Trades For Today on the ES (Thurs, 13-Nov-2008)

My goal is $300/day when I trade. Today I grossed $787.50.

Total Trades = 24 (2.5 hrs. from 8:30 am to 9:48 am EST and 1:20 pm to 2:31 pm EST and 3:06 to 3:09 pm EST)
Contracts Used at 1 Time = from 1 to 20 contracts ($500 margin/contract)
# Profitable Trades = 18 (75%)
# Costing Trades = 6 (25%)
Range of Profitable Trades = $50 to 2500
Range of Costing Trades = $150 to 2262.50

Total Profits = $7337.50
Total Costs = $6450
Commissions = $95.76
Net = $691.74 (6.9% of capital used)

Lessons Learned Today:
1. Today was a big one. As you can see I made a lot of profits, but I also gave back a lot. I had 2 trades where I had 4 contracts going on and they went sorely against me. The combination of that was about $4.5K. Three other trades totalled about $1.7K of costs. Of course, the combination of those 5 trades alone were nearly $6K. Not a good thing.

I was going to do one contract at a time to get the money back, which would've sent me into a further tailspin, so I decided to bring my account back to where it should've been. I focused really intently and waited to get in at the right time. I decided to do 10 contracts and play them as ONE contract. I legged into the trade with a 2nd set of 10 contracts.

In a matter of 9 minutes. I recouped all the money back because I was down about $5.5K. In that 9 min. I was able through 5 trades even be up $137.50. My goal was still $300 net for the day. I ended up with $362.50 for the day at 21 trades, but saw that after commissions, it was netting less than $300, so I went back for one more trade and was able to get another $87.50. This paid for the commissions for the day.

2. Have to be more diligent to be more focused, especially if mentally/emotionally I do not feel like it. If I'm going to trade, I need to make sure I'm grounded & centered. I was able to make the money because God empowered me, but I was abiding by my rules in my trading when I was either making profits or smaller costs.

3. FOCUS!!!! Don't think about the money, rather trade well.

The last 2 trades which was $337.50 was obtained in less than 3 minutes. One contract each. Wow. I did not go against the trend and went with it. It was really cool. But, I remained calmed, took my profits and left. Done for the day.
4 Responses
  1. Allan B Says:
    This comment has been removed by the author.

  2. Allan B Says:

    good job. a bit stressful for me. :-)
    make sure you have both an entry and an exit planned. follow the plan is always the right move. also, consider dividing your position into 1/2 or 1/3, i.e., place 1/2 entry. if going right way, add the other 1/2. if going wrong way, get out. take out your profits in portions too...with the final a trailing stop which will let the market take out the position. you're doing great!!!


  3. Allan B Says:

    great job.
    a bit stressful for me...:-)
    make sure as part of your plan, for each entry made a corresponding exit should be in place. when you plan the trade, you trade the plan which is always the right move.
    to help ease the stress, try entries that are 1/2 or 1/3 the position size. if trade is going the right way, put in the rest of the position. take out your profits in portions as well, with the last bit a trailing stop.
    keep up the great trading!!!


  4. Doris Says:

    Hi Allan,

    Thank you so much for the suggestions. Typically I just enter with 1 contract, but periodically I leg in, 1 contract at a time up to 2. The one where I did 10 contracts was NOT typical and not desirable for me to do at this time.

    When I do use 2 contracts, I as you say, taking out my profits in portions.

    What happened on Thursday my mind was a bit out of sorts during part of my trading, hence the results I got early on. Thank goodness and God I was able to focus to recoup things back, but it could've gone the other way.

    I recognized I did NOT trade my plan with the trades that went against me in a big way. When I do trade my plan, the costs are small.

    It seems we are on the same wavelength. I just did not execute as I planned or know to do. :-(

    Keep the comments coming. Thanks, Doris


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