Today's Trades on the ES (Tues, 18-Nov-2008)

My goal is $300/day when I trade. Today I grossed $362.50.

Total Trades = 9 (64 min. from 8:36 am EST to 9:40 pm EST)
Contracts Used at 1 Time = 1 t($500 margin/contract)
# Profitable Trades = 6 (67%)
# Costing Trades = 3 (33%)
Range of Profitable Trades = $37.50 to 212.50
Range of Costing Trades = $12.50 to 150.00

Total Profits = $612.50
Total Costs = $250
Commissions = $35.91
Net = $326.59 (65% ROI of capital used)

Lessons for Today:

1. When you've reached your daily goal, stop trading. Today in the first 2 trades, I made $375. I planned my trade, traded my plan exactly and precisely. Then, I decided the 26 min. it took me to make that wasn't enough so I ended up giving back $150 in my next trade. Needless to say, it took me a few trades to get that back and still not recouping all of it.

2. A 5-tick trailing stop is definitely NOT good for my style of trading. This erodes my profits very quickly.

3. It's fine to use a shorter timeframe, but always know what the longer timeframes are doing. If the indicators are showing oversold in one timeframe, the likelihood of it going even more is slimmer, so take profits while they are available.

4. I am definitely going to have to figure out how to use the trailing stop thing in Trade Navigator before using it on real money as this can cause a lot of problems in trading for me.
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