$286 left

Feel ashamed to talk about today's trading. Made 32 trades, forgot about all my rules, from big win to huge loss, many chances to end the day in green but kept gambling till the end.

Never, ever break my rules again!
Never trade after 2PM.
Never change stop loss.

P&L: -62
Current Balance: $262
 
hurricane_sh said:
Feel ashamed to talk about today's trading. Made 32 trades, forgot about all my rules, from big win to huge loss, many chances to end the day in green but kept gambling till the end.

Never, ever break my rules again!
Never trade after 2PM.
Never change stop loss.

P&L: -62
Current Balance: $262
More...
Is that 2pm EST or CST?

Why don't you set a goal for the day instead, like if you made or lost x amount, you'll stop trading. Making 32 trades is okay as long as they're following the rules of engagement, but if you're gambling as you say, then you have a problem.
 
schizo said:
Is that 2pm EST or CST?

Why don't you set a goal for the day instead, like if you made or lost x amount, you'll stop trading. Making 32 trades is okay as long as they're following the rules of engagement, but if you're gambling as you say, then you have a problem.
More...

I refer to the cash session as 9:30~4:00 regardless of time zone, I should not trade in the last two hours.

Following my rules is the hardest part.

May 1st is the new beginning!
 
A disastrous Friday, didn't want to stop trading and removed SL of the last trade. I think I will blow up my account next week. :mad:

Made 5 trades.
P&L: -115
Current balance: 147

upload_2020-5-2_9-29-47.png
 
hurricane_sh said:
A disastrous Friday, didn't want to stop trading and removed SL of the last trade. I think I will blow up my account next week. :mad:

Made 5 trades.
P&L: -115
Current balance: 147

View attachment 226684
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Man, I wish there's a way to help. But at the end of the day, you're the only one who can help yourself. Having said that, the market already sold off more than 30 points before the opening bell. Why were you so bent on going long? I hate indulging myself with hindsight analysis but I need to point this out. What were you thinking?! Just look at the channel lines. They're clearly sloping downward and you were fighting against the trend. Then consider your last trade (number 5). You took the trade as soon as the price broke below the support line. Then you held on to it for 3 hours.

I apologize if I sounded too critical, but I feel you need to go back and really get a good grasp of PA (price action).

upload_2020-5-1_21-0-9.png
 
NQurious said:
You responded that you prefer low risk of counter trend.
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“Low risk of counter trend”

Fake News !

Counter trend is low reward, high risk.
And the probability is below average.

OP, Learn to fade counter trend.
Statistically a continuation is more likely.
Don’t buy the break out and trade smaller.

It takes time for the market to operate,
Don’t be impatient, don’t set your SL too tight.

1DE9E793-3773-4DF3-BF1F-D0843E6631E8.jpeg

That’s your payoff as a counter trend trader.
It’s not low risk. High reward. Most of the time.

The “break out” guy has the reverse payoff.
Better buy “breakouts” (I don’t like it*),
But you need a large enough SL !!!

The asymmetry in payoff is in the bias,
In other words, it’s with the trend !

The stronger the market,
The better the payoff, the better the probability.

Why fade a positive expectation ?!

* As a rule I don’t buy (sell) above (below) 50% retrace
 
Last edited:
schizo said:
Man, I wish there's a way to help. But at the end of the day, you're the only one who can help yourself. Having said that, the market already sold off more than 30 points before the opening bell. Why were you so bent on going long? I hate indulging myself with hindsight analysis but I need to point this out. What were you thinking?! Just look at the channel lines. They're clearly sloping downward and you were fighting against the trend. Then consider your last trade (number 5). You took the trade as soon as the price broke below the support line. Then you held on to it for 3 hours.

I apologize if I sounded too critical, but I feel you need to go back and really get a good grasp of PA (price action).

View attachment 226694
More...

It's the lower line of a channel, thought I could scalp one or two points. I was wrong, but if I got out, it would be my last trade as I had reached my daily hard loss limit. I really wanted to have a green day.

Anyway, no excuse can justify that terrible trade. :banghead:
 
hurricane_sh said:
...but if I got out, it would be my last trade as I had reached my daily hard loss limit. I really wanted to have a green day.
More...

Well, not to add insult to injury, but no single trade should decimate your account in half.

Anyway, it appears that you like to fade the trend and there lies your biggest threat to your survival. ES gapped down 30 points yesterday, which is not a small amount. When you're up or down by a big chunk like that, it's more profitable to buy or sell the pullbacks rather than bucking the trend. Only time you want to fade is, believe it or not, when the market is chopping--like in a 10 point range.

Enough said. Good luck!
 
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