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Today I am not sure what really went wrong. If I am to be honest I have left it a little too long to fully recollect my thought process through out this day (I am writing this days after the fact trying to catch up on missed journal entries). What I mostly remember is that I was quite conflicted during the early part of the week due to discussions with a friend who also trades. We were mulling over the types of trades we take and somehow I started to question everything I do (assuming if I am wrong and the other person is right). Up until then most of what I was aiming to do made sense (in my mind). Not to say that I was consistently profitable but it made what for me was logical sense. I am the type of person that likes to go away and think about thing in my own quiet time and I started to ask if I really knew what I was doing, if I had spent all this time trying to incorporate a flawed process. etc.
All in all this started to make me really doubt myself ... and that is not a place you want to be when engaging in most things. Always in two minds incorporating another variable in what is already a complex environment.
Note: Journal as soon after the event as you can. Note on paper immediately and copy up later if need be.
Simplicity is the ultimate sophistication - Leonardo da Vinci
Following on from yesterdays crisis of confidence I started to try to do "the opposite" of what I would normally do (idiot I know). That sent me in to some kind of short circuit in my head. Did not trade much (for me) over this day as a consequence.
Simplicity is the ultimate sophistication - Leonardo da Vinci
... got smashed during the crude oil inventory. I had some automated order entries set out and they were rejected by I believe TST system and what should have been a 5 tick stop did not get placed and I was left blowing in the wind. I bailed but was left with my pants down. All I was thinking at the time was ... dang and I have to post this rubbish
Simplicity is the ultimate sophistication - Leonardo da Vinci
After taking a step back, re-reading some of my old work notes and regaining some composure. I am somewhat bolstered by today in that I feel I have things back in order (in my head). I feel I am getting back to my right mind. Still trying to keep my entries selective and be patient.
Simplicity is the ultimate sophistication - Leonardo da Vinci
Had to trade on a different computer today due to a burst pipe and water leaking on to the equipment. I only had a couple of charts to look at since I only had one screen. So no very much activity. Here are Fridays positions.
Simplicity is the ultimate sophistication - Leonardo da Vinci
My thought on the morning was that price could go higher.
First trade was onside 10 ticks but was expecting higher prices and did not close for a profit (mistake 1 [or is it] not sure?)
So after prices pushed down I reassessed and thought I was still not wrong on the position yet and that I had likely bought too early.
I was relatively happy with the price (but not happy enough to stay with the position I must add). I must have been confused.com. Due to taking loser earlier today I had let it get into my head and was now not thinking as objectively as I should. I took another couple of longs lower down but bailed only to see prices drift slowly up.
C'est la vie ... I could not ride it up but was still bullish for now and traded as such.
On the US open I started reassessing and liked shorts at this point. I missed my actual entry and had to wait for price to come back and give me a second bite.
This has been a day plagued with errors.
Homework: Really need to work on my execution (drills).
Simplicity is the ultimate sophistication - Leonardo da Vinci
I always take some profit between 10 and 16 ticks. In fact, my only trade today was on 6J with 3Ks for +10 ticks each. I also have my stop move to BE+1 at +10 ticks so I don't let a winner turn into a loser, but that's just me.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
@BoltTrader thanks for the post. The issue I feel I have is that on the combine the total risk allocation is really quite small and because of this I am starting many position with just a 1 lot (trying to manage risk with size). Now if I started the position with multi lots then I might even take a @michaelleemoore (from The Scalper's Journey) approach and take one off at 5 prices and let the other run with stop moving to BE or BE+1.
The question then becomes how do us little guys approach targets just trading a 1 lot. Do we go for it (the big move) and just let it run or scalp it out for small profit and look for the next opportunity? Is one a more efficient way to compound capital than the other?
PS: Sorry for my ignorance but what do you mean by 3Ks?
Simplicity is the ultimate sophistication - Leonardo da Vinci
No need to apologise the "K" stands for contract(s). Everyone is different but here is how I look at it. When starting out especially with a small account your initial goal is survival and to grow the account. As your account grows, your confidence builds and the amount you are risking per trade will be decreasing. With that in mind, lets use CL for an example. Each tick is worth $10 per K. So if you took 1 trade a day at +10 with 1K that would equal $2,000 at the end of the month assuming no losing trades (of course there will be some). If you do that for 5 or 6 months, your confidence has grown considerably as well as your account and now you could add a 2nd contract and do nothing differently for another 5 or 6 months. Do you see where I am going with this? You don't have to have big winners as long as you keep your losses and have a strategy with a good winning percentage.
As far as TopStep Trader goes, so what if it took you 2 months to qualify trading one contract instead of qualifying in 1 month. In my opinion, as individual who has so much baggage mentally because of blown account and huge losses, if you can learn to do things right in the beginning and have confidence that you could take 10 ticks out of the market on any day then you can make a living. I know I may take a lot of heat for what I just said, but it is my way of looking at it. Doesn't mean its right just my viewpoint. Hope that helps!
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
@BoltTrader I think I just get caught in two minds because I hear so many people talk about riding your winners and I believe they must be doing this when they have scalped a portion of their position like you mentioned before. I think I will take the apporoach of "if I had multiple contracts where would I take my first scale ..." This is how i will approach things when trading a single car for now (just need to remember to not be greedy). The greed monster is hard to control.
Simplicity is the ultimate sophistication - Leonardo da Vinci
