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Tick Trader Loses 10 Points in 1 Hour! Recovery All Day!

Wow what a day. This was the TOUGHEST trading day for me ALL YEAR long! Did you watch the past two videos? I sure hope so. I have been ranting and raving all last week about discipline, emotions, trading plans, etc etc… So when the tough gets tough, what do I REALLY do? Well folks. We make it abundantly clear that trading is not easy. Truth be told, a good portion of the time, it’s not hard. It’s not rocket science. Once your emotions are under control and you have a good trading system, you should be fine.

Today was, believe it or not, a ONE AND DONE DAY ! Kudos to my students that got done early! I was attempting to get an EET trade, had I been filled I would have had a one and done. The EET hit profit before I could be filled. I cancelled, and immediately tried to fill on a Pullback trade. Students that were taking the pullback instead of the EET trade had ample time to get filled. A few were able to cancel the EET order and STILL get filled on the Pullback, for a one and done. I did not get filled, I missed another one!

It then turned ugly.
I honestly lost count. In the first 1 hour I was done nearly 10 points! That’s $450 per contract. Worse draw-down of the year, for sure. This is again, is where the discipline comes in. We rolled up our sleeves and the nest hour from 10:30 – 11:30 I’d recovered nearly 55% of my losses. It was slow throughout the lunch time but I kept grinding trades out. Some won, some lost. But I had 3 trades that were “home runs” 3 points, 3 ½ points, 2 points, and a bunch of singles – 1 point, 5 ticks, 6 ticks – you get the picture.

Finally just before 3:30 I was UP after commissions about 5 ticks. Whew. At the time I had miscalculated so I ended up taking another winning Pullback for 4 more ticks! So for my efforts I left the day with give or take 2 points profit.

Here’s the kicker: We all know we are going to take losing trades. I really do read some of the message forums. I see where people talk bad about my system “… system works great until you lose, then you lose a lot…” and it goes on and on. My question is, is there someone out there that doesn’t take losing trades? Really? We take losing trades ALL the time, and I make that clear, ALL the time. What makes my system so UNIQUE and different from all the rest is that we RECOVER from losing trades – the SAME DAY we make them! Any system will FAIL if there are not recovery rules. It’s just that simple. Some traders get this, others don’t.

It’s not very often we take a 10 point hit. Probably the first time in well over a year. We did what we are TRAINED to do – recover, with discipline!

No sense in doing a video as I would need an hour to outline all the trades!!

Cheers
ETS

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This entry was posted on Monday, October 17th, 2011 at 6:40 pm and is filed under Emini Trading : 10 Points Lost in 1 Hour.
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