Thought Crude Oil might moved well today. I was f***** wrong!!! Chopped slam and jam, lost my nerve losing me another unnecessary $200. While E7 made a par on London, Stopped out at the ticks before it surged 100 ticks. To picky on ZS, missed the train.
Worst things about my trading style, it's definitely relied on the Instrument. If it's chopped, I'm dead. If it's rallied but with thousands pullback, I'm par. Only with clean direction I made money. This was the 5th day I losed on 2011. Sigh...
Worse than unemployment.
Looking at my account: It depleted dangerously. What can I say? I already only trade 1 contract.
I was quiet discipline today. But still, I was losing. And I don't know what's wrong that I can make profit. Highly frustrated. Seemed like my hard working effort was costing money.
Crude Oil was the source. Stopped out zillions of time until one movement comin. And it's either stop par or stopped with 10/20 cent because I already down let's say 80 cent. How the hell am I supposed to get my position to 80cent profit without stopped out on par?
I can't take it. 3 years of trading and still struggling. Tomorrow, I dunno what my plan. May trade EUR as usual. Hoped ZS may give nice profit from the wild movement. I just kept missed it :(
EUR on US session seemed okay for me. And I definitely will focus on Grains. Developed my system.
Sorry to hear your account balance is nearing danger zone. I don't know how much you trade with or if you can easily replenish it but that may be holding you back. Hopefully your fear of loss does not increase as your balance decreases. Good luck.
ReplyDeleteI'd be interested in looking at the oil chart and method your were using. Why not take a break and let's look at the chart.
ReplyDeleteHi MBA,
ReplyDeleteTq for ur support. Danger Zone is subjective. But if I kept losing like this, I won't survive in let's say one month. No fear of trading. I just frustrated after all this work, still no luck and profit. I hate to admit but definitely this profesion need luck, a lot.
Hi Gump,
My technique are just simple triangle breakout. Choppy was my biggest enemy. I looked at chart every day. R u trading oil too?
Do you have statistics of what your trading should look like (ie backtesting)? How many losers in a row is normal and can be absorbed by your system?
ReplyDeleteAre there market structure conditions that can give you an idea that you are in a choppy market?
If you don't know the answer to these questions my advice would be to go back to paper trading until you do.
And for reference no I don't trade Crude but I do trade the Euro and ES.
LT
Hi LT/Gump, dunno which one :)
ReplyDeleteSure I backtested it. I used this setup from mid 2010 until I stopped trading Crude Oil. The setup's fine. It's just so hard to setting the PT. I mean it's PT was so random that I sick of it. Sometimes after chopped out a lot, it may give u $100 per contract or par. If u missed it, then it will back and eating ur stop losses. Sometimes it give you $1000-$2000 nett profit. Yes, that's right. Yesterday, I have opportunity to stop on par (nett +$100 if minus my EUR losses). Missed it and there it goes. 2 days ago if I sticked until market closed, last trade may produce $1300. Weird huh?
I decided to stop trading Crude Oil until I my mind is ready. I want to scalp GBP (stopped when it stalled on Dec) and swing the EUR. US session I might looked at grains (ZS,ZW,etc)
Nice blog u have, love it :)
I prefer trading on the market's objective numbers rather than subjective patterns such as triangles. They would seem tricky to backtest also.
ReplyDeleteDe'Trader, again it may add some valuable insight if you would post the chart with trades highlighted.
ReplyDeleteHi Gump,
ReplyDeleteDunno to highlight the trade like Oanda did. But I do my best. Anyway, grain market is on fire right now. Emini's dead, Oil chopped, Currency so-so.
Start trading grain today.
Backtesting is necessary. But changing environment esp. on grain seemed also change the habitual historical data. I think Emini have changing habit from 2008-2011.
Let me know ur opinion as Emini trader :)
Market ranges change, but as I would trade any market at any historical time the same way, by reading the tape, the trading remains the same.
ReplyDeleteI don't feel day trading is an intellectual pursuit. It is a performance endeavor.
Wow, I'm impressed u can trade the Emini. For me market ranges is very important. I kept searching the wide range instrument like currencies or commodities. That's said if I was wrong, there's better chance to coup the losses plus more. What's ur daily point objective trading the Emini?
ReplyDelete