Committing Day Trading Suicide

Committing Day Trading Suicide

Committing Day Trading Suicide

Allowing Bad Day Trading IS Most Like Climbing a Tree … the limbs are weakest at the TOP!

See below the charts for my comments on the trading day today … I am still in disbelief that I have to reset once again.

Will the pain of me getting in front of my day trading ever stop?

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Futures Crude Oil Day Trading Charts:

Committing Day Trading Suicide

Here is what I wrote in my trading journal today …

Two contract trading is not the answer against the $500 Max Daily Loss (MDL) at TST. The double edge sword it creates makes it very easy to max out and lose the combine trading 2 contracts.

I MUST only trade 1 contract – more than 90% of the time at TST.

I am not perfect. If my 1st entry does not work out, then I need to reevaluate my next trading entry more clearly. I was at one point only down – 11 ticks then it went haywire … and after 3 trades only down 16 ticks.

The problem came in on the LONG SIDE – I should have never went long early today. There was NO sign to go long until much later in the trading session.

In fact, if I would have sticked to my guns today, then I should have only had two entries on the trading session. By this I mean, if I would have forced the market to either take me out at my stop loss or go to 1P before moving to breakeven, then this would have been a winning trading session today.

So …

The moral of the story is basically trying to make the market do something in my mind that my trading entry says NO to … if I follow this kind of trading wisdom … the only thing I am accomplishing is allowing myself more trade entries than I should.

In fact, the source of my recent trading blunders can all be attributed to trying to make the crude oil futures market do more than I should make it.

By this I mean … I am allowing my emotions to get in the way by trading size … when if I would simply follow my trade 1 contract scenario … then I would be back in the funded account here at TST.

So …

Stop being stupid and doing stupid trading!

 

Good Trading,

David M. Knight
TradeCraze

P.S. Follow A Trading Plan!

 

 

About The Author

David M. Knight

I am a 30 Year Futures and Commodities Trading Veteran. In addition, I enjoy games of skill and chance like: poker, craps, blackjack and roulette. During my professional career, I have developed and implemented successful trading strategies and methods; along with winning systems in games of skill and chance. Join with me on our mutual journey together.