Been going over my trades and given a lot of thoughts about the progress I'm making with the current way that I trade. The conclusion is that trading 1 contract just doesn't do it for me as far as practising scalping is concerned. I end up taking sloppy entries (which include scalping during the non-active hours and putting up with ridiculous slippage), holding my trades and losing sight of my exit plans.
I've paid very dearly for abandoning what had worked for me. The past 4 months have been a living hell and I'm just glad that after having blown away nearly half my account (trading just 1 contract!!), I still love to trade. I've been irresponsible with my money, and that's the only reason that I've lost it. Simply put, I have only myself to blame. The market's still the way it is - it didn't scare me before, and it shouldn't now.
My account at Infinity Futures has been funded but I'm not going to go live until I can start scalping the way I used to. So instead of continuing to practise using my LIVE IB account (where I'm restricted to trading 1 contract during pre-US session and 3 contracts during US session), I'm going to simulate trade on Infinity with 3 - 5 contracts/trade. My focus would be on "perfect" entries and I'll scratch if price doesn't immediately move in my direction. I won't hold any trades for more than a point. Instead, I'll look for re-entry in the same direction based on how and where (in relation to S & R) a candle has closed.
I'll most probably go back to trading the active US hours and give up the pre-US session altogether. Following the quieter hours tick by tick has been draining me of energy I desperately need to trade the active session. The earliest I'll go into the market would be at 8 - 9am N.Y. time from now on.
D will be glad. He's been out of clean shirts, socks, and basically everything else that he need to look the way he wants. I'll resume the routine of driving him to work (which actually makes me happy....coz driving makes me happy LOL!!), and picking him up daily, and running my errands in between (so D can rest over the weekend instead of having to run errands!).
Ok, I'm happier now.
I've paid very dearly for abandoning what had worked for me. The past 4 months have been a living hell and I'm just glad that after having blown away nearly half my account (trading just 1 contract!!), I still love to trade. I've been irresponsible with my money, and that's the only reason that I've lost it. Simply put, I have only myself to blame. The market's still the way it is - it didn't scare me before, and it shouldn't now.
My account at Infinity Futures has been funded but I'm not going to go live until I can start scalping the way I used to. So instead of continuing to practise using my LIVE IB account (where I'm restricted to trading 1 contract during pre-US session and 3 contracts during US session), I'm going to simulate trade on Infinity with 3 - 5 contracts/trade. My focus would be on "perfect" entries and I'll scratch if price doesn't immediately move in my direction. I won't hold any trades for more than a point. Instead, I'll look for re-entry in the same direction based on how and where (in relation to S & R) a candle has closed.
I'll most probably go back to trading the active US hours and give up the pre-US session altogether. Following the quieter hours tick by tick has been draining me of energy I desperately need to trade the active session. The earliest I'll go into the market would be at 8 - 9am N.Y. time from now on.
D will be glad. He's been out of clean shirts, socks, and basically everything else that he need to look the way he wants. I'll resume the routine of driving him to work (which actually makes me happy....coz driving makes me happy LOL!!), and picking him up daily, and running my errands in between (so D can rest over the weekend instead of having to run errands!).
Ok, I'm happier now.
11 comments:
For a moment, i thought you were quiting trading for good. THis new trading method could be the solution for you cause i notice you don't let your winner run. So, you will need to run as soon as the trade go against you.. and run FAST!
Hey jules, good on you with the decision to go back to your old routine - I think D will enjoy this outcome too :)
I wish you the best - and p.s your blog also helps me with my own scalping.
:)
Sage,
Quit? I'll think about that after I've put in 50k hours and still can't make it LOL!
You're right, I absolutely can't let profits run. I tried (all my 200 and 300 gains are evidences), but I guess it's really up to the market. When I wanted to let profits run the following week, it had quickly turned against me and bit me really hard! So I'm taking back control of my trade - unless price just keeps going and going, I'm pulling out as soon as I have SOMETHING before it becomes nothing, or worse, a loss. Yes, gotta RUN fast like lightning. Am going to need another mantra...there's this chinese saying that I just can't recall...something about bolting being the best strategy :-)
By the way, Sage, congrats on your 400 over win! Keep it up!
P.T.
Thanks for your note. You blogged too? A private diary? :-)
There is saying 'Those who fight and run away, live to fight another day'. Of unknow origin but it applies equally well for any culture.
Jules,
Glad that you see the path for yourself.
LT
i'm happier too!
more prata sessions!!
oh but that said, i swear you'll someday tiptoe home after dropping bil and stare at charts/screen, instead of running errands >_<
Cory,
If the saying's 5000 years old, it's gotta be Chinese! LOL!
LT,
I paid a lot for light! :-)
Sea,
Stop thinking about FOOD & SCHOOL!!
nutrition & education are the only essentials in life!
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