Day 3 TST 50K Trading Combine

Thursday: October 15th, 2015

Day 3 TST 50K Trading Combine: Crude Oil Trading

Video Training Today: Van K. Tharp – Disciplined Trading

No OPENING Trade today in Crude Oil we went past 8:30AM CST. I could not find a trading signal that allowed me to safely enter into the trade today.

The Crude Oil Inventory Report is released today at 10AM CST today, because of the US Holiday on Monday (Columbus Day).

Charlie Brown kind of trading day for me … UGH!!!

Early trading discipline leads to 6 trades disaster after the CL Inventory Report Release. The first trade was a mistake (error) … this was no trade to go LONG as it never cleared the original buy point, if I would have allowed the 1-2-3 to properly setup on the trade.

MY CLPIT Method Trade was early and all the trades after that caused me way too much pain. There will be NO Trading on Friday. I wipe out my trading gains on the week by poor trading “trying” to get it back.

This NEVER EVER works out in the long run!!

I MUST come up with a way to stop overtrading. The KEY is in the VOLUME to taking or not taking on a trade. I must use volume to assist in my trading decisions so as not to overtrade. Right now, what I am doing is re-entering the trade way too early and accumulating too many losses because my blood is boiling trying to get the loss back.

If I can’t take a step back, then I must stop my trading activity. I allowed myself to lose 85 ticks on 6 trades today. I knew the market was going to move today … but since my timing is off on the “when’ I didn’t have any bullets left in the gun when it finally moved.

Once again, nothing good ever comes of overtrading … I must allow the market to bring me in with a volume spike before any further trades. If the CLPORT or CLPIT or any other trading decision comes up … I must have a reason VOLUME to get into the trade.

That’s all I have to say on this subject today …

When I want to talk more today … I will talk about what I saw as the low point on the trading day. This BBV HVS bar was the low of the trading day.

What I know is this … I MUST have a reason to enter a trade … and not re-enter immediately after a loser on the trade.

Losses accumulate too fast when you re-enter the trade and don’t allow the market to decide the entry. If the first point is not working, then I need another trading signal to re-enter the market again. This will keep me from overtrading and the side benefit I will not have a quick re-entry on the trade that more times than not simply creates another loss and then I double, and triple my loss on the trading day.


Good Trading and God Bless,

David M. Knight

P.S. Day 3 TST 50K Trading Combine Summary:


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.