Indeed, my sympathies @rpsvinod1 . Misery loves company haha. Don't feel too bad as you have plenty of company this Monday I am sure.
CL is a very difficult instrument, IMO only safe to take fast scalps from, eventually it will hurt you. Today was an obvious day (from experience) for erratic behavior due to the Saudi oil minister being fired at the weekend. Today was a day to avoid or trade small on CL and I did neither
I was attempting a swing position entry and let myself get caught by the extreme continuation. Instead of reversing with a small loss, I decided to catch 'the falling knife' and threw a lot of contracts at it (I'm not TST).
I hedged using another account so my draw-down is stable (at 8k..) however I am feeling frustrated with myself having made such a schoolboy error. I need 44.09 to get out cleanly by close and I have had to call my broker to explain I will hold through close if not. Its going to be a long day.
You have however reminded me of a very nice Madras meal I had at a restaurant near Guindy? railway station many years ago. That cheers me up.
YM is a far easier instrument to use higher contract numbers with and can still generate a lot of cash.
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How many countries you you visited? I am looking only at YM and QM for my below 25k account, if you get a chance would you please elaborate on how to increase size without draining out emotionally? I feel like fish out of water when trading with two contracts on QM even though I am fully aware of loosing 1k doesn't make me go bankrupt or do any change in my personal life style.
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Respectful of @rpsvinod1 's thread but my two weeks recently in Ecuador put it to 41 countries I think. I have considered a lot recently about why I am less affected than many others emotionally, the nature vs nurture. Certainly the travel helped, knowing deep down that whatever happens, there is always a way out just don't panic or get good at hiding panic. Possibly the most easy thing to say and the hardest to do sometimes. Flying? why thats easy! just jump at the ground and miss it. More than anything for me, success (and ferocious discipline) leads to more success.
I started with a 10k account on the ES after ~5 months of very intensive study, 18 hours a day plus weekends on replay. I had the advantage of a trading school who may be open to criticism from many (too expensive or beginners setups not significantly profitable etc.) but gave me a good basic grounding with the stated end-goal trading fairly naked charts. Simple trades (1 contract which is really hard compared to 3-5), fixed time frame, repeat, repeat and repeat like a soldier stripping a rifle blindfolded (maybe Forrest Gump?). Learn to lose and get back in mechanically, how to make money on ~37% profitable trades by holding for increasingly clear probable targets.
I did not go live until I had 6 full weeks of profitable sim, with bordering every single trade within "the rules" which was good pressure to be under. I was prepared and yes, I nearly had a heart attack when my first live trades went wrong but after a while (and a little re-assurance) success leads to more success.
So thats a superficial background of one trader anyway. Trading 1 to 2 contracts is really difficult, especially with a tight/fixed stop. Loosening that up on sim or M6E/MGC live maybe a good move.
Today I made an error and compounded it due to tiredness etc (had to watch Game of Thrones at 1am..). But I did not panic, I used my money to hedge and over the past few hours in this slow motion grind downwards, I have reduced that 8k differential to 5ish. ~42.94 may be a turn point. By the time it gets there I'll be down to 2-3k negative (on CL) and ready to drop anchor on one side of the hedge. I knew I could do this because I have practiced this scenario many times though I have been fortunate not to encounter it in a long time.
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