, and I found out the followings:
My intention was trading with maximum 5 contracts, but I always traded with 5 contracts. The reason was I believed in the „maths rule”, that a trader should always risk the same amount of money, so one loser doesn’t wipe out multiple wins.
I’m starting to believe I shouldn’t follow this rule, because it doesn’t take the probability in account.
The problem was I aimed with full 5 contracts to not-so-good setups, I didn’t feel the „vibe” with these, but obeyed the maths rule.
This month I’ll try the following: basic amount is 2 contracts, and if my heart beats faster on a setup, I’ll go with 5.
The next problem the max daily loss. I probably could make it, if I didn’t blow up several days’ gain in one single day, trying to „win back” from the market. So from now on, the max daily loss is 300 USD, then I stop trading, no matter what. If I see that I’m approaching the loss limit, I will reduce size to even one contract, and if the calculated loss doesn’t fit in the budget, I don’t take it.
The third is the types of trades. I aimed for the same setup whole month: ideally streched up, with volume imbalance, decreasing delta. These kind of trades are rare, so most of the time I felt frustrated, I wanted to trade something.
From now on, I aim for:
- streched up, with volume imbalance, decreasing delta. 5 c stop, 10c or 20c target
- scalp around big lots on bid/ask side: 5c stop, 5c or 10c target
- breakouts/breakdowns: 5c trailig stop, 10c or 20c target
- longer timeframe trade, if the setup looks good. R/R: 1:2
I know, it’s not objective at all, - reflecting to @matevisky ’s latest post - it’s not a trading system, so it’s hard to review. But my problem with exact rules, and exact systems that I think they are rigid.
A setup meeting all the rules can be a loser, and trades out of every rule can be a winner – as I found out long time ago there’s no holy grail. Right, @matevisky?
At last! Yesterday, at the end of the day, the bears did a great job, which continued overnight as well. Overall, from 80 the price dropped to 75.84!
I’m still bearish, but this was a huge drop, so I’m gonna be cautious, watching the bulls. Today I think there’s gonna be a correction – or the free fall begins if the bears are still strong…
Instead correction or freefall, the end-of–the-day candle was a directionless one: the bears won the first half of the day, then the bulls entered, and drove back the price to the open.
The price stayed within the last 4 zones all the day.
How the predefined zones played out:
(From now on, I’ll show this in 333tk, which I mainly use, instead of the 5-min chart.)
I'd like to thank all my readers who voted for my journal at the trading journal contest!
I'm a newcomer at futures.io (formerly BMT), and still, I got a good amount of votes. Next year I'm gonna win!
Yesterday showed that the bears maybe ran out of steam, the bulls bushed back the price. The same scenario happened overnight.
Watching the daily chart, the correction I waited for yesterday, might happen today, if the bulls will like the 10.30 crude inventories report.
Greed and fear, the trader’s company. For me, fear striked. I have no idea, what’s happened in my mind recently, but I had some kind of trader’s block. Yesterday was full of possibilities, today the first two hours also, but I just couldn’t pull the trigger.
However, I tried to do something about it, and very cautiously, I chose three trades today:
Trade 1:
Time: 10:22
Sell 2 @ 77.49
Buy 2 @ 77.52 P&L w. commissions: -69.24
After a strech, the price stopped above .50. I felt it’s gonna break down – or maybe I just wanted to shake off the fear from my trigger finger – so I aimed for 10c with 5c stop. After a couple of ticks I saw it’s jammed, so tried to scratch, but I had some slippage. Happens.
Trade 2:
Time: 10:49
Buy 2 @ 77.66
Sell 2 @ 77.76
P&L w. commissions: 190.76 Breakout trade. It was a strange one, since it wasn’t on top or bottom of something, but I entered in the middle of the wave. I saw huge buy imbalances on the 333tk candle top. Target reached.
Trade 3:
Time: 12:18
Buy 2 @ 78.02
Sell 2 @ 78.11
P&L w. commissions: 170.76
Breakout trade. Pretty much the same scenario, like in trade 2, but the buy imbalance was exactly on 78.00. For this reason, I thought I should aim for 20c instead of 10c, but I heard an inner voice saying „don’t be greedy” , so aimed for 10c. Glad I did, target reached.
P&L for the day: 292.28
P&L for the month: 292.28
P&L from 09.24: 2344.34
– so I aimed for 10c with 5c stop. After a couple of ticks I saw it’s jammed, so tried to 
, so aimed for 10c. Glad I did, target reached.