Today Was Very Hard for Me.

[Nvesta81]

I'm afraid to post how much I lost. That bad.

I wish I could be prepared for days like this when stops get hit like they are magnets. Anyone else feel the pain today? I have to admit that it would comfort me a little to know I'm not the only one who got killed in this excessively volatile day.

[james_gsx]

Sorry for your loss. But it's part of the business, and you just have to keep your head high and look forward to Monday. I would say just take the rest of the day off, and relax over the weekend. Sunday night make a plan for Monday, and stick to your plan.

Now onto the harder things, why did you do so bad? Where you following your plan, or was emotion taking over?

[Nvesta81]

	Quote:	james_gsx
	Sorry for your loss. But it's part of the business, and you just have to keep your head high and look forward to Monday. I would say just take the rest of the day off, and relax over the weekend. Sunday night make a plan for Monday, and stick to your plan. Now onto the harder things, why did you do so bad? Where you following your plan, or was emotion taking over?

Honestly, I followed my plan, and the hard part to deal with is that on most of my trades the price action did do what I had predicted, just my entries weren't perfect so I would get stopped just before it went my way. The market was fluctuating 20 points like it was nothing (I trade the YM). I did have one impulse trade that I shouldn't have done. The only thing I can glean from this is that I should put wider stops on days like today and basically risk more for bigger targets. I haven't been trading futures for very long so I was surprised to see the DOW lose like 380 points in 30mins or so. The tape was going nuts.

Thanks for the kind words though, you're right, I will take this weekend to put my thoughts together and regroup.

[brownsfan019]

nvest - we've all been there and done that.

It's interesting to read how others view a day's action as I saw the big move down a substantial move, but everything in between as very nice action. Again, it's in the eye of the beholder.

If today as a tough day for your trading methodology, my questions would be:

1) How often does this type of day occur and hurt you?

2) How often do other 'non-volatile' days occur and how do you respond?

3) Did today's loss wipe out day(s)/week(s)/etc of profit? If so, why?

4) What does your statistical research say about today? Was this one of those days that hurt you and occur monthly, weekly, yearly?

If you can't answer these questions then you need to do more homework. You have to be prepared for volatile days and how you will hold up through them. Just saying the entry was no good is only a small sliver of the equation here. Take a step back and look at the bigger picture.

[james_gsx]

On days like this I find it best to widen my stops and extend my targets. Keep your head clear and just look for the opportunities the market has present. I know how easy it could be to have a bias on a day like this, thus ignoring a lot of signs the market gives you.

Next time you see such volatility, either don't trade and switch to the simulator to learn how to widen your stops. Or just extend your stops and targets by a few points and see how that works.

I actually made a live video today for one of my trades, I'm still debating whether or not I should post it. I made it for someone else, but I don't know if it would actually do you any good. It has more to do with planning the trade with your entry/exit than anything else.

[now123pivot]

Sorry for your loss - remember it happens to everyone and is part of this business. I am primarily a divergence trader and did ok today, but have a difficult time when the market keeps chopping to find a top or bottom. I, too, have considered larger stops for those days (and am considering developing risk tolerance rather than using a hard stop as hard stops can bleed you slowly).

In any case, take today off and go back to analyze what happened tomorrow or Sunday... then get excited for Monday because your next great trade is just around the corner.

[dandxg]

	Quote:	Nvesta81
	Honestly, I followed my plan, and the hard part to deal with is that on most of my trades the price action did do what I had predicted, just my entries weren't perfect so I would get stopped just before it went my way. The market was fluctuating 20 points like it was nothing (I trade the YM). I did have one impulse trade that I shouldn't have done. The only thing I can glean from this is that I should put wider stops on days like today and basically risk more for bigger targets. I haven't been trading futures for very long so I was surprised to see the DOW lose like 380 points in 30mins or so. The tape was going nuts. Thanks for the kind words though, you're right, I will take this weekend to put my thoughts together and regroup.

Friend, stick to you plan. Don't get seduced by big money that need bigger stops. If it's not part of your plan for the day don't do it. This is how many ppl. have blown up in the last 9 months. I know how you feel believe I do. I have been working on some new trade set ups that have to been tested manually and I have missed alot of action in the last couple of weeks. I have a tip for you though. Find a S/R line(s) that you like and only take trades around there with your stop per your plan. Be selective, don't chase the market. In times of volatility like we have had off and on since last summer you will have discipline or you will most likely blow up. Pros consider risk amateurs only look at proft.

[dandxg]

	Quote:	brownsfan019
	nvest - we've all been there and done that. It's interesting to read how others view a day's action as I saw the big move down a substantial move, but everything in between as very nice action. Again, it's in the eye of the beholder. If today as a tough day for your trading methodology, my questions would be: 1) How often does this type of day occur and hurt you? 2) How often do other 'non-volatile' days occur and how do you respond? 3) Did today's loss wipe out day(s)/week(s)/etc of profit? If so, why? 4) What does your statistical research say about today? Was this one of those days that hurt you and occur monthly, weekly, yearly? If you can't answer these questions then you need to do more homework. You have to be prepared for volatile days and how you will hold up through them. Just saying the entry was no good is only a small sliver of the equation here. Take a step back and look at the bigger picture.

Good post browns. I realized long ago that I make money in normal conditions not when Bear Sterns is on the verge of BK.

[james_gsx]

Speaking of S/R and following your plan. I was teaching my friend how to trade today, and I left for ten minutes and came back to a 6.25 ES loss and his eyes were wide open like a bug

What did he do? He chased a huge candle down, and went short at SUPPORT with a -1200 tick, and a stochastic that had bottomed out. When I asked him what he did, he was trying to get the move. He didn't follow any part of the plan and didn't look at the big picture. He got lucky and went short at the very bottom, it was picture perfect.

15 minutes later a similar situation happened, he wanted to jump in with the candle and I told him to be patient and wait for one of the setups to appear. The candle started to retrace before our setup completley appeared, I told him we could have faded the move but the R/R wasn't in line with our profit/loss comfort level. I made him wait, and stay patient. Sure enough the buying resumed and it looked like we were missing the boat. Finally our trade to fade the candle setup, and I waited a few more ticks to get the best entry. Turned out to be a really good trade, and it showed him how chasing only leads to emotion and newbies get killed doing that by more experienced traders who take the opposite side. If you see a WRB and you're not already in it, don't chase it and wait for your setup to appear.

[OAC]

We better try to adapt to this market or get out of the game.
There is probably more days like this to come.