Hope everyone and a nice long weekend and had some time to relax clear your mind and get ready for the markets!
Toda is Day 1 of my Funded Trader Preparation with TopstepTrader. Crude Oil was bullish overnight and by the time the pit session opened we were ranging and slowly making our way higher. A slow grind for the next couple hours had me taking a few to many trades. This can happen after a short week or holiday in the markets.
I was anticipating a large turn to the downside I kept trying to be ahead of it so I can take advantage. I got trapped a few like the rest of the players in the markets today and got stopped out. This is where my Risk/Reward comes in and takes over. I was down approximately 70 ticks (-$700) at this point and it gave me the chance to stay in the game and earn it all back.
That’s exactly what I did a great short at 42.30 and I held it for approx. 49 ticks down to 41.81. I made up the losses and ended up back in the black with about 50 ticks (+$500) after commissions.
It is a good start to the Funded Trader Preparation, feel free to click the underlined link and you can read all about TopstepTrader and the rules, profit targets I must meet to get funded.
I was interviewd and asked questions by the Globe and Mail News Paper. We talked about Day Trading in Canada, its difficulties and the vast markets we can trade. Click HERE to have a read.
Tomorrow is Tuesday December 1st and we are in the Live Trade Room with the students!