Today's Trades on the ES (Thurs, 20-Nov-2008)

My goal is $300/day when I trade. Today I grossed $375.

Total Trades = 3 (51 min. from 8:53 am to 9:44 am EST)
Contracts Used at 1 Time = 2 ($500 margin/contract)
# Profitable Trades = 3 (100%)
# Costing Trades = 0 (0%)
Range of Profitable Trades = $75 to 175
Range of Costing Trades = $0

Total Profits = $375
Total Costs = $0
Commissions = $11.97
Net = $363.03 (36.3% ROI of capital used)

Things I Did Well for Today:

1. Planned my trade. Traded my plan, well, most of it.

2. Looked at various timeframes to see bigger picture of what I'm trading (15, 3 and 1 min.)

3. Remained calm, keeping big picture in mind.

4. Got enough rest last night, so I can think clearly.

5. Legged out of the trade.

6. Stopped trading after a net of $300 was made. Resisted the urge to keep trading.

Things to Improve On:

1. Forgot to verbalize trades, though, I did talk it out in my head. VERBALIZE TRADES!

2. Trade Navigator was glitching and I found myself in 2 positions, when my intent was 1 position. Click just once and wait.

3. First trade failed to notice where RSI was, which was way oversold. Though I planned my trade and looked at overall, on the 3 min. it was at oversold and not a good time to get into a short position.

4. Need to remember to have ALL my stops in place, not just to take profits, but to take costs, in case things go really against me and I'm wrong. It's okay to be wrong.

All my positions were short today. There was a lot of opportunities within the first 12 min. of the market to make some big money, There was a 17-18 point move down, but when I got into 2 positions (contracts) when I meant to get into one a little over a 1/2 hr before the market opened, it was at 792.25, so it going up to 802.50, that was a big move against me, but my stop was "mentally" just above the 200 EMA on the 3 min. chart. I was sweating bullets as the first 3 minutes, it really moved up there quick.

Thankfully, it began moving down fast. My inclination was to get into a 3rd contract, but the reality is, I had my broker make it that I can only trade up to 2 contracts at a time for now, so I would not have been able to have done a 3rd contract, so I sucked it up and waited. The 15 min. picture still looked bearish to me, so I decided to wait and within the next 9 min., I was back in the positive and my 2 legged out positions got taken out.

It looked like it would go further down, so I quickly got in to take another $75, so I would net over $300 with commissions and stopped.

The market at 10 am EST still looks to go down further and I want to get in, but I'll resist the urge to do so and just watch it. In fact, I'm going to go back and backtest things when I get back from dropping the kids off school and maybe go workout at the gym also. This is a part of balancing my life and having overall good quality.

Eventually I'll do some charts, but that takes a little more time than I'm willing to do right now.
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