More mistakes – S&P emini trading log
I have shown just my entries in my attached chart… it was another bad day!
I entered long where the arrow is green at 138425. I could see that the 5 min stochastics were in oversold territory so there would be a move upwards soon.. was it here? However, if I paid more attention to the 15 min chart, I could see that it was telling me something different, the MACD had cross towards the downside and indicating a short. The conflict of signals should have been a warning! Anyway, I ended up with a loss of -8 on this trade.
My second trade was a short.. now this was the right thing to do according to the 15 min stochastics but the 5 mins were oversold and looking to go up. I took a -10 loss.
At this stage I stopped trading and called my trading mentor. Unfortunately, I have been asked to go back to the simulator!! Grrr….
Anyway, on my own account.. there was another entry which I took. I shorted when the stochastics had topped out in the 5 min charts. This also corresponded with the 15 mins so I felt good about this trade. I was right, I entered at 138475 and got out at 138025 for +18!! If this was in my trading academy account, I would be safe!! At least I made some real cash I suppose as a consolation!!
Don’t worry about going back to the simulator at all. It feels good to lose money on the simulator as it feels good to make money on live account. I’d rather perfect my edge before I even attempt live trading so I think it’s great for you to be practising a little more. I think you are a great trader but I wonder if you have a picture in your head before you enter a trade..do you actually see the price action going in your direction logically and technically. Get it right and you will make a lot of money for yourself and others.