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TST $30,000 Combine Journal
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TST $30,000 Combine Journal

  #31 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received

May 26th

+$5.

I had trouble sleeping last night and didn't get to my computer until 9:30 CST. Very low volume today so I was looking to trade the ranges.

My first trade was a long, which I fat fingered my exit on. I got 3 ticks but I missed out on another 10 or so.

Second trade was also a fat finger short, which I exited almost immediately after for +2 ticks.

The rest of the day was trying to trade around my long entry of 17809, which was too early. I needed to do more analysis on this entry. Even though it bounced off the low of the session, looking at the 3-5 minute time frames, I didn't really see a trade there. It did feel to me like there would be more down side, so I should have been more patient with my entry here.

This was a difficult day to trade due to the tight range and low volume, so I feel lucky to have eeked out a profit today.

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  #32 (permalink)
Elite Member
Sydney
 
Futures Experience: Intermediate
Platform: Sierra chart
Favorite Futures: Crude
 
Posts: 7 since May 2016
Thanks: 10 given, 10 received

You will pass this stage. Maintain your discipline, stay focused, relax and get it done.

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  #33 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received



Bader View Post
You will pass this stage. Maintain your discipline, stay focused, relax and get it done.

Thanks for the encouragement. Sometimes I feel my confidence wavering, so it's good to come here and see positive words.

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  #34 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received

May 27th

+$136.

I'm just barely positive overall in FTP, which feels good. But I know I still have work to do.

I felt like today would be a range day and light volume day, before the holiday weekend. We opened in value, and for the first few hours did not trade higher the value area of the past couple of days. The market broke out in the afternoon, which surprised me a bit.

I traded OK today, but have to remember to fight to get better prices at the more extreme levels on
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  #35 (permalink)
Elite Member
Regina, Canada
 
Futures Experience: Intermediate
Platform: Sierra Chart, TradingView
Broker/Data: Optimus (AMP Futures), CQG, Rithmic
Favorite Futures: ES
 
Posts: 139 since Mar 2016
Thanks: 273 given, 127 received


byeung View Post
+$136.



I'm just barely positive overall in FTP, which feels good. But I know I still have work to do.



I felt like today would be a range day and light volume day, before the holiday weekend. We opened in value, and for the first few hours did not trade higher the value area of the past couple of days. The market broke out in the afternoon, which surprised me a bit.



I traded OK today, but have to remember to fight to get better prices at the more extreme levels on
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


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Just curious: why didn't you just skip the holiday trading on Monday? I see you use volume profiles, wouldn't more volume = more reliable too?

I've been following your journal. Thanks for updating regularly, I hope you keep chugging along and make it.

Trade in the present: what do you see developing today?
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  #36 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received


metalhe4der View Post
Just curious: why didn't you just skip the holiday trading on Monday? I see you use volume profiles, wouldn't more volume = more reliable too?

I've been following your journal. Thanks for updating regularly, I hope you keep chugging along and make it.

Thanks, I think keeping a journal has really helped keep me accountable, I'll keep it going for as long as I can.

The last entry was from Friday the 27th, so I did skip holiday trading today. Shortened hours and light volume is not a good recipe for a good trading day.


Last edited by byeung; May 31st, 2016 at 05:04 PM.
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  #37 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received

May 31st

-$481.

I was stubborn today and kept going long in a downtrend. It's not that I couldn't recognize the trend was down, it was that I thought I could pick where it would reverse. I was able to get about 10-20 ticks on the reversals to take off 1 of the lots, but I left the other there hoping to get the +50 tick reversal which didn't come until the afternoon.

I usually start the day off thinking it will be a range day and trade accordingly. This is fine if I have stops in and don't get stuck in a position. Often I will only have 1 lot on and let the position go 20-30 ticks against me where I will add another position, exit one 1 lot around breakeven, and then take another 15-30 ticks on the 2nd lot.

However, today when I entered my first long YM was only down about 40 ticks from the open. I was basing my entry off of price action, as it looked like there was support around the settlement level of 17849. I did not have a physical stop in, in 5 minutes I was already 50 ticks in the hole. If I had a stop in, I probably would have been able to salvage the day.

Some things to work on:

1. Try to recognize trend days as early as possible, and trade with rather than against the trend.

2. Always know what your risk is and put in a physical stop to limit your risk.

I have 5 trading days left, and net equity is -$467.20. If after 10 days, my equity is still negative, I would have failed FTP and would need to go back to the combine. I am wondering if I should be more aggressive and try to make up today's loss, or just trade how I would normally trade. I have been more aggressive in the combine before, and it actually worked out well. On the other hand, if I'm too aggressive, and I end up with another loss like today's, most likely I would not be able to trade my way back with just 5 days to go.

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Last edited by byeung; May 31st, 2016 at 08:20 PM.
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  #38 (permalink)
Elite Member
Regina, Canada
 
Futures Experience: Intermediate
Platform: Sierra Chart, TradingView
Broker/Data: Optimus (AMP Futures), CQG, Rithmic
Favorite Futures: ES
 
Posts: 139 since Mar 2016
Thanks: 273 given, 127 received


byeung View Post
-$481.

Some things to work on:

1. Try to recognize trend days as early as possible, and trade with rather than against the trend.

2. Always know what your risk is and put in a physical stop to limit your risk.

I have 5 trading days left, and net equity is -$467.20. If after 10 days, my equity is still negative, I would have failed FTP and would need to go back to the combine. I am wondering if I should be more aggressive and try to make up today's loss, or just trade how I would normally trade. I have been more aggressive in the combine before, and it actually worked out well. On the other hand, if I'm too aggressive, and I end up with another loss like today's, most likely I would not be able to trade my way back with just 5 days to go.

Hey byeung,

I almost made the same mistakes today where I wanted to look for longs to fade the shorts because the larger context is still bullish. However I held back because:
1) I've realized how it leads to overtrading for me. If I skip one support, then I would have tried at another support without taking conditions into account aka the momentum it's going down in.
2) Picking tops/bottoms is a brutal game.
I posted more about my session today, but I realize you don't have access to Elite journals yet.

I have a feeling you chased/overtraded a bit today, but I can't tell. What I can tell is that you've been posting gains from profitable days smaller than your losing days, so I made such an assumption. For me it was acknowledging my FOMO (fear of missing out) that allowed me to slow down on the overtrading.

As for your FTP/combine issue. Aggressive is good if the conditions call for it. Don't ponder aggressiveness just to make back your gains, because it usually leads to further digging down in the hole by way of "gambler's fallacy" (if I've lost this many times, the next one has GOT to be a winner). Work on trying to make bigger targets than losers if you can't control the losers. Maybe the pressure to perform under FTP is having an effect on your trading psychology too. Try and trade like you normally do, forget about the FTP - don't use the deadline in time.

Just trade properly according to your plan/method . That should be your focus, not "make $X by June 10, 2016". Otherwise you will force trades where there are none .

Trade in the present: what do you see developing today?
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  #39 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received


metalhe4der View Post
Hey byeung,

I have a feeling you chased/overtraded a bit today, but I can't tell. What I can tell is that you've been posting gains from profitable days smaller than your losing days, so I made such an assumption. For me it was acknowledging my FOMO (fear of missing out) that allowed me to slow down on the overtrading.

As for your FTP/combine issue. Aggressive is good if the conditions call for it. Don't ponder aggressiveness just to make back your gains, because it usually leads to further digging down in the hole by way of "gambler's fallacy" (if I've lost this many times, the next one has GOT to be a winner). Work on trying to make bigger targets than losers if you can't control the losers. Maybe the pressure to perform under FTP is having an effect on your trading psychology too. Try and trade like you normally do, forget about the FTP - don't use the deadline in time.

Just trade properly according to your plan/method . That should be your focus, not "make $X by June 10, 2016". Otherwise you will force trades where there are none .

Thank you, metalhe4der. That was a great post. You're right, I was chasing a bit after the first big loss, trying to make it back. FTP is affecting me, I can feel the additional pressure I'm putting on myself to get to the funded stage.

Tomorrow I will remind myself to slow down, take the best set-ups and only what the market offers me.

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  #40 (permalink)
Elite Member
Regina, Canada
 
Futures Experience: Intermediate
Platform: Sierra Chart, TradingView
Broker/Data: Optimus (AMP Futures), CQG, Rithmic
Favorite Futures: ES
 
Posts: 139 since Mar 2016
Thanks: 273 given, 127 received



byeung View Post
Thank you, metalhe4der. That was a great post. You're right, I was chasing a bit after the first big loss, trying to make it back. FTP is affecting me, I can feel the additional pressure I'm putting on myself to get to the funded stage.



Tomorrow I will remind myself to slow down, take the best set-ups and only what the market offers me.



All the best! Take the time to mentally reset. Figure out what gives you confidence in your trades and know that adversity will push you forward as long as you don't give up but instead embrace it. 😁

Trade in the present: what do you see developing today?
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