11:35am CDT - Today, like Fri. was a good example of why wider stops are a mixed bag. Earlier last week they did great for me and allowed trades to work. But today I take 2 losses and I'm done, not willing to risk more. Both trades today I had the direction correct but just got in way too early. And getting stopped out 3 ticks of the high is always fun! In hindsight, there are of course reasons I should have managed things differently. I have been mostly using longer timeframes (5 min.) but am considering at even longer (15 min.) after some work over the weekend. Taking larger losses is okay as long as they match up with wins of equal or greater size (I've yet to prove I can actually do this). I've always believed that I can be a very happy trader if my typical week results in 4 days that cancel each other out and 1 day with solid wins. The road to get there however, is proving rocky.
| RESULTS FOR DAY |
|---|
| NQ Contracts: | 15 |
| Net $P/L: |
-1834 |
| Wins: |
0 |
| Losses: |
2 |
| Win%: | 0 |
| Avg$Win: |
0 |
| Avg$Loss: |
-917 |
Today's market was one of those seductive sideways days, you can take pride in stopping at 2 losses.
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