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Bad luck on the stops on those first two long entries. With hindsight, after the first one was taken out and the price quickly bounced back, re-entering on the higher high of that stop-taking bar would have redeemed the initial position which was 'right'.
The second stop was at a level at which one could reasonably expect the market to correct, i.e. within a tick or so of the HH BO level at 1093 - 1092.50.
I don't know what your method is, but that was a great short with a very good #2 tgt near your value area and clear SR from previous low.
- I must focus on my execution.
- I must focus on max loss for the day is 8 points. Assume the day will end up with -8 point loss, any profit beyond that is a bonus.
- I must take my 10min break after 2 loss.
- Rehearse taking losses.
- Trade first 1.5hr
- 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.
I'm starting a scoring system, this will be tallied for the day:
+1 point for:
- Correct entry
- Correct profit taking
- Correct loss taking
-1 point for:
- moving stop
- missed trade
- improvising trades
- greedy with profit taking
- trading after first 1.5hr
All accumulated points for the day will be lost, and day set for -1 if:
- Exceeding max risk for the day
- Not taking a break after 2 losses
I'll calculate tallied points, and also percentage of possible points for the day.
Last edited by quantum27; December 2nd, 2009 at 08:31 AM.
The following 2 users say Thank You to quantum27 for this post:
I need to be more selective with my trades. I need to be ok to not trade for the day. Still got -1 for the daily score, because I exceeded my daily risk. If I were more selective, then I could have had 0 trades for the day, and hence no losses.
Focus for December
- I must focus on my execution.
- I must focus on max loss for the day is 8 points. Assume the day will end up with -8 point loss, any profit beyond that is a bonus.
- I must take my 10min break after 2 loss.
- Rehearse taking losses.
- Trade first 1.5hr
- 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.
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Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
The following 2 users say Thank You to quantum27 for this post:
What I did well:
- Some nice trading. Scored well.
What can be improved:
- Probably should have called it a day once I took the first profit +3.75. I need to be taking the best trades, and not overtrading.
I've changed the scoring, with exceeding risk causing the whole day to be -10. The 2 lines on the graph shows what the maximum score I can get for the day, and what the actual score I got. The aim is to have both lines the same.
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Just wanted to congratulate you again on maintaining your journal, and also your bullet points, it really shows advanced wisdom with regards to trading
Mike
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