Good day profit-wise, abuut 17 points (850).. but again I have been taking so much heat lately that I have lost every strand of hair on my balls. You can see how much heat I took today and what it must've felt like. The only way to not feel the heat is to know that the move will surely move in you direction but futures is very volatile and sometimes doesn't make sense at all. So I usualy end up standing on toes even if I know it's eventually going to go in my direction..7 points is huge amount of heat. Do you guys know of any methods or tricks that would allow me to enter after a breakout has established.. when I try doing it myself I get caught in the false breakout which costs money.
2 comments:
why are you allowing yourself to take so much heat? you will blowup your account this way. I hate to be repetitious but, again you were trying to short into an uptrend. Sure the move FINALLY went your way, but wouldn't it have been much easier to just buy on the first up bar after the retrace and have a defined stop below the previous bars' low than to take that much heat. Sure, you never know when a trend will reverse, but you don't know when a new trend will emerge either. Why not take the trade with the least amount of risk? Just a thought.
Actually, on this trade, I kinda had the idea that the upwards trend was coming to an end but I wasn't being patient and jumped in too early without seeing all the signals confirming the move.. which resulted in huge amounts of heat. Had I looked for each and every signal and compared to the rest of the market I would've had a much better idea but in haste I put the order through. You are right though that I could've bought after the retrace but that didn't seem calculated enough to produce long-running profit. That would've almost been a scalp move.. get in, get out.. I like moves where market changes its direction altogether because on losing days you can limit your losses and on winning days let the market run. Though this week had been tough I was able to make good money because I let my winners run.
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