Discussion in 'Journals' started by Overnight, Feb 14, 2017.
Fuck it, happy new year ahahahaha!
Happy new year Overnight!!! Hope you catch a break and can weasel out of those positions with minimal harm done.
Thanks algo! It is going to be one of those buns-of-steel moments this quarter, but we shall see!
Good cover. I like the flanging/echo stuff going on.
Hell of a week. Current result from that ugliness and continuing from previous posted update at trade #150...
It was incredible watching open positions go collectively from $10,000 down end-of-day Friday, to where I was on Dec 19th (basically BE) the next trading day on Tuesday. So Wednesday I took the big profits. Closed it all out. I decided I then wanted to try a simpler Plan, and try to day-trade again with a simple goal of $800 per day. That worked yesterday.
Today I tried it again on YM and it worked in a way. I think I tried it with YM specifically because of the disdain I feel for myself if I had just held it. Look at that! 300 points up since my entry on Dec 18th! Grrr. Hell, if I had held onto all of it.
Alas, cannot get bogged down in all of that stuff. Gotta' keep reminding myself of the fact that I got out with profits. Did I get out too early? NO. The plan is the Plan, and it evolves, just like the markets do. The plan is to make a living trading, which defines the Plan. Thus the Plan must evolve with proper planning.
There are so many ideas to make the Plan work, but I see now that my plan must involve the only edge I have, which is time. Buy and hold, calendar spread, average down over time across the contracts (by assuring you have enough time to make that edge work in your favor), offset with other markets, flea-flickers...The number of variables I see is immense. On what to settle upon I do not know yet, but probably never will because by the time one plan has been tested for a year or two and starts working consistently, the market dynamics change and so then must the Plan.
I didn't plan for that when I started the Plan.
So yes algofy, I did get out with minimal damage done.
The max unrealized DD on that position for the New Years hold came out to only ~$30,200.
There's a certain new poster here on ET that I hope reads this and realizes that trading 10 lots with a four figure account can lead to bad things. Always overcapitalize, not under!
Anyways, in thinking about how I kicked myself in the ass for going long at that peak on Dec 18th and how I poorly implemented a scaling-in plan, I have established a new position.
I am currently one contract long in June NQ at 6670.25. If the shit starts hitting the fan on this new peak, I can properly scale in now with a new perspective. I am taking into consideration what had happened in the past with Jan to Feb closures in equities.
A new adventure awaits!
Glad you got bailed out. Good 2017, hope you smash it in 2018!
We're rocking the franT cookie beats!
(It was either cookies or Chem bros. Not sure which you prefer on the beats.)
Wait, did you get your promised cookie?
I was never promised a cookie by franT, that was your bag IIRC. I was on the sidelines. I send you surrogate cookies in their stead.
Hey, I just discovered your journal Friday. Nice! Interesting.
Separate names with a comma.