The Performance Coaches traded for the first time in a few days, losing $166.18 going short the Emini S&P 500 ($ESZ7). Because their Trading Combine® is nearing the Max Drawdown, which has trailed to $48,997, the Coaches are being cautious.
This is a point where many traders in the Trading Combine might take more aggressive trades. Not only are the Coaches hoping to show good risk management, but they also know that the best way to recoup gains is to stick to a strategy and focus on base hits. One or two good trades will get them back to breakeven.
Here's a closer look at the trade that they entered today.
All morning, equity futures were under pressure - with the Nasdaq ($NQZ7) falling more than 100 points. However, that pressure was simply related to the index that led. The Coaches thought the general selling might permeate through to the S&P 500 - so they sold a contract. Though it initially moved in their direction by a couple points, there was no follow through. Prices bounced and hit the stop, costing them 3.25 points.
Here's how we reported the Coaches trade on Twitter (@topsteptrader) using #CoachesCombine:
As a reminder, trades are not recommendations and we do delay the Twitter feed by 15 minutes.
Total performance for the day, including fees and commissions: -$166.18 Balance is $49,182.91. For more, check out their Trading Combine dashboard below.