The Performance Coaches entered the new month with a renewed trading outlook - and added $132.64 to their trading account. They've now been profitable on 40% of their trading days, but just 30% of their trades.
Those stats (all from the tough September market environment) are why the Performance Coaches are still underwater in their Trading Combine - with a balance of $48,946.34, $4,000 away from their profit target.
Here's the recap of what they saw that led to gains of $132.64 on the day.
Today's trades consisted of one losing trade - a long Crude Oil trade that lose the coaches $150 - and a winning trade - a long Crude Oil trade that made them $300. That 2:1 reward-to-risk ratio is exactly what the Coaches are looking for. It allows them to be right one time out of three and still make money. If they're right 50% of the time, they'll be profitable in the long run.
The Coaches went long Crude in the morning on a bounce from the opening range low when it looked like the market may reject the move. They bought Crude and put a stop below the low - at $50.44. That low was quickly re-tested and gave way to new lows near $50.
As those lows were made, the Coaches saw that there seemed to be a large buyer come in the market around 10:30 AM CT that started snapping up contracts. Prices bounced quickly and the Coaches were able to get long at $50.20 with a tight stop at $50.10. That trade worked out over the next hour, and they were able to get out of it with a nice profit.
Follow us on Twitter for the latest updates in #CoachesCombine (@topsteptrader) where we post real-time throughout the day:
Total performance for the day, including fees and commissions: $132.64. Balance is $48,946.34. For more, check out their Trading Combine dashboard below.