July Data So Far

Here are some of my stats so far for July:

Goal: $300 net/day

Days Goal Met: 2 out of 12

Days Traded:
WW26'09 - 1, 2 (2)
WW27'09 - 6-10 (5)
WW28'09 - 13-17 (5)

% Profitable Trades
WW26'09 - 75%
WW27'09 - 77%
WW28'09 - 71%

% Net Profits (Ended Positive Each Week)
WW26'09 - 58%
WW27'09 - 17%
WW28'09 - 50%

#Profitable Days = 8
# Costing Days = 4

LEARNINGS:
1. Earlier in the month when I took bigger costs, it was because I panicked and micro-managed my trades. Rather than leaving my stops alone and letting the patterns work through, I got out too early, and for bigger costs, which wiped out my profits or at least a good part. Every costing trade was just checking for either more sellers or buyers.

2. When the urge is there to jump into a trade, don't. Those are usually the wrong entries, and have proven so, meaning, I have to wait a long time for it to retrace and then resume the direction. This causes anxiety.

3. Wait for the right setup as per my trading strategy.

4. Add to my position by legging in at a pullback as it is continuing in my direction.

5. If I realize I'm wrong about the direction, take the small cost and switch directions.

6. Don't sit and micro-manage trades. Set both my profits & cost stops as an OCO and let it do its work. Do something productive in the meantime and periodically come back to check the trade, but don't sit there having multiple conversations in your head.

7. Verbalize trades as to why I'm getting in and getting out.

8. The moving averages, fibs, S/R and areas of congestion are great areas where either retracements or reversals occur. Watch where RSI & Volume are for to confirm.

---------------------------------------------------------

COMMENTARY:
As I think I said in a prior post somewhere this month, I'm ONLY trading my funded account during market trading hours. The only times I will do any practice trades are when the market is closed, which is basically Friday afternoon through to Sunday mid-afternoon (I'm in the Southwest of the USA).

This is to get myself acclimated to trading with real funds all the time and to address any false beliefs, fears, mindsets, behaviors, habits, emotions that hinder my trading. A lot of fear has come into my trading, but I continue to work through these with my EMDR therapist, doing EFT on my own, prayer to God, study of the Bible. This is a process and not to be taken lightly.

In the past, though I trade funded nearly every month and every week, it isn't always every day. I mix all my results together, as it's all of my trading. However, since I'm not trading practice now during real market time, the results I'm reporting are strictly with real money.

It's a bit embarrassing to have some days that included practice where I've made oodles of thousands of dollars in one day and find myself challenged many days to even net $300/day. When I started this month, it seemed easy enough. However, starting off the first day of July in the negative, that sort of put a mindset in me. The next Monday, I took some big costs that were the opposite of what I intended to make. A couple days later, I took even bigger net costs.

So, within the first 5 days I traded in July, 3 of those days were net negative. I felt a big discouraged and really wanted to just go back to practice, but I pushed myself to determine what the deal was. There was anxiety & fear that was mounting in my trading, almost like grasping at straws.

Typically I have my EMDR sessions on Wednesday, and we must've collapsed some of my fears, because the next 4 days, I ended positive, though, smaller profits, as I was now a little gun shy. Each day I could've kept trading, but there was a point that I just stopped, as I felt fearful of giving back profits. Trading seemed much more challenging, like even making $25 was such a huge chore. I was taking trades smaller and sometimes even taking those smaller trades, they would last far too long.

On 7/15, another Wed, I had an EMDR session with my therapist. We collasped the target we were working on to a zero. Though I ended negative for that Wednesday before going to the therapist, the next day, I bigger profits, but once again, I did not keep trading after a certain amount was reached, even though it was not my goal.

Today I remained in a trade for far too long to barely take any money out of the market, but I was grateful that I was able to take profits nonetheless.

Where do I go from here?

Friday afternoon I backtested streaming Monday and Tuesday. I legged in up to 3 contracts at one time, but usually just traded 1 contract or legged in with a 2nd contract. I used some trailing stops, set my profit/cost stops, and went to do other things. This worked really well. For both days, I made at least $1K. I traded for a good portion of the day following my trading strategies. I wasn't making a lot of trades every day. Meaning, on Monday I only had 4 trades. Tuesday I had a bit more at about a dozen trades.

So, it is very possible to make my net $300/day, which really should be anywhere from 2-5 trades. I've made funded trades far more than this. It's not the market because it's done some pretty nice stuff, don't you think?

It's not my technical skills or knowledge, because those are good. It's really my confidence in my trading ability and my mental/emotional resiliency. As we can see, there is a lot of work ahead, but I'm chipping away at this daily.

I am very grateful to God that I'm able to trade daily and to still realize this dream to be consistently, profitably successful.
0 Responses

Amazon Store