Yes, by jove 1 Tick does make a difference!

Hello Traders,

mondayblueMONDAY BLUES GOT ME ALL SCREWED UP AS USUAL … I am coming to the opinion that Monday is not a very good day to trade for a trend … perhaps should NOT trade this day??

4 Losses in a ROW today took me out of the market … I hit my surpassed my Daily Loss Limit on the trading day today. I took 4 losses in a row and surpassed my daily loss limit of $1,000 by 1 tick today at $1,010 and failed the practice combine at TST. Now I will see if I hit my max trailing drawdown before I reach the $3K target then reset my practice sim account with TST.

PISS on a FIRE!!

Looking over the trading morning the downward move today got me thinking … and not trading what I see. I tried to catch it in the middle and got chopped up on the trading day. I hit my daily max daily loss limit by 1 tick today. This would be a failed combine!!

Discipline … Discipline … Discipline!!

I did not have the trading discipline to enter the trade. I was caught in the middle … when I reached 2 losses … I said one more … when I reached 3 losses I said one more knowing that if I lost again I might exceed the daily loss limit. So I only have myself to blame for the failed practice combine.

Now I suppose I need to find out which one I will hit first now. The $3K profit target are the Max Drawdown on this practice combine before I reset it again.

This was the morning setup which looked good for either a retracement back to the settlement price or a downward move through the S1 support level. Neither happened when I was trading. I took my trading losses from 8:07AM CST to 8:23AM CST.

That downward stop running red volume line got me to think something big was going to happen … well it didn’t and I was caught in the middle without a paddle just wallowing around and out of sync today.

So it took me less than 20 minutes to lose what took me a week to build last week. This cannot continue to be the way I trade. I think my major trading losses have come on a Monday so far since I restarted my trading. This is not turning out to be a good trend day to get involved in the morning trading.

The downward move between the open range had me thinking the market was going to do something. So I tried to catch it the best I could … but my best is not good enough on a market that is not going to trend or at least run some targets to get you back in the game.

 

God Bless and Good Trading,

David AKA Tiger

P.S. Friday was rollday and I didn’t trade this day … I am going to make a new trading rule today. The day after Friday roll being the Monday is a non trading day for me. This will give me a 4 day weekend not to trade once a month.

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.