I just wanted to mention that I have joined "Convergent Trading." For a beginning trader like me it's been a big help. there are a lot of different resources, including training videos, audio news squawk, chat feed etc. I am getting help from a lot of different places, and the Convergent website provides my trading day some structure as well as very good insight.
It's $100 a month. At this point it feels like money well spent. I will re-evaluate at the end of the first month.
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I put on less trades today. 9 all day. Lost seven of those to finish limit down, which for me is 40 ticks on the MES. 3 out of 4 days limit down now. I have let one bad behavior return. I am trying to fade strong moves for no good reason. Getting run over once, then re-entering and the same thing happens. This has to stop.
Best thing i did was catch the swing low right before lunch. With only one contract I closed it for 8 tick winner but it kept running 30 more ticks. Had my stop too tight on 2 trades and got wiggled out. I got run over twice in the last half hour in that sharp move down. There's no use waiting all afternoon for a trade and then taking two bad ones.
I think tomorrow I will trade the first 2 hours only and limit myself to 5 trades. I will keep cutting the number of trades down until I feel like the selectivity is actually helping me avoid bad trades.
Also if I'm not profitable tomorrow I will just watch the market on Friday. Week is already ugly enough and I refuse to end up 0/5. I literally felt sick to my stomach at the end of trading today. Losing sucks.
Took 1 trade today for 13 ticks on one of the pullbacks during the move down after lunch. Turned the screen off.
I don't know how or why but I have gotten into the habit of trying to pick tops or bottoms. The swings are so large these days that it's insanity not to try to get in on the middle of some of them.
The Convergent Trading market analysis continues to be very helpful.
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Spent much of the day just watching the market. Took 5 trades, scratched 2 and ended up 2 ticks down for the day. Plus commissions which is no joke on the MES.
The struggle is real.
I have a lot of self doubt. Unfortunately this includes whether I am willing to work hard enough to learn this. If I don't step it up I think that it's gonna take *a long* time to be profitable, or it won't happen at all.
Hi Tony. In my humble opinion it would be unwise to quit while you're fresh off a bad run. Take a couple days, a week, and think it over. Why did you start this in the first place? Do some sim trading and maybe you'll find you do better with the pressure off.
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