Well thats it, stoping for the day... today was a VERY impressive day for me... I went from down -$300 at one point, to finishing te day UP +$84... This was huge for my confidence.. means I had a +400 dollar swing from morning to afternoon...... So I went on a very good run..... I can say I'm deffinelty happy with todays performance and my new rules.... My bot on the other hand could have done better.. So +$84 from my trading - the bots -$57, = aprox 27 in profit for the day..... ready for next week.... hopefully I can bring this momentum into monday and not suffer another early blow up...
Here is a breakdown of todays trades, to try and see if there is any improvement in avg win/loss.... Trade 1: +5 pts Trade 2: -19 pts Trade 3: - 2 Pts Trade 4: -3 Pts Trade 5: -11 Pts Trade 6; 0 pts Trade 7: -12 pts Trade 8: -15 pts Trade 9: + 9 pts Trade 10: +3 pts Trade 11; - 6 pts trade 12: -17 pts At this point its still around 9:30 central... its before I made my big turnaround where I started buckling down on what I was doing... those 12 trades was my blowup period.. trade 13: +8 pts Trade 14; +5 pts Trade 15; +25 pts Trade 16: +4 pts Trade 17; +9 pts Trade 18: -4 pts Trade 19; 0 pts Trade 20: +9 pts Trade 21: +3 pts Trade 22; +16 pts Trade 23: + 5 pts Trade 24: + 9 pts So took me 12 trades to blow up, and another 12 to come back and go ahead +$84.... Overall 24 trades is WAY too many....... but I really like how I traded the last part of the day.... Wins: 13 Losses; 9 Scratch: 2 Avg Win: 110/13 = 8.5 Avg Loss: 89/9 = 9.9 Some of this math coudl be wrong or I coudl be missing trades, I went through this rather quickly...... My Avg loss is still greater than my average win, but they are getting much closer... and for once my biggest win is greater than my biggest loss for the day..... Got a lot of improvement to go, but I am feeling more confident, especially after those last 12 trades, I saw my setups perfect and was patient.... My first 12 trades happened in LESS than 1 hour after the market opened, mostly were revenge trades and frustration trades. My last 12 trades was from 9;30 central to almost 3;00 central.... so they were much more spread out and I waited on much better settups...
4re, Mostly just thinking outloud.... Trying to get my thoughts out so I can look back over it at a later date to compare the trades I made today with trades from another day..... But, any feedback is welcomed...
I respect the fact that everybody has their own method. And I believe that is how it should be. As long as a method works for the individual I am in no position to even try to alter their plan. So I won't even try. You already know that you are overtrading so it isn't necessary for me or anybody else to tell you that. I wasn't around to trade this morning so I didn't get in until the afternoon. I have never traded the YM. But today I did trade the YM and here is a screenshot of what I used to go short. Since I am not as familiar with the YM as I am with the ES I really didn't have an idea of a target so I just kept an eye on the volume and decided to take 30 points. When trading the ES I went for a 2 point target but would settle for less if necessary. I usually trade with more contracts and less trades for the day. It might help you to not over trade if you did have a preset target when you enter a trade. But always be a little flexible with that to. I hope this helps. 4re
I have come across a number of great posts and links on this thread, thanks everyone. I have been digging the Steenbarger stuff a lot. Anyone have his recent book?
Very slow day.. only made 1 trade for $5, got out quick because I realized I was on the wrong side of the market. Other than that one trade, havent seen any other openings yet.... trying to be patient..
Frost, Be very patient the next few days leading up to the Fed meeting. We could be in for tight range trading with a lot of swings. 4re
Seems really wound up this AM deciding which way it wants to break. Bull/Bear fight. ER2 is strong today so far. Good luck trading.