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Monday, July 7, 2014

**Live** Day Trading /CL Futures - 7/7/14

Well, rats, I did it again. Bought a contract (when I should have shorted) and been stuck with it all day long. Puts a real hiccup in my giddyup.



Looks like I'll have to leave it open overnight and how I hate that. But unless something happens after 5 pm, this baby is l-o-s-i-n-g...and I'm not willing to sell it yet.

Looking into a new indicator that a reader suggested: TTM Squeeze indicator. John Carter's book "Mastering the Trade" is highly recommended, but it's too pricey for my budget. Have to see what develops.

8 comments:

  1. Regarding your overnight position, what makes you willing to stop out with a $70 loss earlier but unwilling to stop out at that point with this trade? My point being, in my trading I place a high value in the time I'm commuting to each position. I'd rather be mechanical and stop out real quick and take a small hit than wait for it to possibly swing back. My logic is I know I can get back in a trade and make back the loss quickly in the next trade or few trades. Same line if thinking, if I hold, I know I can't jump back in a trade and start getting profits again and I don't know ththe trade will go back in my favor.

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    1. This moved against me too fast. I wasn't on top of it when the market took the dive. I agree with you, but I've gotten out of the habit of sitting and staring at the
      screen, and gained confidence that my trades will stay in that range (in my case, the support/resistance lines of the volume profile) and it usually does. But I
      see now that it's getting away from me too frequently, so I can't be that confident. Sometimes I just wait to hear the "ding" and don't watch it at all for these
      baby trades. My bad. Sigh. But I agree with you. You're right, abso right.

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  2. I don't mind taking a loss. I mind getting stuck in a position, wasting time not trading not adding to my account size.

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    Replies
    1. I agree. I really do. Which is WHY I'm so annoyed with myself. Sigh.

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  3. Your doing good. Every lesson is worth the exact dollar amount you lose. Keep your head up.

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    Replies
    1. :-) That feels really good. Thanks. :-)

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  4. That's an excellent way to put it. This stuff makes doubt and negativity so easy to fall into. Super important to remind ourselves the positive value POTENTIAL that a losing trade posses. It's our job to realize that value and keep learning.

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  5. BAJ, using s Stop Loss order would prevent these type of losses.

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