22nd January – S&P emini trading – the inevitable happened

Back to it today.. the stock markets around the world tanked yesterday and then the US market was momentarily saved by the Bank Holiday and then the cutting of interest rates by the Federal Reserve.

I had a lifeline today… my TM (trading mentor for those who are not in the loop) seems to like me despite my losing days and left me on the live account.

The market was extremely volatile today, we’re seeing 10 or more prices bobbling up and down all over the place which makes things difficult, particularly if I am looking to have stops around 10 prices max.

Anyway, I drew the neckline as per my diagram which was quite good.. it looked very easy in hindsight but the whipsaws soon killed me. Most of the time, my trades were in the right direction and would yield about 10 prices before reversing and hitting my stop. A frustrating day which ended up at -20 prices.

I spoke with TM and he said that his boss was watching me trade and said that I should really go back to simulator… sigh, so off I went, back to simulator mode!

I also made two trades on the simulator off the neckline. The first was a long at 131100 as the market retraced and hit the MA line. Unfortunately this stopped me out for -7. As this broke down, I went short at 130875 with a target of 130525 which got hit for a profit of +14… net profit on simulator was +7

┬áThere seems to be a pattern here… wins on simulator and losses on real account. The only thing I can think of is psychology!

Oh well, back to the drawing board!


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Category: Emini futures, money, Trading