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Hope everyone had a good long weekend off. I had a lot of time to internalize and self-reflect over the weekend by thinking through where I am now and what I need in order to become the successful trader I'd like to be. I'd have to say it paid off because today was a good trading day as I executed my rules perfectly. I hit my +4pt for the day for the first time which is the daily target I tried to achieve when I set out my trading goal. Hope to replicate today's execution more consistently going forward.
I believe the key today was identifying the trading range and acting appropriately.
Average day today. I think I executed fine but missing out on the trades earlier that would've won costed me. I'm glad I decided to go with 2 contracts on my last trade (risk was smaller) so it brought me to a breakeven day (minus commissions).
Haven't posted for a while due to work being busy but here are trades from last two days. Feeling pretty good so far in sticking with a predetermined plan.
*edit* the last trade description meant to say "range day" not "trend day"
So after a long hiatus of posting, work has finally slowed down and I have time to pick this up again. During my time-off, I did a lot of internalizing and came to a few conclusions. I hope this represents breaking of another barrier in terms of trading success.
1) I tried to do too many things at once in terms of developing my methods. I am always observing multiple charts across multiple time frames. Also I am always looking to find the next "better" way to trade. This leads to a lot of wasted resource (e.g. time) when I can be focusing on trading one method and being really good at executing it. Mack is the perfect example where his main focus is the 2000T ES chart that he has been using for years and the best part is how consistent he is at executing it. Therefore, my go forward will be the original trading style I've always been using and I'm going to stop looking into other ways, and instead focus on improving my execution.
2) I get too enamored with chasing ticks. Meaning, I keep trying to adapt my style to chase the "big win" scoring tons of ticks. It finally hit me when I reviewed one of Mack's older video and he said it may better to add contracts instead of chasing more ticks. This was a light bulb moment for me. Also, I've seen to many trades where I'm in profit for 4-5pts only to see it turn around for full lose of -10pts. This is a big hit psychologically. In other words, I can trade 2 contracts and take profit at 2pt while risking 2pt which has the same profit/risk as 1 contract for 4pt and 4pt S/L.
3) Overtrading is still an issue for me despite the fact that I recognize it. I usually do not commit this offense but if I have a series of losses in a row, my left click on mouse turns into a machine gun and I just spray and pray at the screen (i.e., I got tilted). With my methods, I should only be seeing 1-3 set ups a day on average. Therefore, if I start taking 2-3 trades in less than an hour, I'll recognize that I am overtrading. Similarly, if I have 2 losses in a row I'm going to call it a day.
The above three will be my main focus during this trading month. I am going to measure myself at the end of the month to see how I compare in terms of executing REGARDLESS of my profit/loss.
With that said, my trade will be the usual:
1) Entry off EMA for trend continuation trade with 1:1. Entry signal ONLY pinbars or engulfing.
2) Counter trend trades off highs or lows require signal bar plus other confluences (e.g., proven support/resistance, TL break, etc.).
3) All trades above need room for at least 1:1.
4) Identify current market structure BEFORE taking any trade. For example, if structure is flat, there is no trade whatsoever regardless of #1-3.
Below is the review of the day. I didn't trade today but was reviewing it.
No trades today as entry did not materialize until I was at work. Only 1 entry signal triggered today. The trades I passed on in the morning turned out to be winners but I was fine with it because I stuck to my rules.
Frustrating day today. Ended with -1.5pt. There were two potential winning trades that did not happen because my order didn't fill. One of them the entry bar was too wide so I tried to limit in. Price touched it but I didn't get filled. Second one price touch profit target but did not fill. I moved to breakeven and eventually got stopped out there. Both trades would have yielded +6pt total.
While overall execution was good IMO today, I think it was just bad luck not getting filled.
Finished trading early today so thought I'd post before work. Today had been an emotionally tough trading day but ended the day with net positive +2pt.
First trade was a nice bearish bar with second entry short off EMA. But it started chopping for a while and I got out at breakeven when I got the chance. The trade ended up to be a winner. I was fine with it since it would've been stressful watching it go on a roller coaster in this chopping range.
Second trade was again nice bear bar off EMA. Also retest of support that it previously broke and open of the day. Price hit my target and did not fill. I moved S/L to breakeven and got taken out there. At this point I'm beginning to feel tilted because both my trades were winners but I got out at breakeven because I couldn't go in with the all-or-nothing mentality.
Third trade was a trend continuation trade off bear bar following break of support. Target was end of the measured move. Finally a win there with +2. It's always beautiful watching the MM work out.
Overall it seems my entry is good but I just need to think through whether I should go for the all-or-nothing approach or move to breakeven.
Today was rather boring an uneventful for the most part during my trading session. I had one loss at -2pt and one win at +4pt for a total of +2pt.
First trade was a bullish signal bar off the EMA that is also retest of a resistance turned support. In hindsight, my entry should've been delayed until the break of the bar that I entered my trade in. That would've prevented the loss. Nevertheless, I can accept this loss.
I re-entered again off a bullish SEL. It seems my initial analysis was correct and we should expect buyers to bring price up further. Instead of my initial +2pt target, I aimed for +4pt target because it coincide with gap close, MM target, and also top of projected channel.
Today's action somewhat felt like yesterday except it is to the upside.
