10th December – First day trading live – S&P emini – what a disaster!
Well, I had my chat with my trading mentor earlier today and I am set up to trade live. We spoke about positioning and trading 1 contract.
The maximum loss each day is $200 which amounts to 20 prices or so.
Anyway, initially I felt a little nervous, this was real money on the line and I take a 50% cut in any of the profits. I got to make this work and there is the expectation now that I’ve graduated and trading real company money.
My first trade was a standard one on the break of a previous swing low at 151475. This broke but didn’t fall as fast as it should when going down. In fact, it bounced almost immediately and was within 1 price of my stop before it fell again. I was 3 prices in profit before it went back up again and hit my stop for -6. The only signal that didn’t confirm was the stochastic in the short term.. it was already ready oversold..
My second trade was a short at 151575 as the market had bounced higher to stop me out and was looking like it wanted to go lower. I placed my stop at 151725 (just above the previous swing high) and waited.. it did go lower to start off with and then went through my stop again by 3 price and then crashed down… very frustrating as it would have covered my initial loss. I ended up with another -6.
My third trade was a short at 151375 after seeing strong downside momentum. It went down to 151275 and then straight back up and hit my stop at 151500 for -5.
Arrrgh, I ended up with -$212.50 (above my cut off point), a loss of 20 prices! Not a good start to my first live trading day!
Now, I was talking about trading psychology yesterday.. the shift in thinking of trading a real and simulator account. I didn’t feel that this affected me but from my result today, you could say perhaps it did. I am a bit frustrated that it was a loss, no one likes to start off their first day losing but I have unfortunately and just hope that tomorrow yields a better day for me. I don’t know if the trading firm will cut me off after a certain amount of losses to this live account, we’ll just have to wait and see.
dont worry u traded a choppy market. I think u should include a chop indicator and make one so you dont get caught again. Tommorow is FOMC meet and hopefully a rate cut at 2:15 pm eastern .. make up the losses and bring some money home. 🙂
Thanks for the comments… yes, have to be careful with the markets. I try and review every day and with all the excitement of going live, I should have traded long on any dip since it was an up day!!
Anyway, we’ve been told not to have any positions open today due to the FOMC.. if we must trade, then trade at least 30 mins after the announcement.