Daily Trading Recap - PnL: +$3,919 | Broke my rules, BAD day — Transcript

Full transcript

1. 0:00All right, what's up? It's Thrax. I'm
2. 0:01going to start doing daily recaps of my
3. 0:04trades just so that you understand what
4. 0:06I was thinking during the day if you
5. 0:07watch the live streams or just also for
6. 0:09me just so I have these as like uh
7. 0:12essentially journals that are just
8. 0:13public. Um but today we essentially took
9. 0:17a couple I took a couple trades today. I
10. 0:19took one trade on stream and then after
11. 0:21I got off stream I ended up taking a
12. 0:23couple more trades and then ended the
13. 0:25day green. Now today overall I am up it
14. 0:29says $3,36 but it's not accounting for
15. 0:32the money I made on Topstep today which
16. 0:34is actually about like $600. So it's
17. 0:37about I don't know $3,900 today across
18. 0:40eight accounts. Five of them are funded
19. 0:43accounts and then three of them are
20. 0:45eval. So we have this one is Eval, this
21. 0:47one's an EVAL, this one's an Eval, and
22. 0:49then the rest are funded accounts. So
23. 0:51we're just trying to slowly grow them.
24. 0:52So, let me talk about what I was
25. 0:54actually looking at heading into the
26. 0:55morning. So, in the Discord, I sent out
27. 0:58a daily outlook and I basically was
28. 1:00saying that yesterday we pushed past
29. 1:02Friday's highs into Thursday's
30. 1:04imbalance, which if we go look at the
31. 1:07chart, what I'm referring to is I'm
32. 1:10referring to this area. All right. So,
33. 1:13we took out Friday's highs, came into
34. 1:17Thursday's imbalance lower, and then
35. 1:20when we came down, London then came up,
36. 1:24created London high, and then we started
37. 1:26distributing down during London session.
38. 1:28So, what I was looking for this morning
39. 1:30is I wanted to see price to essentially
40. 1:34pump up into the move down from London
41. 1:38session and then find an area where we
42. 1:40would then reverse back down because
43. 1:42overall my weekly outlook is that we are
44. 1:45I would like us to go lower to target
45. 1:48further discount in the range of the
46. 1:50higher time frame that we're in. This
47. 1:52was given out uh before market open. I
48. 1:55was essentially just watching to see
49. 1:57whether or not off the open we were
50. 1:59going to take lows and then pump up here
51. 2:00and then turn around or if we were going
52. 2:02to drop directly off the open and then I
53. 2:04would have been watching this area to
54. 2:06see whether or not we were going to
55. 2:08either find some support and bounce off
56. 2:10of here or if we were going to basically
57. 2:13just fall through it. I was no longer
58. 2:15going to be looking for shorts. If we
59. 2:17came up here and we didn't find any type
60. 2:18of resistance up here in the premium of
61. 2:20this range and we just pumped higher,
62. 2:23then I would have been expecting us to
63. 2:25take out London highs and then actually
64. 2:28continue to potentially start targeting
65. 2:30yesterday's highs, so previous daily
66. 2:32highs. So then this was the plan. Okay,
67. 2:34so we had two scenarios. Every day we
68. 2:36always have two scenarios that I look
69. 2:38at, that I'm preparing for, and that I'm
70. 2:40watching for.
71. 2:42So then let's take a look at what
72. 2:43actually happened and the trades that I
73. 2:45actually took when I sent that out. We
74. 2:47were about somewhere right here. Okay.
75. 2:51Now my idea my idea pre-market was that
76. 2:55here we are in a range. We created lows.
77. 2:58We swept the lows. Then we created a
78. 3:00higher low. And I was expecting us to
79. 3:02run up from here. Now when we opened up
80. 3:06and this is the opening candle right
81. 3:08here. This one.
82. 3:10When we opened up, we snapped down first
83. 3:12and then we started to push. Now, once I
84. 3:15saw strong buying entering here, I
85. 3:20actually entered long and was trying to
86. 3:22get the move higher. And once we were to
87. 3:25get above this, I was going to move my
88. 3:27stop to break even. So, my entry was
89. 3:29probably somewhere around like right
90. 3:31here or right here.
91. 3:33It went into profit, came back. It was
92. 3:36whiplashing this morning. very large
93. 3:38ATR. So, I went smaller size and I ended
94. 3:41up getting stopped out of it. Obviously,
95. 3:43at that point, I was down like $250.
96. 3:46The trade probably looks something like
97. 3:48this. I was targeting um
98. 3:52up here into the premium area and my
99. 3:55stop was basically
100. 3:59at the bottom of the candle or something
101. 4:01like that. It was like uh maybe it was
102. 4:03up here.
103. 4:05This is basically what my trade looked
104. 4:07like in the morning, but price came down
105. 4:09and stopped me out. Now, when it stopped
106. 4:12me out, I actually waited for a bit
107. 4:14because what I kept seeing here was
108. 4:17sellers attempt to push lower, sellers
109. 4:19attempt to push lower, and on NQ, we
110. 4:21were never actually able to take New
111. 4:23York AM highs from yesterday. Um, which
112. 4:26was interesting because it was a lot of
113. 4:29aggression, a lot of negative delta, but
114. 4:32we couldn't really get lower and each
115. 4:35time we came up higher, higher, and
116. 4:38higher. So then I started shifting uh my
117. 4:41focus back to potentially looking for a
118. 4:43long, but the only thing is that when we
119. 4:47were coming into this area, there wasn't
120. 4:48really an entry that I wanted to get.
121. 4:50Then I essentially sat there through
122. 4:52this entire chop.
123. 4:54And then
124. 4:56about right here is where I ended the
125. 4:59stream because I said, you know what,
126. 5:01it's probably not a good idea to trade.
127. 5:03I'm already down 250 across eight
128. 5:06accounts. It was like $2,000 in the red
129. 5:09and it's probably better if I wait then.
130. 5:11I'm still imagining that we go higher
131. 5:13because at this point I would have been
132. 5:16surprised if these highs basically this
133. 5:20high remained high a day. I was
134. 5:23expecting at least one more push up
135. 5:25before we make our move down. So as I
136. 5:28got off stream I saw we couldn't break
137. 5:32past this area. Tried once, we tried
138. 5:34twice. We tried a third time. Now on
139. 5:37this third time we actually started
140. 5:39coming down pretty quickly. There was a
141. 5:41lot of speed in this move, especially in
142. 5:43this candle. I'm not going to try and
143. 5:46take a short
144. 5:48because
145. 5:50we already have this. If we were
146. 5:52ranging, right? And here are the
147. 5:55relative equal lows and sellers failed
148. 5:58to get down here. I want to see us push
149. 6:00into this area. This is where I was
150. 6:01trying to take it to. What happened was
151. 6:03we pushed down, strong selling, but then
152. 6:07at the end of this fiveminute candle, we
153. 6:08flipped back. Now, once we flip back, if
154. 6:11we go look at a footprint chart, here
155. 6:13was the chart I was looking at. This is
156. 6:15from today. What I essentially did is I
157. 6:17waited for this candle to open up, push
158. 6:19down first, and then when this started
159. 6:21to pop back bullish, I entered long. So,
160. 6:24what did that look like? Well, when I
161. 6:25entered the trade, it looked a little
162. 6:27bit like this. So, we entered probably
163. 6:30about there. The stop was at the bottom
164. 6:32of this candle, and I was trying to
165. 6:35target up here into about 980 area. um
166. 6:39for 81 points. Now, the first trade that
167. 6:41I took because volatility was high, I
168. 6:44actually entered three micros because I
169. 6:47knew that there was a chance that we
170. 6:48could potentially whiplash, but recently
171. 6:51NQ, at least not today or yesterday, but
172. 6:54recently NQ has just been making moves
173. 6:56directly off the open, not offering any
174. 6:58type of pullback. And then and then once
175. 7:00we get closer to lunch, we just kind of
176. 7:02consolidate before the PM session rolls
177. 7:04over or continues. So, it was a little
178. 7:07bit of FOMO trying to get in at the
179. 7:09open, which was a mistake on my part.
180. 7:11And we were wrong, but we were wrong
181. 7:13with small size, which is okay. Now,
182. 7:15once we got into this trade, the ATR was
183. 7:19it was stabling out. It wasn't as
184. 7:20whiplashy. We weren't moving 25 points
185. 7:24every single 5 seconds. So, I went in
186. 7:27five micros on this trade and I was
187. 7:29risking about a little over $300 on this
188. 7:32trade, which would have put me down on
189. 7:34the day about $550 across eight accounts
190. 7:37if I ended up losing. So, when I started
191. 7:40the day today, I I thought to myself,
192. 7:42well, if we go down $500, because I lost
193. 7:45yesterday, if we go down $500, I have to
194. 7:47stop. Once price started to push and we
195. 7:50got past these highs of this candle,
196. 7:53then that's when I started aggressively
197. 7:55trailing the stop, trailing the stop,
198. 7:56trailing the stop. And then on the final
199. 7:58push higher, I trailed the stop. So, we
200. 8:01ended up getting out of this probably
201. 8:03around here maybe for 200 ticks or so or
202. 8:0650 points. And with five micros, it
203. 8:10essentially put me up at that point like
204. 8:12$250 on the day. Once we got to these
205. 8:15highs, I was basically anticipating uh
206. 8:18us to fall back into the range and I was
207. 8:20trying to play this consolidation here,
208. 8:22which is not always the best idea, but I
209. 8:24thought it was pretty likely because if
210. 8:27I was waiting for price to based off of
211. 8:30the daily outlook that I had, if I was
212. 8:32waiting for price to reach up into this
213. 8:34area over here before it turned around,
214. 8:37well, at this point, I'm not really
215. 8:38looking for longs because I if I want
216. 8:41longs, then at that point, I got to wait
217. 8:42for it to get up here because that was
218. 8:44the plan, right? So, we barely tapped
219. 8:47into it. We barely took this high and
220. 8:50when selling pressure came in right here
221. 8:53and stacked balances started forming up
222. 8:56on this 5minute candle to the downside
223. 8:58showing that sellers were aggressive
224. 9:00after we again failed to make another
225. 9:02push higher. I just went in another five
226. 9:04micros and then trailed trailed trailed
227. 9:07trailed and then I got out somewhere
228. 9:09over here. I think I entered around
229. 9:10right here. My stop was pretty tight. It
230. 9:13was about 25 points and I was trying to
231. 9:16get it down to the bottom of this range,
232. 9:19but I'm pretty sure I ended up getting
233. 9:20out of it when I was trailing for about
234. 9:22another 100 ticks or so. It was
235. 9:25basically a one to one just trying to
236. 9:28play the range. It ended up putting me
237. 9:30at about um like $460 or like $500 per
238. 9:34account, which I'm not really that happy
239. 9:37about because here's the thing, right?
240. 9:39It's like my analysis for the day
241. 9:42technically was somewhat decent, right?
242. 9:45We come down on the blue path at least.
243. 9:47We come down, we take the low, we pump
244. 9:49up, we kind of consolidate, and then we
245. 9:50drop down. Well, I mean, sort of, but I
246. 9:54wanted to see it go a little higher. The
247. 9:56only thing that I'm not really happy
248. 9:58with for today is like the risk
249. 10:01management was okay, but I have a rule
250. 10:04for myself where when price action
251. 10:06starts to deliver like this on just like
252. 10:12some straight up [ __ ] I'm really
253. 10:14not supposed to trade that. And not only
254. 10:16am I not supposed to trade that, but I
255. 10:18also have a rule where at 8 a.m. Pacific
256. 10:22Standard Time, I should usually stop
257. 10:24trading or I should stop trading. So,
258. 10:27yeah, it's a green day today, but I
259. 10:29actually broke two of my rules, which is
260. 10:32not good because we have to remind
261. 10:34ourselves that like a good day and a bad
262. 10:36day is not determined based off of
263. 10:39results of P&L. It's based off of the
264. 10:42actions that we took that day. Was that
265. 10:44a good day or not? Now, when I try to
266. 10:46take a trade here, well, I can defend
267. 10:48that idea. But once I got past where I
268. 10:51usually stop trading and then I start
269. 10:53trying to play chop going both
270. 10:54directions, up then down, even though it
271. 10:57worked out, that was bad behavior in my
272. 11:00opinion. Yes, I am up on the day and
273. 11:03also like I ended the stream down. So, I
274. 11:06got off stream cuz I sat there for like
275. 11:08an hour and a half and nothing happened.
276. 11:10And then once I got off stream, then we
277. 11:12started picking up speed and that's when
278. 11:14I was like, "Well, [ __ ] I gotta take
279. 11:16the trade." But I shouldn't have. I
280. 11:18should have just honestly I should have
281. 11:20taken the L. I should have taken the
282. 11:22$250 L today on all eight accounts and
283. 11:25just came back tomorrow because yes, it
284. 11:28worked what I did. Long right here,
285. 11:31short right here, and then just a quick
286. 11:33scalp to try and get back green on the
287. 11:36day. But if that didn't work out, like
288. 11:39if I would have lost and put myself
289. 11:41further into draw down trading some
290. 11:42[ __ ] like this, I would have been
291. 11:45really upset with myself and this type
292. 11:47of scenario where let's say the first
293. 11:51trade I took here caused draw down.
294. 11:53Okay, so now I'm already red on the day.
295. 11:55Then we're now in the mental state of
296. 11:59we're red on the day. I'm trying to find
297. 12:01an opportunity. I wasn't in the mindset
298. 12:04of just like calling it a day. I wanted
299. 12:06to win which is not good. Okay. And the
300. 12:10good thing is that I sat through this
301. 12:11and didn't try I didn't make any
302. 12:13decisions or didn't try and trade it or
303. 12:15the decision that I made was to not
304. 12:16trade it. I should have stopped and just
305. 12:18because I won right here and now I'm
306. 12:20green on the day. Uh I broke two of my
307. 12:22rules and yeah it worked today. But
308. 12:24those rules are there for a reason is
309. 12:27because this is the type of thing that
310. 12:29happens that blows accounts for me. This
311. 12:32is the type of thing that happens where
312. 12:34I turn a bad situation into an even
313. 12:36worse situation. Trading some [ __ ] that
314. 12:38I shouldn't be trading. The proper thing
315. 12:40to do today, just for the record, for me
316. 12:43and my strategy, is okay, we take this
317. 12:45attempt to try and go long. It doesn't
318. 12:47work out. We were early. We should have
319. 12:50waited for these lows to get swept first
320. 12:52and then maybe entered somewhere around
321. 12:54here, right on maybe on this pullback or
322. 12:56whatever, and try to take it higher. But
323. 12:58let's say we we didn't do that. that.
324. 13:01So, we got stopped out. Okay. Well, once
325. 13:03the moment we recognize this, day is
326. 13:05over because I only trade the A.M.
327. 13:07session. The moment that I recognize
328. 13:09that that's going on, I need to call it
329. 13:12a day. And then, especially once we get
330. 13:14past that 8 a.m. time, I need to call it
331. 13:16a day. And so, moral of the story, long
332. 13:19story short, is essentially, yes, I'm
333. 13:22green on the day. Five funded accounts,
334. 13:25three evals. We're up like 3,900 bucks.
335. 13:28funded accounts like 2500 basically. But
336. 13:30this wasn't a good session. This was
337. 13:32actually kind of a bad session for me.
338. 13:34And I think the reason why it happened
339. 13:37is because I went from being I mean
340. 13:39technically like technically I'm still
341. 13:43on a winning streak on this account.
342. 13:45Like I'm still on a winning streak with
343. 13:47this account. It's at like 30 days now.
344. 13:5130 days winning streak. But I lost
345. 13:54yesterday on my funded accounts. I was
346. 13:56gonna lose today and I just wasn't
347. 14:00comfortable with that when I should have
348. 14:02been comfortable with it but I wasn't
349. 14:04comfortable with like I got so used to
350. 14:06winning right and like at least in the
351. 14:08past 30 days you know you wake up every
352. 14:09day and then you just win win win win
353. 14:11win win win win win win win win win win
354. 14:11win win win win win win win win win win
355. 14:11win win win win win win win win win win
356. 14:11win win win win win win win win win win
357. 14:11win win win win win win win win win win
358. 14:11win win win win win win win win win you
359. 14:12mean you you become accustomed to it to
360. 14:13a certain extent and you kind of let
361. 14:15that winning streak get to your head and
362. 14:16I feel like the winning streak is
363. 14:18getting to my head to the point where
364. 14:20I'm doing stupid [ __ ] that I normally
365. 14:22wouldn't do that I just explained I'm
366. 14:25doing stupid [ __ ] that I normally
367. 14:26wouldn't do to just try and keep a
368. 14:29superficial [ __ ] ego uh winning
369. 14:33streak alive when that's not the goal.
370. 14:35The goal is survivability. And I know
371. 14:37that I need to not trade this [ __ ]
372. 14:38to survive, but what did I do? I traded
373. 14:41it. So yeah, I mean that's about it.
374. 14:43Those are my trades today. Long right
375. 14:45here, long right here, short right here.
376. 14:48Called it a day. Should have never
377. 14:49traded this. Ended the day green, but
378. 14:52I'm not really happy with it. So, I'll
379. 14:53probably just start doing recaps every
380. 14:55day. I'm gonna try and not make them too
381. 14:57long. Sorry, this one's long. But this
382. 14:59is also just for my record, too, just so
383. 15:01I have it. And then I'm just going to
384. 15:02make them public so that I can go back
385. 15:04and watch these and I can watch live
386. 15:06streams and think about what I should
387. 15:08have done right, what I did wrong that I
388. 15:10shouldn't have done, and try and
389. 15:12improve. Always trying to improve. So,
390. 15:15I'll catch you guys next time. I'll be
391. 15:17live trading tomorrow. It's Friday.
392. 15:19Hopefully, we don't [ __ ] everything up.
393. 15:22So, I'll catch you.