Second, I started on sim today after a fairly full night of charting and some trading in the currency markets. I really figured out a lot and cemented in the basic rule set that i'll be following. This morning I didn't even open up the charts because 1. I was way too tired to get up from all the trading that was going on until around 3 AM last night and 2. I decided to go get a haircut this morning and do my workout before lunch. So that left me with the afternoon and things went pretty much to plan. I took some really great trades in the NQ (all of which were winners) and I took a couple pars and a -1 tick loss in the ES.
Then I took another ES trade that did highlight something I needed to work on. I got short on a sell stop order and then the market consolidated again and gave another sell signal. It was at that point I needed to reset the stops via the new sell signal and reign them in. I didn't do that and the market reversed and hit me for a -2.25 point loss instead of the -1 point stop I should've gotten hit with. But its that kind of stuff that I needed to understand and evaluate in real time. And that's why I am simming this!
Overall though I was really really impressed. Nice crisp signals, much much less initial risk than before (some of the NQ trades were approaching 1 risk : 2 reward) and overall I thought a very good and profitable outcome. I ended up down in the ES due to my one screw up loss but bagged a solid 5 points in the NQ inside of an hour.
All in all its not perfect, its not finished, and i've got loads of work to due this weekend but I like what I see. I've decided that i'll be in sim until I bank 1K in profits. Hopefully I can do that by next Friday. That's the kind of opportunity I should be able to see to prove an edge worth betting on.
Have a great weekend!
2 comments:
Good job today. You'll get the demons worked out soon enough and then you'll be on your way. And if I can't get my shiziznit together soon I'll be joining you on the sim!
Nice work with tight stops today!
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