1: daily is d 3hourly d hourly d 15minute d 5 d, it's not often to see all timeframe down, time to buy?
2: News to come is: 7:00 Home sale.
3: What's the main event just happened that move the market? and is it trendy? JPY is the focus today, EUR/USD is just sliding with it, not the focus of overnight, but it will be in US session. JPY pair tanked overnight and stock future down 13. 1.2615 seems to be the cap for eur/usd, after it, long will have a better chance.
4: What do you think the market will do today? ddd
5: Were you right about the market? (After the trading session)
6: What's the trade? Is it related to the previous loser or winner?
Do you take half at 1R?
short the pop.
Is it follow the rules?
How many pips it risk?
6: What's the trade? I
s it related to the previous loser or winner?
Do you take half at 1R?
Is it follow the rules?
How many pips it risk?20
what's the daily limit and daily risk now? 60/20/3
I traded poorly, as I TILT.
Here is the link about TILT.
I so lucky to be ONLY down 50 pips today, there was a -300 pips at a moment.
Actually this morning's movement wasn't surprise, we have some bullish sign already as it went from 1.2596 level to 1.2625 level before US stock market open, and then when it opens, when never ES drop 1 or 2 points, EU hardly moved down, when ES goes up, EU goes together.
I had a short position average at 1.2626 with 3x size before the housing news, lucky I closed it as I thought the wide spread will take me out during the news.
Right after the news, it spiked little and then drop to 1.2615, I was like WTF.... let's short when it pop, sure it pop to 1.2630 where it was the high before news, I was stopped out there, then I shorted 50 60 70 90 and 100. I will in TILT mood fully until I shorted at average 1.2702 with 11x size. I closed all of them at 1.2670 and dare not to look at chart anymore. I was still down 50 pips for today, but it could be -20% of the account at worst case. And now it's only -1.5%.. Lucky me.
There is a key moment when it break 30, I was asking myself if I would like to flip my position, I don't have an answer yet because it went too fast to pass my stop. Then I said screw it let's go all IN. That's the early sign of TILT...
I'm just trying to record the signs and pattens of TILT so that I can avoid it early on, I won't be that luck next time. But if I can limit my lost to -5%, it would be better than -20%.
Another note is, I bot some IWM and it's about 1% in profit now, I'm not feeling pressure on my capital anyway, it's only the TILT need to be addressed.
I actually realized this way early, as you can see the previous couple days, I was reducing my size already. I break my entry to 1/3 or 1/2 but I think what's missing is what if I got stopped out, what's the reason behind the trade and if it's still valid after the stop.
Today's upside squeeze has news behind it, US housing was horrible then there will be more action from FED and then the USD bulls will get killed.
Anyway, a reason for the trade, and revist the reason is needed.
Last note, I was joking early this morning about "1.2615 seems to be the cap for eur/usd, after it, long will have a better chance." .... that's when I have done my homework and I have clear eyes with no TILT mood.
What is Algobox
2 years ago
I guess our main job in trading is to stay away from going bankrupt from our own hand. That sword is always around our neck. There isn't any other job really, because experience takes care of trading.
ReplyDeleteHey man, we trade similarly, sometimes taking the exact same trades. I kinda had a mental breakdown today, too. I kept trying to short, going against the obvious freight train. After several (many) losers I quit for the day, and then there was a great setup that would have given a good win if I had been more patient. Days like today are my biggest weakness. Like you, I'm trying to get better at detecting trouble situations and times that I'm on tilt. Having better discipline would have prevented us from taking the wrong entries in the first place. At least I've learned to limit my daily loss to 1%, so I live to trade another day.
ReplyDelete@FX: Thanks for commenting and yes, if we can stay away from going bankrupt, we will make tons of money. And welcome back from vacation.
ReplyDelete@MarK: 1% a day is kind of small for me and I'm easily by pass that then I stop at 2 to 3% (if I could stop). If we are trying the same timeframe, we can IM during the session, that helps to give some 2nd thought on the trade. I use to do this with Alex, but he seems disappeared.