Trades on ES for Thurs,22-Jan-2009

My goal is $600 for the day. Today I grossed $725.

Total Trades = 20 (3 hrs plus some premarket stuff overnight; 9:03 am to 11:56 am EST)
Max Contracts Used at 1 Time = 2 ($500 margin/contract)
# Profitable Trades = 14 (70%)
# Costing Trades = 6 (30%)
Range of Profitable Trades = $37.50 to $212.50 (was trading in 1 contract positions)
Range of Costing Trades = $25 to $350

Total Profits = $1375
Total Costs = $625
Commissions = $79.80
Net = $670.20 (67% ROI of capital used)

Things I Did Correctly:

1. Verbalized trades.

2. Knew where I was, location. I knew the pivot points, as well as the moving averages (10, 20, 50, 200 EMA), the fibs. All these helped me take profits and not stay in trades too long.

3. Using trailing stops & most of my cost stops appropriately, minus a couple trades.

4. Kept positions small typically, which was 1 contract because I didn't get much sleep last night (my own fault).

5. Got out of costing trades.

6. Had classical music on.

7. Did not dwell on prior trades, whether they were costing or profitable. Just focused on the trade at hand.

8. Waited for retracements to enter trades (at a discount).

9. Celebrated profitable trades with physically hooping and hollering, praising God for receiving money!!! Yay God!!

10. Kept emotions neutral on costing trades, while noting how I can improve or better the next trade or keep costs down without fear.

11. Did not enter trades that did not have good entry.

Areas to Improve On:

1. I read something during my trading from another trader. That influenced or biased my trading, which ended up in a costing trade for me. DON'T read about other people's opinions. Every time it seems I do this, it ends up in costing trades.

2. Did not stop trading once my goal was reached, which caused me to have 2 costs I would not have.

3. Typically I set my cost stops according to the trend and just outside the trend, but sometimes this is really costly when I get hit. This is what happened to me once with a $350 cost, which is 7 pts. Not sure if there was a better way to do this, that if I moved this in, this causes me to take MORE costs, and maybe in the end, 1 bigger cost as opposed to a whole bunch of little ones that could add up to more would be worse. Not sure. Still working on this.

4. Stayed up way too late. My own fault because I had the opportunity to get over 8 hrs of sleep and ended up with around 4 hrs of sleep, I'm guessing. Not even sure if now it was that.

5. Got distracted by my gardener attempting to explain some stuff to me. Should've just stopped trading. My stops were in place, though.
2 Responses
  1. Cherise Says:

    D, I like the way you state facts about the things that distract you from your job. I think I might start a similar job just on trying to figure out where I am heading and the things that I am exploring for work.

    Example. I noticed my gratitudes help me be aware of so much more in my life...

    One more thing the profits are the portfolio profits?

  2. Doris Says:

    The results are a combination of all the trades I've made for the day. They could be in my funded accounts or practice accounts. I don't say which, as it's really not important, as I treat all my trades as real.

    Only I really care about the bottom line.

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