Today was a total disaster. Starting with small profit plan ended up with huge massive losses. It all started I got $199 profit from EUR. I wanted to make it $200++ so I thought Crude Oil was gonna fine. So I took discipline trade, I even get the limit order to fill on better price. I even place limit order for 2 cents profit.
What could go wrong?
Everything, first...if I just took the standard place, I would easily booked the profit in milliseconds.
Second price came up without even touch my 2 cents objective, besides, eating my 10 cents Stop Losses. This is where the disaster happened. Slipped out, Double filled, etc. Made matter worse, the Crude Oil goin nowhere. So I ended up stopped out dozens of time. It all happened because of the 2 goddamned cents!!
I still can limit my losses. If I just let loosed the Stop Loss, then I might fear it happened like Thursday 290 pips EUR day. BUt the I used my Stop Losses it kept went back and forth all day long. And I also had a bias.
I feared I was on the edge of giving up. It took me 5-10 days minimum to cover from this losses. Not mentioned I will make other losses.
I can't trade like this. I felt like sabotaged myself to oblivion.
My last call should reduced my losses significantly. But I was stopped out at the exact tick.
On London Session I was so disciplined, profit taking early, planned to stop after $200. I just having $199, and all wan to have was the $1, make it $200. It became nightmare.
Crude Oil was a beast of choppy and slippage. I didn't know what devil told me to trade it today. I kept avoiding it like plague. I just wanted the 2 cents and it crushed me to pieces.
Get back to plan, I will scalp currency until my max daily losses reached. Which is -$1000. My target objective would be $200. No Crude Oil, No Grains, Just Currency. mainly 6E,6A, and 6B. No more dream of $1000 profit per day. Be realistic. $200 is enough for me. This is my last day trading Crude Oil, and temporary disable grains. From now onwards, I only trade Currencies. Time to change perspective. I losed almost 30% this 3 weeks only.
I think I never meant having a homerun. Getting $1000 per day was just like a dream. It's too hard. I can count it after 3 years of trading, I only had those days like 6 days. And I think I nver meant to be a trader. Tired of this game. THe only things I can consistently disciplined was taking losses, others are just a blew out.
I had this system, scalping system. It's still using wedges with faster tick charts. Now I will trade like robot, taking every valid signal. The only subjective things will be Profit Taking. Let's see what next week gives :)
you did well but if you still feel like you are missing some ingredients to take it up a notch. you can install paltalk from paltalk.com (tip: after installation add *.paltalk.com to IE's restricted site to prevent paltalk popup). Then search for 'price action trading' room. We have about 70 people and about 3 to 4 HF callers (high frequency). Just hang out, pick the caller's style you want to follow, no need to contribute, no need to talk and it is always free.
ReplyDeleteTq for visiting cory,
ReplyDeleteI just don't know what u mean bout platalk, is it like forum or something?
we have an online trading room for traders or want to be traders hang out. we have been on line continuously for many years and attract some of the best scalpers to our room. Our only rule is dont ask callers when they are in trade and dont chat too much during slow time as everybody is busy trying to make some money. What is purpose of the room? just a place to hang and maybe learning something new when you are there.
ReplyDeleteopps forgot to answer the question, no its not a forum its just an online chat room that is open during market hours, no voice mostly just a short tying message
ReplyDeleteIt's good things. I will visit it, Tq again for the info :)
ReplyDelete