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Overheld a lot of trades, letting them go from green to red. I was holding on for too long, letting my expectations get the best of me. (ORB 15 breakup). Luckily, I've gotten butchered on days like this in the past. I had high suspicion that it was going to be a ranging day. I caught two waves, one down and one back up.
volume for most of the day was below the 30-period moving average .. a "low-volume" day .. low volume days are unpredictable ..
and yes, I got caught in some of those "almost reached profit targets" too .. thinking about scaling back my Risk : Reward Ratio ..
entering trades using NinjaScript is hard because the profit target && stop loss lines aren't movable .. and since NQ can jump around a lot it was hard to know what to do ..
08.29.2023 - Day XX : +$211 : $3084/3000 - PASSED EVAL
I didn't get much sleep last night, I had performance anxiety. I wasn't sure if how I was going to trade. I ended up reading some of my older post in this journal and re-reading a few threads over on "Psychology and Money Management". I was basically trying to brainwash my subconscious lol. I think it work, maybe?
Anyway, I am happy with how I traded today. My main concern was blowing up my accounts. I've blown up several times with several accounts just trying to cross over to 3000 mark. A few of my accounts would be behind a few hundred compare to my leading account. I would end up holding a position way to long trying to wait and pass everything in one go.... like there wont be another trade later. Of course, it pulls back even further and now I have a high water mark of crossing over 3000 on some account. For what ever reason, this triggers/tilts my decision making moving forward. I regret and contemplate on why I didn't get out sooner or earlier. A few trades later, I would hit my daily stop loss ... I would uncheck that and increase my position size to make up for the loss and boom, there goes my accounts. I wouldn't say it happens all the time, but likelihood of it is very high.
Today, I watched RTP and made I sure I got out right away when price didn't go my favor. One account took 35 mins after first trade, second account took some time, but I got it across ... phewww. I set a trigger of +2 S/L once I got to 7 ticks. It got hit a lot today, but there were three solid trades that ran long with the trend. I know this is not the usually risk:reward ratio, but I think for me psychological, trading like this puts me in a better spot. I cant stick to a stop loss or maybe it is because I don't believe in my plan for the trades and that is why I keep moving it. Once, I touch it, I end up wanting to stay in the trade longer instead of cutting out.
This month was a bust, I had a few red days and cheated myself. I kept trading past my daily loss limit and oversize to make up for the losses. My goal next month is post a real accurate representation of my trades. I need to be okay with losing day, I need to accept the outcome... I need to believe in myself, this is the only way I can become consistent. Lose the battles, win the war.
only traded NQ today .. but NQ && ES had several nice Bull-Flag patterns .. so put both charts up for comparison ..
the idea is to draw a trend line .. shown on the charts as a yellow arrow line .. and wait for the price to break AND OBVMCD to confirm .. for example, in the latter part of the morning 30 minutes the price tapped/broke the trend/resistance line but the OBVMCD was in downward direction .. so didn't go long.. waited for price-action AND OBVMCD to agree ..
3 good trades on NQ .. 10 points ./. 40 ticks each .. almost 120 ticks for the day during the first 30 minutes ..
traded past my normal 30 minutes so today's final profit is more than 120 ticks
not where I want to be but it is getting easier to be patient and wait on the setups .. and walk away if the setups don't come ..
took one trade at the open and then waited till volatility dropped and then started trading bull flags .. then the price dropped below the controlling swing low and traded a couple of bear flags .. NQ had as many as 9 bull/bear flag setups on the 1-minute chart for 30-ticks or more ..
23 08 30.fw
.. you don't have to be the first one at the party .. just be part of the party ..
I held too long on one trade, it went from up to 29 ticks back down to 5, before I got out. I felt annoyed at myself, couldn't stop thinking about it. So, I decided to call it quits early today... just watching now.
trading the bull/bear flag strategy is getting easier .. the flags are getting more obvious .. staying out of the chop, well, that is still a challenge ..
23 08 31.fw
.. you don't have to be the first one at the party .. just be part of the party ..
@mewddsltd nice ... yeah I'm struggled today with that as well .... either I wasn't patient enough or I stayed too long in a trade.
08.30.2023 - Day 2 : PA : +$548 : $764/2500
Only took one great trade, the rest were subpar. I didn't trade with a plan today. I got caught a lot, even though mid way through the first hours I realized it was going to be a difficult day. Some how, I forgot to set my risk parameters for my PA accounts. I did break my rules, oversized and dca today. I need to sit back, be patient, and use OODA loop. I need to have a plan prior to the trade, so that I can take the L. I need to be okay with as I cant always be right 100%, but at least Ill have my losses controlled. I have my risk set up now.
tomorrows goals: forget about p/l, focus on process
Good Luck everyone, lets end the week positive! Screenshot 2023-08-31 133726
One of the easier days for this week .. the YouTuber I've been watching commented that he earns about 75% of his profits in the first 30 minutes of the market .. so I 'got out' my Replikanto and traded 3 accounts + a SIM account concurrently .. 1 contract .. 2 trades (about 80 ticks) .. 3+1 concurrent accounts
everyone have a great weekend .. see you next week ..
23 09 01.fw
.. you don't have to be the first one at the party .. just be part of the party ..
