Amazingly poor trading day / awareness and rules

#1

Hi,

Sometimes looking back on our notes it is shocking just how terrible some of our decisions can be in the moment. I’ll post today as an example for you all. I was focusing on exploring the Elite OTM binary concept, and was pushing it, so I made bad trades. Now I’m down $120 on my account. In reviewing last night it is clear the rules are just so simple, so I jumped in live. I mean really, its easier than boomerangs to understand and I still threw the ball away. Emotions are a totally different story, showing demo is worth so much more than simply gaining a “technical” understanding.

First trade: MVP and Apex were contradicting Second trade: Strike selection issue - small apex so should have been ITM, regardless was too far OTM for regular rules regardless Third trade: Thinking at the time was “adding-in” assuming my strike was correct initially, aka continuation of mistake Fourth trade: MVP reversal, and I think BMX reversal too, entered spread long as called in room Fifth trade: MVP reversal after short apex entry confirmed, got out and cut my losses for the day

If any other mistakes can be found, please do let me know. I need some value out of my loss for the day, happy to know we can at least learn from it.

2014-05-06_1730 - Doppelrock’s library

Thanks,

Rob

#2

Rob, THANK YOU for sharing. We are ALL better for it!

#3

05.06.2014-18.35.png1276x718

1 - yup mvp apex conflict no entry

2 and 3 - valid entries but should have been ITM

3 side note - even though ITM worked it was going right into -1 dev line … danger danger

4 BMX was there but it never triggered no entry should have been taken (not an mvp yet)

5 MVP reversal but it was at the end of the day - though we can get some big moves and I an see the reason one might take it if we had any kind of volume but there was not any volume on that MVP breakout bar or the one after it - not sayhing totally uncalled for but also i have never stated to do ATM trades nor have i tested at all doing MVP Reversals on binaries. If you find something is working let me know. I just recnetly taught how to do ITM and OTM on the binaries using APEX Elite MVP here: http://apexinvesting.net/forum/apex-elite-mvp-system-212/hourly-otm-itm-binaries-using-elite-mvp-1355.html

#4

Hi Lorrin,

Thanks for the quick response. Also the strike choice info provided in the link is helpful.

  1. yep
  2. and 3. - very good to know now, I’ll keep an eye out
    • Stephen and I were chatting about that, there was also flat predictor line - entries today on TF were all headed right into either -.5 or -1dd, which is great for head games (sarcasm)
  4. Stephen was calling for a reversal spread if it hit 1108.1, which it did hence my spread entry, though unclear as to rules here as you are not seeing either bmx reversal or mvp. I did see an MVP long arrow
  5. This is where I exited the long spread just mentioned as soon as I saw the short MVP arrow form, I did not go short here with a new contract and indeed called it a day as I agree about movement/time in regard to end of day, good to hear that confirmed.

Thanks,

Rob