An acquaintance asked me tonight if my work was going well. I said “Yeah, really well”. He seemed surprised. Most think if the market is going down that all traders lose money. That’s true for investors but not traders. I explained that all I needed was for it to move, in any direction, and lately it’s been moving a lot.
This morning in the Globex European morning session I missed a short setup right after the open. It wasn’t really clear so I don’t fault myself for missing it, but once the market started down it was too late to chase and I wasn’t going to fade it.
Until it got to strong support and started bottoming. After an hour and a half of watching, I went long and collected 4 points for my patience. I was really happy about that because lately I’ve been trading less and making more.
When ES opened I caught a nice short for 3.5 pts and was quite happy. Things started getting volatile and so I traded on sim. That was hugely successful too. And a few times I was not even comfortable taking a trade on sim believe it or not.
Overall I made 18.75 pts with sim & real money. That’s one of my best days on sim in a long time.
So that has told me a few things:
- I really have a good edge
- I need to be more confident in my edge
- I need to stop being afraid
- I need to trade more real money instead of sim
- When trading real I need to trade larger size
I will continue this line of thought this weekend when I show some cumulative stats and the weekly results, and I plan for next week’s trading.
Have a good weekend.