Today Big Losses Again

I short the EUR, thought it might give me 10-20 pips. Short at 200 pips pips of the day. Well, lesson learned. EUR surged almost 300 pips today. If unlucky, another 100 pips to 1.3470 may occured. If that happened, I must closed the business for good. So, I still want to open the business, I bailed out.

What I learnt over and over again that statistical odd is not useful if there's no good Money Management. How many times EUR moved 280 pips in 1 day? Today's the example. Not only it broke every resistance, but also it never retraced back even for 40 pips!!

That said, I missed Grain in Play, Crude Oil (though doubtful since I may stopped out 5-6 times before making profit).

I will refill my account tomorrow. I have tendency not to trade well if I had depleted account, though I almost never trade full margin.

Licking my wound tomorrow onwards. I had speciality on massive winning streak day. It all changed after I changed my trading style, looking for home run. Almost all my home run busted before riped. Sometimes I still amazed how I can profit 23 consequtive days, with zillions of Stop Losses, still prevailed the green day. Of course the profit was small, around $200 per day. But I once had 23 days of $200. It's $4600!

I remembered day after day grinding the $$$. Quit after having a green day, Resume trading if not having profit yet. Feel awesome, happy. Feel very enlighted when finish early, pocketing some $$$. Just play around for the rest of the day. Repeat the process tomorrow. And it happened when I was not very knowledgeble. Taking profit very early (in my perspective now) cut losses small, trade like an idiot. Meaning no S/R, trendline, or other things. Just entering when there's triangle breakout, exit 15-20 pips, end of day. It worked. Of course there's some massive losses. Took around 1 week profit per losses. Still netting 1 or 2 weeks profit per month.

Today I wanted to change. I wanted to trade wider profit. Means more Stopped Out, Reducing Green Day. But I found out, the more red I made, the more my mentality depleted. Day Trading is not like become a smarter guy. It's just mental game. No matter how good the edge you have, if you can execute with fine manner, it's worthless.

Day Trading for me like an operator. No thinking when trading. See the setup, enter the trade. Worked, repeat the process. Failed, repeat the process. Over and over again. That's why new system or trading new instrument need time to smooth it. Executing the trade itself need skills. Execute Crude Oil different with Eminis. Also different with ZS.

So, I may have big losses on 2011. But no matter how bad, if I can survived and keep trading good. I may prevailed. Assuming this, one newbie and one trader with bad performance (like me). Newbie already learn theory and trading demo for a while. Both of them now trading real account, same amount, same setup. I bet the newbie will have a problem since he's never executing the real trades. While the already-trader will have no problem executing it. I used to have Stop Losses, I used to have big losses, I used to have good profit. I used to have operating error. All of it actually a worthed skill. So, tomorrow onwards, winning streak will come again. If not, then it's just delayed. Prepare to grateful with my result :)

Chopfest on Crude Oil

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.

Iron Clad Mentality

8 Stopped Out from Crude Oil. Almost worn me off. Loss $732 from crude already, and one trade wiped them all. I might loss -$732 if I stopped trading. But today, I am back with my old traditional trading style which once gave me 30% profit in one month.

EUR was sick, consolidation at no end. But like crude oil, it broke out and one single trade wiped out all losses.

ZS, no luck 1 losses, 1 par, made my day.

Summary:
I am sure my old method still had edge. But there're need of iron clad mentality to use it.

Working Too Soon, Exit Too Early

I tuoched ES, stopped out, then focus on Crude Oil. Thought it was a chopped day and actually trendy day. All tickers worked out great and I was left in dust. Patients, patients, patients, patients.

This week was a whole mess for me. My setup busted out, unfortunate error, crazy impulsive trade, Loosening Stop Loss, Swing trading Micro Lot, Averaging Down recklessly. All sins I made and not once worked out. When I got out too early, the moved were stellar. When I stayed in my trade, I got stopped out, all of them. When I decided to go on, market chopped like crazy. When I decided to leave, market trending amazingly. All things went bad. Yesterday when I entered soybean/wheat, it didn't move at all. Today I was slipped out 2 ticks at SL, kept me away. It is actually trending after a while. Worse, I neglected $500 max from Crude Oil, TWICE!!! First it's too fast after NFP, 2nd, I wanted more. Both of them just $100 each.

The only things I done right today was not trading the London Session.

Perceptions on me just got worse over time. Chopped out Crude Oil early days made me think today was a bad oil day. Thought ES would be bad again, stopped out twice before it moved, without me.

But actually today I was trading by planned. No single impulse trade, even once. So I just considered it not my day, not my week.

Lsoing 3 days in a row surely a pain. I wanna scream like, wtf am I doin? Workin and wasting money? Working should means make money. I worked so hard for this profesion. Once I developed an iron-will Stop Losses. I was more prone Cutting Losses than Profit Taking. Can't sleep last three days. Feels like worthless junk. Working for losing money. Three Years Trading and I can't even predict where the price moved. I just taking every single entry. First I would short, next trade I may go long.

Crude Oil for example. It's like all the world fighting against me. long, stopped...short, stopped again...short moved 50cents, stopped out 10 cents, profit stopped out twice, minus 40 cents..par, another 10 cent stopped. Moved 50 cent, stopped out at 10 cent profit. Every trade was valid trade. Then after I stopped after last stopped out, market moved.. and I wasn't in it.

ZS, long...stopped with 2 ticks slippage. Nomore trade, moved 10 cents more.

ES, short, stopped out 3 ticks...long, stopped out par. focused on CL, moved 8pts :(

Currency used to be my favorite, now..it's like scary beast to me. I may count at London Session stopped me out 4 times in a row!!! While the 5th entry only gave 20 ticks before it went back stoppe out on par. And it's 2 days like these.

BUt with all whinning and complaint today, I just sayin I still want to trade. Hell even if I had 100grand, I still want to trade. I just keep trading until my account can't afford to trade again. If, I was discipline, it took me 10 days max losses in a row until I exhaust my account. Today's not my max losses.

Also one thing I truly regret was, actually market moved very nice (except for ES and I can live with that).
Crude Oil, 4 out of 5 days and actually it told you no trade at the one bad day
Soybean, 4 out of 5 days and I just trade the one bad day
Wheat, same as soybean, or can say 5 out of 5
EUR, dunno..heavily news driven. Can chop all day and trending all day
GBP, confused
TF, 3 out of 5...still no interest

With all this ticker and I still got big losses. Even I still booked profit perfect on Christmas weeks. Actually with this kind of market, no way I can't ptofit. My subconscious mind always whispered me to impulsive trade. Like this afternoon I almost did it again. Almost....it's like I had split personality.

I was a counter-trend / fader blood. I never convenient entering market which isalready moved too far. Always afraid my SL easily breached.

But if First Week like MOnday repeat every single week for the rest of this year, no need a crazy market. I surely just trade Crude Oil and Booked $2500-$5000 per month per contract. No need other trades.

Next week will be I dunno...losing faith with currency and befriended again with Crude Oil. Oh, and one more things... I WILL DO WHATEVER POSSIBLE NOT ATTEMPTING TO PICKUP BOTTOM/TOP AGAIN, EVER AGAIN.

Mental Capital Maintained, Account Capital Reduce

I was trading like a brave soldier today. Well, greedy costs me $500 from Crude Oil. T predicted today will be stellar day from NFP. But even EUR were volatile and wild choppy. Then come ZS slipped me 2 ticks! Stopped trading ZS, though re-entry might gave back the losses.

Interesting from crude oil, I was stopped out heavily on start. Every signal either faked or chopped. I knew there's thin volume on Crude. Not my day. Of course I was aware about my thinning account. But what else can I do, just trading properly, no emotion like today. Crude Oil=less than 6000 contracts per 5 minute=Chopped. You can backtested it if you like.

Trading as discipline, no need to perform today, better luck next time and I'm sure I will. I came back with my old crude trading. Except today was chopped day.

Severely Damaged

I was losing grip this last 3 days. Made lot of mistakes, trading under pressure, you named it. Commodities trade were fine. Just pick up wrong choppy days. While Crude Oil was chicken trade. Surely it moved $1900 and I just picked net 11 cents !!!

I just losing confidence right now. Losing directions. Three years of trading experience was just wasted. I was nervous trading Crude Oil. No confidence in me, just got out 10 cents from clean slate. Then commodities, oh.... just missing one move and it will be okay. The wheat offered Breakeven also the ZS. At least I should booked $200 minimum with this two. And what am I thinking, entering the 7E Long????

Wheat was quite good, except I missed last entry. Soybean just moved 5 cents and stopped out (last trade).

7E was also damaged. I discreet trading. This month was very damaging. While Micro Lot 6E was exhausted my mental state.

It seemed the worst week of my life. I have lost more than this. But this felt sucked. :(

Probably the main reason I trade like this because of swing micro. If I had one losing position overnight, I can't trade right. The position no matter how small the size is kept distracting me. While after saw (not experienced) how many failed setup in EUR, I just losing more confidence. I kept thinking like, if I entered those, I would losed 40 ticks in an instant! Then I just not entering trades. Somehow today, the trade were stellar.

I just losing grip in my life. Afraid what life may come if I kept losing was killing me. Main thing I am so not consistent because I don't have system on Profit Taking. So I just relying in luck. Sometims too early, sometimes stopped out, rarely exact time. Tomorrow I had my PT system. It's Fib Extension. At least I had a system.

First Day = Feel The Water

Great Day Starting 2011:

ES moved 5.0 pts = Realized 0.75 pts

ZS moved 20 cents = Realized 1.5 cents

My PT early bad habit haunted me. But it's still a damn lot days to come.