Trades on ES for Wed, 21-Jan-2009

My goal is $500 for the day. Today I grossed $200.

Total Trades = 12 (some pre-market from the night before, plus 2 hrs; from 10:48 pm to 2:25 am EST; 10:33 am to 12:34 pm EST)
Max Contracts Used at 1 Time = 1 ($500 margin/contract)
# Profitable Trades = 8 (67%)
# Costing Trades = 4 (33%)
Range of Profitable Trades = $12.50 to $252.50 (was trading in 1 contract positions)
Range of Costing Trades = $87.50 to $312.50

Total Profits = $975.00
Total Costs = $775.00
Commissions = $39.90
Net = $160.10 (32% ROI of capital used)

Things I Did Correctly:

1. Verbalized trades.

2. Focused for the first 10 trades. The last 2 were trades I was not supposed to put on because I had met my $500 goal, which included my commissions.

3. Verbalized my trades in a normal voice.

4. Celebrated physically every profit, and remained neutral in my feelings with my costing trades.

5. Waited for most of the trades.

6. Knew where I was and got out at the right times.

7. Took profits.

8. Made no excuses. My son was distracting this morning and I did not allow it to upset me, rather I prayed over him and blessed him. I did not let anger rise today, rather I chose to control things before they occurred. It was great.

9. Turned on my classical music and got centered before I traded.

10. Was able to tune out other things to just focus on trading.

11. Kept to trading only 1 contract at a time.

Areas to Improve:

1. Know when to set trailing stops. It's not always best.

2. Trailing stops need to vary with how the market is moving. Faster moving markets require bigger trailing stops.

3. In order to keep more profits and minimize on costs, when it's gone in my favor enough to cover the trailing stop, even if I were to get stopped out, I'd still be positive, it would be a good idea to do the trailing stop in most cases.

4. When my RSI trend or price trend is broken, GET OUT (or get in if entering).

5. Take profits. 3 out of the 4 costs I took were profits, but I was waiting for it to hit my limits, which it didn't and then things turned against me.

6. Be responsive, less reactive, because reactive means chasing trades. Let the trades come to you.

7. If I'm going to continue trading even after my goal is met, I need to remain focused and not be sloppy in my trading, which I was for the last 2 trades.
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