TST Funded Trader Preparation Day 6
Hope everyone had a good weekend, today is day 6 of Funded Trader Preparation with TopstepTrader. Right from the get go and during the overnight session Crude Oil was bearish. Did not skip a beat from last week in its continuation down. The volatility is not only in the Crude Market but across the board in the indices markets ES, NQ, YM Etc.
Like I said in my previous blog post sometimes it can be hard to find and time the best possible entries. The momentum trading strategy has pretty clear defined entries but when these markets are moving quickly it can be difficult to get in and stay in. Thats why its ever so important especially in times like this to work with a strategy that gives you risk/reward in your favor on every single trade. It ensures that you can stay in the trading day by taking multiple losses and a few good winners to come out profitable.
I had trades in both the Crude and Emini S&P 500 today. I had lots of stop outs in both markets but one thing I did well is reduce risk quickly. I trade with a very small stop loss already and when you become familiar with price action and the markets you decide to trade in you know very quickly if the trade will work out or not. On first sign of failure I start to reduce risk immediately.
I believe I ended my day just under +40 ticks ($400) which is decent to start the week and get closer to my goal to complete the Funded Trader Prep and become a Funded Trader with TST.
Tomorrow we will be trading in the Live Trade Room with the students. Thanks for reading and if you have any questions on the Momentum Trading Strategy or Price Action Scalping Strategy please send me and email or add me to Skype.