Trades on ES for Tues, 9-Dec-2008

My goal is $300 for the day. Today I grossed -$775.

Total Trades = 4 (27 min. from 12:06 pm to 12:33 pm EST)
Contracts Used at 1 Time = 2 ($500 margin/contract)
# Profitable Trades = 0 (0%)
# Costing Trades = 4 (100%)
Range of Profitable Trades = $0
Range of Costing Trades = $112.50 to $375

Total Profits = $0
Total Costs = $775
Commissions = $31.92
Net = -$806.92 (-80.7% ROI of capital used)

Things I Did Well for Today:

1. Verbalized trades to get out of costing trades.

2. Set my stops to take profits and costs.

3. Made my goal small today, since I haven't slept hardly in 2 nights.

To Improve On:

1. When it begins looking like I'm in the wrong direction, get out, instead of allowing myself to be taken out of the much bigger cost.

2. When I'm very sleep deprived, not just one night but multiple nights, probably need to set my goal to much less, like 1 contract at $100 for the day.

3. Was not as focused as I needed to be. Hands were feeling shakey literally, meaning my body is physically in overload. Probably not a good time to have too high expectations.

4. Used the wrong timeframe, using 1 min. rather than using 15 min., which is probably where I needed to be.

5. Entered trades too late in the wrong direction, so I seemed reversed.

6. Need to stop after 2 costing trades, but at least no more than 3 in a row, especially if I'm more negative. As well as have a positive goal, I should have a goal negatively that I will not exceed. Certainly to have a +$300 goal, having a net negative day of over $800 is not a good thing as that's almost triple my positive goal. One cannot operate a business like that.
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