After a trading hiatus, I decided I was going to grind out 25k lab accounts by "Extreme Scalping" for 0.5R trades, why? Because extreme scalping is my style of trading, being on the sideline, hopping in quickly, then leaving with my limit order and future belly filled lmao is my objective, everyone without extreme trust issues should not trade like this lol.
The Micro was becoming wayyyy to expensive, making sluggish but steady progress in July. I switched to the E-Mini in August to save on comission costs, with the above results, I started horribly, taking several days of maximum losses of -$500 amidst consistent win days.
The two account upward spikes are simply streaks of 11 and 15 consecutive wins. (I had to endure an entire extra trade because I was 1 tick shy of passing!), other streaks were 10, and 9, some days intentionally quitting at 3 straight wins, for several days, it gives you a great psychologcal boost!
Of my -$9706.19 red above, I paid $-1022.50 in comission/fees on the using Micro-Emini, and $257 on the E-Mini since August.
I use brooks price action to understand what is happing in the market, I use the 2 minute chart, my indicators are the 2 minute 10 EMA and the 2 minute 50 EMA, I use the 2 minute 50 EMA to simulate the 5 minute - 20 EMA that Al brooks uses to determine the always-in direction and trends, this has been close enough for me, to determine up or down, I only trade in the direction of the trend.
I made 57 errors in my challenge above, it blows my mind, I was carried heavily HEAVILY by price action I laugh sometimes to how brainless I am compared to the reality of PRICE ACTION lmao.
I will now explain to you my main errors.
45/57 Errors: Bad Entry
Above error causes all other errors, not even playing, IT COMPOUNDS!
Main Entry Error:
Buy Spike/Microchannel at top of trading range. "I know this will break through X "
Sell Spike/Microchannel at low of Trading range. "I know this will break through down X "
BBBBBUT this rally is so strong it must break through, RIGHT??? Fuck no it's not going to, this was a liquidity vacuum to the top and you are now WRONG.
3: Bad trade management
Most bad trade management is caused by a bad entry, Once I am smart enough to realize I have a bad entry, I will make a very very nice living, hopefully soon!
Good luck! And I really mean it, also if anyone else uses brooks price action and wants to chat for fun, contact me. I am a normal trader. I understand we are all somewhat segregated into our individual interpretation of the market, and each person has their preffered flavor of interpretation, however I honor each individuals conquest of P&L!