January 5th, 2016 -$1148
Thanks for stopping by and reading my blog post today. There wasn’t alot of news toady in the markets, going forward the rest of the week its jammed packed. I figured after yesterdays crazy moves it might be a little slow.
Right from the beginning today I was feeling confident in my trading, that’s what making over $3000 in your first live trading session with Topsteptrader will do to ya. I lost view of my goals today from the first trade I took. I had a great entry and went to my profit target and I moved it out of the way to look for more. GREED! From there I was just chasing the big move.
The goal of the day and for the next 10 days is to WIN THE DAY. That’s it, not worrying about how much I’m making etc. Its about staying within the “Funded trader rules” for the first ten days and I ignored it all. The market was pretty flat after the first hour of trading but that’s no excuse. I did it to myself period. I Started to overtrade to make up lost ground, added a bit of size and took some losses.
I did do one thing that I’m happy about, I was self aware in the moment. I realized It was not going my way, looked for a good opportunity and couldn’t find one and stopped trading for the day. Personally for me this is how I always have failed, continue to trade until losses become to large and the market conditions wont offer any opportunity to get it back. At the end of the day that is what its all about, discipline to stop trading when its not going your way and even discipline to stop trading when you have put away profits.
There is always another day around the corner and that’s the best part about this modern day GOLD MINE!
Lots of news tomorrow we have Crude Oil Inventory report, ADP Non farm employment, Trade balance, ISM-non manufacturing and the big one, FOMC meeting min. later in the trading session.
My plan for Oil inventories is to not take any trades before the report comes out, I have a certain setup I look for after reports and if it presents itself I will take it. It can result in a nice runner but it has to be perfect.
As for the FOMC report I have made some profits on it and also have been hurt pretty bad after its release. My plan will be the same, wait for the report, determine direction and take action if it presents itself.
Thanks for reading and make sure to come back tomorrow to see how I did, I have openings in the Mentorship Program. Feel free to contact me directly if you are interested in how I trade and how you can start your career.