Challenge of Weekly Profit trading Futures
- Thread starter Trade4gainz
- Start date
Everyone who aksed me for trading advice on futures trading (my option trading is different) I always told them to show me a chart with their entries and exits on a losing day.
1 out of 10 times it is just one of those days where the market was a directionless bitch out to screw you and you just suck it up and move on to the next day.
However the rest of the time it becomes so easy to spot glaring errors in where entry trades were made or where they let themselves get stopped out. Often I rarely have to do much but point out 1 or 2 things and they take it from there. Not that I am some chart reading savant but an objective 3rd party set of eyes can always see what you can't.
I had a shitty trading day a few weeks ago and rather than just say #$%^ it and move on, I studied the chart with my entries on it (ToS allows you to post trades on the chart) and went and studied it over and over to see what I could have done better.
If you cannot learn from failure then why bother?
1 out of 10 times it is just one of those days where the market was a directionless bitch out to screw you and you just suck it up and move on to the next day.
However the rest of the time it becomes so easy to spot glaring errors in where entry trades were made or where they let themselves get stopped out. Often I rarely have to do much but point out 1 or 2 things and they take it from there. Not that I am some chart reading savant but an objective 3rd party set of eyes can always see what you can't.
I had a shitty trading day a few weeks ago and rather than just say #$%^ it and move on, I studied the chart with my entries on it (ToS allows you to post trades on the chart) and went and studied it over and over to see what I could have done better.
If you cannot learn from failure then why bother?
Thanks El OchoCinco,
Next week, I will post my chart each day for a second trader review. Each day I review my trades, but I will start taking a screenshot each day to review at the end of the week as well.
I will post my entries and exits starting next week.
Wait, you mean you don't already do this? You can't go back to a certain day and look at the chart of what you did? How on earth are you then learning from the SIM trades you are putting on?
Sorry for not positing result for last few days as i have been backtesting and testing a new strategy that helping me reduce my chance of losses by 50% so once i get it under control i will keep posting. hopefully maybe this week or from next week. will keep posted
Hello El OchoCinco,
@El OchoCinco
My method is simple, I simply buy support when I see price moving up and sell resistance when I see price moving down. I do struggle a bit with exiting the position. But I like to exiting when I see price is reversing for a profit. Stop loss is placed somewhere near recent price action in a reasonable, but low cost location. The 200mA is just there because, it plays no role in decisions making. I do not like using any other indicators.
As you can see I currently have a short potion at 7600.75.
Suggestions, comments are certainly welcomed.
Update the trade at 7600.75 resulted in a loss.
Which leads to a question: After winning the first trade, is it OK to stop trading for the day? Or should all setups be taking. An systematic or algorithmic trader would say take all trades per the past historical trade performance. I am not sure how a discretionary trader thinks.
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Are you in a different time zone than EST because I dont see NQ near 7600 at 11:30...you must be central time...
OK let me understand this, you entered a short NQ limit order at 11:30 CST your time?
If so you shorted after a double bottom formation after two moves down were reversed. I believe you went in the middle of a counter move rather than see what developed or simply go long off of the bounce. The only short right there is if it broke below that long bar at 11:22AM CST. You basically shorted against a pullback/reversal which is why you got stopped out quickly.
Market sold off sharply and resteted same level again and rejected it, also shorts were covering at previous low. you had a doji like price action and then bullish move back in the market. The higher probability trade there is to go long with a stop below that low. Your target would be that previous swing high at 7616 or so.
OK let me understand this, you entered a short NQ limit order at 11:30 CST your time?
If so you shorted after a double bottom formation after two moves down were reversed. I believe you went in the middle of a counter move rather than see what developed or simply go long off of the bounce. The only short right there is if it broke below that long bar at 11:22AM CST. You basically shorted against a pullback/reversal which is why you got stopped out quickly.
Market sold off sharply and resteted same level again and rejected it, also shorts were covering at previous low. you had a doji like price action and then bullish move back in the market. The higher probability trade there is to go long with a stop below that low. Your target would be that previous swing high at 7616 or so.
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Thanks El OchoCinco
Yes, I am central. its 2pm now.
Yes
Yes, I agree with you. The double bottom was a bit risky, knowing they have traders that trade the double bottom. My thought process was sell in hopes of more down movement. But I understand now.
Yes, I agree with you and it makes sense now. It would have been best to wait for price to go below low of day bar at 8:42 am CST.
Regarding trading at bell, the bar at 8:33am dropped alot, would it had made sense to fade that sell off? Or wait for a retrace, and enter once previous low is broken at 8:42am.
Thank you
I dont trade the opening large move, I let it end and see if it retraces or only a small pullback. jumping in on the opening first 3 bars is risky for me.