Trades: Mon, 4-Jan-2010

Today I kept to my word to trade and to trade fully to my trading strategies. I have 2 - 1 bearish and 1 bullish that works for all timeframes from quarterly down to 1 min. It does not work on a Tick chart, however.

Due to some personal emotional issues that kept me in a rollercoaster of sleep last night from prayer to God and sleeping, I didn't awake until 7:15 am MST. The equities market opens at 7:30 am MST. I knew there was some economic news where the ISM Index reports, as well as Construction Spending reported at 8 am MST.

So, I chose to not get into a trade, however, I didn't even have my realtime data feed on to see what the market was doing. That was something that should not have been, but was.

Was feeling a bit emotional this morning because of things between my boyfriend and I. However, to expect perfect conditions to trade isn't impossible, but to consistently expect this is unrealistic, as life entails all sorts of things happening.

Thanks however, to my trusty TRADING STRATEGY. This takes the guess work out of trades and tells me EXACTLY when to enter a trade and when to EXIT. In fact, I have 4 criteria that MUST be met before a trade can be put on for either bearish or bullish trades - JUST 4 things. I have a couple auxillary things to look at, but not necessary. They are just extra confirmations.

So, whether I am having an emotional day or what, I CAN trade. However, physical distractions are another thing. My kids don't return to school until tomorrow (Tuesday). That will be good. My trading platform was up, but wasn't working properly, which I wasn't totally sure if it was or not. As I got ready to enter a trade, I noticed that things weren't jiving between accounts and I decided it was best to close everything down and do a computer reboot.

Thankfully, everything was reset to where they needed to be, and I waited for a bearish entry. My criteria was met and so I entered the trade. Even as I type this, it's 1:38 pm MST. I need to be out of all trades by 2:15 pm MST. I promised my kids we'd go to the park about 2 pm MST, so I'd better keep my word. It's my word.

A part of me sees that I exited the only trade I made today a little too soon, as I was impatient and just a little fear, but why should I have fear? I'm following my trading plan that is over 80% profitable in trades and the ones that aren't, are small costs if I follow the plan. Anyway, I was out of the trade awhile back, when I really should still be in the trade.

As I committed, every day in January from Mon-Fri, I will trade with real money in my funded account and report the results here in my blog. So, all results for the month of January will be with my funded account unless otherwise stated.


Day: Monday
Date: 4-Jan-2010

# Trades Made = 1
# Profitable Trades = 1 (100%)
# Costing Trades = 0

Max # Contracts Used = 1
Max Capital Used In 1 Trade = $500

Profits = $12.50
Costs = $0.00

Commissions = $3.99

Net = $8.51 (1.702% ROI)

January Cumulative Net = $8.51 (1.702% ROI)


Things I Did Well:
1. Read my trading strategy BEFORE trading. Though I've read this MANY times, it's needed to recenter me.

2. Did not trade when I was emotionally very foggy, even though I had my trading strategies in place.

3. Made sure my trading platform was working well before trading, everything was syncing.

4. Knew what time it was.

5. Knew what economic indicators were out today and when, and waited to trade.

6. Looked at the foreign markets to see what they thought of the market before trading.

7. Got rid of all physical distractions before starting to trade. Had my kids leave the room and be quiet as they played. Closed all windows & applications not pertaining to trading.

8. Did not begin any trades the last 1/2 hr of the trading day, so that I would not be caught needing to get out for the sake of getting out and not fulfill my trading strategy.

9. Followed through on my commitment to trade with real funds, not looking back in fear of what happened last year.

10. Did not allow myself to cop out of trading with real funds because of personal life issues.

Learnings From Today:
1. I followed the trading strategy on ENTRY for a bearish position, but got out too soon on the EXIT. Following the trading plan would've given me 2 more ticks, which would've resulted in 4x the net ($33.51 - 6.7% ROI) as I took.

This may not seem like a huge deal to make another $25 more, but what if you had 10 contracts? That's a $250 extra money you could have in your account. That is serious money, to me. That was not waiting an extra 18-21 min., but having poverty minded thinking of not wanting to lose.

2. Wake up 1-2 hours BEFORE trading, so I can look at the market, have quiet time with the Lord, get my mind situated and centered.

3. Need to shower, get dressed and treat this as a real business, as it is. When I am consistently successful, I take things more seriously and that includes with outward expressions of how I operate my day-to-day business.

4. Computer & everything should be rebooted and ready for trading. No extraneous applications opened to hinder trading.

5. Need to make sure I am well-hydrated and have eaten a nutritious breakfast. As of 2:03 pm MST, I've had a few nuts and a sip of water. Definitely not enough nourishment and hydration.

6. Needed to look at the big picture, which I did last week, but it's good to always make sure everything is on the right track each morning and reassess where I actually am (meaning, where the market is).


Today is a good day. I am learning a lot and will continue to learn.
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