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Another day that the market decided to trade within the first hour (IB). Market internals was telling me to hold it till the end of the day showing a potential trend day, but usually when the market makes a big move during the first hour, it exhausts itself and there's nothing left.
Tough week this week. I like to be green each week, but ultimately it's about being green for the month. At the moment, I'm currently at near breakeven despite having a stupid day on the 3rd Nov. Without that, I would have been up for the month. Which really shows that trading is so much more about risk management, than picking the right direction.
Got 1 more week for the month, lets see what it brings.
I liked the way I patiently waited for the market to come to my entry, was tempted to jump in earlier.
Took out 2 points quickly, wished I could have taken profit at 1088. In the end, the trade was executed correctly.
Add 1:
Short 1090 10:18
Ex: 1094.25 4:10 -4.25
I really should have thrown the BE stop in for this one, I was thinking to give it more room because it looked like a potential trend day. This really came back to bite me.
My platform did something funny with it's stop placement, which I should have adjusted immediately.
What I did well:
- First trade's entry was good, kept my patience for the good entry.
- Left the trailer to go till the end of the day, as everything showed potential trend day. Eventhough it didn't work out for me, it's all about being consistent with the approach.
What can be improved:
- BE stop should have been put in right after the market went to 1088 for the Add-on.
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.
That add-on: hindsight is always chrystal etc. but given you were already +4 for the day so this was icing, why not take the +4 to end up +10.5? Were you trying to recover more from a lack luster week to 'catch up'? That is perfectly reasonable if not with 'revenge' emotion, but then again, if trying to catch from from being behind, then at least a BE is reasonable so as not to 'fall back' further, no?
As you say in your lead-in to the above post: "Which really shows that trading is so much more about risk management, than picking the right direction."
So here you had a situation at 88 where you would be +8 for the day, but by letting it run for much more (without having a #2 unit as runner), +6.5 went back down to +2.25.
( I trust you understand this is not meant in any critical way whatsoever.)
I try to make the most of days which I think will turn into trend days (ie. close near the high/low of the day), those days I want to hold till the end of the day with a BE stop. It doesn't always happen, but in the longrun, it's a good strategy.
Yep, my mistake to not put a BE stop on the Add-on when it got to 88. My platform put the stop in the same location as the previous BE stop at 98.75, should have adjusted it.
Based on market internals, I just thought it was highly probably that it would end up near the lows, and give it some room to retrace. Think I was abit too confident.
"It doesn't always happen, but in the longrun, it's a good strategy."
Letting profits run works if you can do it consistently (which I tend not to be able to do in daytrading mode). But then there's the cutting losses side of it too...
What I did well:
- The first trade was nice entry. Waited patiently for it.
- Traded only first 1.5hr
What can be improved:
- Need to bank the first 2 point, rather than chasing bigger profits.
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.
Got in and decided it was not a good trade, so got out.
Trade 4:
Long 1099 10:15
Ex: 1098 10:23 -2
It was actually a good trade, should have kept this trade, but I was confused abit by the spike when the news came out. So I was feeling rather bearish.
What I dd well:
- Kept the losses small
- Trade 2 was a good trade.
What can be improved:
- I got churned in where I reversed again and again.
- I should have taken my 10min break. I'm looking to take a 10min break after I take 2 losses in a row.
Focus for November:
- I MUST take my 10min break after a loss. (I'm going to change this to 2 losses in a row)
- 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.
