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Day 12: winners = 2; losers = 0, PnL = $380; position size = 1
Comments: I skipped several trades today in this combine which I should've taken because I always worry about the bogeyman standing behind my back every time I short the market. In order to pass 75k combine, I still need to trade for 2 more days and make $330. I still can't relax yet until I meet profit target because one wrong trade might lead to a disaster. The good thing is that with maximum draw down fixed at 75K level, I've more rooms (i.e. about $4000 instead of $2750) now to absorb small losses.
just remember, you don't need to make that $330 in 2 days. THere's no time limit. You are sooo close. You're doing great, so keep it up, pick yous pots carefully.
Day 14: winners = 1; losers = 2, PnL =- $910; position size = 1+2
Comments: Life is sometimes full of irony. See screenshot, I went with 2 contracts for trade #1 because it was a sure trade and I wanted to make ~$500 to seal the deal for this combine. A minute right after I entered the trade, market moving news came out of nowhere against my trade. I decided to cut lost only when all signals against me with a lost of $945. Right after I cut lost, price came back down to my direction. Is this a bad luck trade or what?
Trade #2: Since daily stop loss is $1750, I can only risk another $700 for trade #2 before game is over. So, I went with 1 contract to short this time and made $200. My daily loss is now about -$745 + commission.
Trade #3: I began to put on random trade again with a loss of $160 using 1 contract.
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RULES ARE RULES. I broke my discipline rule about random trade. So, there won't be any trading for the rest of today.
Yes and now it is down >$1k. I thought I was executing a setup and only I found out later that it looked like a setup, but it was a fake one + major moving news killed that trade.
I'm going to take a pause for few days to rework/improve on some strategies because I realize that when volatility subsides, some signals would lag behind.
Okay, I think I've figured out a way to stop myself from trading fake setups esp. when volatility subsides. I can't guarantee myself that it always work, but it looks quite promising. Let's see how it goes for the next few weeks.
Besides, I'm totally committed to only trade setups starting from now on because I also have figured out the reasons why some setups worked repeated everyday. I'll only trade those setups in my comfort zone.
Spend time studying why the big moves happen. Study all time frames. Be obsessed with the process. You will eventually succeed in what you hope to accomplish. Are you still in your current evaluation, or did you start over?
