Trades on ES for Mon, 5-Jan-2009

My goal is $2000 for the day. Today I grossed $1000.

Total Trades = 34 (6 hrs from 8:18 pm to 9:15 pm EST, 10:27 am to 3:24 pm EST)
Max Contracts Used at 1 Time = 4 ($500 margin/contract)
# Profitable Trades = 21 (62%)
# Costing Trades = 13 (38%)
Range of Profitable Trades = $25 to $300 (was trading in 2 contract positions)
Range of Costing Trades = $75 to $530

Total Profits = $3,325.00
Total Costs = $2,325.00
Commissions = $287.28
Net = $712.72 (35.6% ROI of capital used)

Things I Did Correctly:
1. Verbalized some trades

2. Used correct timeframe on some trades, which typically was 3 min. Also looked at 1, 5, 15, and 360 min. timeframes to see a bigger picture or for better entries.

3. Knew the location on some trades.

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

5. Had cost and profit stops in place most of the time. However, I notice my costs typically are bigger than some of my profits, which isn't good.

Areas to Improvement On:

1. Though I verbalized many of my trades, a few of the positions that I got costs on are somehow even with verbalizing the details, I doubted myself. This cost me, as I closed the position and/or reversed it. My original thoughts were correct and the doubt caused fear.

2. For some reason I had fear, and I'm not sure where that came from.

3. It seemed when the market was clearer in the direction it was in, my trading was not very good, but when things seemed indecisive and choppy, I was better able to take consistent profits. I'm not sure what the deal here and need to figure out why this is so.

4. Need to continually look at volume to see if there is going to be a run in a particular direction so I do not take profits too soon and let them run. Or I could take the 2 contracts and split them into 1 contract each and leg out of the trade.

5. TAKE A BREAK. I did not eat, go to the bathroom or anything while trading.

6. Trade for no more than an hour and then take at least a 15 min. break or so. Focus diminishes.

7. Set goals appropriate for position size. 1 contract = $300.

8. Stop trading once goal (including commissions) is reached. Keeping 21% of my profits is NOT good. Of course, it's better than 0%.
0 Responses

Amazon Store