Friday, October 22, 2010

Thanks to All Of You Guys...

Couldn't sleep at all.
I am too deep into this trading-job. I have been in this business for 3 years. When I thought I was figuring all out (cut-loss early and disciplined entry) I still have weakness in me.

@CC,
Thanks for the idea, looking forward to backtest it.

@peter,
If only there's job for 1 month in my country, lol. If there's, I'll gladly take it. If I can develop the instinct where I should enter or not, that would be great. As a scalper. how many pips does ur average SL? Thanks for ur compliment :) Make my day a bit.

@Sandy,
Definitely right about it. I took the role model from Austin. Cut loss early, let profit run. I have dramatic change after that. But somehow I went back to zero again. It's not my setup is bad. It's completely my fault. I was addicted to small losses and when it become big, I can't stop trading. I was already pay more than I can imagine :)

@FFXD,
Yes, I always trade 1 contract. The smallest size I can get.

@RCM,
Quit and rest, I'll do it this weekend.

Thanks for all of your advice, wish you guys all the best. The downfall today and previous bad days were like this:
1. Not consistent on Stop for the day, I mean I could stop trading on Wednesday when things went bad. I just felt like it. Of course when I saw those last final signal I didn't take, it could take me to the breakeven or decent profit. Sigh...
2. Thursday came, I stopped out multiple times as always, until I ride the slow but direct movement. I got out on more than 50 cents and price fall another 150cent. Sigh... Two Not Too Good Days
3. Friday, I sat with a vengeance. I wanted to take score NOW. So I trade more aggresively looking for nice profit. Like heaven knows, CL price kept getting wide whipsaw and choppy. When the price were already move up in fashion, I still busy shorting the market. Sigh... I should let it go.

I thought crude oil is easy. As long as it moved more than 100cent intra day, I'll definitely make money. It moved 100cent, but I still lose money. A Big money.

Here's what I should do from this day forward:
1. FOCUSING ON CURRENCY. I BACKTESTED IT OVER THE WEEKEND LIKE CRAZY AND DIDN'T EVEN USE THE EDGE SERIOUSLY. I have this good edge currency trade, less stop loss, and so on.
2. LIMIT MY OIL TRADE, definitely only use the QM with 15 cent stop for a while. 3 Stopped out and done for the day.

4 comments:

  1. Hi de I follow Austin too. We should talk about strategy. If u want I will give you my email. Have found great settings on Cl using the strategy. Let me know

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  2. Hi CC,
    Looking forward to discuss the strategy. I'll help u backtested it if u want. Since we both subscribed to Austin, we can discuss more freely.
    Contact me at scalpandswing@gmail.com.

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  3. Hey Kenny here and I've been reading ur blog, all the best to ur trading journey! ^^

    ReplyDelete