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FTP Day 8: Funded Trader Preparation Taking Losses is Part of the Trading Game

Friday: September 11th, 2015 Patriot Day

FTP Day 8: Funded Trader Preparation

Crude Oil Trading

At the CL Open Outcry today, we are trading between PP and S1 for the Opening Range Trade. Today is also Patriot Day … remembering 911 in America. The attacks on the World Trade Centers, Pentagon and the plane crash in Shanksville, PA.

Where were you on 911? I was listening to Howard Stern on the radio and I thought him saying that a plane crashed into the WTC Towers is even low for him to say … You have to remember he was the shock jock of the time and very controversial. People, including myself, tuned in daily to see what he would say next.

On this day, America went into a state of shock. I remember just sitting glued in front of the TV for at least 18 hours of the day and couldn’t move from it.

“Problems are the cutting edge that distinguishes between success and failure. Problems … create our courage and wisdom.” – M. Scott Peck

Crude Oil Market at the Outcry Open:

We have an opening RBV over 700 so this allows us to bracket the market for the CLPORT Method trade. I am still waiting for the market to form a 2 point and 3 point off the highway.

CLPORT Method Trade #1 Long 4471 at 8:25AM CST.

Trade #1 Hit Stop Loss 4455 at 8:30AM CST minus 16 ticks.

After taking an opening trading loss on Crude Oil, I am looking for a tiebreaker in volume of at least 700 or greater to get me interested in taking a trade again.

It is already after 8:30AM CST … so all we need is the volume bar to print and then start our bracket count.

In hindsight, I made an error in the CLPORT Method Trade today … it should have bee to go Long at 4456:

Nobody is 100% Perfect as a trader … it is what you do after a mental mistake that separates the winners from the losers, in my humble opinion.

We finally have some action in the Crude Oil Market coming in at 9:29AM CST, as some BUY STOPS were gunned and runned!

Went short as close as I could to 4440 this morning for Trade #2. I am in short 4438 at 9:36AM CST. Let’s see what shakes and bakes here … if this trade is a loss it will be my last one of the day.

By the way, from the CL Open at 4571 today, we are currently trading at 4P down from the open. I am targeting a 7P move on this short trade to exit around 4332.

On our Short Trade Entry, we have two confirming HVS Trend 1000 Bars letting us know we are in the right way on the trade. We are looking for the 7P target to be gunned and runned on this trade.

Well it sure looked good and then the manipulation took over and the market quickly ascended off the bottom … overall lost 37 ticks on 3 trades today. I am too close to trade against Daily Max Loss now so I will protect my ammo and wait for Monday.

Needless to say, I am not in sync with the Crude Oil Market today so best to step aside and wait for another day. There is no real good reason to continue to trade with 3 trading losses in a row and minus 37 ticks overall on the trading day.

I have already successfully completed the FTP … all I need now is one criteria completed the 10 days of trading.

This completes my trading session for Day 8 of the FTP with TopStepTrader.


Good Trading and God Bless,

David M. Knight

P.S. TST FTP Trading Account 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.