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10:42am Short 5078.75 | Exit 5078.75 | Result $0.00
12:22pm Long 5073.50 | 5073.25 | -$1.25
12:30pm Short 5075 | 5076 | -$5.00
12:47pm Long 5072.75 | 5070.50 | -$11.25
12:56pm Long 5070.50 | 5070 | -$2.50
12:58pm Long 5070.25 | 5069.75 | -$2.50
1:00pm Long 5070, 2nd 5074, Avg 5072 | Exit both 5072 | Result $0.00
1:24pm Short 5076.50, 2nd 5073.50, 3rd 5071.75, Avg 5073.92 | Exit all 5073.75 | Result +$2.50
2:03pm Short 5077.75 | Exit 5078.25 | -$2.50
2:18pm Short 5084 | Result $0.00
Loss for the day -$36.02
Yesterday was one of the tougher days as far as how much I loss. How could have I improved? Well, I looked at the trades and made good decisions. I set acceptable and excellent risk on each trade. It was just one of those days where things didn't fall my way. Should I have taken fewer trades? No, I believe if the odds are in my favor I should take as many trades as possible. Taking fewer trades was not going to change those odds for each individual trade. I think those days happen. They are painful but they are expected.
Trade last night
9:31pm MCL Short 78.62 | Exit 78.64 | -$2.00
Trades today
3:02am MCL Short 78.43 | 78.45 | -$2.00
3:24am MCL Short 78.29 | 78.29| $0.00
8:29am MCL Short 78.68 | 78.78 | -$10.00
8:50am MCL Short 79.09 | 79.09 | $0.00
9:06am MCL Short 79.32 | 79.32 | $0.00
9:32am MES Short 5071.75 | 5071.75 | $0.00
9:46am MCL Short 79.54 | 79.58 | -$4.00
12:05pm MCL Short 78.38 | 78.87 | -$49.00
12:23pm MES Short 5080.75 | 5080.75 | $0.00
12:25pm MCL Short 78.90 | 78.94 | -$4.00
12:35pm MCL Long 78.89 | 78.85 | -4.00
12:49pm MCL Short 78.67 | 78.72 | -$5.00
12:52pm MCL Short 78.75 | 78.79 | -$4.00
1:27pm MES Short 5083.75 | 5084.25 | -$2.50
1:32pm MES Short 5085.75 | 5086.25 | -$2.50
1:47pm MES Short 5085.75 | 5085.75 | $0.00
2:13pm MES Long 5077.50 | 5077.50 | $0.00
3:00pm MES Short 5078 | 5079.50 | -$7.50
3:02pm MES Short 5079.75 | 5081.25 | -$7.50
3:03pm MES Long 5081.75 | 5080.75| -$5.00
3:05pm MES Long 5079.50 | 5078.50 | -$5.00
3:06pm MES Long 5078.75 | 5078 | -$3.75
3:07pm MES Short 5076.75 | 5076.75 | $0.00
3:19pm MES Long 5076.75 | 5076.50 | -$1.25
3:21pm MES Short 5076.25 | 5076.75 | -$2.50
3:22pm MES Short 5078.50 | 5078.75 | -$1.25
3:25pm MES Long 5078 | 5077.50 | -$2.50
3:34pm MES Short 5080.50 | 5080.75 | -$1.25
3:37pm MES Long 5079.75 | 5079.25 | -$2.50
You are making good progress with cutting your losers short. I can imagine that this switch of mindset is not easy. Good job! That is way better than letting the losers run until the pain is too great!
Now that you have a big data set of trades, you could look over each trade again and see if you can find a RR ratio that would lead to better results. Maybe there is; maybe there isn’t. But you can only find out if you put in the work.
Yeah I feel like I've made progress. I still get irritated with taking losses and sometimes hold them too long like I did today with micro crude.
Taking profits is the next hurdle I am going to tackle. Right now I am just holding winners until the end of day or when ever my will power runs out and I just close it.
Yeah, I took the one crude trade where I lost 49 ticks and I did not set an acceptable risk amount. I kind of just jumped in and rode the wave in the wrong direction with no exit plan. That one trade really pulled my average loss out of alignment for the day. I think I can definitely get my average loss under $5 if I stay focused and take more breaks between trades.
Can you define why you are taking the trades you do?
Not to me but to yourself. Do you have a set-up that you use?
What has to happen for you to hit the open button?
Is there a set of criteria that has to be met before you enter a trade? What makes you think the market will move in the direction you think it will?
Again I don't need to know the answers but you do.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
Honestly, its random entry. I watch the price ladder and look for strength and try to trade in that direction. But, really there is no way of knowing the direction of the market when my stop is only 1-2 ticks lower.
