“It's a fundamental shift in attitude that accounts for their success, not some brilliant realization about the market, as most people erroneously assume. This erroneous assumption is prevalent among traders simply because very few of them really understand, at the deepest levels, just how critical a component attitude is in determining one's success.”

TopstepTrader Combine #10, Day 12

5 trades, 2 wins, 3 losses, -4 ticks, -$68.40 net.

TopstepTrader Combine #10, Day 11

12 trades, 5 wins, 7 losses, -1 tick, -$56.66 net.

TopstepTrader Combine #10, Day 10

3 trades, 1 win, 1 loss, 1 scratch, +1 tick, +$1.46 net.

Pretty flat market this morning – maybe waiting for Draghi speech later? Have to leave to do other work, so it's a short session for me today.

TopstepTrader Combine #10, Day 9

6 trades, 1 win, 1 scratch, 4 losses, -9 ticks, -$134.58 net.

My view of the market was a bit too myopic today. Although I made note in my journal first thing this morning that there had been a fairly large move down earlier, I didn't really account for the consolidation that could occur. So I continued to try too hard, too many times in the somewhat choppy action. I also skipped some of the better entries while taking the late ones.

Once I had lost as much as I was willing to for the day and quit trading, price began to break and resume its downtrend, creating the kind of opportunities that I'm looking for.

This is my first real day of trading this way though, so I'll review what I did today, see what I can learn, and try again tomorrow.

Weekly Stats: Sep 28 - Oct 02

At first I was considering the stats so far to be mostly irrelevant due to the fact that they're based on inconsistent and poor trading. However, as I thought a little more about it, it occurred to me that they're actually very relevant because they reflect my inconsistent and poor trading.

This past week was the first week that Expectancy was positive for this Combine. Hopefully the change in direction that I talked about in the last post will begin to yield some improved results for the remainder of the Combine.

And my TopstepTrader stats grid as usual:

Weekend Review

Recently I've been able to admit to myself that I've basically been trading based on hopeful but unfounded ideas, as well as just plain guessing.

I'm coming to see that I've been approaching trading in some very incorrect ways, not the least of which is refusing to take the time to learn and understand the basics of price action. This leads to taking trades at inappropriate times, in inappropriate places, in inappropriate directions, with inappropriate expectations. By rushing to try to make money and jumping from one chart type to another; one market to another; one advanced approach to another; I've continually denied myself the consistency necessary to learn the basics.

I'll be working to resolve this in the coming days and weeks by defining and simplifying my decision-making process, as well as my charting, and trying to work in accordance with some very basic aspects of price action.

What I plan to do is once again inspired by Forexbird's work - specifically his early blog posts regarding his trading from a 1M chart. I made a start with this on Friday, and I'll be working to improve the way my chart looks so it's easier to work with. I'll also be working to develop the patience to wait for recognizable (to me) price action patterns reflecting potential opportunities.

Another thing I've always liked that Forexbird did was to keep a weekly stats grid of his progress.

I've created one and modified it somewhat for my use. I plan to update it each week for the rest of this Combine. I think this will help me to have a different perspective regarding what I'm trying to accomplish with my trading, as well as helping me to review the past week in a more effective way.

I'll put it in my next post along with my usual TopstepTrader stats grid.

TopstepTrader Combine #10, Day 8

3 trades, 2 wins, 1 loss, +5 ticks, +$51.46 net.

TopstepTrader Combine #10, Day 7

2 trades, 2 losses, -8 ticks, -$57.36 net.

TopstepTrader Combine #10, Day 6

2 trades, 2 wins, +7 ticks, +$80.14 net

Today's action was difficult for me to trade. I started around 06:45CT, but I didn't see anything that I was willing to take a risk on until my first trade at 08:27. And that trade gave me trouble because it hit my target right away but didn't fill it. I inched my stop down and when it looked like price wasn't wanting to break lower, I started inching my target up until it was filled.

The second trade wasn't as difficult, but it still hung around my entry for a while (you can't really tell from the range bar chart), so I started to inch my stop up and brought my target down a tick where it was eventually filled.

TopstepTrader Combine #10, Day 5

2 trades, 1 win, 1 loss, -0 ticks, -$7.36 net.

What I've been doing (in ES) up to this point was based on a not-so-well-founded idea, and obviously it hasn't been working. I've spent a lot of time over the past week or so working on variations of that idea as well as some other things, but I haven't been able to come up with anything that I can work with.

So I've changed my focus and direction back toward 6E, which I feel more comfortable dealing with.

What I did today is based on an approach that I just started putting together last night and this morning. It's very simple, but it'll take me some time to start getting used to it and see if it's going to be something that I'm able to execute profitably over time. If you've ever read Forexbird's blog, you'll see that this is somewhat reminiscent of his work.

I took several winning live sim trades earlier (blue and pink Ninja trade markers on chart), but my first Combine trade this morning was a loser. I re-entered right away because the situation still looked like a good opportunity and that trade was a winner. I went for enough to cover the loss on the first trade and got that target, but I didn't realize that I had gotten a tick of slippage on the exit for the first trade, and so I finished still down the commissions for today.

As I said before, it'll take some time to reorient back to 6E, the way it moves, determining appropriate stops/targets, waking up earlier, etc. I'll just have to see how it goes.

TopstepTrader Combine #10, Day 4

5 trades, 5 losses, -7.00pts, -$368.40 net.

TopstepTrader Combine #10, Day 3

1 trade, 1 win, +3.00 pts., +$146.32 net.
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