Making one of these to chronical my journey to being a successful prop firm futures trader.
Initial step is to pass an evaluation account, SIM, and once cleared I receive a live account that I can take profit from. Seems simple enough, right? We shall see.
Chose an unwise day to start the eval account: Market open up to JPOW was pretty sluggish, made some shit trades to get me to -$100 in the morning. Waited for JPOW speech to end and traded the volatility afterwards. Ended with ~$1,000 in the green. Did one last trade that I shouldn’t have done and lost $50. Ended the day there.
Terrible execution on my part today; I saw the trades I wanted to take play out. I either got stopped out or chased price. Understanding how the market works is simple, we are moving inventory, but the execution of trades is the hardest part as a trader.
As soon as it broke 3952 and no continuation was observed I knew there was an opportunity to go long. I was too slow and chased price, got in at 3969 and placed my stop at 3964, price retraced and hit my stop. Looking at it now, there was resistance (supply) at 3968 and should have waited for a retracement before getting in. Ultimately, it did go to my target at the orange arrow, 1 STD (standard deviation of VWAP) just without me.
Concept of the Trade
Was up $300 in the morning and should have been content with what I had but gave my gains back to Ken Griffin’s Real Estate Fund.
Scaled back to trading MES to work on my execution. Slow morning today but I managed to snag me a $15 loss.
Did a bunch of test trades with the MES before engaging anything serious. This current price action isn’t the greatest to trade. Was down for the day and then that move down helped. Calling it a day.
Another slow open on the day and then we finally saw some liquidation giving us supply which in turn leads to better price action. Got scratched a bit on my trading but went green overall on the day so calling it.
It being month end, I’m not gonna overtrade so done for the day. Made a few trades, could have held on for more profit, but I will take the green.
New month, new opportunities.
Tested the waters a bit with MES and took some minor losses.
Added some risk with ES after JPow finished talking. Took two trades,1 for 0.5pts and the other for 10ish pts. I was under water for a bit for the second trade because my entry was too early, and may I say 6 min in the red is not a comfortable position to be in. Exited green overall.
As we all know, Valhalla always early; and so I shorted after the market broke my zones in purple, around 4116(white arrow) for continuation of the downtrend and a target of 4109 (bottom of my lower red zone). Should have accounted for correction, and did not, so the trade went against me. I really should have exited the position with a loss to protect my capital but kept averaging up(green arrows) because I was foolishly grasping at the idea that the trade would be successful.
A better management of the trade should have been to exit with a small loss and re-enter in the orange circle.
Ideally, I should have waited for correction of the downtrend and accumulated a position where the orange circle is, then scaled out with a couple runners to my target of 4109.
Because I had a bad entry and trade management, I did not get the full profit of my trade idea.
That was some terrible trading today. Kept getting stopped out on corrections meaning bad entry points on my part. Need to work on my entry execution some more. It is a bit frustrating seeing your trade idea pan out after getting stopped out, part of the learning process.
Not going to risk more so I’m done for the day.
Was a bit more conservative on the number of test trades today on the MES. Switched to ES for 7pts, good enough for me. Done for the day.
Have not had time to trade the ES as much; been focusing on other things. It’s also an excuse to take it easy since even the big players are essentially on vacation. Have you seen the price action? It’s shit.