Challenging Learnings

I've been sick since last Thursday and it hasn't been pretty. This wasn't full out blown sick, sick, but it was enough to take me out. Some throat thing, body ache, very low grade fever, headache, nausea, pukiness, congestion and now lots and lots of hacking coughing. Oh, and I've been very tired.

In my trading plan, it says don't trade when you're sick, but then I need to define what that really means. One of the things I'm learning is a hacking cough I really need to not daytrade. Why? On some of the fast timeframes I use which requires me to be focused and looking at a number of things very quickly to setup for the trade I want.

Today I made 39 simulated trades, and 2 funded trades. Needless to say, I had to stop trading funded because I wasn't doing well with those and hacking away.

Today I netted +$50 from 39 trades, which was $155.61 in commissions. My sim account doesn't take that into account, so that's really a -105.61 for today when all is said and done.

Profits = 22 trades = $2600 (avg $118/trade)

Costs = 17 trades = $2550 (avg $150/trade)

This is 4.5 hrs of trading. As you can see, this equates to more than $5K worth of money.

As you look at the chart, this encompasses most of the trading day, which is 6:30 am to 1:15 pm for me. The first 1/2 hr and hte last 15 min. are not shown as I had no trades in that time period.

The areas in shaded green and pink/red are my profitable and costing trades on the 1 min. chart. It's easier to see here than the 15 min. chart where my trades are. There are MANY areas where I had no trades going on. I would say at least 1/2 of the trading day was left untouched by me, which means if I was able to have a magnitude of $5K+, surely a very skilled technical trader probably could've gotten $10K and still left money on the table using 1 contract.

From 7-7:30 am, I missed a 12 point drop as I was making lunches and breakfast for my kids. That's $600 if I did not get in/out multiple times.

A number of my trades I just wasn't focused. I might have missed putting my fib lines up, or didn't check RSI, or wasn't paying attention to where a temporary support was, or watching volume or MACD, or maybe I looked at a couple indicators, but not all the ones I was supposed to, or panicked, or was looking at my account.

Anyway, using one contract, if you're focused you can take $600-1000 or more an hr. I'm not there yet, but I can see the potential. Can you?
2 Responses
  1. I've been away for awhile but I'm glad to see your making some profit. Congrats!

  2. Doris Says:

    Thanks PW. Hopefully this cough will go away so I can begin having greater focus and get back to real money trading and doing it well.

    Bless you,

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