In this post:
- Review of the day’s trading performance
- Areas for improvement
- Lessons Learned
- Action Plan
Trading Day – Thursday, April 30th, 2020
Trading Combine – Day 3 (Step 1)
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Today marks the third day of the combine. I did not trade on trade date Wednesday, April 29th. So don’t worry, you didn’t miss a post. Yesterday, the market was sideways for my entire trading window. There were no trades to be taken. I’m very happy for my trading today, it was back to normal.
Had I behaved myself, I would be up $2,000 for the week right now.
All my trades met entry and the markets did not have a choppy trend as they did the last time I traded. I was still reflecting on what happened on day 19 and that factored into my trading. Specifically, I wasn’t shy about taking profits and did not overtrade.
I traded GC and ES. CL provided an opportunity but I passed. The day was profitable by the time the CL opportunity develop. I didn’t want to open the door to overtrading. I was up against the start of my workday so that helped keep me from opening a position.
Overall, a solid trading day. It doesn’t feel that way though. I’m still beating myself up for getting greedy. Had I behaved myself, I would be up $2,000 for the week right now. Instead, I’ve captured 10% of that. Gotta move on, though, no other choice.
Trades for today:
|Symbol||Number of Trades||Average Risk Size||P&L|
This is how my profitability went per trade today:
It’s nice to see that second trade more than make up for the losses of the first.
GC was the first trade of the day. I’ve decided to sim trade GC in my personal account and not trade it in the combine. All trades have been losers. There’s only been 4 trades but that is still cause for concern. Mostly because they are consecutive losers. Volatitily in the GC market seems higher than usual. It is not trending neatly. Rather it seems to be sideways, then choppy, then it explodes.
I enter trades, per my rules, when price leaves the sideways activity. It then reverses, hits my stop, and then EXPLODES in my favor. That is what it did today. After it hit my stop, it imploded. Dropping over $2000, in point value, in less than 10 minutes! That does not lend itself to how I trade. The best price action is a smooth trend.
Not trading GC should not impact my profitability. Actually, it will help it in the short run because of all the losses. RTY will serve as a good subsitute. It is tightly correlated to ES which could be a problem. However, price action is everything. The quality of the trend may not be the same. Just like it was on day 19. One market may be tradeable while the other is not.
In light of this, I may consider trading the dow futures (YM). Options are not a bad thing. I want to ensure I have enough markets to make a responsible decision. All of this is more for my concern that CL will still not be tradeable by the time I earn a funded account. If this is the first time you read this and are confused – on day 18 I mentioned that TopStepTrader is prohibiting the trade of CL in funded accounts until further notice. That is due to the high volatility in the CL market and the fact that it recently went negative.
Price action is everything
- Took profits and remained engaged throughout the tradind day, despite still being affected by day 19
- Followed my trade rules
Areas for Improvement
- Get better at shaking off past trade performance. After being stopped out in GC, I felt fear in the ES trade.
- No significant lessons for the day.
- Develop a risk table for YM
- Incorporate YM into trading plan