NQ Paper Trade Journal
- Thread starter A2x2
- Start date
bloomberg, reuters and tradingeconomics for data releases
I like looking at how the market reacts to some news or data. I thought you were only focused on TA that's why I asked
I was in the same position as you except I held , it bounced from there . The reason I didn't stop out is because of the slew of econ data out for the rest of the week..today there was very little data. I use technical but the macro as well..my reasoning is that the prices wont drop that far if there is a decent amount of data coming out until they see it. Mortgages probably wont be that great but ISM s could keep us afloat till Friday s payroll number. Not to mention we re starting earnings soon and some feel we re turning a corner to the good . Whether they are right or not on earnings expectations doesn't matter..they don t know so we wont drop too far until we all see it. Short an es once in a while if you re long NQ and you re under to absorb volatility in yer account
CNBC yeah I love those people. Becky and Joe in the Morning, Judge wopner at noon, F.M and Cramer after close..I like all the people and of course Goddess Sima
2016-10-04 Summary
Daily P&L: -16.00 (2 trades, 2 losers)
Trade Summary
Trade 1: Saw that the market was range bound and attempted to play the long side thinking it would potentially rally.
Trade 2: This long was in anticipation of the EOD reversal, which I was clearly too early (yet again).
I lost sight of the overall trend today. A lot of signs pointed to a high probability of a sell off on a number of occasions, however I get so caught up in the moment trying to execute and profit based off of the current trend that I tend to forget about the major moves to come. Playing the short side only today would have been a better move.
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
Daily P&L: -16.00 (2 trades, 2 losers)
Trade Summary
Trade 1: Saw that the market was range bound and attempted to play the long side thinking it would potentially rally.
Trade 2: This long was in anticipation of the EOD reversal, which I was clearly too early (yet again).
I lost sight of the overall trend today. A lot of signs pointed to a high probability of a sell off on a number of occasions, however I get so caught up in the moment trying to execute and profit based off of the current trend that I tend to forget about the major moves to come. Playing the short side only today would have been a better move.
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
Attachments
Thanks for the post! It's very insightful to see the rational behind your decision not to sell today. Looks like it was a good call! Do you normally use stops and targets when you trade?