Missed Opportunities

Unplanned family commitments and Protege course work have dominated the past two days which has meant I've spent less time on Sim trading than I had planned.  As a result I missed trades on Thursday and by the time I was on screen the market had been in trend all day, was against value highs and was close to the end of my day.  The Blue box shows one time I did get to be on screen later than the triggered setup conditions, I had to sit on my hands to stop taking the trade, knowing I could well miss much more upside but also be taking on more risk and knowing the setup was outside my plan rules.

I also ended up having to be away most of Friday so decided not to trade at all. No trades past two days, not what I planned but being ill prepared and unable to focus on the game, I think this was the right choice.

Not counting three B/E trades I took 18 trades over first two days on SIM; 12 winners, 6 losers = 66% winners. Avg.Win/Avg. Loss Ratio = 2.42.

I've had a reasonable first two days in Sim trading and making progress in the right direction - good news.

I also took a quick look at the Euro 6E futures on Friday after much talk about it during the EL webinars and, I've had the 6E in my plans for sometime as a secondary market, it reminded me just how much and how well it can move and is definitely a market I'll be working on in the future.

Market Prep and Probabilities

Todays charts tell the story.  Risk management worked out well today. Improved my read on pattern sequences over yesterday but my market prep is still lacking, found myself going long into VAH / Offer Zone with little headroom, okay for a scalp but that's not my longer term objective, short bias was a higher probability from that location.  Remember, think in terms of Probabilities x Magnitude of Gain.  Cleary the bias was down.

SIM Trading Begins

I've spent the past week putting together my new trading plan based on the excellent training and live trading sessions done last week with EL and the longer term course I am doing with Pride Educators.

My plan calls for an incremental approach.  I'm starting out by trading single lot size, with a small risk/reward ratio.  The purpose is to learn the tradeable chart pattern sequences, learn my execution platform and most importantly gain risk management experience using scratch and reentry techniques.  If I can achieve a level of success, especially in the latter then I have a good chance of going to the next level of increasing size and using scaling in and out to manage risk and create profits.  At the moment I'm essentially scalping the market.

A rather slow start to my SIM trading today, I need to get into a daily routine with documenting prep, although I did prep for the market my MP chart is not well documented.