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79 to be exact at the moment, not counting ES trades or where I entered a 2nd lot. So yea this week, I can finally assess the ATM...looking at the chart and seeing CL trading 50T below my entry is a bit frustrating but well that's trading.
Went long after it found support above 46.50ish, also trading above OR-X2 and thought we could head back up towards 46.80ish. It traded near my entry for a while but never up to +4 (only +2) and therefore my auto BE wasn't triggered. Then it quickly came lower and I was stopped out.
Trade 3:
Entry: 46.52
Stop: 46.44
Long again after 46.50 held and it quickly bounced off OR-X3 and pivot, hence quickly went in with a market order, up +5T but then stopped at BE.
Trade 4:
Entry: 46.51
Stop: 46.43
After my previous trade it came lower and made a new low at 46.43. And it quickly bounced off again, thought we head higher but it just traded near my entry for a while and then I was stopped out on the tick and LOD from 6min ago. Here obviously my stop level was a bit stupid and it should've been below but I stuck to my rule of max 8T SL. Hence my entry with my stop level wasn't ideal.
After I was stopped out and the LOD held for a 2nd time I thought we could trade higher and I entered with 2 lots but only had a tiny stop of 5T as I didn't want to risk 16T as I would've broken my daily risk (down $-159). It quickly went up and I took 1 lot off quickly as I thought if I get stopped out then my session would be over. Then it continued to trade higher and my ATM was working good. However, I interfered and already booked profit at +8T while target was +10T which was hit seconds later...and we all know it continued to trade higher. Here, I should've just trusted my entry and stop and let the ATM work for itself...
Short after high from 9:13am held which was also a tight range from the morning at 6-6:45, so thought it might act as some resistance. Also support at around 8:30 which was then broken was resistance at 9ish. Therefore, good level I thought. Quickly onside 4T and my ATM kicked in, then stopped out at entry and then target hit...
Long after OR-X3 and pivot held again. It quickly went up in my favor and at +4T auto BE kicked. Then stopped out at entry...
Trade 8:
Entry: 46.42
Stop: 46.34
Made a new low and lows from 5am held. Therefore in with a market order and it went up and +4T, but then out at BE. Darn it, 3rd time in a row that I was stopped at BE...
And my 4th BE trade in a row. Well I guess it's not my day today, 6th trade where I was at least +4T but stopped at +1...hmm not ideal but here it is:
Trade 9:
Entry: 46.52
Stop: 46.44
Long again, as LOD held and we came again above pivot and OR-X3, thought we would have support here. Pivot held and it traded up and again I was +4T but out at BE and then lower and I would be stopped out.
Now at 6 scratch trades for the day which could also be around $250 if I would've booked at +4 or +5... but well at least sticking to my rules which is good, just not for my P&L
Still at -6T for the day, will take a break now...
Ok, I just looked at all my trades from July on this account where I was stopped out at +1 BE. So far I had 23 Trades in total where I was +4/+5 and then stopped out at +1 (23T minus commissions equals to $121.44). Overall, I had a total of unrealized 111T and I booked 23T. Hence, I left 88T on the table which equals to $880...quite a big number on a small account, small gains also add up.
Therefore, I'm thinking just booking these +4/+5T but before changing anything I will also make a deeper analysis when I have more time and hit the 100 trades.
I am torn between taking small profits and seeking larger profits. My target if set at 10, 15 or more ticks etc, could work but not usually letting go too many 4, 5 ticks gain. Worse some of these small gains turn into loss. Very often times when I look at my trades I could have ended up pretty good gain or just small loss for the day if I have set my heart on taking small profits.
It is a battle between the market and the trader. The market will take your small stop without hesitation but the trader hesitates to take small gain from the market. Think of it, market has an upper hand in the initial crucial stage after a trade is entered. I therefore have come to the conclusion that the best way to deal with this is part of the day take small profits and part of the day take big profits. Will see how this works.
You are correct and it even makes it much harder when just trading a single lot. Of course, when trading at least 2-3 lots you can always take 1 off at 4, 5 ticks and have at least something. I mean when you do it 5 times a day you can have a small gain but at least a gain compared to just many +1s. Therefore, scaling out is the best exit strategy overall and booking partial profits. It also helps to not to get too emotional with break-evens. Problems is like today that you start adding up these little gains and then look at a missed profits.
Overall we need to have a good balance between small and big gains as you mentioned!
Took another trade after we came towards the close from yesterday. It held and it quickly traded back hence I took a long. This time it also just went up and onside and it was like 3-4min near +4/+5, so after looking at my previous trades, I just booked a small profit. Then as many times before it went straight back to my entry and I would've been out right at +1.
Overall, right trade and it just went up and up afterwards
I had one more trade on ES but took it off early as I saw NYSE tick and NQ going back up when I was short. I briefly went onside 4T after I got out but then took off to make new highs into the close. Not fuzzed about the trade
but well that's trading.
