Based on the news and price context, I should have a daily direction in mind (or a ranging hypothesis). I should look for trades based on this fundamental information.
I notice I've been having trouble balancing taking profits with trying to catch a longer-term trend. The issue is for me the trend is an ideal, so perhaps it takes precedent over shorter-term expedients. One solution is to trade 2 contracts, take any short term gifts with the first, and attempt to hold the second for the longer term.
I also, on shorter-term counter-trend trades need to be a bit more greedy, after all there is substantial risk endured...but not overly greedy!
Eventually (80) on CL...good trades at first then kept trading against the trend and getting "killed", 22 b/s Add another $70 in commissions
Did the best with Gold, 12 b/s and 720 profit. Was playing this like a longer-term trend that I was highly confident about direction of. It is definitely not as exciting, and perhaps a bit aggravating, especially on a 1 minute chart. Maybe need a 15 minute chart to feel good about these. $40 in commissions
Constantly traded against the trend on /ES as well after determining the north Korea missile launch really wasn't a big deal...did that by looking at the trajectory over Japan, basically they were just proceeding with their plans to test a longer range missile, and of course the Western world is doing brinkmanship. But instead of going with my view that SPX would recover given its context, I was usually going short. Would have been better doing longer term trends. In the meantime I might have to do that 2 contract thing I was mentioning....trade both ways. Either that or pick an instrument to LTT and then others to short term trade. Anyway, $450 in booked profit, but at 42 b/s...wow. 130 in commissions. Quite the burn.
I also had a problem with "left over" stop orders getting filled. Better to use the OCO functionality to get everything placed and then drag by hand. Will have to start practicing with this.
So just taking $3 per b/s and not counting the price advantages of my paper trading (for that reason, not counting the $147 profit in ZN with 10 b/s...since this would probably have been a loss if real market behavior was accounted for) we have $240 in commissions, and $1090 in profit, leaving $850 in profit
Haven't done any coding reading today, anxious to get back to it, this is going to be so fun, it's an amazing challenge, pitting myself against the vast global currency market (or trying to buddy up with it haha) and working on extracting its treasures. Other market participants are not necessarily good at this! And the good thing with global currency markets is just like in futures markets they are not purely speculative. Lots of transactions have the important purpose of moving money around.
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