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Trade#45
Instrument: FUS100
SHORT
Open: 20:15 at 13356,90
Close: 21:02 at 13314,85
P/L: +42,05 points
Entry: TTM_Scalper signal short on M5
Entry Trade#45
Stop loss - 20 points.
Exit: Target Profit was hit after 47 minutes.
Today's P/L: +52,85 points TOTAL P/L: +139,09 points
Today's mistake: I didn't go long rightaway after first trade. I wasn't sure to take that trade, but it appears that on
days with higher volatility it is a good option. On choppy days it would force me to go back and forth, so that's something to
keep in mind.
I have limited this second trade to TP of 2:1 R:R. It turned out that price went to S3 level so the trade had actually 6,5:1 R:R.
It's always so obvious in hindsight...
As Trevor Harnett had said during yesterday's webinar, Thursday was the day that we need to crush it. I've hit three winning trades, but I didn't crush it,
at least when looking at the signals I missed and too tight profit target in first trade. Anyway it was a good day.
Trade#53
Instrument: FUS100
SHORT
Open: 17:36 at 13067,53
Close: 17:49 at 13016,32
P/L: +51,21 points
Exit: Target Profit was hit after 13 minutes. 2:1 realized R:R. Possible R:R - 6:1 on exit signal or 9,5:1 on exit at S2 pivot level.
Possible trade with exit signal
Trade#54
Instrument: FUS100
LONG
Open: 19:16 at 12927,6
Close: 19:19 at 12939,03
P/L: +11,43 points
Entry: TTM Scalper fires long signal on M5
Entry Trade#54
Stop loss - 30 points.
Exit: I closed that position after it hit midpoint between pivots levels and momentum went downward.
Trade#55
Instrument: FUS100
LONG
Open: 21:43 at 12821,6
Close: 21:50 at 12875,65
P/L: +54,05 points
Entry: reversal signal on increased volume
Entry Trade#55
Stop loss - 25 points.
Exit: Target Profit was hit after 7 minutes. 2:1 R:R.
Today's P/L: +116,69 points TOTAL P/L: +218,24 points
Generally longs yesterday should've been avoided, but somehow I managed not to lose money on them.
Unfourtunately I didn't execute 3 other short signals, beacause I wasn't prepared for a day with volatility on such levels.
Psychologically I couldn't make a trade with 40-60 points stop loss, when after nearly a month I was up around 80 points.
That's something to adress in the future, but for now I guess it's better for me to lose an opportunity than money.
I'd really like to thank again @Big Mike for this journal challenge. I needed that push to take action. Although I didn't win it,
I've gathered some real experience that I wouldn't trade
What have I learned?
- keeping this journal enabled me to be more disciplined and gave me broader perspective on what I'm doing
- I struggle with emotional control during trading. This problem is bigger on days when I'm tired.
- I'm guilty of projecting short-term profits into long-term gains in an oversimplified way - it's a fuel to further disappointment, when losses inevitably happen
- I need more confidence in my trading process to move on to evaluation like Top Step Trader
- there is potential to improve my P/L if I stick to the plan (let winners run to 3:1 or 4:1 R:R, close trades on pre-defined exits)
- I need to adapt my expectations and risk management to market volatility
- I paid 116 points in spread (58 trades)- I'll move away from CFD as soon as I'll be able to trade bigger positions
I'll keep on trading and journaling in March as well.
P.S. In order to tackle that problem with emotional control I'll start doing some Wim Hof Method breathing exercises.
In the past it allowed me to feel less tired during the day and be more grounded. I guess it won't hurt if I add it to my daily routine again.
I made only one trade and reached trailing drawdown of 1,69% (7 consecutive losing trades).
That's nothing unsual. In Monte Carlo simulation (given my actual expectancy) there was a serie of 27 losing consecutive trades (10k iterations).
Moreover in any month in which I take 60 trades, I have 28,25% chance to hit 7 losing trades one after another (53,4% losing rate).
Anyway I'll make a break to restore some "mental capital" and I'll be back with a fresh perspective.
Trade#59
Instrument: FUS100
LONG
Open: 17:05 at 13190,48
Close: 17:10 at 13163,28
P/L: -27,2 points
Entry: TTM_Scalper signals long on M5, and I enter it after an instant bar down and recuperation at higher volume
Entry Trade#62
Breakout
Stop loss was 30 points, but I closed it as breakdown happened and managed to get out 3 points earlier.
I've decided to dust off my old journal. Last month I started Trading Combine but with no success. I'm trading 2 MES contracts per position and right now my loss is at -1 328,05$. If I continue this way I will hit 2000$ trailing drawdown soon (I'm at 50k account). From what I remember journaling in this forum helped me a lot, so hopefully it will be the case this time too.
I want to add accountability to my trading, so I will publish trades taken during any day. Right now I'm using different metodology than in times when I traded CFDs. I base my analysis on market profile and VSA. For every trade I use simple checklist:
Checklist_template
Basically I should take trades only in accordance with trend (for lower timeframe I use m1 and m5, for higher m30). There need to be volume and sequence of VSA signals which support that trend. Then I look for good trade location to limit risk (preferably at the extremes of day range, above VAH or below VAL).
Here I will post simple descriptions of my trades along with screenshots of entries and exits:
trade_template
I expect that making my trades public will give me additional motivation to avoid trading pitfalls. For me that's:
- taking too many trades
- trading my emotions not the market
- chasing missed opportunities
- taking profits too soon
Probably there are more that I'm not aware of. Hope that they become obvious once I start making it all public.
My goal is to develop a trading process that I can rely on and then increase the size of position.
Yesterday was tough for me, because although my analysis said: short, I just couldn't execute properly. I took 3 trades - one lost, one breakeven, one profit.
# Trade 1
Entry: trade1entry
Exit (stop loss): trade1exit
I probably wanted to join too early, but you never now when it will continue. I usually try to enter a trade where I have 20 ticks risk.
# Trade 2
15.02.2022 - (2)
Entry: trade2entry
Exit (I move stop loss to breakeven when 20 ticks in profit): trade2exit
# Trade 3
trade3info
Entry: trade3entry
Exit: trade3exit
I made the worst mistake in trade 3. I've closed it based on my emotions. After I moved stop loss to breakeven it
is not in my plan to do anything else than to wait for a trade to play out. I just couldn't control myself.
I need to remind myself to focus on the process not on PnL in any given trade.
