In this 2 days I lost -$547. It's not very big deal since I used to lost $2000 in one day. It's just I was so angry how fate playing on me. I am not brave enough trading Crude Oil since I chopped severely two weeks ago. I was vacuum on currency because I don't really trust myself these days. I am afraid being chopped in 9 hours non stop. My best bet was Soybean. Soybean had been very active on January and I expect same movement on February. Low and Behold, I was chopped quite nasty.
Okay, Monday... I suspect early volatility on ZS. So I put better price. And the price stormed out never looked back. Then I was chopped to pieces from 12.00 am-02.30 pm EST. If I just took the stormed price, things would be okay. Sigh.
Tuesday, I won't repeat same mistakes, I entered prematured signal afraid of missed the train. And what happened? ZS chopped around with wild swing eating my SL 6 times!!! THis time, I can even think how to breakeven from this pain. So I got out at quite good price (Of Course, not even half the losses were covered).
Good things happened on NQ, I was chopped too. But I can managed to breakeven or only slight losses. I think I will focus on NQ with a better entry of course.
I am tired of losing and losing. My mental state grew thins. I was afraid being chopped out by Crude Oil, I was afraid with now Chopped ZS. I can't trust myself on Currency. And no matter how hard I made profit, the profit will evaporate in such a quick time. Is trading were so hard or am I doing the wrong things?
I was discipined and why am I still losing? It's okay to lose when I was loosening, but this 2 days, I did my best and still nett in red. Faith playing with me, through Soybean. Now, it's dead move again. I have to find another great candidate for trading. Right now, NQ's okay. Small SL, decent swing.
If anyone can give me early warning, is it chopped or not then I will give half of my crude oil profit to him/her. Of course if it's worked :)
You are stressed, and I know you can do well but at this time, I think your frustration is triggered. You can try taking a break, go somewhere, refresh your mind, and start again. It might help. :)
ReplyDeleteGrains were very choppy today. Not a good way to start the month for me either.
ReplyDeleteSilver moves well.
ReplyDeleteAll of these markets behave differently....They have different personalities.....very few traders can trade all of them everyday...successfully.....and especially someone that does not have alot of experience...and has not been consistently profitable for several years..[just not going to happen]..Its my opinion...based on my own experience over the years......you need to find a market that somewhat fits your personality...and just focus on that.....learn EVERYTHING about how it "behaves"......it will take time....for sure....for me the "turning point" came when I focused purely on "price action"...[Al Brooks]....and focused on one market...."jumping around" 3-4-5 different markets everyday with some simplistic setup....is not going to cut it...[I know because years ago I tried the same thing..LOL] Once you focus on one market...and really learn its personality....and apply a solid setup to it....you can consistently get high win %'s...and when you finally become consistently profitable....you will find it easy to change markets if you wish. Just my opinion.....take it for what its worth ! Good luck to you !
ReplyDeleteTq FFXD,
ReplyDeleteIf I was stressed, I will trade recklessly IMO. But I considered ur advice.
Hi MBA,
Gladly (or sadly) we're on the same boat today
Cory,
Tq for the info :)
Steve,
ReplyDeleteThank you for your advice. Appreciate it very much. Focused on one market to gain high winning ratio is really good idea. But the problem is, what if I chose ES nowadays, can I have good profit racking 7 pts range everyday? I doubt it. I might profit but it will be very limited.
But one thing I believe: If I can identified when to trade crude oil and when is not, I don't need another market to trade. Seriously! What system can make consistent profit when Crude Oil moved 80+ cents wide while other day it made 3000+ cents wide? If Crude Oil can make 2000+ cents wide range every day, I will make profit every day. Guaranteed with my blood.
But it's not happening, one day I trade Crude Oil, it chopped until it closed. 4.5 hours sitting in agony. Then when I was not trading Crude, it moved heavenly easy and I wasn't there.
Thanks for coming Steve, you're right bout simplistic setup. But my simplistic setup can nail every market with dynamic move, failed in chopped tight market.
I have to second on Steve's words. I have tracked you for a month. I feel like that you probably will see the difference by just focus on 1 or 2 instruments.. If you trade es, you can trade more than 1 contract to get enough pts.
ReplyDeleteAnyway, staying focus is a key to success.
Tq Wahaa,
ReplyDeleteI agree about focus. But I can't focus trading instruments that intradays range like 6pts,8pts,15pts, back to 7pts like ES. I am fighting algo-robot there. Adding contracts to ES just plain riskier.
If you can give me link to ES trader site that average 20 pts ES per month, that's only 1 pts or 4 ticks per day, let me know. Less than that, it's too risky for me......got one?
Okay, enough about ES. I believe focus is important. But if something you focus betrayed you multiple times, while others out there partying with easy 10pts,20pts ES worth per day, how do you feel? Are you still loyal expecting your instruments will be stellar someday you never know when it come? And if that's happened, volatility expanded, I believe we must change our trading style again to adapt.
Sorry about my words. But I have been betrayed dozens of time. Now the only thing I seek is indicator of when good time to trade or not to trade. My method is good enough for dynamic market, but it's lame for choppy quiet market.
If I combined fading the market when choppy, and breakout when trending, I am afraid there'll be disaster when I fade the trends. My mental can't afford that. Been there, it's stupid. And how do u know when market chopped or trending anyway?