Fear

Last month was both exciting and disappointing. As I look at the amount netted, that is disappointing. However, the fact that is was the first month I actually ended positive, that's really exciting, after 9 months of negative funded trading.

One of the things about having a discretionary system is that there are areas where you have to discern. Is this a good time to get in? Is this a good time to get out?

Today I made 5 trades. Two went against me. Three in my favor. Before commissions, I am in the positive. After commissions, I was a <$7.45>.

If I look at where I was on Day 1 of July, I was at a <$125> with one trade plus commissions, so that gave me a <$128.99> at the end of Day 1 of July. Today, I'm a net of <$7.45> doing 5 trades.

I'm going to talk about each individual trade:

TRADE 1
ENTRY: LONG @ 998.25, 1:43:58 pm EST
- RSI in a slight uptrend, got in at a "pullback" on RSI
- Just slightly above 10 EMA
- Target is 1000
- 3 min. & 15 min. charts use
- volumes low
- Did not plan on getting in befor 2 pm EST, but it looked like a good time
- MACD bullish
- Cost stop just below the 50 EMA

Notes: This trade pulled back a bit more to the 20 EMA and just slightly below. When looking on the 15 min. chart, things still looked bullish, so I decided to wait it out and wasn't really concerned.

EXIT: 999.75 @ 2:06:29 pm EST
- It tagged 1000.25 and I wanted to see how far it would go, but decided to just capture profits as I had them, so took 1.5 pts at Market Order, just in case it wanted to tag it and come crashing down before going for it again.

This was a good trade and I'm pleased with it. On the 3 minute, it butted its head on the 1000 mark for 5 candles, with lows getting slightly higher. It pushed up shortly after that to 1001, but I wasn't convinced it would hold, as I saw bearish divergence of the price action and RSI.

I did not want to get in for a bearish trade as I wasn't sure if it would be very quick retracement and resume, or longer, and didn't want to get whipsawed. I am tending to trade more in the direction of the trend, rather than against it.

TRADE 2
ENTRY: LONG @ 999.25, 2:49:32 pm EST
- RSI had broken the downtrend going up (I didn't immediately do this and waited)
- Target was 1000.
- Stop was just below 50 EMA

EXIT: 3:00:22 pm EST @ 997.75
- My stop was hit.

Notes: Of course, shortly after it took me out, it began reversing. Sometimes I need to keep it more away from the EMA if that is my stop, but I wasn't going to put it all the way back to the 200 EMA. That is just too far back. I had the fibs up and the 38.2% retracement from the high was 996.25 and that was just too far to have my cost stop. Of course, if that was the case, I would've been in the trade still and taken profits.

However, you have to be willing to get stopped out if that's where you set your stop that far back. I wasn't, so I eat that cost. My first trade was $75. My 2nd trade was $75 cost. I'm not at break even, rather it cost me 2 commissions.

TRADE 3
ENTER: LONG @ 998.75, 3:11:30 pm EST
- Coming off the 50 EMA and just above the 10/20 EMA
- In an uptrend on RSI, the 2nd iteration
- MACD weakening on bearish
- Target 999.25 (small trade, intentional)
- Cost stop @ 997.25 (just 1 tick below the most recent lows

EXIT: 999.25, 3:19:55 pm EST
- Just let the trade work itself

Notes: It seemed like it was stalling and I was unsure of whether it would continue. My profit stop got hit faster than I thought before it went up. I wasn't able to move it out of the way to take more profits. But, I'm happy with a profit anyhow.

TRADES 4 & 5
ENTER: LONG @ 999.25, 3:22:51 pm EST
ENTER: LONG @ 999.25, 3:38:31 pm EST
- RSI was in an uptrend, and on the beginning of its 3rd cycle
- Bullish volume increasing slightly and greater than bearish volume
- MACD showing bullish strength
- Target 1000.75
- Cost stop @ 997.25

Notes: Well, my target was too far out, as it came to 1000.50 and had tweezer tops. By the time I realized that, I was now in the negative and didn't want to get out. Though I had my cost stop @ 997.25, I ended moving it to 995, which is the 50% retracement on the fibs.

For a little bit, as it was "tanking", I got a bit nervouse. I also legged into this trade again at the same point where I entered earlier, as it had bounced off the 50 EMA. Apparently that was the high there and then going to 996 - that's a 3.25 move against me with TWO contracts now.

I was starting to get nervous and agitated. A part of me wanted to bargain with God, but I know that's not good trading. So, I just prayed and asked God to give me clarity and a sound mind as I traded.

Often strong moves in one direction will test to see if there are buyers or sellers. Reaching 1000 is pretty significant, as we have not done that in MONTHS, and I figured it would closer near this range, but just didn't know how it would go about doing it.

It made sense to me that it would test for sellers, which it did. Those moves were big, strong and quick. Sort of like a short capitulation selloff. I like that word.

However, I truly did not know if it would continue selling off, so I made the choice to get out of one of the 2 positions, just in case, it was just coming up to the 10/20/50 EMA and then pushing back down.

EXIT: 998 @ 3:51:17 pm EST
- Price action came up to 999 and then back down. I decided to just get out of one position, to further defer costs if it continued down, which it did drop as low at 997.
- It looked like RSI was in an uptrend, but it was still near oversold territory, or going there, so I figure better to have smaller costs than bigger costs.
- Plus, I only wanted one position on the table.
- I felt better after exiting this trade, as every move was $25 for or against me and things were starting to move faster.

EXIT: 1000.25 @ 4:01:18 pm EST
- My target really was 1001.
- Moved cost stop up to just below 20 EMA
- Things were moving fast and I wasn't sure if it was just going to tag 1001 and then come back down or stay up there. Figured I was profitable, so I just did a FLATTEN position. Price action was going up, bullish volume was weakening.

I decided that was enough excitement for today. Yes, I know if I had stayed in Trade 4, I could've ended more profitably, but the reality is, if it would've continued to go against me, I would've ended up with a much bigger cost. When it was at 996 (the latter hours trading low), those 2 positions were $325 against me. That was just way too big of a cost for me to take, however, I would've, as my stop was 995.25, which would've been a $400 cost on both positions.

I would do a video of this, but it shows my funded account details and I can't take that off my screen. And, a screen shot, well, I don't have time for that now.

Am continually improving, and becoming more aware of things. It's still best for me to trade 1 contract with real money until I get really good at it. Tomorrow, that's my goal, just trade with 1 contract.

One of the things today, even though I felt fear and panic, I did not react in that manner and just decided to wait to see what was happening. That waiting helped keep my costs smaller.
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