Trades on ES for Mon, 8-Dec-2008

My goal is $300 for the day. Today I grossed $875.

Total Trades = 3 (4 min. from 1:23 pm to 1:26 pm and 3:45 pm to 3:46 pm EST)
Contracts Used at 1 Time = 20 ($500 margin/contract)
# Profitable Trades = 3 (100%)
# Costing Trades = 0 (0%)
Range of Profitable Trades = $125 to $750
Range of Costing Trades = $0

Total Profits = $1125
Total Costs = $0
Commissions = $95.76
Net = $1029.24 (10.3% ROI of capital used)

Things I Did Well for Today:

1. Got in and out of trades quickly, recognizing I wasn't physically feeling all that great.

2. Planned trades. Traded plan.

3. Patient. Allowed patterns to play themselves out to take profits.

Areas to Improve On:

1. I meant to set the # of contracts used at one time to 2. I thought I clicked the "1" button twice, but I inadvertantly clicked "10" twice. Not good. Thankfully things went in my favor. After I reset, I was back on track.

2. Did not verbalize trades.

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Notes: When I got home from my lunch appointment with a former colleague, I decided to trade again. I went in for 2 contracts and was out in a minute with an extra $250. If we look at the overall amount I would've made with just 2 contracts, it would've been $450 today, which exceeded what I planned to do. However, with one contract, that would've been $225, which falls short of the $300/day/contract.

Last night as I was getting ready to go to bed, my son woke up feeling sick. In the end, he puked for quite some time and made a mess of things. Thankfully it was all contained to just the bathroom, toilet areas, sink, floor, rug and not the bedrooms, hallways, beds. Needless to say, it still took me awhile to clean things up.

He kept getting up intermittently for 2-3 hrs in discomfort. I'm guessing he ate something that greatly disagreed with him and his body was rejecting what he ate. He was screwing around with his foods earlier and I have no idea what he put together, but it didn't look good to me.

By the time I could actually fall aslep, I remember seeing it was nearly 4 am. I awoke around 6:30 am to begin getting my kids' lunches, breakfast and things ready for school. Got nauseated in yoga, came home to trade for 3 min., went to a lunch with a friend, traded for 1 more minute as the market was still up, came home to sleep a little, picked kids up from gymnastics, came home to sleep a little more before a birthday party that got canceled while we were sleeping, helping my daughter with her homework, get dinner made, do the dishes, read to my kids, pick up around the house, and do our evening time as a family.

Hopefully tonight we can get to bed earlier and everyone stay asleep, no one getting up because we need to or anything. I'm tired. Hope you all are getting enough rest.
2 Responses
  1. Dan Says:

    I see one of your psychological tools is to verbalize your trades. can you explain what this means to verbalize a trade, perhaps give an example?


  2. Doris Says:

    Hi Dan,

    Yes, verbalizing my trades is a top one for me. It's as important as setting stops.

    Basically I speak out my trade, why I'm making my trade. It's basically making sure my trading strategy is followed through outloud.

    I'll do this at some point next week do a short video on it, but this week, my schedule is nuts and right now I'm exhausted with not having slept in 2 days.

    I learned to verbalize my trades through my first trading coach. I've had 2. When we speak out our trades, they often do not sound as good as in our heads, so this has often prevented me from making some really bad trades.

    Does that make sense? It's basically identifying the criteria for which I should get in or out of a trade and making sure that I'm doing it.

    For example,

    1. RSI is in oversold at 14 on the 3 min. chart. The likelihood of it going lower is less because the near previous times it bounced off of 14 and used that as support.

    2. MACD is weakening on the bearish side, converging.

    3. The volume for bullish is beginning to trend up, while bearish volume is trending down significantly. It's near where it should be turning around on the midpoint scale.

    4. Price action shows we're at a major pivot.

    5. The moving averages (10 & 20 EMA) are converging.

    6. The wicks are long to the downside and they cannot seem to continue to bring in sellers. There seems to be a stronger lean towards the upside.

    7. On the 15-min. chart, this is an area for retracement, but it looks like we're still in a downtrend, so be careful when taking a bullish position, as it will most likely be a short play.

    8. The 50% Fib line is at the 200 EMA on the 3 min. Placing a profit stop there would be good. A cost stop a little below the wicks would allow some room for this to work, if not, I'm out of the trade to the bullish side.

    All of that would be verbalized and verbalized fairly quickly. There might be some other things I might say as to what I see, like further candle talk, or looking at the actual trend of the RSI, etc.

    It's making sure all my points are covered before I enter a trade. I want to have the highest chances for a profitable trade as I can.

    I've noticed when I don't verbalize, that greatly decreases my profitability chances as I inherently forget to do something.

    ~Doris


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