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$5,000 Live trading account challenge - CL & ES


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$5,000 Live trading account challenge - CL & ES

  #31 (permalink)
 
xplorer's Avatar
 xplorer 
London UK
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mastadee View Post
Tomorrow is the first Friday of the months, which means we will get non-farm payrolls at 7:30am CET.

I won't be trading as it is a bit too early for me and I'm more focused on CL. Hence, I'll let it pass and also with a 1.75pt stop-loss on ES I can easily be stopped out while it's moving like crazy. I'll be watching it while preparing my daily prep sheet and then be ready and fresh at 8am. See y'all tomorrow. Have a good afternoon/evening!

Hi mastadee - just a thought on NFP:

I know you said you don't trade it but if you did, I think the two products to trade are the 6E and the ZN.

ES in my experience gets mixed signals with NFP while the other two products provide cleaner moves.

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  #32 (permalink)
 
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 rassi 
the congo
 
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Great journal. Takes effort to be that comprehensive. Your a lucky guy getting over to Mexico. Looks like your office is in a nice spot too. Which prop shop were you at back here mate? Pm Me if you don't want to say


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  #33 (permalink)
 
mastadee's Avatar
 mastadee 
Mexico City, Mexico
 
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Good morning all,

here my daily prep sheet

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,000 Live trading account challenge - CL & ES-07-07-2017.pdf  
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  #34 (permalink)
 
mastadee's Avatar
 mastadee 
Mexico City, Mexico
 
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xplorer View Post
Hi mastadee - just a thought on NFP:

I know you said you don't trade it but if you did, I think the two products to trade are the 6E and the ZN.

ES in my experience gets mixed signals with NFP while the other two products provide cleaner moves.

Interesting, thanks for the suggestion. I'll check my margin requirements and see if I'm able to trade at least 1 lot on the euro and the 10yr. It's just that I have developed a love-hate relationship with CL and my main focus has shifted there. Its crazy moves can be profitable but sometimes also a bit of a loss generator. The 10yr has been pretty slow when I first traded it and couldn't handle watching paint dry hehe. But you are right I might offer some good opportunities, will look back into it and maybe for August NFP I could give it go. Cheers!

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  #35 (permalink)
 
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 mastadee 
Mexico City, Mexico
 
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Just took a long trade and was looking for a hold of OR-Low and that the open would provide some support, also thought that the trend line could give it some support to head towards OR-H and S1 and weekly pivot, however stopped out, due to a very tight stop as it found support just a couple ticks lower.



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  #36 (permalink)
 
mastadee's Avatar
 mastadee 
Mexico City, Mexico
 
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First time I came across this website, thought I'd share.

https://www.platts.com:443/news-feature/2017/oil/opec-guide/index

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  #37 (permalink)
 
mastadee's Avatar
 mastadee 
Mexico City, Mexico
 
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Ok, what a session on this account, I must admit that I didn’t do too well and at some point my emotions took over my rational thinking, more on that in the daily recap in my next post.

I had to stop because I hit my daily risk limit and even went over it, really bad as I broke my own rule set. Anyways here are my trades and with mark ups on the chart. I think this is a better way than just looking on the excel sheet.

Here are all my trades on a 1min chart:








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  #38 (permalink)
 
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 rassi 
the congo
 
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Gutted to see this update mate. Well done for fronting up. Get some pacifico down you step back and evaluate over the weekend and come back stronger on Monday.


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  #39 (permalink)
 
mastadee's Avatar
 mastadee 
Mexico City, Mexico
 
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Well obviously a little bit fed with myself because I did break the most important rule in trading –daily risk limit. If this would be a TopStep trader account than the combine would already be over. Hence, if I want to prove it’s doable then I REALLY need to stick to this rule otherwise this account will be depleted within a couple more sessions.

In the morning, I saw this nice bounce of even $44 and thought we could easily retrace back up to even $45 so I was kind of married to this level and thought if OR-L and RTH open will hold, it should definitely go up there. On the other hand, when I look at my daily prep sheet, there were a couple of news stories overnight which all were pretty bearish for the oil price with OPEC increasing production month on month. But after the first stop outs, I kind of traded what I believed should happen. Big mistake here as the chart started a downward trend on the 15min, 5min and 1min and I still tried to go long. Overall, all my 10 trades were long trade and only the 1st 3-4 and last 2-3 were kind of okish to be entered. The last trade was obviously unfortunate as I saw a good opportunity for a break of even $44 and a retracement up to ORX3 which happened but the auto-trailing stop took me out. So I’m still debating what I should do with my ATM settings but it’s the first time I use a trailing stop as I’ve never used that function before, only used the auto BE. I started to use it for this challenge as I thought to protect profits and build the account slowly from there but as I wrote yesterday, I’ll wait until I have 100 trades and then make analysis. Hopefully, I’ll get there without hitting my max loss limit!

The other thing today was the extreme volatility at times, where I got stopped out and then 2 seconds later it was back at my entry. These are the worst trades where you get stopped on the tick and then immediately back at my entry. But these days happen and I guess, I should’ve just waited a bit more for things to calm down. Here CL can be a beauty and beast at the same time because these sudden moves either give you a quick profit or a quick loss. Of course, here it is very important to control yourself and apply discipline or just step away and sit on hands. However, this is very hard!!!

The other thing, where I wasn’t at 100% today, was that I went to bed pretty late and felt pretty tired this morning. In trading it’s very important to be at your best physical conditions otherwise just start a bit later. Well the session is over for me and I’ll close my charts otherwise I know myself that I’ll enter more trades as it happened with the last 3 trades after I hit my limit. Also to note, when I put my last trade on, I had a buy stop and first had 3 lots on as I was really sure that I should go back up and break even 44 and go up even more. But I thought it is really stupid because if I get stopped out I might end the day with being down $600…so I changed it back to 1 lot and lowered my risk. Of course in hindsight, this would be the trade of the day and I could’ve made back my losses really easily but chances are we could also go back to the LOD. So in the end, it was ok and better on the discipline part.

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  #40 (permalink)
 
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 mastadee 
Mexico City, Mexico
 
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rassi View Post
Gutted to see this update mate. Well done for fronting up. Get some pacifico down you step back and evaluate over the weekend and come back stronger on Monday.


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Cheers mate,

all good and not really fed up as this happens.

Gonna have some Dos Equis later on and do some sport before. Good thing I have other business stuff to do now and this is good distraction too.

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Last Updated on October 5, 2017


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