[cuttshot]

Method,

You want to be really careful with that type of an approach. I personally don't know any successful traders that don't have a documented trade plan in place. Discretionary decisions will lead to very inconsistent returns and is a recipe for a blown out account.

I'm not saying you need to go drop $5000 on a system out there. However, you do need to have rules for yourself to follow each trade. You need to know exactly where to enter and then once you're in where you will get out. If you want and wing it as you go the emotions will take over and you will find yourself getting in and out and the worst possible times.

Obviously we all just want to trade but there is more to it than that. I have been trading for a number of years now and can tell you from experience I spend much more time testing and recording my trades than I actually do trading. You need to treat this like a business if you want to be successful.

If I were you I would put my trading with live funds on hold until I have a detailed plan in place. Why go into it knowing you will blow out an account when you could put the work in up front and give yourself a chance at success? Protect that capital until you have a proven system in place. I'm only telling you this because if I had someone there in the begining telling me all this I would have saved myself thousands of dollars.

[method]

The last two trading days have been really rough.

Initially I was in a trade that went with the trend, which showed a profit. But I exited the position prematurely.

Then I put out a long (against the trend) which didn't work out.

Today, just a few hours ago, I put on a long position at the open with the stop loss at yesterday's low. As the market edged closer to the stop, emotions kicked in and I closed out the position without waiting for the market to reach my stop. Then I went short, placing the stop at yesterday's high. Well guess what. The market promptly reversed, hitting my stop!

After that I became a bit upset and decided to call it quits for the day. I lost $500 euros, which is at least a 10% loss on my total capital.

I find recently I have been overtrading a bit. I need to find trades I can place with more conviction. To do that I need to be more patient.

Anyway here's a SS:

Focus on the last four trades, this SS contains some previous trades.....

[WorldTrader]

Method,
I will show all trades this week on the CL and the other markets. We need to get you winning one way or another. If it is the method, strategy or the trader. There are many sucessfull traders here and someone should be able to get you going.

[method]

First trade in more than a week, missed the entire up move in the markets.

Looked for a short but it didn't work out, hitting my stop the next day. 2 points after that the market reversed......

[method]

A little short since my last post.

I regret not going long after closing out the short; I was waiting forever for a correction that never really came....

[daedalus]

You seem to like shorting...

Coincidence or is that part of your trade plan?

[method]

It's not really part of my plan (I don't have it clearly defined in my plan).

It's just that looking at past trades the shorts had higher expectancy, so I try to do more.

Also, I just find shorts easier to trade for some reason. The FESX seems to move quickly when it's weak.

[daedalus]

General rule I always heard was that things fall 2x's as fast as they rise... ie bear markets last 1/2 the time of bull markets, but it takes the bulls 2x's as long to make it back.

I think to some extent the same rules apply in daytrades... the sharp fast moves always seem to favor the downside.