Trades on ES for Thurs, 4-Dec-2008

My goal is $300 for the day. Today I grossed $337.50.

Total Trades = 6 (23 min. from 11:44 am to 12:07 pm EST)
Contracts Used at 1 Time = 3 ($500 margin/contract)
# Profitable Trades = 6 (100%)
# Costing Trades = 0 (0%)
Range of Profitable Trades = $25 to $112.50
Range of Costing Trades = $0

Total Profits = $337.50
Total Costs = $0
Commissions = $23.94
Net = $313.56 (20.9% ROI of capital used)

Things I Did Well for Today:

1. Verbalized trades (softly talked) in details and reasoning to stay in trade and not get out.

2. Chose the right timeframes. Started with 15 min, then moved to 3 and 1 min. Moved between 3 & 1 minute charts a couple times to get a better understanding of what was happening in the markets.

3. Patient.

4. Traded until I reached my goal, whcih included all commission costs. I had made $312.50, but my commission costs were $19.95 at that time, so I decided to make one more trade to cover the few bucks and stopped after that. I wanted to take $37.50, but I wasn't getting taken out, so I forfeited $12.50 to get out of the trade as $25 would cover all commissions and give me a few bucks over $300.

5. Knew where I was. Location, location, location. What I mean by this was I knew where the pivot points were, as well as on RSI, moving averages, and Fibonacci points are.

6. Calm, clear headed, focused.

7. Turned off Yahoo IM and any communications that would've distracted me.

8. Did not trade until I could focus.

9. Planned my trade. Traded my plan.

10. Recognized I was still not at a great place emotionally and set my goal for today low.

Things To Improve On:

1. Though I was patient, a little more patience could've been used. It's never a bad thing to take profits, however, if you take profits too early, this does cut into how much you take home and perhaps cause you to trade more. Every contract or trade costs money. Yes, it's just a few bucks, but those bucks add up.

2. I was meaning to in one trade get out of the trade and clicked on the incorrect thing and entered a third trade. So, this was accidental. There are ALWAYS opportunities to make money and if I miss, so what? I was waiting to see if something was going to happen and to see if I wanted to move up my limit order, which I did, but instead of dragging on it, I was just going to click on the ladder and place that order. Clicked the wrong side (meant to close a short position) and ended up opening another short position.
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