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I suck in whipsaw/range trading and CL was mostly ranging when I traded... as one can guess it ended badly. I also notice I tend to perform poorly in EU morning session so I waited till 5-6AM ET (EU Lunch) to trade normally my win rate goes higher from 20% to maybe 55-60%. I always try setups those time because sometimes you can get a runner for US session with pretty tight SL (below 20 ticks) but sadly, it turned out to be a bad choice for today.
Note:
Bulk of my losses again is due to EU session again so maybe I need to wait till 7-8AM ET before doing trades? Or only TP 6-10 ticks if doing EU session since it is mostly retracement crap though man I really dislike such poor R:R lol. Today, I just carried out the trades methodically despite the bad feeling(and obeyed all the setup rules) just to check and once again it confirms my suspicion i.e. for some reason, US session is now my 'best' friend with my current trading style (70%++)
1 win (12 ticks). Short for gapfill 56.22 on 5min though I should have probably held longer since that was the only breakout move we had, but was 'too eager' to recover my lost 11 or 12 ticks SL on a failed long. US session
Losses - (69 ticks) These were a bunch of trades executed, SL ranging from 8 - 21 ticks. EU session, 1 loss 17 ticks in US session.
Net - 57 ticks loss
===
ES Trade:
2 losses in EU session (4.75 points aka 19 ticks)
2 wins in US session (10.5 points aka 42 ticks)
Net - 5.75 points aka 23 ticks profit.
===
Overall, thanks to ES I managed to pare losses. This means I only lost almost all profits from yesterday
Though I have no regrets since it helped me confirm I suck balls in EU session and now should probably delay entering trades another hour or two
Yesterday was a boring session for me. I got headfaked by the CL break below 56.00 around pit opening. Went short, then noticed it couldn't stay below 56.00 and cut losses. Then, as you know, it was a one-way traffic without much pullback opportunity to get in so I missed out on that since I was not willing to have such a big SL (plus it was after the whipsaw session of the past 2 days which made me think WHAT if it whipsawed again).
Basically, there was a signal bar on 5min @ 10.45AM ET but I was too chicken to take it and missed out.
I did not do much ES trades because I believed it would be a small range day, and my system performs poorly in those... and it turned out to be a wise choice.
Net profit (though small) for the day makes me realise my best session is indeed US session. No trades taken in EU hours.
I live in Brazil. You said that non US citizens will need to request an ITIN and file a form (that i think is W8-BEN).
When you say that non US citizen would need report taxes, itīs just to register or TO PAY the taxes to the US gov?
I though with some treat between my country and US i would pay only in Brazil.
Sorry for the long question, but i didnīt get this info any place.
You do not need to pay taxes in the US of your country has tax treaty with the USA, however make sure the treaty also covers trading gains. Even when you don't need to pay taxes in the USA, you still need to report your taxes to the USA government.
