This is the result of let your profit run. Long position of E-mini Nasdaq was established above 9am (chicago time) candle. After closed Dow Mini position prematurely, I have decided to let E-mini Nasdaq position run. Indeed, it was a good decision. Trade closed with nice 3-R gain. I was just too tired at this point of time (mind you , it was 3am in Singapore Zzzzz).
Finally, I am turning black for this week.
This is 30-min chart of E-mini Nasdaq
It was another bullish day, and it was indeed a repeat of tuesday’s session. S&P, Dow Mini as well as Nasdaq were having nice dummy set up. Long position of Dow mini was established above 9am(chicago time) candle. It was a very slow trade. Position was closed at 11309, and I have left E-mini Nasdaq position to run instead.That was a wrong exit of Dow. It continued to move up after that. My problem is on Exit a trade (in profit taking way).
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Here is part of the conversation with my trading buddy Vincent when discussing my problem. I have found it very useful.
do your planning in off hour trading not during trading -” plan the trade and then trade the plan”- if you can’t then you need to do one of 2 things or both – paper trade to give you more confidence so you really believe and therefore will stick to it or work on your discipline by using imagery of how you will trade in all situations or WRITE DOWN your stop and then ask yourself how do I answer to this if I override my stop and if I am wrong in overriding my stop
One trade close with 0.49R gain.
The worst mistake a trader can make is the mistake that producing profitable results. Yesterday?s trading was the worst session since I?ve started day trading. It was the worst performance, though no financial damage. I did not have huge loss, instead I ended the day in black.
Few mistakes were made yesterday. E-mini S&P trade, I was merely impatient to jump into the trade. I had an unknown agenda to trade.
The second mistake I made was assuming I knew what the market was going to do. I chickened out because of my assumption. Was I affected by the Monday market? I guess so. And I thought the coming CPI reports would limit the upside of stock indices. Instead of facing the fact which were presented in front of me, I made trading decision based on my ?understanding? of market behavior, and my ?anticipation? of coming event.
The fact was simple and obvious. There was no change of intraday trend, both Nasdaq and Dow were just taking a breath before continued moving up. Yes, I might be right, upside might be limited, but the best approach for me should be following my planned trailing strategy and let the market stop me out, instead of closing the position prematurely based on gut feeling. Follow the rules, let the winners run, stupid.
It is important but tough to just stick to the rules each and every time, stop anticipating or worse, ?expecting? the upcoming event.
John Carter mentioned in his new book ?Mastering the trade?:
Once I was able to follow my setups consistently, exactly the same way each and every time, I was able to make the transition to trading full time. A large part of my transition was mental and developing what I call a ?professional state of mind?
Maybe I should consider Ugly?s method by tatooing my trading rules on my fingers.
Thanks Jay from bannronn.com for notifying me about the inconsistency of my site URL. I have since made the change.There should not be any problem for reader to access my blog.
However, for those who are kind enough to add me into their blogroll , please do me a favour by changing my URL from https://tradergav.com to https://tradergav.com
There are a lot more for me to learn, not only in trading…blogging as well…
This is the last trade of the day. Long position of E-mini Nasdaq was established above 9am(chicago time) reversal down candle. Trailing stop was moved to break even after 1-R gain. Subseqently, I did not wait for 2-R gain and decided to closed the trade with 1-R profit with the same consideration as Dow mini trade. (Discipline problem again!?!)
Though I manage to close the day in black, I am not happy with my performance in term of trade execution. I was a little bit emotional after the E-mini S&P loss.
Long position of Dow Mini was established above the 9:00am (chicago time)reversal down candle. I decided to closed the trade at break even point as I do not like to see a doji immediately after the initial entry candle.
Secondly, given the consideration of Core CPI report which is due tomorrow, it might limit the upside of today’s rally.
One trade closed with 0-R gain. I think my broker will be the only person who is pleased with this kinda performance.
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