Thanks for stopping by my trading blog and reading my update for Monday February 29th, 2016. Today was Day 7 of my 150k Funded Trader Preparation with TopstepTrader. Crude oil was bullish in the overnight session and it looked to continue that into the pit open and beyond. My goal weans to take a couple trades, take some profit and get out of there, but as soon as I start to mentally think that way of course the opposite happens. I broke my trading plan, don’t go through my morning routine, write in my journal etc.
I’m in a bad habit of moving my profit targets lately, its something that I’m conscious of but continue to do. I didn’t let me strategy go to work for me is the best way to describe it, lost patience and started to scale up on contracts. An entire recipe for disaster. Not much else to say but poor trading + poor results in Crude Today.
Once again ES to the rescue! Its one of the reasons I choose 2 markets trade, 2 markets to learn inside and out for reasons like today. I needed to pull myself out the hole I dug in the morning and I needed a nice run in the (ES) Emini S&P 500 Futures market, and it did. Short at 1948.50 with an add on at 1946.75 and 1943.00 even. I held the trade for over an hour to 1935.25. An awesome 13 point run to the downside and a gift from the trading gods, I was happy to accept! If you are a trader you know it when I say a little luck sometimes goes a long way in the markets.
Trading is all about constantly working on your skills, constantly staying nimble being able to adapt to the market as it changes from day to day. If you think its like your day job where you show up get into your cubicle and then clock out, your in for a world of pain.
A positive overall day and one step closer to getting back into the funded account, only 3 more trading days left to stay in the rules and keep my total profit over $3000.00
I will continue to practice patience, discipline and sticking to my profit targets.
Thanks again for reading and its always a pleasure to talk trading with others so feel free to add me tto skype or shoot me an email.