Billicare trade journey: from 5K to 250K
- Thread starter Billicare
- Start date
@sstheo I'm glad that you looked here and expressed your support and advice.
I look forward to your new journal.
A very difficult day for me today.
The trend is clearly not my friend)
Even at the night session, I had problems with Rhythmic, I could not cancel the warrant.
LeeLoo reacted very quickly, thank them for that.
At the opening, after several unsuccessful short attempts, he mistakenly took NQ instead of MNQ.
Confused in my new hotkey settings.
After that i got a few more stops and the rest of the day returned my losses with quick scalps of NQ.
Yes, I broke my rules of trading only micro, but it all ended well with a profit of $ 513.
The trend is clearly not my friend)
Even at the night session, I had problems with Rhythmic, I could not cancel the warrant.
LeeLoo reacted very quickly, thank them for that.
At the opening, after several unsuccessful short attempts, he mistakenly took NQ instead of MNQ.
Confused in my new hotkey settings.
After that i got a few more stops and the rest of the day returned my losses with quick scalps of NQ.
Yes, I broke my rules of trading only micro, but it all ended well with a profit of $ 513.
Mini 4.08 round
Micro 0.82 round
Nice recovery!
But lets talk about this.
This market only went one way today. UP.
We are in a total short squeeze right now as all the traders who were wrong are having to buy back at higher prices. This creates an evil domino train that sucks the life out of small traders.
Instead of scaling in more shorts, even with micros, would it not be better to get flat, reassess the situation, and then maybe go long?
I think so.
But it is hard to do when, like me, you believe there is a big short coming any day now.
Taking the small hits early is like getting a cut on your arm. It is easy to apply pressure and stop the bleeding. But most traders don't. They let it bleed and bleed and bleed until they are dead.
You recovered well today, but you had to change your rules to do it. And I know you had technical difficulties too.
As I point at you @Billicare I have 3 fingers pointing at myself when I say this:
1) Determine what your stop will be before you enter and then honor it. By honoring it you are reinforcing good discipline. It is this discipline that will then keep you alive when (not if) the market goes crazy again.
2) Once you are flat then you can reassess with a clear head. While you are in a trade your reasoning skills get cut by at least 50% I think. LOL. Maybe 75%!
3) Plan the day out ahead of time and know the levels where you might like to become a buyer and then maybe even be able to quickly reverse the trade to go long. (Assuming you started the day with a short bias).
Thoughts?
But lets talk about this.
This market only went one way today. UP.
We are in a total short squeeze right now as all the traders who were wrong are having to buy back at higher prices. This creates an evil domino train that sucks the life out of small traders.
Instead of scaling in more shorts, even with micros, would it not be better to get flat, reassess the situation, and then maybe go long?
I think so.
But it is hard to do when, like me, you believe there is a big short coming any day now.
Taking the small hits early is like getting a cut on your arm. It is easy to apply pressure and stop the bleeding. But most traders don't. They let it bleed and bleed and bleed until they are dead.
You recovered well today, but you had to change your rules to do it. And I know you had technical difficulties too.
As I point at you @Billicare I have 3 fingers pointing at myself when I say this:
1) Determine what your stop will be before you enter and then honor it. By honoring it you are reinforcing good discipline. It is this discipline that will then keep you alive when (not if) the market goes crazy again.
2) Once you are flat then you can reassess with a clear head. While you are in a trade your reasoning skills get cut by at least 50% I think. LOL. Maybe 75%!
3) Plan the day out ahead of time and know the levels where you might like to become a buyer and then maybe even be able to quickly reverse the trade to go long. (Assuming you started the day with a short bias).
Thoughts?
Last edited:
Thank you for your advice, you're right, I agree with your every word.
Today I had to stop earlier and give up my bearish beliefs.
Please clarify something for me...
Today, Tues 1/7/20, MNQ had a linear H/L range of 69.5 points, or 278 ticks.
100% of that range equals $139... capturing 100% of the daily range with one contract.
Your post shows profit of $680, and you stated you are trading 4 contracts.
Therefore, you captured 122% of today's H/L linear range, per contract.
Have I misunderstood or misinterpreted your post?
We don't need a discussion about "travel" vs "linear" .... capturing over 100% of the linear is absolutely doable per contract. The capture % is my favorite personal trading metric. But I trade mini's and only during regular trading hours. A smaller linear H/L range is to be expected during RTH only.
Thank you for interested to my journal.
As i said "Today is was very similar to yesterday", you can see my yesterday post. Long story short: switched to NQ.