Today was a day of redemption. I was short yesterday going into the close and got stopped out for 3k, went long and got stopped out for 1k. In the process of losing 4k in about 30min I learned a new trade setup and a good lesson in sticking to the game plan and not taking impolsive trades. Tommorow should be the first day I get reduced commissions, which is much needed, because the last 2 days I've traded over 100 lots on ER2.
P/L= $6,187
Trading thoughts-
There were a number of times I though about quiting today. When I hit 2k, I thought that I was lucky to have made so much back from yesterdays loss. Then I got to 4k and started to trade more conservatively. Then I got to 5k and knew that I had to take all the setups I could with reasonable size to make back my full loss from yesterday, plus a little extra to make me positive for the week. I'm also starting to trade Crude oil more, which seems to be a great contract to scalp. Last year I got my butt kicked trading QM, but I see that CL is much better for scalping and I've learned a thing or two since last year.
Things I need to work on-
Entering size only on signals- (Today I entered on an impulse and it cost me 3k in lost profits.)
Taking more scalp trades with 2-4 cards.
Exit at your signals or at least cut 3/4 of the position and tighten stops very tight with a couple of contracts extra for a potential reversal fade.
Wait for setup on NYSE A/D and NYSE TICK (to be honest I haven't been watching NYSE TICK for weeks now. I just watch my price chart and the A/D charts, but I missed a couple of setups that would have benefited me had I been using my old setups).
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