The Performance Coaches gave up yesterday's gains in a series of two trades - one in Crude Oil and one in the Emini S&P 500. The Coaches didn't have a high sense of conviction on either trade, so kept their stops tight in order to get a 2:1 reward-to-risk ratio out of it.
Here's how they let $162.36 get out of their account.
The most notable part of today is how the Performance Coaches reacted to a market they judged was uncertain. Instead of widening their stops out, they tightened them. Their stop on the Crude Oil long, which they usually place $0.15 away, was just $0.08 below their entry. Unfortunately, within 10 minutes of putting it on, it triggered. Similarly, they give Emini S&P 500 contracts anywhere from 2 to 4 points to work. Today, they put their stop just 1.5 points below their entry.
Asked to elaborate on it, Hoag said that the Coaches don't trade hunches. "To get the 2:1 reward out of the risk, we had to put the stops that close," he judged.
Here's how we reported the trades on Twitter (@topsteptrader) using #CoachesCombine. Since we delay posting 15 minutes so they're not mistaken for trade recommendations, both trades were already stopped by the time we put them out:
Total performance for the day, including fees and commissions: -$162.36. Balance is $48,783.98. For more, check out their Trading Combine dashboard below.