I had a poor performance today trading around news. If you have read my blog in the past you know Crude Oil Inventories day is not my best days trading, it usually defeats me and was no different today. I’ve talked about completely eliminating trading on Wednesday’s the only problem is I hate getting defeated by these days. It makes me want to learn from my mistakes, try again and beat it.
I kept fighting the market looking to take a short at its highs, completely out of my trade plan. I had a bias on the market and when you do that it will never work out. Its a shame because there were a lot of quality trade setups produced by my strategy, its my own fault if I don’t take them!
The funded department has us flat on all trades during any type of major news events such as Inventories and FOMC. After inventories you can start trading right away but not FOMC News. We were flat for about an hour and by then crude had already closed, that doesn’t matter because the good volatility was gone and I wouldn’t of had the chance to make it up. I do agree with what they do, they are only saving us from total destruction of our accounts. A lot of traders on the team did poorly today, any type of news can really shake up the markets and the best defence of that is staying away.
The entire funded team is in a chat room together and its great to see how many other people are also trading. Its interesting to see who struggles and who does well, when there are big days or news it seems that everyone is profiting or days like today where most people are not trading well.
Tomorrow is another day, time to review, document and move forward.