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trading week 12 went quite well with no significant events. Just missed profit on Tuesday due to entry slippage Next time in the event of a more significant slippage I rather adjust my PT accordingly
Monday missed signals sent weekly result to break-even (profit gap 200). Also bit aggressive trade on Wednesday considering that obvious swing in premarket hours
P/L +17
Equity so far attached (average values do not include BE trades)
Mon- Ok
Tue- Ok
Wed- Ok
Tue- wrong chart setting (range 6) because of testing previous day. Did not check at pre-open + aggressive trade considering market structure
Fri- no trades
another break-even week on YM due to some execution 'errors'
Mon - Ok
Tue - bit early, could have waited, but OK
Wed - could not connect to CQG, conn went on just before OPEN, entered long too early while did NOT have valid signal confirmed ... when I wanted to scratch it immediately, CQG disconnected again - SL
Thu - OK
Fri - first trade BE then not 'valid' signal long - SL
I realized that I too much focus on results so I too much 'try' to make new equity highs which is in combination with such a low time-frame quite counter-productive. This reminds me something from Jack Schwager's Market Wizards:
"In trading, just as in archery, whenever there is effort, force, straining, struggling, or trying, it's wrong."
Finished week no. 16 on Wed B/E, Mon - P, Tue - L, Wed - L. I consider this to be a last trade on YM. Next week switching to CL with bigger account and higher timeframe but the same system :-)
Since I started with 1k account and managed to build up 1.7k I consider this to be a success but realized that I tried to play almost the hardest way possible on such a low timeframe which is not good if you lack some important skills :-)
Time to continue my log. Despite some struggling trading CL and YM using range 6 causing not nice drawdown I am back to YM range 4 which seem to fit me best so far. So believe it or not I am starting like nothing happened since 8th Dec 2014
Few upgrades to my approach:
shortened trading session to 830 to 900 since most of the action is happening in the first half usually
got rid of higher timeframes (only daily chart left on my screen to see overall market mood - just to stare at it and learn; no trading decisions based on that)
modified BE + 1 to BE + 2 (does not affect results negatively)
What I am still struggling with and need to improve during next sessions:
fear of letting market go without me if there is a poor signal - impatience. From a long term perspective, patience makes a lot of $$$ while impatience takes ...
adrenaline rush which I believe negatively impacts my decision making process (cannot fully replicate mindset of SIM trading yet ) Trading and the Adrenaline Rush
occasionally taking trade that is not a valid signal
What I have learned so far:
Trading is all about your fears that needs to be solved and ego that needs to go on vacation
Very simple approach can work very well
Consistency in taking signals (how you perceive them) and managing risk is the key to success. Anytime you deviate, the market will remind you
Focusing on goals and results instead of focusing on the process and 'present moment' can be counter-productive (at least for me)
Knowing somebody who is already successful helps very much
Breaking MM rules has always a negative impact. No need to test it again
If you truly believe something it becomes reality
I will now focus mainly on watching 'what I feel' during session and try to make notes. Maybe it will help to get deeper and solve some causes of it. Will update log daily if possible.
Mon - the second trade was really a poor trade. Not valid signal since obvious range is occurring (no swinging down). Ignored the context and got slapped
Tue - ok
... let it run
Next time in the event of a more significant slippage I rather adjust my PT accordingly
