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Futures trading journal - GB

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CMC CFD is fine I’ve had an account with them for ages. Not sure if it would be good if you’re scalping. You may be better off Futures but trading the Micro contracts instead Micro ES MES is $1.25 per tick…

Still waiting for the big dump.
This morning has been promising though
 
Modest said:
CMC CFD is fine I’ve had an account with them for ages. Not sure if it would be good if you’re scalping. You may be better off Futures but trading the Micro contracts instead Micro ES MES is $1.25 per tick…

Still waiting for the big dump.
This morning has been promising though
Click to expand...
Thanks. I suppose 40 ticks scalping.

CL looking like it's on support.
 
TOP! That's the top on ES, imo. Look at the volume at 8am our time - huge effort, no reward. I reckon it could get down to 3648 in the long term.
 
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A good chunk of Monopoly money made on this trade. Picked the top within a few ticks.

Gringotts Bank said:
TOP! That's the top on ES, imo. Look at the volume at 8am our time - huge effort, no reward. I reckon it could get down to 3648 in the long term.
Click to expand...

If it continues down and my system holds up I might consider trading real money. I don't feel ready though.

Long FESX - target 3976
 
Gringotts Bank said:
A good chunk of Monopoly money made on this trade. Picked the top within a few ticks.



If it continues down and my system holds up I might consider trading real money. I don't feel ready though.

Long FESX - target 3976
Click to expand...
@Gringotts Bank, if you don't feel ready now then when you are in a trade with real money this feeling will be much stronger. If you trade with real money while focusing on keeping your risk light then this feeling (which is normal) will be greatly reduced and allow you to manage your trade well. Toe in the water while you get used the temperature.
 
DaveTrade said:
@Gringotts Bank, if you don't feel ready now then when you are in a trade with real money this feeling will be much stronger. If you trade with real money while focusing on keeping your risk light then this feeling (which is normal) will be greatly reduced and allow you to manage your trade well. Toe in the water while you get used the temperature.
Click to expand...
I'm quite comfortable with paper trading, but I don't feel ready to go live.

I'm doing a lot of work on the psychology side of things, having blown a few accounts up in the past. So I'm familiar with the feeling! I meditate every day and do other exercises around belief restructuring. Most of my time is on that, actually.
So yeh I have traded before. Stocks, fututres.
 
Knowing how to fully feel your emotions as you trade is critical.

At each stage:

Watching the chart
Seeing the signal come up
clicking "buy"
immediately after buying - this is a very important time to tune in to emotions, I think.
in-trade

Having a system that generates signals automatically is not going to remove emotions. They will be influencing the mind at each stage and therefore influencing profits. They have to be dealt with skillfully.

I believe we create profit and loss with the mind, not a system. The Turtles experiment proved this, but I've seen it plenty of times in other situations. Psychology is the single most important factor in trading - perhaps the only factor at play. The advantage of having a system is that is reduces fear. I like my system, I've put a lot of work into it, but I know its limits.

Real-time, in-trade meditation is the main tool. Belief restructuring tends to happen automatically as a result of meditation. If you know of a highly successful trader who doesn't meditate, all that means is that he's already meditating without knowing it. You could call it "having good awareness".
 
Slow decline now. Could keep dropping slowly all week. Once established, moves are much more prolonged they ever used to be, in both directions.
 
Gringotts Bank said:
Slow decline now. Could keep dropping slowly all week. Once established, moves are much more prolonged they ever used to be, in both directions.
Click to expand...
Only with data from the past.

It is possible to live happily in the here and the now. So many conditions of happiness are available - more than enough for you to be happy right now. You don't have to run into the future in order to get more.

Thich Nhat Hanh
Click to expand...

Although I'm a contrarian.

gg
 
On the way up, key levels are hit and respected. On the way down, the price tends to avoid these same levels, both above and below. It's the avoidance that causes the contraction in volatility... I think.

So ES may need to go up a bit and grab some liquidity tonight, but if it does it will try to avoid 4000. Might get to say 3995 then start back down.

I used to get into shorts when momentum slowed and you could see the high volume absorption by sellers, but there's normally much lower risk entries 2 or 3 days later, after the initial sharp drop.
 
Yes ES is one of those instruments that doesn’t like leaving levels untested
 

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