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After studying a couple of different sources, I'm now trading minimally during the first couple of hours based mainly off of market profile. Here is my log for the first three days:
Nov 30: no trades
Dec 1: -1.50 x1 = -$80 (including -$5 per rt) 1 pt off VAH trade. reduced position due to news coming out.
Dec 2: -1.75 x3 = -$277.5 OR trade.
Trading only the ES. So far even though the results are negative, I've stuck to my rules. I'm only using pre-defined setups with a decent risk/reward.
Can you help answer these questions from other members on NexusFi?
Hi gumdrop, I find it helps if I review my trades at the end of the day. You don't have to do it on here-I video my screens with BBflashbackrecorder and then watch at a later date.
Dec 4: -2.00 x3 = -$315 Singles trade ——>: +2/+5/-0.5 = +$310 Re-entered at better price since other markets' singles were still valid. Should have re-entered even a little later. ——>: -1.75 x3 = -$277.5 Another single
-1.75 x3 = -$277.5 OR trade long. supposedly OR shorts have better probabilities. Dec 2 OR was also long.
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-0.00 x2 = -$10 experimental trade based off cum delta w/ one lot, accidentally added one at stop and then was able to scratch. lucky, although if i held out longer i could have been even luckier.
+5.00 = +$245 experimental trade based mainly off of bearish internals.
-3.00 = -$155 attempted to repeat prior move.
-2.00 = -$205 re-entered. exited at breakeven point for experimental trades.
-5.25/-2.75 = -$410 tried again as it re-entered the IB. being dumb at this point.
+5.00/+7.00 = +$590 late 2xIB trade. still semi-experimental since i wasn't sure how legit the setup was... and in revenge mode!
-2.50 = -$130 broken single... still in experimental mode. need to stop! overtrading, but at least kept $25 over breakeven on experimental trades.
+2.00/0x2 = +$85 VAL short. MFE 3.25 and stops brought to breakeven
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0.00 = -$5 experimental trade trying to get a runner at the top. scratched due to conflicting ideas.
-3.00 = -$155 attempted VBR1, blew right through it
-1.50 = -$80 tried to grab the top.
-2.00/-1.25 = -$172.5 tried again... accidentally entered a second when trying to exit, should stop once i'm making these kinds of mistakes
0.00 = -$5 not willing to risk much more on these "off plan" trades
-1.75 = -$92.5 trying to catch it back up
-2.50 = -$130 ditto
-$640 on experimental trades. okay, I need to stop those... losses on the planned setups is one thing, but to take those hits on others is dumb. failed the psychological test that when my plan struggles, then i go off plan and make things worse. i got away with it yesterday, but today i paid the price.
Going to backtest a bit more, so I can have more confidence in the trades I'm taking... even in the eventual drawdown. I'm going to look rather closely at MAE and MFE and maybe try to set up a simple 1-lot bracket w/ wide targets/stops. We'll see... I definitely need to do more homework.