Today was a good lesson.
My goal was to try not to just focus on the monetary gains, but also to try and fin-tune my entries, and focus on the risk I was exposing myself to. I am still finding a balance of determining when to stop trading when encountered losses. Also
- PROS
- First trade started well, using 2 contracts
- next was major loss and was a consideration to stop trading due to loss level. however, as part of trying not to dwell on past trades, I persisted.
- Roller coaster ride from there. Market essentially was hovering at an X-5 level and very choppy.
- One rule aimed for was to stop trading at session's noon-end
- Quandary came when recouped losses past $100+, in essence making over $500 to recoup
- Contract size was also dropped as made gains
- X-5 rules were essentially adhered to by price and eventually (after session) totally dropped off as anticipated.
- ended gain $155.00, 2 - 4 contracts, X5, Blueprint
- CONS
- getting too much tunnel-vision was an issue
- over-trading needs to be worked on, although recouped
- need consider contract sizes. NQ @ 4 still equal to ES @ 2.
- need consider decreasing risk percentage since losses were over $200 not obeying prove-it stop rules
- although was not very emotional, still need to work on stops
- entry executions seem fair considering loss in beginnings
- Once losses entered into, began trading on 1 min. scalping level until recouped
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