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2nd day into trading 75k combine which is going so far so good. Still, discipline is one of my main problems to follow my trading plans. One random trade almost wiped out today's gain should it not have been a trending up day.
In order to past it, one has to make about $300 a day in 15 trading days = $4500, while E2T's profit target rule is to exceed $4300 for 75k combine.
I already made >$1400 in two days. All I need is to make $2900 for the next 13 days which is about $250 a day + commissions. I don't see a reason why I need to over trading because I can make >$250 for one trade if I stick to my trading plan. Yeah... that's my another problem. I need to hold back when there isn't any trade to take.
ES/NQ seem untradable this morning with unclear direction and both sides might get killed easily. Bigger pic like position/swing time frame is still slightly bullish to me. The day is still young. I'll wait for price action to clear out before making any move.
Day 4: one losing trade happened around midnight for -$700. I followed my trading plan for this losing trade while market was choppy. Then, it headed much higher than my entry point after I cut lost. Lesson learned here is to stay away from sideway actions as soon as I'm aware of it.
Without much room left for today due to tightening daily stop loss and high volatility this morning, I've to be very careful to execute the next trade.
2nd trade was executed by following my trading plan and hence, daily loss went from -$700 to -$355.
Day 5: My account balance reaches new high. I took 2 trades following my trading plan with a gain of $800 in total. Even though E2T allows me to trade up to 9 contracts per trade for 75k combine, there is no way I can trade more than one contract per trade due to tight daily loss limit $1750 and price action these days are too volatile. It is just a matter of few minutes to hit daily stop loss using one lot for days like today where price is moving back and forth in a huge range.
With account balance above $77400, all I need is to make $200 for each day for the next 10 day and so, I'll pass this combine.
Is it just me or you guys too finding it easier to trade after hours than during market hours. Those insane vacuum moves up and down during market hours are so crazy. Imagine a trader is forced to cut losses if he bets on the wrong side.
Day 6: I missed few nice setups last night and today doing something else. I couldn't find any great setup to trade since then. It's not a big deal since I already met daily target goal of $200 from scalping here and there for $330.
With maximum drawdown level now fixed @75k, any earned profit going forward will provide more rooms for me to stay in this combine with less risk of resetting it. All I need to do is to re-enforce stop loss for any trade that might go wrong.
Trading is quite risky if you don't know what you're doing. My recommendation is to google and read as much as you can to find out if you're really interested in trading business.
Then you need to decide what trading style you're interested in so you can focus on developing strategies for your trading style. Without strategies/trading plans, you're pretty much gambling in trading which guarantees you to lose in the long run.
