I have had a nice break and am returning to start a new $100,000 Continuous Combine tomorrow. This journal is to track my trades, progress and provide accountability. Why the name "New Beginnings" because it is a fresh start to my journey in seeking to obtain a funded account with TopStep Trader and I have a renewed mindset. My problem was not my trade plan but my pride, lack of discipline and overall mindset.
During this Combine I will be trading the following setups:
I passed earlier this morning on what turned out to be the best signal so far. Here I took a 2LF for only 1 target of +11 because of congestion and anticipation of one more push up before failing (if the sellers are going to regain control). Unfortunately, price did exactly what I was thinking but I missed the next trade because of typing this journal entry. I may think about showing my trades at the end of day only. However, for now here is my picture of my first trade:
Crude (CL)
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I have decided to move T2 to +20 ticks instead of +22 on trades where I will be using a second target. In addition, I have slightly modified my stop strategy to the following:
17 Tick Stop Strategy
If T2 is filled I will net over $400 per trade with 3 contracts. Whereas, if price hits +20, doesn't fill, and stops me out I will net over $350 either way will work towards achieving my Combine goal and I am content with both.
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I missed the first setup and got in late on my trade because I was away from the computer. The end result is that the trade worked out and would have been a success at +11 ticks with 3 contracts but because the open was in 1 minute and CL hadn't reached the target yet I moved the stop to +1 where I was stopped out at on all 3 contracts.
After doing so well this morning on NOT trading foolishly with all the markets I watch being so dead I got aggressive on the 6E with 2 contracts. I tried for a 2LF a few ticks early to get an edge on the stop run and basically got caught at the bottom of the range. Thankfully, I moved my stop to -12 vs. -17 when I realized that my gamble didn't pay off and semi-limited my losses. Trying to force a trade never pays off!
Here is a picture of the markets I am watching and where they are at currently. I have to laugh at myself as I took a break away from the computer and when I return the trade I was anticipating on the 6E just triggered and would have been good for the +11 ticks. Bummer! Oh well, hopefully I will remember my lesson.
Market Snapshot
P.S. As you may have noticed that bad decision on the 6E also hurt me in another way. While in the losing trade on the 6E I wasn't able to take the great setup that occurred after the news settled on CL
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I am attempting to limit my trades to 3 a day. On this trade, the way CL stopped and failed just above the overnight range I was expecting it to return and test the low of the overnight range. However, with that being said, I still totally messed up on this entry. I didn't take into consideration the long bull channel and wait for a 2LF but jumped in early. To make things worse I didn't even wait for a 2S. The result as you can see was painful! I was NOT focused and mentally sharp enough on today's trading so it was actually easy to stop trading and take my lumps.
Crude (CL)
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A minimum of 10 days. If you meet the profit objective without violating their conditions you will be considered for a funded account. Here is a link that gives you more info:
Did you consider to let the winning ones run? Seems lots money left on the table. Probably you can just set a stop to protect your 2nd profit target once it's reached? I'm not saying letting winning one run will for sure give you better PnL but just want to see your reasoning of setup.
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Big mistake! I took a 2SF, price came w/i 1 tick of my target and anticipating price to retest the Globex Low I moved the stop back out to the catastrophic stop of -15. Price continued to retrace and stop me out. Now, while I am doing this entry price did exactly as I expected with a beautiful stop run and I missed it. Game back most of my profits today due to stupidity!
Being honest, mentally it is too difficult for me to do. I have a lot of baggage from the past that I still struggle to overcome. I use to trade like that and watched too many large winners turn into modest gains or small losses. I hate giving money back. Really the most that I am able to go for now is 22 ticks which actually is perfect for Crude (CL). I have been toying with the idea of +30 but that will probably be somewhere in the future.
I have no problem leaving money on the table for others to enjoy. In addition, all I have to do is add a contract to my first target and I will increase my earnings. Basically, my plan when I get funded is to trade the first 5 contracts for target 1 which is over $500 after commissions. The next contract I intend to let run to 22 ticks or get stopped out. The next 5 contracts will be for target 1 and then the following contract will be a runner to +22 ticks. So basically, 10 contracts for +11 and 2 contracts +22. Any additional contracts beyond that I will add to T1.
I am not worried about what others think, I don't need big trades to feel good as a trader and I have no problem paying commissions they are just part of doing business and I can still earn a nice paycheck. Think about it, 1 successful trade a day with 5 only contracts is about $525 after commissions. TopStep Trader pays 80% which means you are earning about $400 / day before taxes. Do that 20 days in a month and that is $8,000. Do that 220 days a year and that is $88,000. Add one more contract and you are over 6 figures with just 1 successful trade a day.
Hope this answered your question.
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Yes I also had some problem and it's super painful to me. Now I normally book half at 1st target and leave 2nd half there; I want to read the context for the 2nd half, if momentum is still there I more likely to let it run otherwise, place a stop to protect profit and set a limit order for 2nd profit target.
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I kept having to leave, come back, leave again for my daughter and wife today, so the trading from midmorning on was hit and miss. Overall, I took too many trades but ended up about $375 to the positive which I am pleased with. Too tired to go back and do my end of the day summary so tonight is just the trade reports. Here they are:
Crude (CL)
Euro FX (6E)
Gold (GC)
I figure with the holiday weekend any trading tomorrow needs to be done early so I am going to bed here shortly. Hope everyone had a great trading day!
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I decided NOT to trade today because of the holiday and figured I would resume trading next Tuesday. I glanced at the charts to see what the morning looked like and wow do I wish I would have traded. Here is a chart of CL with the trade setups from 8:00am EST on:
Crude (CL)
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I was unable to trade the morning session today so I took 1 simulated trade around 2:00 pm (EST). It was with 3 contracts for +11 ticks. A net of $318.96 after commissions. Here is the picture:
Crude (CL)
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My goal for the day was 2 positive trades with 3Ks each @ +11 and stop. Goal reached but I had a small loss with 3Ks along the way. Here is the picture:
Crude (CL)
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I just got home a short while ago and it is already after 11:00 pm (AZ time) and since I am trying to get to bed earlier I am just going to post a picture of my Gold trade taken yesterday and my Continuous Combine Journal Entry for the day.
Gold (GC)
When the Bible says, "Pride leads to a fall." it is so true. I reached my profit goal early on today but instead of switching to my simulated account I was determined to get one more good trade with 3 contracts of +11 each. However, instead I gave back most of my profits and am thankful to end the day POSITIVE. Lesson: When I reach either my profit goal or my trading goal stop for the day!
Journal for 5.28.15
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