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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.






Comments

  1. No regrets, price retraced back into the area of congestion, as it ticks back down, it may selloff further after PP is broken? But I will not be around for it, one and done today.

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  2. hey man, you did what you were supposed to do - at the end of the day, that's all that matters. i give you CL guys alot of credit for being ultra risk conscious, I can't bring myself to trade that thing and you know how i feel about losing.

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  3. Thanks Rhiese for the comment, I hope your trading is going well.

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