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Rogue MNQ 2/21 Journey


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Rogue MNQ 2/21 Journey

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  #1 (permalink)
RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
Thanks: 14 given, 11 received

Bear with me on my ramble/ introduction to this great community. Begrudgingly Id be classified as part of the covid trader class for essentially starting in March. Luckily I was able to dedicate 100% of my time predominantly in sponge mode while attempting to self direct my IRA & play with my spare change. After doing the usual rudderless bouncing around of dabbling with biotechs vaccine plays to realizing I dont have the budget to safely do options correctly. Around september 2020 I began just targeting the SPY only. Had success until I was on the wrong side of the October/blue wave. Around December I started researching futures & combines, challenges etc.

January I decide Im ready to test myself with 2 different programs lol, mainly thinking Id stay with ES /MES. Welp after discovering I dont quite have the patience for ES/MES & admittedly an edge. I thought heck whats this NQ beast I hear about. Again Im not there yet to even touch the NQ; especially after blowing up the SIM accounts in the various prop firms. After resetting , honing my play/style , slowing it down as best as I can via PnF/ renkos I feel confident to keep trying with the MNQ. Adjusting my scalping net as necessary.

After realizing I was making the typical emotional mistakes. Ive decided to limit my trades to 6 a day because of commissions & to wait for optimal setups. As well as make it conditional. Sticking with 3 lot max but deciding to stick with 1-2 & only rewarding myself with 3 at a time after consecutive wins. Not sure if this is too big but found 7pt/28tick stop loss to capture the wobble but honestly would love to tighten it up but NAS experience isn't there yet.

Entering Feb Ive cancelled my memberships & decided to open an account to sim/dabble in the MNQ. Partially my fault for changing my mind on using an existing LLC (thanks FIO thread / greentradertax) & now just opening a regular account with a well known brokerage has continued to be an utter headache for 2 weeks. Again partially my fault for over complicating it, as of Friday afternoon I think they've properly translated my "gibberish". So I think Ill stay with them but looking at tradovate too. Realistically just want to learn a platform with reasonable commissions & stick with it.

Goal is to establish a repeatable strategy that fits ME, & become a funded trader too.

Former auto technician, Hazmat driver/ trainer guru for a propane company, BNB superhost - Currently regular Landlord/ self employed courier.

Is this where I say, " lets go"?! My other favorite part of the last year is the ridiculous behavior on fintwit. Thankful for the genuine few the try to lead us newbs to the various watering holes/niches.

Cheers!

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  #2 (permalink)
RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
Thanks: 14 given, 11 received

Day 1 of using Tradovate SIM. I took 7 total trades today, but 2 were flat practice swings with this platform for the first time. All with MNQ. Although I broke a few of my own personal time limit rules that are usually to allow for the trades to play out; I admittedly closed them out early due to the chop/multitasking.

4w/1L - The loss I shorted at 9:57 13666.25 didnt collect when it went my way. Then it rallied somehow I either turned off my stop loss Or forgot it, once it consolidated back to its normal range. I added 3 more at 13677 -10:06. & was impatient due to holding 6 contracts. Closed it out at 69.5 at 10:13. Had I held I would of collected my 30-40 pt target. Next time I should just scale out. But at this point I considered it a loss since I was in over 10 mins- most of that being wrong/wasting time to break even. Luckily I realized it was fading the opening range & hopped back in at 10:18 13667 for a quick 5min 14pt scalp.

Most of my trades today were under 5mins, Only 2 being over 9mins. Plan is to be more precise with my entries to maximize the 10-20 mins of risk exposure. Im sure this will evolve but for now this is my sweet spot.

Feel like SIM fills are suspicious , guess time will tell.

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
Thanks: 14 given, 11 received


So 2/10 was a drawdown day (-290) with the funny money. I over traded while trying to experiment with Tradovates software. So most of my big gains got stopped before I could remove the trailing stop. Go figure on the NQ/MNQ. Also was chasing to get back in the green. Ended up 38% profitable. Over 30-50 trades of ugly choppy scalps. Realistically I should sat on my hands after going up a hundy. Which might be something I incorporate until Im in a reasonable consistent zone.

2/11 Today an hour later or so since my last trade- Ive sat on my hands after taking 5/5 wins in row in the MNQ for over $500 sim coinage. Obviously this makes me feel extremely over confident, but Ive also gotten to the point that the more I trade its more likely that I give some back. Not sure if this is good approach for my first year in/ barely 2 months in futures land but mentally trying to condition myself with real money aspects/ build confidence.

#1- I scaled up to 4 MNQ around 13720 short @ 847am exited 712 858am. Being this close to the open I was hesitant to stay in it longer wanted to protect my gains.

#2 Scaled up to 6short - 720 -728-730, Right around 928-930am. Like a crazy person. decided to adjust stops - remove the trailing demon.
Exited around 709-706 @ 935.

#3/4 were flat wins I didnt like & hopped out quickly.

#5- Scaled in 3 @ 13725 , 3 @ 13734.5 at 946am during its weak push up, Scaled out between 13714-13705 @ 9:51am.

Seeing the volume profile helped alot but honestly I prefer to stay out until 10. Guess that might be a sporadic rule to tweak as time goes on.

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
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I ended last week positive in my sim account despite the over trading that I need to slow down on. Locked in an ugly 52% of trades & failed to be profitable during the power hour to close, was fighting the trends. I need to move on from losers quicker.

I spent a chunk of time over the weekend looking closely at Monday - WED MNQ sessions on 1000 tick chart, maybe nothing new but feel like my 25-40 point "fishing net" targets are reasonable. My plan going forward is to adjust my NET depending on the overnight/day sessions volatility. Normal lol (maybe normal for 2020s) 25-30 points waves off the MNQ are plentiful. 40 point swings happen a lot too but my experience is the limiting factor in capturing the move fully. Unless its 150+- day, then 40 point waves tend to keep rippling but also tightening up as it stabilizes. So if I have the stomach to hop in during a day like last Wednesday, Id be wise to go after one maybe 2 ripples & then sit on my hands during the remainder of its consolidating.

Again time will tell if I can transfer these observations & act upon them in real time.

Looks like Im joining the tradovate platform. Loving their software & customer service!

Achievement trophies are temporarily nice when staring at the red.

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 SBtrader82 
Rovigo (ITALY)
 
Experience: Intermediate
Platform: SierraChart, MotiveWave
Broker: Rithmic, Dorman, Interactive Brokers
Trading: Emini, Nasdaq, DAX, Bund, IBEX
 
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RogueJoules View Post
So 2/10 was a drawdown day (-290) with the funny money. I over traded while trying to experiment with Tradovates software. So most of my big gains got stopped before I could remove the trailing stop. Go figure on the NQ/MNQ. Also was chasing to get back in the green. Ended up 38% profitable. Over 30-50 trades of ugly choppy scalps. Realistically I should sat on my hands after going up a hundy. Which might be something I incorporate until Im in a reasonable consistent zone.

2/11 Today an hour later or so since my last trade- Ive sat on my hands after taking 5/5 wins in row in the MNQ for over $500 sim coinage. Obviously this makes me feel extremely over confident, but Ive also gotten to the point that the more I trade its more likely that I give some back. Not sure if this is good approach for my first year in/ barely 2 months in futures land but mentally trying to condition myself with real money aspects/ build confidence.

#1- I scaled up to 4 MNQ around 13720 short @ 847am exited 712 858am. Being this close to the open I was hesitant to stay in it longer wanted to protect my gains.

#2 Scaled up to 6short - 720 -728-730, Right around 928-930am. Like a crazy person. decided to adjust stops - remove the trailing demon.
Exited around 709-706 @ 935.

#3/4 were flat wins I didnt like & hopped out quickly.

#5- Scaled in 3 @ 13725 , 3 @ 13734.5 at 946am during its weak push up, Scaled out between 13714-13705 @ 9:51am.

Seeing the volume profile helped alot but honestly I prefer to stay out until 10. Guess that might be a sporadic rule to tweak as time goes on.

great job! yes, I have been trading for several years and I confirm that trading around the open in Nasdaq can be a financial suicide.
Also, if I can give you an advice: 6 contracts of the NAsdaq is an awful lot of money. In notional value it is around 1.6 Millions dollars. If market moves against you just 2% you would be losing 33K USD.
If you trade around the open, use one contract it should be more than enough. ....personally I never trade before 10am

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
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Yep totally understand that on the NQ, hence only touching the micros until consistency is established. Will be just doing 1-2 at a time. Up to 6 is what I set up as my max position size for now.

Any stop loss advice with the NAS?

I keep trying with 7-10 point/ 28-40 tick loss with mixed results. On the fence with keeping this range as part of my plan, but I believe its critical to have.

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 Daytrader999 
Legendary Market Wizard
Ilsede, Germany
 
Experience: Advanced
Platform: NinjaTrader 8
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RogueJoules View Post
Yep totally understand that on the NQ, hence only touching the micros until consistency is established. Will be just doing 1-2 at a time. Up to 6 is what I set up as my max position size for now.

Any stop loss advice with the NAS?

I keep trying with 7-10 point/ 28-40 tick loss with mixed results. On the fence with keeping this range as part of my plan, but I believe its critical to have.


From my experience, at least a 7-10 points stop loss is a good starting point, depending on the time frame you're using.

So for example, if you're scalping a few points on inflection points, you might go with an even smaller stop, but if you're trading trend continuations at pullbacks, a minimum stop loss of 7-10 points would be my recommendation, but still depending on volatility (e.g. around the open, you might need a wider stop).

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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 SBtrader82 
Rovigo (ITALY)
 
Experience: Intermediate
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RogueJoules View Post
Yep totally understand that on the NQ, hence only touching the micros until consistency is established. Will be just doing 1-2 at a time. Up to 6 is what I set up as my max position size for now.

Any stop loss advice with the NAS?

I keep trying with 7-10 point/ 28-40 tick loss with mixed results. On the fence with keeping this range as part of my plan, but I believe its critical to have.

The stop I use depend a lot on volatility, when volatility is high I just let it settle and I normally use a stop of 10 to 15 points for a normal to high volatility and 8 to 12 points for lower volatility.
When volatility subsides you can be quite precise on the entry usign 5 min. candles.

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
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Welp this week was a wash. Held over the long weekend to start the hole, definitely wont do that again. Had plenty of personal distractions that got in the way. Wednesday I felt invincible by around 1130am. Humble train arrived on Thursday & most of Friday I didn't feel focused until about 2pm when I was still down $700. Managed to scalp my way back to -15 at the close of the session.

I however did adjust my stop loss & that seemed to help, but still need to work on waiting to snipe a scalp as opposed to algo dancing. Thanks for that suggestion.

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
Thanks: 14 given, 11 received


Today was fun, not done yet. But traded the rest of the drop volatility from 8-10am in my SIM account. After seeing approximately 80% (Over 10 trades) go my way & locked in. I decided hell Ill go live & try it for the first time. Mind you Ive only been testing the future waters for about 2 months.

1018-1035- 2 quick trades 12 & 16 pt scalp in the MNQ. 1 at a time in micro land, living large!

Then from 1040-1140 my next 4 all wrong/stopped out even after foolishly adjusting my 12pt stop loss. How can this be !?! lol. I know a few reasons/excuses but will definitely say I could feel the difference internally between real money/Paper trade land of demos/prop firm tests.

First Im gathering too much info causing hesitation or analysis paralysis while trying to be clever with 4-6 charts. Gathering from TOS & tradovate. Slightly different layouts but based on same look back. BUT strike 1!

I was attempting to do scalps off 1000 tick chart but then flip flopping to 1min/2min. Strike 2!

While cross referencing against a 5 min , Range & flip flopping between the newly acquired TPO from Tradovate & P&F. Strike 3!

To me if I decide that 2 charts line up for my "direction" Im second guessing because of 3rd or 4th is giving me doubt & then what I did initially see has blown past my entry point.

So my plan is to Just focus on the 5 min & not mess with anything shorter than that. I know today is the Covid anniversary drop & Jerome day making it more tricky. But my previous track record says I shouldn't try the faster time frames for awhile. Also managing my IRA adding to the hesitation. Meanwhile algos took my lunch money!

Will observe the rest of the action & try another 6 tomorrow with a clear mind.

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
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This is my 3rd week recap of using Tradovate, SIM. Ultimately for the week I locked in 55.48%. I didn't do the recommended recording of all the trades because I feel using the simulated part of the equation is hard to justify. However I did see the value of doing it when I kept my trade count low. For the week it says 283 trades. Im guessing I scaled in and out of 90+.

For Friday I seemed to be on point, locking in 65% from about 11-15 scaled trades. Definitely attribute some of the success to the TPO charts. I wish I would of watched the most recent webinar live but I caught the recap. Explained/ confirmed some details I was starting to uncover. I highly recommend others that are new or haven't had access to TPO to watch it.

Also tinkering with intraday crossover signals but its more on me to piece it together with time of day & other variables. As far as the stop loss conundrum goes, based on last weeks volatility; I went naked with zero protection. Obviously Id get margin tap if I wasnt careful in real life. So by friday afternoon I felt confident to jump in for power hour on my live account. Well I was successful on all 5 trades. I greedily entered a fifth trade but sensed the setup wasn't materializing to collect the target I was aiming for. So I exited barely positive to end the rough week on a high note. When I went live with real money on the line, I couldn't risk not having a stop loss. So adjusted it on the fly based on my comfort level. It ranged from 15-20pts on Friday afternoon. Ideally Id like to keep it at 7-12pts but last week was insane.

So 5 for 5 in 25mins, Of those - 3 were perfect in keeping my risk exposure to a minimum. Under 4 mins & collecting 20-25pts.

Goal going forward is to lock in 60% or more weekly, maintain confidence in entries to capture the bigger move. Translation - have patience for the 30-60 pt moves. To overshadow the losses/fees. Im sure eventually these big volatility sweeps will end but until then I want my mind & net ready to collect.

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
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What a week! I finished Thursday feeling like I had finally made a break through. WAS on track to hit my goal of +60% positive. Along came Friday , traded before 10am again because apparently digging a hole is my thing to warm up.... wait wtf?!

So Monday took me all day to fix morning errors & get positive with 68% locked in thru 32 trades.
Tuesday my best day at 76% . I was barely even at 10am. But by 11:05 I was done for the day. Hit my goal after 17 trades with an average of 2 mins.
WED - 31 trades , tried to stay in longer with an avg of 12 mins, ended with my Goal hit around 1pm at 64%. Traded too early again. But only took 4 hrs to correct.
THURS- 25 trades- 60% positive - AVG time 4mins. Made a hole before 10am. Hit my goal by 10:55am

FRI- Major hole before 10am, couldn't recover because I was emotionally ignoring charts & blindly pepper spraying entries due to the insane volatility.

During the first 20 mins of 3/5 Friday, my "gut" was like you might want to just watch. Play the cash is position role. But after 4 days of confidence building, You know I was already digging & said nonsense my goal to me is only valid if I trade all 5 days in a row. Like some sort of imaginary validation trophy to pat myself on the back.
When in reality had I had the experience I now know sitting on my hands or waiting on days like Friday would of been just as rewarding for the psychological bank.

Goal is to maintain 60% average weekly. Holding steady at 55%
Avoid going against trends on sessions like last week, scalping wicks will blow me up.

Really need to sit on my hands until 10:05am going forward.
Accept that patiently cross referencing the different perspectives in order to throw the most efficient net for my targets is the best way for me to maintain sustainable results.
Heres 2 shots for March hall of fame & wall of shame in SIM accounts

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 Tymbeline 
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RogueJoules View Post
Goal going forward is to lock in 60% or more weekly


I have a question, then (and please don't take it the wrong way: absolutely no impoliteness or criticism is implied at all!): why do you think it might be that many/most seasoned old pro's, some of them trading successfully for decades, are very happy to make a steady-ish 6% per month - which would double an account in a year, with compounding only once a month - while your own goal is to lock in 60% or more weekly?

It's a hugely striking disparity in aspiration, don't you think?

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
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Yes & No , depending on the context of said 60%.

I m merely trying to lock in 60% of my trades as being profitable. While some of those might only be 6% gains.
Looking at it as a volume risk management business. If Im able to be profitable on 51% & minimize the damage on 49% then I should survive.
I appreciate the constructive criticism ; I maybe truly reaching too far. Im just going by what Ive picked up from testing the different prop firms. As Id like to try & be funded once I feel like Im ready to play jump rope with their business model again.

Seems like its within reach , if I can stay disciplined.

All ears to whats a reasonable target for newbies to work towards then to scale up to? Ive heard 40% tossed around before, but that was in options land I thought?

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
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Haven't done my due diligence to recap last weeks performance. As somewhat expected for a 1 yo new trader, I broke my unwritten rules & went boom! I was aware of using stop losses & making daily profit goals. However those only work if you adhere to them. So Wednesday I decided to trade live because I felt the paper trading wasnt giving me the full weight of the challenge. Despite having mixed results I was over trading in the simulation. Trading real money did force me to be more calculated. Wednesday I failed because I was trying to force trades around a time constraint. Ended flat.
Thursday I hit my goal & sat on my hands!
Friday... I hit my goal, but was sadly greedy & kept adjusting my loss. Until it was too late.

So what did I learn? To take a break after wins or losses evaluate all levels of myself & targets/charts.

Thankfully its a tiny amount but still burns. Hilariously my Saturday night epiphany was why isn't there daily profit trigger lock outs?!

Upon loogling tradovate features I found there is such a glorious thing as profit trigger lockout. I never heard anybody mention it before which is strange , because I suspect it could be really helpful for those that are disciplined but need an extra layer of insurance. Especially after a few too many victory laps. So that's officially enabled. Hoping they allow traders to customize it. Hit a morning goal & then be locked out until 2:30-3pm or even just a 30 min/1hour break would be perfect for myself & many others I suspect. Considering most of us are our own worst nightmare at times.

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
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Well I managed to hit my weekly goal in demo land. Thru rest & daily profit trigger lockouts. After the prior weeks mental toll, I decided to just observe & not touch futures on Monday. I ended up trading on Tuesday , wed & Friday. Took on 45 trades total, managed to lock in 34 for profit. Avg time of 5 mins but my losing trades Im waiting longer for various reasons on average an extra 2-3 mins of pain/exposure. I desperately need to accept being wrong instead of waiting for pain to tell me to move on. Especially on Friday, as again I started naively attacking with poor vision of the real direction.
8:35am hits Im exposed & flush! the first 9 out of 11 as losses. Avg time on those over 12 mins - Stop losses were adjusted when clear direction was being set up. Luckily by 9:02am I analyze the data properly , I enter "flow" & exit about 9:43am. Netting 14 of my last 15 trades. Locking in an ugly 60% where the 40% that were negative I stayed hoping/exposed for an extra 3mins on Friday. I know patience is vital but if pain threshold for my style is higher it honestly worries me in the long run. I must get better about waiting for MY setups, for optimal entries.

75% of my trades were profitable this week. Analyzing overnight action by 815am ish, Stalking its movement from 825 on.
3/16 - 100% off 8 total trades - waited until 938
3/17- 90% off 11 total trades- waited until 905
3/19 - 60% - 26 total trades - waited.... shocker, until 8:29am too early! Didn't close out properly, allowed position to stay trapped. Accepted that I was wrong about that inflection point, was able to quickly reset & stay with the trend. Smartly avoided 9:26-9:31 action.

Live by the scalp flow ,die by the scalp. Less is more for me at least.

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
Thanks: 14 given, 11 received

Well what a week to practice! I realized my efforts to minimize trade time is a losing battle, no matter the context. That path is one that leads to consistent forced trades. For me it was prioritizing the wrong thing to focus on. But I do acknowledge it as part of the risk management puzzle to grow & evolve. Essentially made me feel more rushed. When I know when real money is at risk I ll be plenty rushed to reduce exposure at certain times.
For me its more about my entries & exits with exposure time/size being critical too but secondary. As I wont have unlimited bullets, nets or J Pows in my backpack waiting to hit print.

So, Monday & Tuesday I stuck to my rules. Locked in 77% of the 35 trades using 70 total contracts in the MNQ. Had a manageable low draw down & timing was acceptable for my scalps. Didn't trade until 933 & 907am on Tuesday. Profit triggers hit, locked out.

Enter Wednesday. I learned the hard way on why to close out all orders after taking a 5 pt scalp premarket. I thought I had flattened everything to sit on my hands before grabbing coffee. Well arrogant me on very small 5 day streak, decides I can make this 1 contract happen. Market said not today pal! Despite realizing my error , I added on & quickly over drafted my mental bank. Also I think after taking the first big loss, I subconsciously kept attacking with the same bias. To collect some sort of mental win.
Since Im practicing I removed all risk management tools, & continued to get chopped up. Blowing up my progress & becoming the most disgusted Ive been with myself in a long time. Confidence was shot & bled dry. Ill take a break I said, & went back swinging & failing Thursday morning. Unable to adapt to the chop trends or just stay the fuck out! Lesson learned. Id mention stats but maybe 30% win rate , & a house payment worth of fees. Basically blown up, wrecked.

Took my normal afternoon break/walk the dog routine. Still telling myself & a close friend Ill take a break. while trying to be humble & accept my losses & start fresh.
I foolishly return at 2:55pm on thursday & found my rhythm. Still pepper spraying orders in the last hour, keeping size to less than 6 at all times regardless of winning or losing. Small victory lap from 87% off 49 trades after 36 hours of pain train.

Friday- Still haven't turned on my profit trigger or other risk management tools. By 9:47 I had overshot my daily goal off 11 trades , 100% win rate. Sat on my hands for 15 mins & jumped back in a little after 10am. By 10:53 I doubled it. Profitable trades on 20 of 21 trades , using 64 contracts total.
Id end it here but thatd be lie, Im being honest to this platform to better myself & maybe others. As well as soak up any other valuable knowledge shared. I jumped back in before the dog walk, gave it all back within 20 mins (11:22). By 11:47 I regained it all back minus more fees. 32 trades total with a 87% profitable.
Took a break, came back in at 3:30. Whats this 150pt rally?! Not on my watch. Proceeded to get ran over twice
Account would of been blown up multiple times this last week.

I fully realize why mental capital is so important now & the awesome risk management tools to protect us from ourselves. Once again for me at least, less trading is more in every aspect of this journey. Limits are back on & ready to be patient

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  #18 (permalink)
RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
Thanks: 14 given, 11 received

Glad the sites back up & safe. Apparently was trying to upload in middle of the chaos on Sunday. Basically last week was my first week using a real live cash account after dabbling with sims/prop demos for 3.5 months. I definitely believe that sim trading is a necessary tool to start the process safely
but doesn't fully pressure test an individual. Ive tried matching my demo to my live account but the demo hasnt kept me honest in the sense that I just end up resetting different amounts to start with, usually after a bad pain train. Ended up starting slightly bigger to give me the wiggle/breathing room to capture the moves & obviously on my cash account I had to reduce my entry to 1 at time instead of the dicey 2 at a time. Some other necessary variables I had to adjust in order to survive longer with the MNQ.

With the exception of being caught in the tradovate/CQG issues on thursday I did ok. Still jumping in too early at times but adapting to what the market is offering each day.


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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
Thanks: 14 given, 11 received

Live account- 2nd green week for my tiny MNQ fishing boat with tradovate. I certainly still have a lot to learn. ie avoiding the time of day that is most uncertain. See weekly pic below, my mouse is highlighting the time of day for me to avoid/wait for better direction. This where my love hate relationship with TPO charts starts. Im not just relying on them, but Ive realized I need to be-careful because its creating a premature bias with my entries. Perfect example is Friday, I saw the AH prints, & jumped in at 730am right before the dump into 13648.50. I held on & continued to add falling knives. Added my max of 4 lots once it got back into 660s. This was my longest trade of the week, that also included the most drawdown/ most stress. I was targeting 750,760 , 780 & 13800. By 11:37 I was mentally wore out. Closed the trade to protect my gains. Like clockwork, bulls regained momentum & my targets were reached with me on the sidelines.
C'est la vie.

Another observation this week for other new traders, avoid your birthday until you have a solid foundation. Its been a solid year of soaking up the markets & not being profitable. Stress is high based on other personal variables too. So Monday (bday) I was a mess way too aggressive. My other pic is showcasing the trades /fees I racked up Monday & Tuesday. Luckily I settled down into a nice zone Id like to stay in. Wont always be targeting $400 a day but I have the time to practice I might as well aim high. Finishing up my victory lap, Ill say not bad for a "slow" week.

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RogueJoules
Tampa Bay , FL
 
 
Posts: 17 since Jan 2021
Thanks: 14 given, 11 received

After hitting my daily goal on Monday the week turned into a mess for me. I was trying to force trades around appointments I had on Tuesday & Wednesday. & because I removed daily/weekly loss lockout trigger I over traded to the point of probably buying a round trip airline ticket worth of fees. On the positive side of things I realize the importance of being disciplined & to not allow 1 day to potentially ruin a week or more of progress. Luckily by Thursday & Friday I was able to repair some of the damage but still a big L for the week. A very sad 59% were profitable. Did not control my losses & started to bleed by paper-cuts too.

I think part of this weeks failure was last weeks fallacy of reaching too high for my current skill level. So because of the previous weeks performance I was pushing too hard & too fast, too large of swings for the short tight ranges we stayed in for a few of the days. So Ill lower the daily goal probably 25% & turn on all the lockout protection to give me a reasonable but safer wiggle room to learn from. Also for me to avoid trading on days with scheduling conflicts.

Greed slowly killing me , so I need to take my crumbs & wait for the next set up. Ideally just trade 10-1030 & 330-4. Since that's when I seem to connect the dots & flow with the trends.

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Last Updated on April 18, 2021


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