What I did well:
- Kept it simple, and didn't overtrade.
Keep focusing on:
- Trade entries within first 1.5hrs
- Rehearse taking losses.
- Take 10mins break after loss.
- Max loss for the day is 8 points.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
- Never move BE stop after profit.
- Next 3 losses I MUST take 10min break.
Can you help answer these questions from other members on futures io?
What I did well:
- Walked away for 10min after a loss. Looking back, there was a setup that I missed because I walked away. Nevertheless, it's a habit I'm committed to building.
- Kept my daily loss below 8 points. There was a trade that I could have taken after I called it a day, that would have made money. But each trade has it's risk, and I couldn't let my daily loss go from -7.5 to -11.5. Looking at my past trading records from the past few years, the days where I didn't walk away are usually the days that I look back costing me the most for the month. GREAT JOB!!
- My mental preparation has been good, where I'm close to being indifferent to whether I make money or not. That's the sweet spot I want to be.
Keep focusing on:
- Trade entries within first 1.5hrs
- Rehearse taking losses.
- Take 10mins break after loss.
- Max loss for the day is 8 points.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
- Never move BE stop after profit.
- Next 3 losses I MUST take 10min break. Done 2 out of 3.
The following 2 users say Thank You to quantum27 for this post:
Nice day today, keeping discipline on bad days like yesterday and coming back today is what it's all about. Basically a trend day that closed near the bottom, but there were alot of things that made me question whether it will be a trend day. But the market internals were weak, which gave me confidence.
Trade 1:
Long 1059.25 9:45
Ex: 1057.75 9:47 -3
I should have walked away for 10mins, but didn't. Next loss I take I must walk away.
It was abit hard to hold on, there were a couple of times I was thinking of taking profits early and going long. But market internals were showing selling strength.
What I did well:
- I let the trade go, leaving a BE stop despite having some deep pullbacks.
- Wasn't much skill involved today, as the market pretty much just sold off.
What can be improved:
- Next loss I take I must walk away for 10min. I'm not expecting much for Thursday, so trade lightly and don't give back my profit.
Keep focusing on:
- Trade entries within first 1.5hrs
- Rehearse taking losses.
- Take 10mins break after loss.
- Max loss for the day is 8 points.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
- Never move BE stop after profit.
- Next 3 losses I MUST take 10min break. Done 2 out of 3.
The following user says Thank You to quantum27 for this post:
Looking back, I was pretty aggressive entering into this trade. But I knew it was bouncing off the pivot point, moving up fast, and market internals shows buying strength.
I could have probably have just held on my partial position till the end of the day.
Trade 3:
Short 1051.5 10:29
Ex: 1051.25 +0.5
Got spooked out with the big tail bouncing off the VAH. Decided to go short, but I got out quick when I saw the market starting to support.
What I did well:
- Took 10min break after my loss
- Trade entries were within first 1.5hrs
What can be improved:
- Didn't rehearse taking losses. Lets not make a habit out of this.
Keep focusing on:
- Trade entries within first 1.5hrs
- Rehearse taking losses.
- Take 10mins break after loss.
- Max loss for the day is 8 points.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
- Never move BE stop after profit.
- Next 3 losses I MUST take 10min break. Done 3 out of 3.
The following 4 users say Thank You to quantum27 for this post:
I took a shot at the long side, but didn't expect it to go so quickly. I pretty much got filled on my entry, and got out on my automatic profit targets instantly. Nice!
I tried to re-enter with 1/2 my position, as the market had taken me out with both profit targets filled. For some reason, I entered on my full position. Good job for getting out quick and not trying to be greedy about it.
What I did well:
- Trade entries were within first 1.5hrs
- Eventhough I was tempted to short, I knew I had made enough for the day.
- Got out quick when I had a mistake in my entry in trade 4.
What can be improved:
- Didn't fully rehearse taking losses.
- Keep a watch out for taking 10min break after a loss.
Keep focusing on:
- Trade entries within first 1.5hrs
- Rehearse taking losses.
- Take 10mins break after loss.
- Max loss for the day is 8 points.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
- Never move BE stop after profit.
Not a good day for me, market was quite volatile with lots of 5min tails showing very little conviction.
Most importantly, I let my discipline go out the window, and I know I can trade better than this. This is one of those days that your bad habits creeps back to bite you, if you're not careful.
Trade 1:
Short 1035 9:51
Ex: 1036.75 9:52 -3.5
This was a well managed trade, but I should have really taken the 10min break to clear my head.
Trade 2:
Long 1036.75 9:52
Ex: 1036.75 10:00 +0
I probably should have taken 2 points out of this trade, but I ended up moving the profit target. Focusing too much on making my money back.
Trade 3:
Short 1036 10:02
Ex: 1038.25 10:03 -4.5
This is where things started to go wrong. I moved my stop, which is a BIG mistake. Should have just ended here for the day, as I have reached my daily 8 point loss limit.
Trade 4:
Long 1040 10:03
Ex: 1038 10:11 -4
Example of a chased trade, entering at the worse price, and getting stopped out. This trade wouldn't have happened if I had taken a 10min break to recollect.
What I did well:
- Pulled the plug, despite being late I pulled the plug.
- There were a couple of good trades there, but the losses made the day red.
- These days I have a healthier attitude towards days like this, in the past I would be beating myself up alot. I know it's 100% my fault, I take full responsibility for my actions, the good news is that I have the power to make the positive changes. I learnt a few things about myself that is going to help me in the future.
What can be improved:
- For the month of November, I MUST take my 10min break after a loss. This will be my #1 priority for this month. It needs to be automatic. I know that if I do this single thing, I can get back to a centred place which will allow me to follow through with the actions below.
- NEVER move a stop. Today was a perfect example of it, and I know when I'm moving my stops, I'm just in the wrong headspace to be trading.
- NEVER violate your daily risk limit. Not everyday is created equal, part of being a profitable trader is being able to walk away and come back and fight another day.
- Need to rehearse taking losses, this will help me accept the loss and not try and get back what I've lost.
Focus for November:
- I MUST take my 10min break after a loss.
- Rehearse taking losses.
- Max loss for the day is 8 points.
- Never move BE stop after profit.
- Never move a stop.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
The following user says Thank You to quantum27 for this post:
Focus for November:
- I MUST take my 10min break after a loss.
- Rehearse taking losses.
- Max loss for the day is 8 points.
- Never move BE stop after profit.
- Never move a stop.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
Focus for November:
- I MUST take my 10min break after a loss.
- Rehearse taking losses.
- Max loss for the day is 8 points.
- Never move BE stop after profit.
- Never move a stop.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
What I did well:
- Took 10min break after my loss. Well done, definitely felt alot more centred after.
- Rehearsed taking losses.
Focus for November:
- I MUST take my 10min break after a loss.
- Rehearse taking losses.
- Max loss for the day is 8 points.
- Never move BE stop after profit.
- Never move a stop.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
The following user says Thank You to quantum27 for this post:
What I did well:
- Took 10min break after my loss.
- Rehearsed taking losses.
- I walked away feeling like I didn't make enough today. But I reminded myself that I only needed to make 1 point a day, and I certainly did. It's funny how having taken a big loss earlier this week, made me feel like I need to make more. I certainly would have been satisfied with today's result if I hadn't taken that big loss. Shouldn't let the past affect me, because the market doesn't care.
Focus for November:
- I MUST take my 10min break after a loss.
- Rehearse taking losses.
- Trade first 1.5hr
- Max loss for the day is 8 points.
- Never move BE stop after profit.
- Never move a stop.
- Being selective for bullish/bearish bar entries. Scratch if it doesn't move.
- Watch out for chasing trades. It only leads to bad entries, and potentially getting my stop hit.
The following 3 users say Thank You to quantum27 for this post:
. Moved stop. Worst trade ever.