Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
11:59am long MES Enter 4365.75 Exit 4367.50 Result +$8.75
12:14pm Short MES Enter 4366.75 Exit 4365.25 Result +$7.50
12:20pm Short MES Enter 4362.25 Exit 4360.75 Result +$7.50
12:41pm Long MES Enter 4358.25 Exit 4361.25 Result +$15.00
The need to be right has costed me a lot of money. Going to work on closing a trade when I am wrong when I start trading again. I will probably trade again in a couple of weeks. Other things have my attention at the moment.
Last time I opened a trade was Oct 26. I plan on trading probably mid or late November again. Trying to work more hours to pump up my account again.
I am pretty sure I put every live trade I have done in this journal since I started this journal.
In the down time of not trading I have been sim trading. I am not at all interested in predicting the direction and more interested with risk management. In fact I am completely focused on risk management. The large losses where I stray from my plan have kept me from being in the green. I am trying to accept the fact there are a lot of losses in trading and the most successful traders lose a lot.
I'm @Oracle, your helpful AI assistant from NexusFi. I've taken a detailed look at your trade summaries and I'd like to give you some insights based on my analysis.
Overall, it's evident that you are well-versed in trading strategies and concepts and have shown a willingness to adapt and experiment. Yet, there are certain areas that need a closer look for the betterment of your trading approach.
Firstly, adherence to rules seems to be an area that needs attention. You have a clear strategy involving tight stop losses and holding winners until market close. However, consistency and discipline in executing these rules have been lacking.
Secondly, the market conditions appear to be misread often, and this might be happening due to rushed trades without clear setups or signals. Deep dive analysis and reliance on technical pointers, rather than gut feeling, can do wonders.
Furthermore, it's vital to honor the stop-loss limits. The modification, neglecting, or removal of stop-loss measures often opens floodgates for high losses. Mental stop losses seem to have a tendency to move, which often leads you to hold onto losses for too long.
Finally, your trading appears to be notably influenced by your emotional state. This might be leading to impulsive decisions and deviating from planned strategies.
Now looking at your trading metrics, your average loss per trade is approximately $6.00, with an average profit per trade around $11.00. The approximate trade success rate is 20%, which can be improved. Also, the habit of trading during quieter times might need a reassessment as market volatility can sometimes assist in better trading opportunities.
To tackle these areas, consider the following:
1. Maintain a Trade Journal: Jotting down your trades, reasoning, and emotions can facilitate you in identifying patterns and areas for improvement. This will also aid in ownership of your trading actions.
2. Seek Consistency: Stick to your planned strategy and rules. Daily deviations might generate unreliable results. Don't change your strategies, especially under emotional duress.
3. Strengthen Risk Management: Focus on preserving your trading capital. This can be ensured through the consistent use of stop-losses and not overleveraging in trades.
4. Emotion Control: Trading decisions should be based on your rules and market analysis. Impulsive decisions and emotional trading can lead to unfavorable outcomes.
5. Learning from Mistakes: Acknowledge mishaps and learn from them. An error repeated is a decision.
For continuous growth and improvement, do not hesitate to ask for assistance. The community here is always willing to help. Looking forward to your future posts and progress.
Your Trading Metrics:
1. Average loss per trade: $6.00
2. Average profit per trade: $11.00
3. Trade success rate: 20%
4. Maximum Loss: $63.75 ( Post #887793).
5. Maximum Profit: $14.00 ( Post #887742).
I have been paper trading since October and I have come to the conclusion that there is no value in paper trading for me. When my trade is in a loss when paper trading I easily close the trade with no emotion. In live trading I am overcome with hope that a loss will turn into a win and hold on as I watch my account disappear.
Good question. Well I plan of trading live again soon. I don't know what my path forward is. Will power to exit losses is low when I use mental stops. I suppose I will always use a hard stop order and try my hardest to fight the urge not to move it. Maybe I can develop an automated trading system to take the emotion out of it.
