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Futures Profitable Again; Russell eMini Futures Gains + 10.3 Points

Today’s Results:

  • Heating Oil Futures; + 56 ticks; one and done
  • Crude Oil Futures; + 9 ticks
  • Soybean Futures, + 2.25; one and done
  • S&P Futures (ES); + 2.75; one and done
  • Dow eMini Futures (YM); + 3 points; two trades.  The 3rd trade was also a winner but our tradeplan had us quitting with the +3 points today.
  • Russell eMini Futures (TF); + 10.3 points
  • Dax Futures ended its 23 session winning streak today, losing – 53.5 points.  More experienced traders could have avoided a losing trade that would have made all the difference but I counted it and we’ll be very content with a winning streak that lasted over a month and made all new record profit levels for 23 straight sessions.  We are sitting just below all time record highs.
  • EURJPY either lost a couple pips, gained a couple pips or broke even depending on how one managed the final position.   I recorded it as – 2 pips.

 

See the Russell eMini futures trade that gained over +10 points today

012714_TF

Comments

  1. Hi TJ,

    how many losing trades in a row, before reaching poq target for the present day do you allow before stop trading.

    Much thanks!

    • I don’t particularly count losing trades in a row towards poq. Losing streaks happen but they are fairly rare. Two losses in a row is quite common in trading, and three can happen from time to time too. Four is more rare and five even more so. What that tells me is that the next trade usually wins. So I think it is the wrong time to quit. We have a term called ‘chasing performance,’ and it is typically what leads to a trader account’s destruction. That is, waiting until the market is trading good and then jumping in. The only problem is the trades already happened. Markets trade two steps forward and one step back, as far as wins and losses. This is reflected in a healthy, stair stepping equity curve. You don’t want to be the guy jumping in at the end of the two steps forward. Then after a few losses, the end of the one step back, most people have taken more pain than they can endure and they quit. Right at the end of the one step back. This is a pattern that you do not want to fall prey to. Therefore it’s important to adhere to our Steps to Success Guide on the Owner’s Club and build the correct foundation and belief structure in your tradeplan so that you can see for yourself the win/loss column, the random sequence of wins and losses over time and the ever growing equity curve. I hope that makes sense. FYI, CL has only had one 3 trade losing streak so far this year on a session that ended down by -11 ticks. The next session it was up + 65 and by the end of the week it was up +175. Could you endure the losing trades that come and go if you knew you would end your week positive over 85% of the time, as we have been doing with CL now for nearly 1.5 years? Only YOU can answer that question.

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