Trades on ES for Fri, 2-Jan-2009

My goal is $2000 for the day. Today I grossed -$1125.

Total Trades = 35 (4 hrs. 14 min. from 9:34 am to 1:48 pm EST)
Contracts Used at 1 Time = 40 ($500 margin/contract)
# Profitable Trades = 22 (63%)
# Costing Trades = 13 (37%)
Range of Profitable Trades = $75 to $1250
Range of Costing Trades = $300 to $2500

Total Profits = $ 10,450.00
Total Costs = $11,575.00
Commissions = $1204.98
Net = -$2,329.98 (-11.6% ROI of capital used)

Things I Did Correctly:
1. Verbalized some trades

2. Used correct timeframe on some trades.

3. Knew the location on some trades.

4. Was able to focus on some of the trades.

5. Had cost and profit stops in place.

Areas to Improvement On:

1. When trading against the trend, take a smaller position.

2. Positions too large, so this took me to costs quicker.

3. Was not completely focused during whole trading time.

4. Set too big of a goal, knowing my kids were home during trading time.

5. Did not stop trading when I reached my cost limit, which led to further costs, which led to me taking on bigger positions which meant greater risks.

6. Overtraded, hence, more trades, which means more commissions.

7. Watched the money instead of making good trades each time.

8. Did not always have a plan before trading.

9. Some poor entries with getting in at the wrong times -- got in for long when it should've been short. Was not watching my indicators properly. Distracted.

10. Used wrong timeframe at the beginning, but later switched to the correct timeframe. 3 min. was too fast for me to start off on.

11. Did not verbalize all trades.

12. Feeling fearful of the money, as well as having performance issues in my head.

13. Upset with personal stuff that had nothing to do with trading, so this was distracting.

14. Did not start off looking at the big picture, but did later in trading, which allowed me to recoup most of what I was down, which was about $8K.

15. Did not eat any breakfast before starting trading.

16. Forgot to spend time with God in prayer & the Bible before trading, though, I was spending time in worship as I traded -- worship songs.

17. In a hurry to make the $2K I set out to, and it backfired. I was playing catchup as I fell behind. Got almost caught up then I would be hit with a big cost that put me back again. It oscillated this way for most of the morning.

18. Moved stops -- costs out, which made my costs bigger, profits in, so took smaller profits.

19. Was impatient. Would've taken much greater profits had I just left the profit stops alone. This led to overtrading.
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