long again, why I'm acting like this?? THIS IS THE LAST TRADE FOR THIS MORNING.
putting all my efforts
- Thread starter darktrader
- Start date
gaining $113 now, let's do like this: I placed a very high target at 2902, and moved the stop at BE (2879), and I go for a walk... this is the 5th trade, I'm down Euro 70 for the day with the closed trades.
Must find rules to avoid this, I made it yesterday too, trying to pick a bottom or a top with lots of trades and tight stops, this is a common error of newbies (like I am) for now the only rule I have is the max daily loss to prevent catastrofic days, but I need something else.
Must find rules to avoid this, I made it yesterday too, trying to pick a bottom or a top with lots of trades and tight stops, this is a common error of newbies (like I am) for now the only rule I have is the max daily loss to prevent catastrofic days, but I need something else.
back, now stop hit at BE I'm down $71 - $25 commission for the day, I overtraded like yesterday trying to pick the bottom in a downtrend, classic error, need to work on this, also I see now that the majors supports holded, this morning when I got here I immediatly saw that the best set up would have been at those lines but I tried anyway, MAYBE it is not a mistake to try where you don't have a perfect setup, but I did not have to insist, anyway attached the EU lines...
feeling very stupid I missed those supports, I also checked the charts from wich I took them and it was a fantastic setup... I've been watching them all the time while I was making stupid things... 200 sma on weekly chart + 2 short term trendlines on weekly chart...
-$480 (commission included) this is what happened:
I was down this morning around -$95, I went long on NQ after WS opened, I wanted to go long 1 contract, but I made a mistake and I pressed the button twice and so I was long 2 contracts, and I was paralized and suddenly it went down and found my self losing more then the max daily loss $200, then I got totally crazy and at a certain point I was losing $700. I have to say I didn't want to post this, because of the shame, but as I want to avoid this kind of errors, I must post.
Tomorrow I will not trade because of what I did today, I will post the resume of the week during the WE.
TOTAL NUMBER OF TRADES: 36
5 fesx = -71
31 NQ = -240
commission: $169.92
TOTAL: -$480,92
I was down this morning around -$95, I went long on NQ after WS opened, I wanted to go long 1 contract, but I made a mistake and I pressed the button twice and so I was long 2 contracts, and I was paralized and suddenly it went down and found my self losing more then the max daily loss $200, then I got totally crazy and at a certain point I was losing $700. I have to say I didn't want to post this, because of the shame, but as I want to avoid this kind of errors, I must post.
Tomorrow I will not trade because of what I did today, I will post the resume of the week during the WE.
TOTAL NUMBER OF TRADES: 36
5 fesx = -71
31 NQ = -240
commission: $169.92
TOTAL: -$480,92
36 trades !? You're not trading, you're hoping. Hoping to catch something. Slow down. You only need a couple good trades a day. Patience. Review your charts and find 2 or 3 set ups you like then just trade those. Wait for them. It will be boring at times. That's o.k. You'll miss some trades. That's o.k.
Look at big picture try to recognize when the market is in chop. Try some different chart time frames. I don't know what your using but sometimes trying something different opens the eyes. I switched from 5 minute to 3 minute. I like it.
Are you still looking at all those monitors ? The mind can only process a limited amount of info at one time. You are likely just confusing yourself which leads to stress and bad trades.
I'm still working on consistent profits myself so consider the source but these are things that have helped me.
Trying harder sometimes means doing less. (less trades)
good luck to you
Look at big picture try to recognize when the market is in chop. Try some different chart time frames. I don't know what your using but sometimes trying something different opens the eyes. I switched from 5 minute to 3 minute. I like it.
Are you still looking at all those monitors ? The mind can only process a limited amount of info at one time. You are likely just confusing yourself which leads to stress and bad trades.
I'm still working on consistent profits myself so consider the source but these are things that have helped me.
Trying harder sometimes means doing less. (less trades)
good luck to you
thanks for your post, you are right i was not trading, i was not even watching my monitors actually, i was not trying to apply my strategy, i was just triyng to catch something to recover the initial unexpected loss i had, and I knew that i was out of control, unfortunatly today if I had the possibility to buy 50 contracts I would have bought 50 contracts. I will work to fix this, and sure I should trade less and wait for the best setup, but this 36 trades are not my normal way to do, i usually take around 5 trades per day, I lost control today, but I should only take the best setup and take a few trades per week, this morning i knew where the best setup was but i didn't wait and took the first resistance to enter long with fesx, starting from tomorrow i will try to wait for the best setup, it doesn't matter if i miss something.
I didn't take any trade today, just want to change a little, not my strategy, just removed my very short term lines from my charts and want to trade only when the market reaches the long term SUPPORTS & RESISTANCES.
I had supports a litte lower today I was ready to buy, and so i missed this intraday rebound. no problem. Let's see what will happen then next week....
I had supports a litte lower today I was ready to buy, and so i missed this intraday rebound. no problem. Let's see what will happen then next week....
attached EU lines, FESX was very close 200 and 50 SMA I was waiting those supports and a few on US...
go home now, will post a comment for this week during the WE.
go home now, will post a comment for this week during the WE.


WEEK TOTAL (commission already subtracted)


05-09-2011 monday = + $290 (c:$10) (t:2)

05-10-2011 Tuesday = - $97 (c:$25) (t:5)

05-11-2011 Wednesday = + $27 (c:$60) (t:12)

05-12-2011 Thursday = -$480,92 (c:$169,92) (t:36)

05-13-2011 Friday = +$0 (c:$0) (t:0)


trades: 55

commission: $-264,92


total: - $260,92
ERRORS:
1) I entered a trade at DAX open without waiting for a S/R, just because I felt it could go up, I was stopped, the market went to quite distant support and then went in my direction, this affected all my trading day.
2) tried to catch the bottom with tight stop in an area with lots of supports, made 8 trades consecutively to find the bottom lost control and I had to add to a winner to recover from the sum of small losses. It could went lower and I could have kept on trading, broken my max daily loss and then maybe it could end up with a disaster (as it happened on Thursday)
3) same thing as before, I tried to catch the bottom anticipating supports that where lower, 5 trades consecutively and I stopped only when finally I manage to find a trade that was going in my direction and actually I went away for a walk and this prevented to keep on overtrading as my stop was hit and the market went lowerâ¦
4) masterpiece of stupidity the trigger now was a mistake, I wanted to go long 1 contract, after WS open, without waiting for R/S and I pressed the button twice, so I found myself long 2 contracts I was already down $95 from the morning and so in 2 seconds I was down more then my max daily loss of $200, I didn't have the force to take my unexpected loss and so I started to buy 2 contracts with tight stops like a crazy man to recover without even watching my screens and waiting for S/R, I was just watching the book and I found myself down $700, to close at -$500, the worst thing was that if I had the power to buy 100 contracts I would have bought 50 contracts. I really risked to blow up the account.
SOLUTION:
I must trade less, I must have a max trades per day rule that could be 2 for the morning and 2 for WS open, to do this I have to check the charts before the market opens as to see which are the best S/R, as the market opens I must have a clear idea of where I will place my trades.
when I lose control, I must respect the $200 max daily loss, place one last trade and shout down my pc.
last friday I decided to remove my short term S/R, but maybe it is better to use them only in conjunction with long term S/R.
05-09-2011 monday = + $290 (c:$10) (t:2)

05-10-2011 Tuesday = - $97 (c:$25) (t:5)

05-11-2011 Wednesday = + $27 (c:$60) (t:12)

05-12-2011 Thursday = -$480,92 (c:$169,92) (t:36)

05-13-2011 Friday = +$0 (c:$0) (t:0)


trades: 55

commission: $-264,92


total: - $260,92
ERRORS:
1) I entered a trade at DAX open without waiting for a S/R, just because I felt it could go up, I was stopped, the market went to quite distant support and then went in my direction, this affected all my trading day.
2) tried to catch the bottom with tight stop in an area with lots of supports, made 8 trades consecutively to find the bottom lost control and I had to add to a winner to recover from the sum of small losses. It could went lower and I could have kept on trading, broken my max daily loss and then maybe it could end up with a disaster (as it happened on Thursday)
3) same thing as before, I tried to catch the bottom anticipating supports that where lower, 5 trades consecutively and I stopped only when finally I manage to find a trade that was going in my direction and actually I went away for a walk and this prevented to keep on overtrading as my stop was hit and the market went lowerâ¦
4) masterpiece of stupidity the trigger now was a mistake, I wanted to go long 1 contract, after WS open, without waiting for R/S and I pressed the button twice, so I found myself long 2 contracts I was already down $95 from the morning and so in 2 seconds I was down more then my max daily loss of $200, I didn't have the force to take my unexpected loss and so I started to buy 2 contracts with tight stops like a crazy man to recover without even watching my screens and waiting for S/R, I was just watching the book and I found myself down $700, to close at -$500, the worst thing was that if I had the power to buy 100 contracts I would have bought 50 contracts. I really risked to blow up the account.
SOLUTION:
I must trade less, I must have a max trades per day rule that could be 2 for the morning and 2 for WS open, to do this I have to check the charts before the market opens as to see which are the best S/R, as the market opens I must have a clear idea of where I will place my trades.
when I lose control, I must respect the $200 max daily loss, place one last trade and shout down my pc.
last friday I decided to remove my short term S/R, but maybe it is better to use them only in conjunction with long term S/R.