NQ Paper Trade Journal
- Thread starter A2x2
- Start date
2016-12-06 Summary
Daily P&L: -$247 (3 trades, 3 losers)
Hit my max number of losing trades (3) today pretty quickly. It's good these types of rules are in place from a risk management perspective or else I'd probably continue to attempt to short into the afternoon and lose even more.
These types of days when the market mean reverts are when I tend to lose, as I typically follow the trend.
Trade 1 (Short @ 4770) - was a decent trade because had the market broke below the support line (4767) then the market would have continued to drop rapidly. Entered at the pull back with a tight stop.
Trade 2 (Short @4775) - was a stupid trade.. initial plan to short again around 4779 but I reacted to small market fluctuations.
Trade 3 (Short @4777) - another stupid trade.. because I missed the short at 4779 after a brief spike up I ended up chasing at 4777, thinking the sell off was coming.
Things to (continue to) focus on:
-More patience on the trade set up (wait longer until I take the 1st trade, for the range and chart patterns to develop)
-Need to mentally visualize potential chart formations both to the upside and downside (anything can happen), and strategize my game plan
-Protect profits (do not hesitate to exit and take profits at current levels when market is exhibiting signs of slowing down / utilize time stop)
-Okay to miss entry and not make a single trade for the day
-Always keep the overall trend in mind (will it trend or will it range?)
-After every trade (win or lose), take some time to assess before entering the next trade
Daily P&L: -$247 (3 trades, 3 losers)
Hit my max number of losing trades (3) today pretty quickly. It's good these types of rules are in place from a risk management perspective or else I'd probably continue to attempt to short into the afternoon and lose even more.
These types of days when the market mean reverts are when I tend to lose, as I typically follow the trend.
Trade 1 (Short @ 4770) - was a decent trade because had the market broke below the support line (4767) then the market would have continued to drop rapidly. Entered at the pull back with a tight stop.
Trade 2 (Short @4775) - was a stupid trade.. initial plan to short again around 4779 but I reacted to small market fluctuations.
Trade 3 (Short @4777) - another stupid trade.. because I missed the short at 4779 after a brief spike up I ended up chasing at 4777, thinking the sell off was coming.
Things to (continue to) focus on:
-More patience on the trade set up (wait longer until I take the 1st trade, for the range and chart patterns to develop)
-Need to mentally visualize potential chart formations both to the upside and downside (anything can happen), and strategize my game plan
-Protect profits (do not hesitate to exit and take profits at current levels when market is exhibiting signs of slowing down / utilize time stop)
-Okay to miss entry and not make a single trade for the day
-Always keep the overall trend in mind (will it trend or will it range?)
-After every trade (win or lose), take some time to assess before entering the next trade
