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Today had an insane amount of opportunity. I got a little carried away. At one point I was up $165 before comissions. I caught myself over-trading and immediately ended the session, Unfortunately the last 30mins of trading I went for the jugular on a 3 lot short and got punished.
I need to be extra cautious in going all-in in such volatile conditions. If I get the urge to do something similar tomorrow and we continue to encounter this volatility, I will either enter a 2 lot, or scale in my position from a 1 lot.
Looking back at the session I had the direction correct, but failed to allow my positions to run. I think this is a product of being so shortstacked bankroll wise, I don't like being exposed to the markets for long periods of time right now. As I feel this is overall a good rationale, I'm not going to over analyse, but It certainly is true that it can cause missed opportunity.
10/05/19
took a single trade (2 lots) from 2878.25, closed 1 lot @ 2789.0 and the other @ 2880.75. I ended this session early to enjoy my weekend, but sadly this cost me a lot of opportunity, as I would have caught an uptrend which exhausted at 2893.0 at 8:30pm ,which is still before my latest allowed close.
I had given up on the idea of trading futures circa 2020, but have decided to give it another shot. I haven't been totally out of the game, just trading stocks and options instead.
as my time horizon and approach for trading futures will be entirely different to what I do there, I'm going to be trading sim for a while to get back on the horse.
Below is my plan.
the SIM account will end when I reach a balance of $5,000
After which, I'll start dipping my toe in with cash. This will take as long as it takes. I'm more worried about my process than the end result.
I'l aim to trade for a few hours during the monday session, as I'm not working on mondays.
For every other day, it'l be an hour here, and an hour there as time allows.
Levels of interest (as of session open) [Opening range is calc'd from first 15 mins]:
Plan:
nasdaq is in a strong uptrend for a while, and is pretty far above VWAP and the SMA100.
whereas the S&P has been underperforming relatively speaking, but has been recouping since march 14th.
As both are setting lower highs versus the previous session's opening range, I'm expecting a down day.
I will take trades around the points of interest with an expectation of mean reversion.
Other trades will be taken where a 9 or 13 , or combo print happens on TD Sequential. I have seperate ATM strategies to distinguish between these trades so I can see how they perform vs my other positions.
Finally, I'm trying to calibrate a 3 step auto trail today, so expect to get taken out of a few trades prematurely while I get something that feels right and fits my risk management plans.
