Hooti's Journey

Discussion in 'Journals' started by Hooti, Dec 1, 2010.

  1. Hooti


    "You'll lose your shirt," she said.
    She being my Dr while I was getting my yearly physical.
    "I just lost my pants in front of you" I thought, but didn't say out loud... (latex glove, bend over, the procedure of the moment), "so I think I can handle losing my shirt."
    While she was doing the latex glove thing she had asked me how my thinking was going. I'd had a brain injury a few years back. This year I was distinctly proud of being clear enough to tell her that 'how my brain was doing' was a question I really couldn't answer, I didn't know. In the past I'd say "oh, I'm almost well", and I wasn't.
    But I added that I was taking on a new course of study to help my mind heal faster.
    "But rather than learn a new language" I said, "I'm learning to trade options!"
    "You are going to lose your shirt!"

    SO HERE IS THE PLAY: Learn something entirely new as a healing/wellness challenge. Pick something with an objective measure like a brokerage account.

    WHAT I'VE DONE SO FAR: In May of 2010 I signed up with an educational group. I'd worked with them in the past in real estate, and it turned out well. So I've had a few trading classes now, done a few months of paper trading. Finished a class in futures In October and I think this is the trading style to meet my objective. With daytrading the fast feedback gives me daily reality checks along with the challenges. That seems to help me work harder and being able to measure that daily is key for me.
    I happened to find ET this summer, and the 'ET hall of fame treads'. Those by Geez and Nodoji, among so many other excellent ones, seemed to be applicable. I've also read a pile of books, including Al Brooks... whose book I don't claim to understand, but I like it still.

    TRADING STYLE AND RULES: Well, these will shift as I grow. Starting with an account with TOS. Intend to trade ES exclusively to begin. I expect to limit to a few trades a day, and mostly only during the first hour. Begin with one contract, $100 or less risk per trade. Increase that on a regular basis, assuming I get consistency, and see what comfort level I get to. Or go back to paper training as needed!

    I hope to post the trades as I make them, live. That may be pushing it for my speed right now, but being real is important to me. And even if I crash and burn, which I understand is likely, I've already seen improvements in my thinking, I believe directly due to the effort and occasional steam coming out of my ears it has taken to get to this point. Perhaps even if I lose, I'll win. But of course I want my account to grow! And when I talk to my teachers, if we are looking at a journal, it will be a big help.

    I'm here at Elitetrader because some of you wise ones may see patterns in what I'm doing where I can improve. I'd be grateful for that.
  2. I wouldn't worry about posting trades live. Stay focused on your trade, IMO.

    Good luck . Look forward to following along
  3. Hooti


    Thanks Jasinhabca!

    I'll just have to see how it goes....
  4. looking forward.
    may i make a suggestion.
    instead of the es maybe try the nq or dow.
    they are somewhat more easy.
    this is not subjective. the fact is they move more ticks for the same percent change. es on the other hand is better for large lot traders.
    but in the end you go with what feels right to you.
    best of luck!!!!!!!!
  5. Hooti


    Long ES 1210.5
    tgt 1211.5
    oh! hit it already!
    stop was 1210
  6. Hooti


    buy 1216.25
    tgt 1217.25
    stop 1215.50

    -.75 pts

    Looked like it was forming a triangle and might BO up...

    Thanks Diversions.... I'm begining to look at those, and at the CL I think for the month of Dec I'll stick with the ES... because I've just been paper trading and practicing with it. Simpler would probably help tho!
  7. Hooti


    Long 1218.50
    Tgt 1219.75
    Stop 1217.50

    Not the R:R ratio I aim for, but this is more of a swing play... a little more wiggle room. Tgt/stop based on fibs.
    Might bring my stop up if looks like reversing with volume.

    You know, it seemed odd to me at first why so many were scalping for the smaller profits. The big moves seem so... right there! But it's making more sense to let the little ones add up.
  8. Hooti


    - 1.5 pts
    well, have some work to do! I suspect will focus on some of those shorter term plays in my reading today.
  9. Hooti


    Celebrate the controlled losses.... <laughing>
  10. Hooti


    Hummmm. let me put some spaces in the laughing indicator:

    Celebrate the losses.... < laughing > ...controlled losses are cool.


    I tried to post 3 attachments... could only do one at a time. Put the other 2 in following posts. Just wanted to actually see the set up's as they looked for when I go back and review them. May be more work than it's worth?
    #10     Dec 2, 2010