Today's Trades on the ES (Fri, 14-Nov-2008)

My goal is $300/day when I trade. Today I grossed -$337.50.

Total Trades = 2 (5 min. from 9:21 am to 9:26 am EST)
Contracts Used at 1 Time = 1 ($500 margin/contract)
# Profitable Trades = 0 (0%)
# Costing Trades = 2 (100%)
Range of Profitable Trades = $112.50 to $125
Range of Costing Trades = $0

Total Profits = $0
Total Costs = $337.50
Commissions = $7.98
Net = -$345.48 (-69% of capital used)

Lessons Learned:

Once again, this is taking responsibility for my actions and trading, blaming no one but myself. This is not self-defeatist talk, rather it is acknowledging incorrect things to do in trading. I had my IM chat on and allowed someone I know fairly well to interject thoughts of negativity into my trading right around the time I began trading. He used the words "knuckleheads on Wall Street" and I found myself being backwards in both the trades I entered.

1. FOCUS in trading. Remove distractions and center your mind, focus on trading.

I allowed this person to interject these thoughts into a time I needed to be focused on my trading. Of course, I didn't know that he was going to say this, and this person often makes very negative comments about the market, big business, the wealthy, etc., over the weekend I thought why would I keep someone like that around me to aid in sabotaging my success. Once again, I own my success and I can choose the people whom I associate with or not.

"Knuckleheads" normally do things that are not well for whatever it is. It turns out I had 2 costing trades to start off my day, and I realized that this was not a good start and the words rang very loud in my head, so I needed to make sure to get a grip on things. Fridays are my day to do other things typically, so if I'm to trade, it needs to be sharp, focused, and quick before the rest of my day began. It didn't happen, so I stopped trading to prevent further damage.

Live to trade another day. It took a part of my profits from the day before, but that's okay. I stopped when I needed to. That was what I did well.

I also got out of the trades quickly when they went against me, so that was good, too. It would've been nice to have a profitable trade, but it was a learning time. Not every moment is good for a trader to trade and such was the case for me.
0 Responses

Amazon Store