Today, I got a good lesson in probabilities, and discipline to continue after getting your ass whopped for a short time.
Many, many trades today, so instead of charts, I will be breaking down the trades tab.
Slippage (using market orders now) was a factor today on entries and exits, but, nothing game changing.
OK, good start to the day:
Next, ass whooping:
Was close to calling it quits here; but, reminded myself about probabilities, and have not yet hit my max daily loss $.
A decent attempt at a good trade on a big push down:
And, then, the finish:
Updates on ass whooping:
The trade at 9:11 makes no sense at all.
9:12: late short, didn't work.
9:19: was an add that didn't work.
9:26: failed short; I missed the 9:20 short because I was getting stopped on long!
9:29: either need to be in from .64 or .72 (breakout), poor entry.
The trade at 9:11 makes no sense at all.
9:12: late short, didn't work.
9:19: was an add that didn't work.
9:26: failed short; I missed the 9:20 short because I was getting stopped on long!
9:29: either need to be in from .64 or .72 (breakout), poor entry.
Gary, what is your daily loss limit.
ReplyDeleteRemind me what your current ATM is. Obviously it is 2 contracts, but what is your first target (is it 2 or 4 T's) and what is your initial stop.
Hey Stephen,
ReplyDeleteRight now, $1K is my "you will stop now, regardless of what has happened or what you think will happen" daily loss limit.
I use 2-4 contracts at any given time, I use a 2 contract ATM, which starts with a 7 and 9 tick stop, and has a hard target of 8 and 15 to start, but I make changes to targets and stops many times from start until the end of the trade, so it is more of just a baseline, or something in case CL decides to get "jiggy" right after I enter. :) You will see on some trades, I may move the stop as much as 12 or so ticks out, and today I took a 14x2 stop with slippage, which is rare, but happens. Hope that helps.