Today's Trades on the ES (Mon, 17-Nov-2008)

My goal is $300/day when I trade. Today I grossed $112.50.

Total Trades = 2 (3 min. from 3:51 pm to 3:54 pm EST)
Contracts Used at 1 Time = 1 t($500 margin/contract)
# Profitable Trades = 2 (100%)
# Costing Trades = 0
Range of Profitable Trades = $50 to 62.50
Range of Costing Trades = $0

Total Profits = $112.50
Total Costs = $0
Commissions = $7.98
Net = $104.52 (20.9% of capital used)

Lessons for Today:

1. I was physically very tired, but more than that, I was mentally feeling not right. My emotions were all over the place, so I chose to sleep for awhile and trade for the last 2 hours of the day, which it turned out to really be only a few minutes. It took me most of that 2 hrs to write in my private blog how I felt about things and turn to the Bible for comfort and direction.

My commitment to trade daily (okay, it was supposed to include Sunday's, but for now, I'm nixing that and just going to trade from Mon-Fri) no matter what is my commitment and a reasonable one. The ideal is to trade for at least 1 hr daily real time whether with real funds or practice, but it's to trade. However, I realize not daily that is realistic for me, so I re-evaluated that goal to be at least make 1 trade a day. Not unreasonable and there is no set amount for that one trade. The goal is still $300/day, though.

It was good that I waited to trade, so I can see more clearly, and I was able to.

2. Verbalized trades, waited.

3. Considered suggestion of another trader regarding trailing stop, though, I did not put that into practice for the 2 trades I made today. It is a bit confusing how to setup my order to do a trailing stop, but I called Genesis Tech Support to get a step by step play on how to do this. I will have to do this in backtesting to make sure this works correctly, as I don't want to be doing this on real funds and be wrong. It's one thing to be wrong in a trade, but to not know how to execute in terms of logistics is not a good thing.

There was a $10K lesson I learned about 3 yrs ago regarding not understanding the logistics of execution of a trade, and that has stuck very well in my mind. If you have to call 100 times until you fully understand how to do this, CALL them 100 times.

By tomorrow I will have backtested this (unless it somehow doesn't work during backtesting) and do it in real time trading. Today had I had the trailing stop in place, I would've met my $300 goal, but another learning point.

4. It's good to end on a positive note for the day.

5. I planned my trade, traded my plan.
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