I know this is a tough one to swallow. Feels like you're getting slapped around every time you put a position on. Definitely been there.
...And They Have a Plan. (Live.)
- Thread starter Overnight
- Start date
So far, nothing new after I closed out the third loss on Monday. I had to take the wait-and-see-approach to let these Thump trade bits play out now.
I am glad I did, because today that original entry of 7902.50 would have shown at one point an unrealized position of about -$7,800.
Based on my nerves from considering the doom and gloom scenario now with trade, coupled with the thoughts of what it is like being nearly 400 points down, there's a good chance I would have taken that loss today (nearly ~$8,000), rather than take the 160 point hit I did on Monday. The extra 90 points on top of that in the following two trades for the total loss of 250 points (-$5,000) assures me that I made the right decision on loss cutting, based on my current risk tolerance.
The price action today on NQ was exactly what I had been training my mind to see. Drop in the morning, then starting to recover some and creep up mid-day, finishing higher by late afternoon before the weirdness of 3:30 PM ET onward. But with this trade thing in limbo, I could not enter. I told myself I MUST wait until the meetings are done before I go back in, so I have a sense of market bias. The action is great, but the uncertainty is too high to make a swing commitment.
By the way, I took a trade yesterday on the MNQ to verify fees. Yes, it is what they say...
74 cents roundtrip. Yer paying a premium exchange fee to trade them.
I am glad I did, because today that original entry of 7902.50 would have shown at one point an unrealized position of about -$7,800.
Based on my nerves from considering the doom and gloom scenario now with trade, coupled with the thoughts of what it is like being nearly 400 points down, there's a good chance I would have taken that loss today (nearly ~$8,000), rather than take the 160 point hit I did on Monday. The extra 90 points on top of that in the following two trades for the total loss of 250 points (-$5,000) assures me that I made the right decision on loss cutting, based on my current risk tolerance.
The price action today on NQ was exactly what I had been training my mind to see. Drop in the morning, then starting to recover some and creep up mid-day, finishing higher by late afternoon before the weirdness of 3:30 PM ET onward. But with this trade thing in limbo, I could not enter. I told myself I MUST wait until the meetings are done before I go back in, so I have a sense of market bias. The action is great, but the uncertainty is too high to make a swing commitment.
By the way, I took a trade yesterday on the MNQ to verify fees. Yes, it is what they say...
74 cents roundtrip. Yer paying a premium exchange fee to trade them.
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Today was the same god-damned thing. A nice drop by mid-to-late morning, followed by a steady rise. *sighs*
Did I get in on it? No, not really. When the news hit of this round of trade meetings being concluded without a deal, somewhere around 1 PM, I hesitated. I figured the markets would not like that outcome, but nope. They kinda' shrugged it off. The hell I know what the equity markets like and dislike.
When the momo felt good to me after that announcement, I decided to get in long because I now want to verify the overnight hold margin req on it. But then I started messing with the scaling-into winner idea on it in the meanwhile. So here's where it stands as of 4:30ish PM ET. I mean, how much trouble can I get into with 3 micros?
Knowing me? A LOT. Watch me lose 5 grand on a 3-micro lot? If anyone can do it, I can! I am super! Bloody hell.
Did I get in on it? No, not really. When the news hit of this round of trade meetings being concluded without a deal, somewhere around 1 PM, I hesitated. I figured the markets would not like that outcome, but nope. They kinda' shrugged it off. The hell I know what the equity markets like and dislike.
When the momo felt good to me after that announcement, I decided to get in long because I now want to verify the overnight hold margin req on it. But then I started messing with the scaling-into winner idea on it in the meanwhile. So here's where it stands as of 4:30ish PM ET. I mean, how much trouble can I get into with 3 micros?
Knowing me? A LOT. Watch me lose 5 grand on a 3-micro lot? If anyone can do it, I can! I am super! Bloody hell.
Latest update...
As one can see based on the pic below, and my moaning throughout the forum, and the journal since the Trump Tweet™ of May 5th, things didn't go well. I had to close out the Sep NQ long, along with some other longs like the MNQ above. Took some shorts, started messing in MNQ again and that was going OK for a while...
Until May 16th. Markets continued their downtrend. And then Trump kept fanning the flames with his Mexico tariff thing last week. *shrugs*
So I still have a Jun MNQ long at ~7619, which was entered on May 16th. 1 contract. Without a clear path on China trade, I fear to go back in long beyond what I already am in for, and try to reintegrate my plan.
Yes, Powell was great yesterday, and so was Trump. Hope belied truth I guess.
I am tired of losing out to hope, because the ASSHOLE in the oval office keeps fucking with the markets to the point that 2017 is now only in my dreams.
But I run an honest journal. It is up to you guys to discern the details if you find discrepancies, and still think this is fake.
And I figured out one other way to prove the journal is not fake, for those who still want "convincing"...Ninja's sim account creation guidelines. You cannot create a sim account in Ninja7 with an explanation point in it. It is impossible. If you have NT7, try it. Cannot be done.
Heading into vacation this weekend, I need the week off. What a nightmare.
@NQurious Here's a placeholder for you, regarding what it is swing traders go through. You indicated consternation when I mentioned the swings in the ES thread. Well, here it is.
BTW, I admire your calls lately. I hope they last.
As one can see based on the pic below, and my moaning throughout the forum, and the journal since the Trump Tweet™ of May 5th, things didn't go well. I had to close out the Sep NQ long, along with some other longs like the MNQ above. Took some shorts, started messing in MNQ again and that was going OK for a while...
Until May 16th. Markets continued their downtrend. And then Trump kept fanning the flames with his Mexico tariff thing last week. *shrugs*
So I still have a Jun MNQ long at ~7619, which was entered on May 16th. 1 contract. Without a clear path on China trade, I fear to go back in long beyond what I already am in for, and try to reintegrate my plan.
Yes, Powell was great yesterday, and so was Trump. Hope belied truth I guess.
I am tired of losing out to hope, because the ASSHOLE in the oval office keeps fucking with the markets to the point that 2017 is now only in my dreams.
But I run an honest journal. It is up to you guys to discern the details if you find discrepancies, and still think this is fake.
And I figured out one other way to prove the journal is not fake, for those who still want "convincing"...Ninja's sim account creation guidelines. You cannot create a sim account in Ninja7 with an explanation point in it. It is impossible. If you have NT7, try it. Cannot be done.
Heading into vacation this weekend, I need the week off. What a nightmare.
@NQurious Here's a placeholder for you, regarding what it is swing traders go through. You indicated consternation when I mentioned the swings in the ES thread. Well, here it is.
BTW, I admire your calls lately. I hope they last.
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So this little 600 point NQ drop turned out to be just like Feb 2018. It took 4 weeks to resolve itself. Pffht. Continuing on from last entry.
Not a healthy monthly salary, for sure. 60 bux? lol!
And as I watched the action today, I decided to get in long on Sep NQ for a 20 point target, and what did I do? Got in near the peak of the day as you can see, about 5 minutes after the rate decision. Then Powell opened his yap. Typical stupid. So here I am, again, with no data behind me to support this target. Only the hope that Asia and Euro will lift the thing 20 points on their hope, or a random tweet...Amazing how quickly my plan has fallen apart because of all this chaos, and that I take too long to see what is coming. That's all it really takes.
Yeah, 100% blah blah. Of course it has chewed me up. Hasn't spitted me out yet.
As for "The Expanse"? I tried it. It was SHIT! It was nothing compared to BSG remake. BSG remake was the best Sci-Fi show written for television, ever, aside from ST:TNG and their spinoffs.
McTurveyFly. A SLACKER!
I was wondering if something unusual happen with that trade #12 where you took a big hit on the swing position ?
Was that a stop hit or was it just a exit when you just gave in that your analysis was wrong or that maybe too much Trump in play in the markets ?
Also, it looks like you're in better control of your trading when you only trade the Micro Eminis. You wondering if that's the only thing you should be trading ?
wrbtrader