It's been a while and much needed break. I got frustrated myself I don't have an exact reason, suddenly one day I just dropped everything related to trading and haven't opened a chart or read a forum post for almost till today. I am still in that mode but, surprised to see reluctance in my mind (which is new). Maybe next year I will be back slowly I guess.
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Happy New Year to all, hope this will be a very good year for all struggiling traders and seasoned veterans.
I closed last year for small loss from 6k profit mainly because of lack of time at right moment and experimenting with automation and semi automation to get over that time issue etc etc. and I read few posts from few memebers they are also dealing with same issues (I don't know when will this end for struggling traders).
I didn't trade from September and saved up some money (not enough though for full swing trading futures) for SWING/DayTrading trading miniCRUDE (QM), this morning read the conditions properly for a short and expected big players will enter the market but didn't expected this fast drop though.
IN SUMMARY NEW YEAR BUT SAME OLD ISSUES
The following 7 users say Thank You to bmtrading9 for this post:
Thanks and best wishes to you too, I read some of your posts and I am glad that you are trading oil and doing good.
I know this sounds simple but as our guru @Inletcap says
1. Have a PLAN/THESIS (Most importantly TRUST yourself and your PLAN).
2. Take the damn TRADE.
3. MANAGE the damn trade.
Most of us are struggling at #1 and #2 because of
1. lack of time at right moment
2. Lack of enough funds
It's like in that movie "MATRIX" we all waiting for that realization/nirvana/light bulb moment or whatever it is called. Once we achieve that then there is no looking back and I sincerely wish everyone of us will reach that moment quickly.
Edit: I am sure everyone is aware of this site but planning to thru these 5 webinars.
I realized (I was rusty) how difficult it is to hold for longer for exponetial returns
Entry - Short 1 QM at 53.20 with plan to add at 54.20 and 55.20
Exit - 1 QM at 53.85
Stop - Usually a disaster stop of 1.5 ATR on daily, but I don't want to use STOPS this year as I know with oil's volatility If I can scale in properly I can get out with minimum damage that's why I am using miniOil (QM) instead of oil (CL).
Before the Trade - I wanted to short on Tuesday at 55.05 but overnight market was too bullish and didn't dare to get in front of the train so missed that short.
Trade - I thought market dropped and rebound too fast and saw clear resistance on daily chart 53.20 and took the short with the plan to add at 54.20 and 55.20 eventhough Monthly was bullish at that time.
In the Trade - Price dropped initially but came back up roaring sending my brain into frenzy state with all sorts of questions. Still I holded onto the trade thru oil report and job's report. Every single time I wanted to add at 54.20 but didn't dare because the buying pressure is very high and at the same time didn't sell it because I know I have to change certain habits if I want to be success in this swing trade. Finally, on Friday my mind gave up and exited the trade at 53.85 for a loss because I witnessed price cameback up roaring from 53.20 to 54.20.