Dow 2007

Stopped out for BE, looks like I shouldn't have moved that stop in so close so fast, but we were near support and it bounced off 14000.
 
I might reenter that position fi I can get the price again, but I still think this is going down. I shouldn't have moved to BE, but I was quite risk adverse today. Nevertheless, the usual plan is BE at +20 on these position trades - I simply tightened that today since we are near a key support level and an upside breakout to 14050 could have been quite violent. I was stopped out 1 off the top tick of this bar though, which is breaking down again.
 
Short again from 13996, same target, stop at my old entry of 14020. (way to screw up my risk / reward!!!)
 
Very annoyed at myself. The breakeven cover and reentry on a poor price cost me 24 pips. This will still be a winning trade if it hits 950, and I still have 2:1 risk reward on the subsequent reentry, but still I will be having a chat with myself about executions over the weekend!
 
+24, so stop moved to +4 on that short. Not to make the same mistake again, but this is coming off hard, and if it comes up to my stoploss then I am wrong being short.

13975 now - only 25 points to go until target.
 
@ Lurkerluker

I just read a post of yours that says "I shouldn't have moved to BE, but I was quite risk adverse today." You were quite risk adverse today?! What kind of mental state or emotional state you are in should at no time interfer with your decision making process.
The reason you are unable to trade without emotion is that you haven't planned out the day in advance. Instead you are trying to understand and trade the market while it's open and you'll keep going around in circles unless you give up trying to do that.

You need to have a plan. You need to know "if the market does this, then I will do that".

My suggestion is that you state in advance what it is you are going to do and when.
Doesn't matter which system we are talking about. For example: "short on MACD crossover + RSI...etc". stop & target at xxx points or defined my any other indicator or technical reason but always defined before the market opens.

If you keep adjusting your stop & target whilst in a trade, you'll always be complaining about either getting stopped out too early or missing out on profits.
 
firewalker99 said:
I just read a post of yours that says "I shouldn't have moved to BE, but I was quite risk adverse today." You were quite risk adverse today?! What kind of mental state or emotional state you are in should at no time interfer with your decision making process.
The reason you are unable to trade without emotion is that you haven't planned out the day in advance. Instead you are trying to understand and trade the market while it's open and you'll keep going around in circles unless you give up trying to do that.

You need to have a plan. You need to know "if the market does this, then I will do that".

My suggestion is that you state in advance what it is you are going to do and when.
Doesn't matter which system we are talking about. For example: "short on MACD crossover + RSI...etc". stop & target at xxx points or defined my any other indicator or technical reason but always defined before the market opens.

If you keep adjusting your stop & target whilst in a trade, you'll always be complaining about either getting stopped out too early or missing out on profits.
Click to expand...

As usual you are right firewalker. I think there are a few key things to take note of here. I made a mistake, however when I saw it was a mistake, I wanted to enter short again as the system was still telling me to be short. I weighed the risk reward, which was still above 2:1, and I took the trade. I re-entered it at a price 24 points worse than my initial entry, but I've moved the stop on that to +6 and still believe my target will be hit. So I've paid 2 commissions instead of 1, and lost out on 24 pips of the move, however I am still short, I got the re-entry, and I understand the mistake I made and why I made it.

So far:

paper short from 14026, took profits at 13986 for +40 (thanks firewalker!)

short from 14020, mistakenly covered at breakeven
short again from 13996, target still 13950, stoploss at 13990. (short is wrong at that level).

Bad trading, but I've tried to recover from my mistake the best way I know how. Compassion and mercy please guys. (I can't get that from the market, but I might get it here!)
 
firewalker99 said:
exit second part at 13960 = +66 for today added to the +40 = +106
Click to expand...

Well done firewalker! A good trade well executed.

My paper trading stats so far

Trades: 5
Wins: 1
Losses: 4
Average Win: 40
Average Loss: 20
Win %: 20 (this will be higher when I tweak the system)
Net P&L: - 40 (1 win away from BE!)

The market is at 957 now, meaning I am offered 959. I need another 9 points to exit.

Stop now moved to +16 as the market has moved another 20 points in my favour. Also, shorts are wrong at 13980 (above minor swing high).
 
lurkerlurker said:
Bad trading, but I've tried to recover from my mistake the best way I know how. Compassion and mercy please guys. (I can't get that from the market, but I might get it here!)
Click to expand...

I know you were, but the best way to recover from a mistake... is not a put on another trade but wait for the next best setup. Yes it's hard not to take that revenge trade. I am very aware of it because I've struggled with it a lot in the past. So what I do now after a losing trade is walk away from the screen usually for a short period of time or do something else. I hardly ever have another setup so soon after one, so I know that if I were to stay at the screen I'd be tempted to put on another trade or scalp some back.
 
firewalker99 said:
I know you were, but the best way to recover from a mistake... is not a put on another trade but wait for the next best setup. Yes it's hard not to take that revenge trade. I am very aware of it because I've struggled with it a lot in the past. So what I do now after a losing trade is walk away from the screen usually for a short period of time or do something else. I hardly ever have another setup so soon after one, so I know that if I were to stay at the screen I'd be tempted to put on another trade or scalp some back.
Click to expand...

Okay, but this wasn't a revenge trade. It was taking an entry in the direction of my signal which still had in its own right a > 2:1 reward to risk ratio. Also, it didn't follow a losing trade. I see strength in this market now, and I think a test of 950 is increasingly unlikely. The market is still within the provisional downtrend line I have drawn on a lower timeframe, and I will hold until stopped out or take the profit target.
 
firewalker99 said:
that didn't take long so -10
leaves 96 pts for today... I'm off already have family dinner to attend to

have a good weekend everybody
Click to expand...

Well, I've had my +46 for today, so that is me for the weekend.

Have a good weekend all.

Firewalker, thanks for the advice, and sorry for falling short again. I hope my re-entry and profit acquits me to some extent.

Atilla - I used your system again today, it gave me +70, and I took +46 from that through my own error. Thanks also for the PM - have a good weekend.
 
don't you just love nice easy days like this lol? i shorted YM 14041. spmib has given me 700pts in one trade lol. Today in total out of two markets i've had two trades and i've netted around 730pts so far. Like i said, nice easy day
 
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