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5/30/17

Becoming A Better Trader Can Make You A Better Person

In the world of trading, it's natural for a trader to have a healthy amount of confidence, in some cases, an over inflated ego, we are only human. It's understood by most people that an ego can become out of control to where it hinders our decision-making ability while simultaneous preventing us from reaching our full potential.

Susan Krauss Whitbourne Ph.D. wrote
an interesting post titled It’s a Fine Line Between Narcissism and Egocentrism that was posted on website Psychology Today

She listed five pointers of knowing the dangers and corrective actions.

1. Make an honest assessment of your egocentric behaviors.

2. Check out how other people feel.

3. Build up your inner sense of self.

4. Squelch your imaginary audience.

5. Practice counter-egocentrism.

You can read the full article here.

 "Deficiency motivation doesn't work. It will lead to a life-long pursuit of try to fix me. Learn to appreciate what you have and where and who you are"
- Wayne Dyer


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5/23/17

Enjoy The Memorial Day Holiday

Remembering the people who died while serving in the Armed Forces, thank you for your service.

Leisure Time

I would guess that most people who attempt to day trade for a living do so with the idea of being able to generate enough income for a lifestyle of enjoying time with friends and family and some routine leisure time. No offense to the traders who stay locked away in their dungeon, or office sweating in their lucky t-shirt while the market refuses to bend to their will. I’ve been that guy, so I don't feel bad about the characterization. FYI, I do not have a lucky shirt, but my comfortable office space can become a dungeon, feeling trapped, unable to walk away from a congested market looking to force a trade.

Today's watchlist was mostly sideways except for corn futures (ZC) and the ten-year note futures (ZN). As I type this, I was able to move my ZC position into a profit stop. This will be a short post, I have a scheduled haircut today in preparation for Memorial Day Weekend, we will be spending some quality time with family and friends.  After the haircut, I need to refill the propane tank to have the grill ready for this weekend… any suggestions of what to put on the grill? lol

This is my first time ever trading ZC, trade is still working, I while be monitoring my profit stop throughout the day on the mobile… I have a target of 369.50, depending on what price and the chart are doing, I will adjust the position to lock in more profit.

Trading Results
[Update, done for the day]

Instrument: ZC 07-17
Lot Size: 2
Total # of trades: 1
Percent Profitable: 100%
Avg. Winning Trade: $14
Avg. Losing Trade: $0
# of winning trades: 1
# of losing trades: 0
# of even trades: 0
P&L Total: $ +14

ZC 5/23/17, check back later to see how this trade ends.
ZC 5/23/17 Traded retraced and hit my profit stop.
ZC continued to selloff

Trade Conclusion Update

As soon as I posted, I was stopped out for a small profit. Felt good about my execution, I was intending on holding the position through lunch. That is the end of my trading week, hope you all have much trading success.

“Better Trading Ahead!”
If you want to have a good life, you should focus on your family, on your business, on your dog, on your fun, and you’ll have a good life....Adam Carolla
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5/22/17

Today Was A Good Trading Day

Avoid The Chop

Starts In The Mind

I really had better than a good day, and I didn't make any trades. I have been that guy so many times before where I would find myself in a trade I wish I could take back. Because I pride myself on not being a quitter, just one bad trade is never enough (sarcasm). Today I woke up with a confidence I have not had a for a while; I'm trusting in my consistent technical analysis and mental approach to my trading. My routine mentioned in another post includes a little journal writing before getting started with my day, I review my method, prepare my charts… and squeeze a bit of office fitness into the day. I admit the office fitness has been lacking, need to get back at it.

Nothing To Trade

It was a sideways day for the majority of my watchlists, it was clear to me early that making a trade was not going to be in the cards for me. Price traded in a tight range, the same kind of range I have found myself trying to justify for so many years. I claim to be a trend trader, if you look hard enough, you can find a trend in anything. For my method and trading time frame, I have to safeguard against congested market conditions.

Mental Physical Social Emotional Spiritual 

Instead of sweating it out in a choppy market, I went to lunch with some old colleagues. I'm sure I appreciated my lunchtime Margarita more than anybody else in the restaurant. The focus I would have spent on the market was available for a social interaction, a welcomed change of scenery from the solitude of the office. I can admit that I am a self-help nerd, my bookshelf consists of how to trade and understand financial markets, geopolitical conflicts, to how to live a better life. One of my good reads that left a lasting impression on me was from Stephen Covey's The 7 Habits Of Highly Effective People, investing in the four dimensions of self (sharpening the saw). The graphic below is a summary of the four dimensions, mental, physical, social-emotional and spiritual and a great video that summarizes all 7 habits.

Sharpen the saw
Sharpen the saw.





Trading Results 5/22/17_________________________________________________________________________________

Instrument: Avoided the $#@! chop.
Total # of trades: 0
Percent Profitable: 0%
Avg. Winning Trade: $0
Avg. Losing Trade: $0
# of winning trades: 0
# of losing trades: 0
# of even trades: 0
P&L Total: $0

YM 5/22/17 Congested price range.
CL 5/22/17 Congested price range.
“Better Trading Ahead!”

"When you are discontent, you always want more, more, more. Your desire can never be satisfied. But when you practice contentment, you can say to yourself, 'Oh yes - I already have everything that I really need.

- Dalai Lama"
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5/19/17

Committed To Better Day Trading Win Or Lose


Today was a good day! As I typed this, my position was down 10pts, my execution was as planned. I'm claiming today as a good day win or lose because I am very confident that I will be executing my trading plan/method as intended (always room for improvement). I will not and can not blame the market if the CL trade does not work, or anyone else, I accept the fact that the best trades that meet all the criteria will not be profitable 100% of the time, or even 50% depending on the market conditions.

An excerpt from my introspective journaling
"Take pride in the execution.
Take pride in my resolve.
My self-worth and value are not based on if this trade works or fails.
Committed to zero whipsaw trades
."
Iran Iranian elections are taking place today, could this be impacting the market today, maybe today was a day better not traded? If the trade works, would I still have all these same questions or would I just sit on my high horse and marvel at my technical analysis skills? 


Notice all the words of negativity, it takes a resilient effort to think and speak from a positive and factual frame of reference when facing adversity.

Doubt:
maybe today was a day better not traded because of the Iranian elections?

Facts:
Trade was based on my trading method that governs my entry, ATM strategy automatically executes predetermined stop loss, time frames, and area of congestion identified before trade execution. My decision to trade wasn't based on Iranian elections. I reviewed the economic calendar for potentially market-moving news.
_________________________________________________________________________________

Better Trading Ahead!
During and after each trade I am taking notes and jotting down ideas about how I can improve my trading, rather it be in my trade preparation, or in how I manage my screens and trade executions.

Benjamin Mays"The tragedy of life is often not in our failure, but rather in our complacency; not in our doing too much, but rather in our doing too little; not in our living above our ability, but rather in our living below our capacities."
- Benjamin Mays





Instrument: CL Jul'17Lot Size: 1

Total # of trades: 1
Percent Profitable: 0%
Avg. Winning Trade: $0
Avg. Losing Trade: $159
# of winning trades: 0
# of losing trades: 1
# of even trades: 0
P&L Total: -$159

CL 5/19/17

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5/18/17

Consistent Trading Success Is Not By Accident

Consistent Trading Success Is Not By Accident

Back On The Wagon For Now...

For the traders who are serious about making enough money to consider trading for a living, luck, and chance is not a strategy for long-term trading success. Phrases such as a trader's edge, money management, and my personal favorite consistency can be read in most every how to guide to trading your own money to financial freedom. These words handed down from old trading wisdom can become so overused, a trader can easily become numb to their meaning and purpose.

D.r. Alexander Elder, the author of Trading For A Living, titled a chapter in his book "Trading Lessons From AA". In this chapter, he provides an interesting analogy to how a member of Alcoholics Anonymous (AA) can stay sober for a few days, and then inevitably fall off the wagon into drunken behavior once again, same as a trader struggles to adhere to a consistent mindset and trading strategy that would prevent them from repeated trading mistakes... lessons learned that are revisited time and time again.

Consistent profits are what every trader desires to achieve and maintain. To reach this level, it is a day to day process that starts first with conforming to your mental approach to trading. A traders logic and mindset towards trading well can easily become out of tune depending on how well we manage our emotions to the forever changing market conditions. Be fair to yourself by acknowledging your trading strengths and weaknesses, by implementing strategies and safeguards.

Consistent Success


One of Many Safe Guards

My goal with every trade that is trending in my favor is to let profits run as far as possible while steadily moving a protective stop to a more profitable stop, once stopped out for a decent profit, I personally must shut down my trading market data to safeguard my tendency for over-trading. By not having an active chart in front of me, the hope and desire that I can hold on to a position to reach new highs are almost completely eliminated [time better spent elsewhere]. Consistent profits built on a consistent mental approach and trading method is the way forward... win or lose.

Instrument: CL Jun'17Lot Size: 1
Total # of trades: 1
Percent Profitable: 100%
Avg. Winning Trade: $+225.00
Avg. Losing Trade: $0
# of winning trades: 1
# of losing trades: 0
# of even trades: 0
P&L Total: + $225

CL 5/18/17 Secured profit, my trading day is over early.
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5/17/17

Trading (CL) on A EIA Petroleum Status Report Day

Getty Images


I felt really good about today, I didn't have a clue about the direction CL would go after the EIA Petroleum Status Report was released, did not want my bias to cloud my judgment. I was confident in my preparation before the trade as you can see on the chart. I  highlighted the 1st hour of the market open and the area of congestion, made a few quick trades, the volatility took out my tight "profit stop", with each trade, my stop was hit quickly. as I type this, I am tempted to get in again, maybe CL will reach R2?

I'm posting this chart early because I will be shutting down all charts and market data to ensure I am not going to be participating any longer in this market... with fewer oil supplies, it would be easy to conclude that a trader should just be long CL and disregard using a stop because this market is bullish... maybe? However, when maybe enters into my trading strategy, I might as well go to the casino... or play the lottery (think I'll go out today and buy myself a ticket).

Instrument: CL Jun'17
Lot Size: 1
Total # of trades: 3
Percent Profitable: 66.67%
Avg. Winning Trade: $+75.00
Avg. Losing Trade: $-90.00
# of winning trades: 2
# of losing trades: 1
# of even trades: 0
P&L Total: + $46

"Better Trading Ahead!"

CL Chart Analysis
CL 5/17/17 Made a few trades for a small profit, taking pride in the process of execution.

CL Chart Analysis
CL 5/17/17 Notice how far price came down off the previous highs, that would be hard to hold a stop on.
CL 5/17/17 Bullish day turns into a choppy day,


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5/16/17

Are You As Good A Loser As You Are A Winner? - Update


Despite the loss, I felt very good about my patience and entry into the market, I followed my routine to the letter. Just because the trade fit my criteria does not mean it will be successful, cognitively as traders we understand this; to physically be OK with a loss is the challenge some of the best traders struggle with every day. I'm taking pride in the process, putting less emphasis on the outcomes... the theory is, consistently trading well will produce more favorable outcomes i.e. a profit.

Instrument: CL Jun'17
Lot Size: 1
Total # of trades: 2
Percent Profitable: 50%
# of winning trades: 1
# of losing trades: 1
# of even trades: 0
P&L Total: - $166

"Trading for a living is not about how well you win, it's has more to do with how well you lose."
CL 5/16/17

Update:

CL 5/16/17
I felt bad taking the 2nd trade until I realized my error in determining where support and resistance were really at. In the past I have been basing S&R based on the 1st hour of the trading day... maybe a  subconscious fear that I am trying to avoid anything that looks like it would be contested?

My initial entry was at the end of the 1st trend that you can clearly see that broke out near the 1st hour of the trading day. It's easy to get our perspective clouded, I look forward to Wednesday!

FYI: If your trading CL, Opec is meeting this Friday, you can read about it here.






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5/15/17

How And Why Technical Analysis Fails

Photo by Devon Janse van Rensbur





Getting Technical 

For those who have been following TRIN Café over the years know that I have put a lof of emphasis on using technical chart patterns to guide my trading. If you are a beginner trader or have years of experience with technical analysis, I wanted to illustrate how and why the popular trend line in technical analysis can be misused and potentially dangerous to your trading capital. The purpose of technical analysis is to be able to determine the direction of future price, most of us are looking to identify a trend in our perspective trading time frame of choice. Trading your own money is a thrill in the beginning, but when you are trading for an income, all the thrill needs to be removed from the equation. 

If you find yourself in a trade and your heart is beating faster, it's probably a bad trade. The not so secret to avoiding bad trades is by first identifying the trend in your time frame. In the below chart, the time frame is a 5 minute candlestick chart. The trendline drawn is clearly pointing downwards, the temptation to short CL could be also justified by how price broke below the area of support as indicated by the chart (R3).

As a technical trader, we need to take into account that as of 10:40am on the chart, CL is up 2.59%, is this a potential huge selloff, a prelude to a monster day that would be a chance too good to pass on...? These are some of the dangerous thoughts that pass through my head, they are only distractions to what is happening beneath the surface of the chart.

The Facts

CL is in the green, hoping to be the smartest person in the market by trying to short the tremendous bullish sentiment could make an impressive profit, unfortunately, that hope has nothing to do with good trading. Support & Resistance (S&R) are highlighted in the yellow zone, expect this range to be the area of congestion for the day, profits can be made in this area, however, trading in chop is not the same as trading with the trend. At 11:00am, the price is still trading in a congested range, hovering near R3. The justification for shorting anything below R3 support could have been made based on the downward trend line, and the previous lower highs and lower lows, you would have only found yourself trading in congestion hoping for a price breakout.

CL 5/15/16



















What's Next?

Now that price is still moving sideways, what is left to do... try focusing on news and market fundamentals to determine why the market is sideways maybe? It doesn't matter, all that matters is what price is doing at the moment, we don't need to know the fundamentals of what we already know.
In the past, I have waited until the very end of the trading day waiting for an opportunity to put a trade on, sometimes with success, and often times leading to over trading and big losses. Mark Douglass, author of Trading In The Zone explains the four primary trading fears, my biggest trading fear is the fear of missing out.


“Ninety-five percent of the trading errors you are likely to make—causing the money to just evaporate before your eyes—will stem from your attitudes about being wrong, losing money, missing out, and leaving money on the table. What I call the four primary trading fears.”


I've learned that my zone of focus lasts from market open until lunch time; if I have not put a trade on, that means the market is congested. I am aware that after the NYC lunch hour, it's possible the market may have a monster move, but I have to be content with trading well within the limits of my own zone.

Update: I wanted to capture the entire day's price action before posting this analysis. The price remained choppy the entire day. Profit "could" have been possible, however, words to avoid when trading your own money are "could've, should've, would've" just to name a few, these kinds of words project regret that can sabotage the best intentions of trading well on the next trade.

CL congestion lasted all day.


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How A Daily Journal Can Save You Money Trading In The Stock Market


A lot of day traders including myself use a blog to express their trading experience as a form of self-help, a form of review and self-reflection of the trading day in an effort to improve our self's and our trading. However, there are aspects of our lives that may be affecting how we think and act; bottled in our minds if we know it or not. Some days we feel motivated, and positive about our future, "life is good". And then we all have those days where we would rather just be alone with our own thoughts to try and figure it all out.

Tim Ferris author of "The 4 Hour Work Week" wrote here a good description about the importance of using a journal, he provides (his) two very simple reasons for doing so below.

1. I’m trying to figure things out, and this might help.

2. I’m just caging my monkey mind on paper so I can get on with my F#$@! day.

I especially like reason number two, if trading success has been a challenge, it's probably safe to say that you have dealt with some extreme emotions. Without taking the time before putting on that first trade, you are putting at risk your capital without understanding your current frame of mind. How many trades have you taken that you regretted taking because you know it is not part of your trading plan... so why did you make that trade?

I will venture to say that by using a daily journal as part of a daily routine before putting on that first trade may be as important as using a stop order. To journal your thoughts, current emotions and motivations before taking that first trade can be like using a "mental stop" (I just coined that). Unlike the average Joe/Jane who punches a clock at his or her 9-5 job, not enough sleep or a bad day generally, will not affect how much money they make or lose. As day traders, we do not have that luxury.


"Be careful of your thoughts, for your thoughts become your words. Be careful of your words, for your words become your actions. Be careful of your actions, for your actions become your habits. Be careful of your habits, for your habits become your character. Be careful of your character, for your character becomes your destiny." — Chinese proverb, author unknown






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5/10/17

CL Trading Results 5/10/17


Today's trading was as planned, avoided the chop, was aware of the EIA Natural Gas Report that was released at 10:30 this morning. Now the work of managing my emotions of regret begins, CL continued reaching new highs after I closed my position. What is more important than "leaving money on the table"? Having a consistent frame of thought and action. Allowing negative or positive emotions to cloud our judgment can lead to costly bad habits... i.e. over trading.

The breakeven trade was trader error, I entered the position without using my Ninja Trader ATM stop strategy. I was not going to just wing it and "trust myself" to choose a good stop so I closed it and reentered with my stop set.

"Better Trading Ahead!"

Lot Size: 1
CL: +$221
Total # of trades: 2
Percent Profitable: 50%
# of winning trades: 1
# of losing trades: 0
# of even trades: 1
Total: +$221

CL





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5/9/17

Better Trading Ahead! 5/9/17

"Better Trading Ahead!" is the theme here I am drilling into my psyche.

I did some deep introspective thinking about my trading, the learning never stops. I  learned that I was seeking instant gratification from my trading success, the hard work of being patient and waiting for my trading criteria did not factor into this powerful emotion.

Trading well for a loss is better than trading poorly for a profit... take a minute to think about that.
I do believe that if I trade well consistently, I will be able to compound my wins. But what is more important than how well I win, it's how well I lose...

Losses are a part of trading, we all know that, but do we ever embrace "a good loss". I'm talking about the kind of loss that took place in a trade that met all your criteria, and by chance, price stopped you out for a minimum loss or small gain?

See below chart, for example of a good loss imho. Notice the highlighted area of congestion, I made my trade just outside this area to allow the trade to gain momentum in my favor outside the congestion.  I Sold 46.12, the position was profitable for a short time until my profit stop was hit. CL may retrace back down, but that doesnt matter. I made my trade and now it's time to move on with my day.

"Better Trading Ahead!"

Lot Size: 2
CL: +$21

Total # of trades: 1
Percent Profitable: 100%
# of winning trades: 1
# of losing trades: 0
# of even trades: 0
Total: +$21

CL









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5/8/17

Are We There Yet?

Ever feel like you almost have your trading all figured out? Well, I highlighted the area of chop/congestion in yellow early before the market opened, I contemplated not trading at all today while the price was in the highlighted area. But then I saw CL price move up at 9:25 am giving me a reason to pay attention to a possible trade. 

This headline might have been the cause for CL to jump up again at 10:23 am Oil rebounds in choppy trade as Kuwait signals progress on output cut extension, as quickly as I entered the trade, my stop was hit just as fast. In classic fashion, I don't want to miss the trade, I am in another and another CL trade.

The last trade that I am in is working, for now, CL price is testing previous lows, but it is still in the highlighted area of congestion. I'm using a very generous profit stop, "could've" closed my position to get back more than half of what was lost, but I am choosing to hang on this trade with the "hope" the congestion will break lower for a major selloff.

All of this proves to me that not trading at all today would have been better than grinding along in this market... even if this trade ends my day profitably, this is not my path to long-term trading success.

"Better Trading Ahead!"

Lot Size: 1
CL: -$503

Total # of trades: 7
Percent Profitable: 28.57%
# of winning trades: 2
# of losing trades: 5
# of even trades: 0
Total: - $503



YM

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5/5/17

Bad Habits Die Hard!


I am my worst trading enemy. If I stare at a chart long enough, I will be able to find something to trade. If I am speeding up my charts from 15min to 10min, to 5min, to 1min, I am probably in a bad trade or looking for an excuse to get into a bad trade.

Tunnel vision leads to being down  -338 to -1,276 Now I am in recovery mode, hoping to break even and to swear that my over trading days are done... or quit trading altogether.

Traded like a pure amateur today, I ignored the overall trend and exposed myself to massive losses. Now the only thing to do is wait for when I find where I say uncle and cut my losses. That walking away [mentioned earlier today]from the computer never happened, my 1st CL short today was a decent entry, however, I was selling into a very bullish day [duh], still deep in a choppy trade that's going sideways dragging me out to sea.

Losing money is not the issue for me obviously, it's not wanting to miss the big trade. Apparently, I was not content or satisfied with yesterday's win after I watched how far the market sold off without me in it, and it has come back to haunt me in today's trading.

Some changes in my mental approach to trading will have to happen.

I'm ending the day with a loss, and I honestly feel better that I did not dig my way out of today's choppy trade. Going forward, having a memory of making a profit while not trading well will invite the temptation to do it again some day, one bad trade is all it takes to ruin your trading capital. My mentor told me a long time ago that the worst trades are the bad trades that make a profit.

"Better Trading Ahead"

Total # of trades: 13
Percent Profitable: 53.85%
# of winning trades: 7
# of losing trades: 6
# of even trades: 0
Total: -$1,146


CL










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Avoid Trading In The Chop: Update (Did it myself)

I felt like taking the time this morning to show a chart that appears to be nothing but chop to me (As I type). Please keep in mind that what one trader sees as chop, may be a buying or selling opportunity for another. Time will tell, at the end of the day, I will post the YM chart to see how the day ends. As for me, I will keep the powder dry until next week.

I'm still learning that news is not the deciding factor on how I will trade. US economy added 211,000 jobs in April; dollar rises. The jobs headline would indicate a monster bullish day right? Well maybe it will be, but as of now, it's (YM) sideways, not the kind of price action I want to be stuck in. Avoid the chop.

It's Friday, I will enjoy the lifestyle of trading for a living today.

"Better Trading Ahead" Not today.

YM

YM






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5/4/17

CL Trade Analysis

I made a profit today trading CL, but I honestly had to work a lot harder at it than I wanted to. Not the kind of trading I say I do not want to engage in. As a trend trader, it's difficult for me not to get tunnel vision when I think I see a trend in the chart. Take a look at the chart for yourself, I see a descending triangle begging me to short it, notice how many times I traded today...
I was about to go into another shoud've, would've', could've rant, like how CL "could" keep selling off without me riding it down. But I have to remind myself that trading is a lifestyle for me. Make a profit and move on with my day.

As I wrap up this post, CL has sold off more without me in it... I'm grateful I can walk away with a profit and not a huge loss.

Thanks to those who have followed the blog and have reached out with support.

Lot Size: 1/2
CL: +$373

Update: Forgot to mention the quick YM trade that I hopped out of for a win. 
Another trade that falls into the category of  shoud've, would've', could've.

Lot Size: 1
YM: +$1

Total # of trades: 10
Percent Profitable: 70%
# of winning trades: 7
# of losing trades: 3
# of even trades: 0
Total: + $374


"Better Trading Ahead!"

CL


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5/3/17

One And Done Trading: CL

Trading Perspective

Today I felt like I regained my trading perspective, emotionally I feel I have regained confidence in my technical analysis to the point, I do not feel the need to chase the market, not for out of fear of being wrong, but by acknowledging that the market is choppy. Choppy conditions make for tough trading. If the trading day appears to be choppy just the slightest, I am mentally training myself to move on with my day without risking any capital.

The chart below is an example of how my money management works. I sold CL 47.85, began with 10pt stop, as the trade began to work in my favor, I quickly moved my stop to a profitable position, also referred to as a "profit stop". A profit stop allows your position to work while simultaneously locking in a profit.

In the below CL chart below, my profit stop locked in only a profit of fifteen bucks... take a look at how far the market when against my original short of 47.85. [Pause]

As I was typing out my thoughts, CL just sh*t the bed for reasons I have no clue to as why? I quickly checked CNN to see if North Korea fired a missile or something...CNBC article [Oil Prices Fall]

U.S. crude oil refinery inputs averaged about 17.2 million barrels per day during the week ending April 28, 2017, 108,000 barrels per day less than the previous week’s average. Refineries operated at 93.3% of their operable capacity last week. Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day.

Full report here

Wow!

Trading with CL is not for the timid!!! I'm foolish enough to do it anyway. Sucks for the traders who just bought the high and did not have a stop order in play.

Lesson learned that I did not have to pay big $$$ for, avoid trading CL on EIA report days. FYI, today is a FOMC day as well.

Lot Size: 1
CL: +$15

Total # of trades: 1
Percent Profitable: 100%
# of winning trades: 1
# of losing trades: 0
# of even trades: 0
Total: + $15

"Better Trading Ahead!"

CL





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5/2/17

Todays Trading Summary: YM/CL/ EXEL Option

I'm ending my day with a small profit, but I clearly over traded today. It's a small win for me that I decided not to trade anymore today.

Full disclosure: I also trade options, when my daytrading is not going well, trading options gives me the opportunity to take some time off from the daily grind.

Correction

I'm ending this day with a loss. Took another CL trade that went aginst me and hit my stop. Began the day with a quick decent profit, kept trading out of fear of not wanting to miss the big monster trade I have in my mind.

Easy Trading

The kind of trading that is quick and easy. I will have to mentally prepare myself for only taking easy trades... How do you know it's an easy trade or not you ask? 

Well, if you have taken the time to trade what you see based on good technicals, you should be able to get into a profitable trade that's working fairly quickly. The hard part is not to get in the way of a trade that is working... see CL chart below for example. If you have to take multiple trades to get back to even, your better off waiting until the next day to trade again. Tough trading comes with tough losses.

I have to remind myself that my trading is a lifestyle, not the end goal just to make a lot of money or to always be right. I still believe that by trading well and allowing myself to be in the zone, the wins and money will follow.

Lot Size: 1
YM: - $28

Lot Size: 1
Option: EXEL Jun16'17 25 Call
EXEL: -$7


Lot Size: 1
CL: -$48


Tota l# of trades: 10
Percent Profitable: 20%
# of winning trades: 2
# of losing trades: 5
# of even trades: 3


Total:- $83



"Better trading ahead!"

YM
CL
CL


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