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


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

  #231 (permalink)
 
mastadee's Avatar
 mastadee 
Mexico City, Mexico
 
Experience: Advanced
Platform: IB & NinjaTrader
Broker: Interactive Brokers
Trading: ES, CL
Posts: 733 since Jul 2013
Thanks Given: 1,262
Thanks Received: 3,029

here my statements:



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  #232 (permalink)
 
mastadee's Avatar
 mastadee 
Mexico City, Mexico
 
Experience: Advanced
Platform: IB & NinjaTrader
Broker: Interactive Brokers
Trading: ES, CL
Posts: 733 since Jul 2013
Thanks Given: 1,262
Thanks Received: 3,029

and here my final screenshots of the challenge:




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  #233 (permalink)
 
mastadee's Avatar
 mastadee 
Mexico City, Mexico
 
Experience: Advanced
Platform: IB & NinjaTrader
Broker: Interactive Brokers
Trading: ES, CL
Posts: 733 since Jul 2013
Thanks Given: 1,262
Thanks Received: 3,029


Hi all,

and hi to @TransAlp1989, @xplorer, @ratfink, @Mtype, @MsFutures and @aquarian1

thanks for the kind words guys, really appreciated and to everybody who asked question earlier, I'll answer them over the weekend as I have to go now.

Stay tuned and have a great weekend all!

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  #234 (permalink)
 shzhning 
Madison, NJ
 
Experience: Intermediate
Platform: CQG/TOS
Broker: Optimus/CQG
Trading: ZN/TN/ES/NQ
Posts: 134 since Jun 2010
Thanks Given: 65
Thanks Received: 112

I see a recurring theme in trades documented here, and probably the number one account killer: way too many shorts on steady or grinding up days. Today is a good example. It's as if we're hardwired to have a permanent short bias. I suffer from this issue myself, and have not find a good way to fight this.

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  #235 (permalink)
 bmtrading9 
Atlanta, GA, USA
Market Wizard
 
Experience: Advanced
Platform: MC and Jigsaw
Trading: ES, MES
Posts: 1,833 since Mar 2013
Thanks Given: 3,001
Thanks Received: 2,159


mastadee View Post
Obviously, my worst day this month in this account as I didn't apply to my rules and didn't wait for proper set-ups and just jumped the gun way too many times....feels pretty stupid as I know I can do way better...

Sorry to hear that. I am sure you will be back again. I was never comfortable in day trading because of my mean reversion mentality combined with revenge trading proved so many times killer of my profits and more if not the whole account. I hope you did good with your bigger account. Your bigger picture analysis is awesome so thank for posting every week.

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  #236 (permalink)
TransAlp1989
Pembroke Pines FL/USA
 
Posts: 50 since Jul 2017
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MsFutures View Post
I am sorry to see the end of the challenge. I have enjoyed your journal. Since you said it is "live trading account" I assume it is real money and not sim account -- so I understand how you feel. All I can say is trading is not easy and I have been on this road for a long time. I am currently on TopStep Trader FTP but I am pretty close to hitting the max loss.

I looked at the beginning posts of your journal and seemed to see your max loss was defined at $1000 and goal $1000 profit. Am I right? Since you trade CL, I would think $1000 loss is quite small so don't be so hard on yourself. On the other hand, this amazes myself from time to time with my own trades as well --- that the market can make $900 from you (today) by just taking your small losses. If we flip, why can't we make $900 from the market by taking small profits from the market? Something to think about.

Thank you and best wishes.

You are 100% correct MsFutures. You can flip and make $900 from the market either by small profits or by being able to ride the trend up (make double or triple that). The issue we all have is how and when to enter a trade with minimal risk. I was attempting to go long all week. I did not take any short trades. All my charts guided me to go long all week. Unfortunately, the trend was ahead of me. I attempted to go long multiple times but was unable to get enough room to ride it up and it moved up every single day. For me, it is a matter of calibrating and fine tuning your decision-making rules to enter the trade. So, in the end, I kept my position neutral.

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  #237 (permalink)
 
mastadee's Avatar
 mastadee 
Mexico City, Mexico
 
Experience: Advanced
Platform: IB & NinjaTrader
Broker: Interactive Brokers
Trading: ES, CL
Posts: 733 since Jul 2013
Thanks Given: 1,262
Thanks Received: 3,029

and here is my daily prep for the session, good luck all

Attached Thumbnails
,000 Live trading account challenge - CL & ES-07-31-2017.pdf  
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  #238 (permalink)
TransAlp1989
Pembroke Pines FL/USA
 
Posts: 50 since Jul 2017
Thanks Given: 88
Thanks Received: 64


mastadee View Post
and here is my daily prep for the session, good luck all

I do not know if you follow the other CL thread. that is where I started posting my reviews.

for what is worth:


have an awesome trading day.

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  #239 (permalink)
 
mastadee's Avatar
 mastadee 
Mexico City, Mexico
 
Experience: Advanced
Platform: IB & NinjaTrader
Broker: Interactive Brokers
Trading: ES, CL
Posts: 733 since Jul 2013
Thanks Given: 1,262
Thanks Received: 3,029


TransAlp1989 View Post
I appreciate the detail and information provided. What did you learn from the process and what would you do differently?

Will calibrating your entry rules improve your performance?

Thanks again.

Well I learned that for a really small account you have to be really disciplined and just stick to your rules. Problem is with having such a tight risk limit (300 bucks) you can reach that within minutes and then be done for the day. Then you start thinking, well the session still has like 6 hours left and I can make it easily back. That's the biggest problem because it is just really hard to just stop and turn off the computer. Obviously, with a bigger account you can give yourself "more risk" and trade a bit longer because I only had like 3 losing trades and then I would be done.

Overall, up to last Friday, it showed that it kind of could be done as rigorously sticking to rules prevents at least big losses and I was break-even for the month. The other issue was that I didn't really hold onto my target of 20T which was hit many times after I booked like 5-10T...

The biggest problem with 1 lot trading is that if you can't scale out and book profits along the way when it goes into your favor. But it's also a patience issue which has been my little trading demon for a long time.

Anyways, thanks for following along and good luck with your trading!!

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  #240 (permalink)
 
bobarian's Avatar
 bobarian 
whitestone, new york
 
Experience: Intermediate
Platform: ninja trader
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mastadee View Post
Well I learned that for a really small account you have to be really disciplined and just stick to your rules. Problem is with having such a tight risk limit (300 bucks) you can reach that within minutes and then be done for the day. Then you start thinking, well the session still has like 6 hours left and I can make it easily back. That's the biggest problem because it is just really hard to just stop and turn off the computer. Obviously, with a bigger account you can give yourself "more risk" and trade a bit longer because I only had like 3 losing trades and then I would be done.

Overall, up to last Friday, it showed that it kind of could be done as rigorously sticking to rules prevents at least big losses and I was break-even for the month. The other issue was that I didn't really hold onto my target of 20T which was hit many times after I booked like 5-10T...

The biggest problem with 1 lot trading is that if you can't scale out and book profits along the way when it goes into your favor. But it's also a patience issue which has been my little trading demon for a long time.

Anyways, thanks for following along and good luck with your trading!!

Getting out early is typical for many traders.Myself included.Many times , i look at entries i took 10 ticks, and it turns out i entered at HOD or LOD.This I believe, is where the trader needs to decide what the targets will be.Be it a tick amount, or a level.Just like charts, our brains can harbor a huge amount of noise.Simply accepting what type of trading we will really commit to,and staying true to it.Of course , we all know what happens when we try to do many types at once.
Michael seems to understand this very well.Newt as well.If youre cozy going for small targets and you do it consistently, its only a matter of time to add contracts.Or, if you like larger targets, look for entries that can yield more ticks, and pass on the little ones.....I guess the point is....make a choice, and stick to it....imho
Bob

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