Trade executions, 4th June 2024
Continuing Evaluation Accounts #
While I continued buying new APEX evaluations today (got a 50k account), I recognize that their low cost can add up quickly if I lose too many.
Bearish Bias and Choppy Market #
Based on yesterday's price action, I had a bearish bias today. I anticipated a price increase followed by a decline. The price did rise, but then ended up in a choppy trading range. Days with news releases at 10:00 AM are very difficult to trade, so I'll avoid using funded or real money accounts on such days.
Learning from Different Account Results #
I ended the day down almost $2k on my funded account, but up $1.5k on the 50k evaluation account (which needs $3k to pass). While I executed similar trades on both accounts, I entered more aggressively on the evaluation account and used a tighter stop on the funded account. I opened short positions only, but price retraced significantly, stopping me out on the funded account while allowing the evaluation account to run.
Increased Losses and New Trading Rules #
I attempted to trade the funded account two more times, unfortunately increasing my losses. To improve my discipline, I'll establish the following daily trading rules:
- Rule 1: If I reach my daily target of $1,000 on the first trade, I will stop trading for the day (already implemented).
- Rule 2: If I experience a loss, I will attempt one more trade with half the position size.
- Rule 3: If the second trade also results in a loss, I will stop trading for the day.
Today, my attempt at a third trade was unsuccessful.
Looking Ahead #
Tomorrow is a new day, and I'm hoping for clearer price action, especially if the market closes lower today.
ps: I used google gemini to fix and format the sections for me, it is nice :)
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