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Realized my last day on this practice account combine is tomorrow. So I will be trading recklessly, going for the 9k mark....
I'm really tempted to hold short CL..... Or I might just wait on a high probability setup if that occurs tomorrow. Had I traded more size instead of 1 contract when I first started I think I had a reasonable chance. Anyways good to know if I start a real combine.
Updated from earlier:
Can you help answer these questions from other members on NexusFi?
Short CL trade thesis turned out to be A FREAKING MONSTER TRADE. I was able to see the same thing smart money was by shorting from yesterday. I should have just bet it all on CL short and held from overnight like I said..... Anyways I was doing very well in the morning, then just blew it all in the attempt to reach 9k mark. I wasn't being selective anymore, I was being reckless. Just goes to show how much damage you can do
I got a good insight on using NT7 as well as TST during the 2 week trial run. I think starting next year, I will attempt a real combine by trading the same method as I was prior to today's all or nothing jolt.
One of my weaknesses I realized are that I'm very impatient. For example in CL, I was trading with smart money, almost every attempt on the short side was in the green from yesterday. However CL kept holding up, and knowing that the report could do anything.....I had to be neutral going into it. Then we get the massive drop. It's a hard line in holding a position trusting the tape or be neutral going into news like "people" advise.
As far as general market goes, I'm impressed the equity indexes are still holding up. Today so far has been mainly chop.
Intermarket trend is still saying bond bear, equity strength....as much as I would be shorting indexes at these levels and most FANGS. We are still coiling waiting for probably tomorrow's numbers.
My best trades have been to "not look to make money" like today. Simply just watch the market/charts with "no-thing" expectation or wants. If you are looking at the market from neutral emotion to it, price is just information. When you don't see any plays, just sit back and let your mind go elsewhere. But when you see something with high probability, take the trade. If it doesn't work out, no biggie, move on to the next trade. Don't have emotional attachment to any trade, we are here for the long run of probabilities working in our favor. AND OF COURSE, CUT YOUR LOSSES and RIDE YOUR WINNERS or your account will end up looking like this
Hey man - my name is Josh, I align with your "zen style" of trading. I haven't read trading in the zone, but it sounds similar to Way of the Warrior Trader by Richard McCall. He combines japanese samuri philosophies with day trading (art of risk taking). It helped me in trading and in every day life; I think you would benefit from it as well.
Hello all! I will now be using this journal to keep log of my attempt at the 30k TST combine.
I'm aiming and hoping to reach the profit target in one month. When I was trading the practice account, I was able to trade a lot better since it wasn't my money on the line and I didn't have attachment to every tick. However I still had rules in place to keep my losses small and let my winners ride. Thus I figure with the combine, as long as I stick to my rules, I should be able to reach the target provided that I manage risk like a professional. (And by keeping enemies at bay, such as tilt, no patience, chop environment, sloppy execution, etc)
Today was a very frustrating day on my real account. I can go through explaining, but the point I want to make for myself was that I was projecting what I wanted onto the market, not what the market was telling me. I might have a bias due to my edge and past history, but listen to the market. The tape is greater than any edge you may have. And there is a reason why trading is half art half science.
Well.....I overtraded on the first day of my combine and real account today.( I am going to work at creating a filter so that I stop taking marginal trades that are sub optimal)
What cost me the most today was that I was anticipating a bounce in the yen early morning but with the market being vicious sharks......there was a confluence of 3 resistance areas as well as a lower high area....Well I had to short after seeing that and that cost me. ( was expecting this to be a home run)
My theory was right however my timing was wrong. Fortunately I was able to catch the start of the real move on my account but on the combine, I gave up shorting the yen(buying 6J).
I was able to end the day up however.
Anyways, inauguration tomorrow(If you have seen Project Veritas videos, I'm expecting some chaos) and China CPI(still in a huge slump) tonight.....I'm expecting some movement to finally get us out of this range.
On a side note, the intermarket analysis thread(Fishy Poker) has been pretty darn accurate and sometimes I don't trust it....but when I see TF make new lows and NQ new highs, I should learn to trust it more.
Down day in combine.
On my real account I was very puzzled as to why the dollar kept making new lows while the yen and and equity indexes were holding up. I kept believing the dollar was going to make a new low into grey area demand zone before the real bounce higher so I kept pressing on my trades........and the market refused to budge.....only at the close, did it do what I had anticipated......
Today I learned to stop fighting the market. Or at least if you try a trade according to your theory once, and it doesn't work.....don't keep trying over and over. Maybe my expectation of what I believe is "rational" in the market, simply becomes illogical when I am behaving with other irrational traders.
I will be reviewing my trades in my own journal tonight and learn what I was doing wrong to not make the same mistake again.
Combine result today.......I wish I could trade TF but unfortunately cannot on the combine.
Heavy chop on ES, glad I didn't touch it. I expected some selling today due to the chart posted above and by reading the tape, it was screaming bearish on everything.....however I still need to work on trading less.
