Hi Quah, I guess what I mean by overtrading is a state where you ignore your predetermined rules, and the trading gets out of hand because your chasing everything that's moves. Also it could be tha case that you start the trading day negative, and trying to get even, by trading more and more. My limited experience tells me that then there is a disaster coming. My trading plan so far: 1. Max RT's per day: 10 2. Max loss per day: $100. If I have an open position and the the total loss for the day is more than 100$, the position should be closed immediately and trading that day should stop. The thinking behind this is that this will probably happen early during the trading day as a result of bad synchronization. /JT
Dude, Good luck keeping your max loss at $100. You're gonna be sitting out a lot of trading days. You can lose $100 in the emini in about 10 seconds.
TORNTECH: my particular scalping style looks for 2 specific patterns in the ES. I average 3-4 trades in the AM session and since the setup has a 58 % win factor I wish i could find the pattern 20 X a day. My point is that once you have a trading plan in place, overtrading is not a matter of the # of trades taken but whether you follow your trade parameters.
Maybe so, but I will stick to this rule, until I think otherwise. The name of the game is profit, right? The 100$ is not per trade, but per day.
-$100 for the day max loss is kind of stupid and here's why. -100 is just 2 ES points. Now it's very hard to have stops below 2 ES points unless you're some kind of an extreme scalper. So it will happen very often that your first trade of the day is a loss ie. -2 points and you'll just end up sitting out the rest of the day.
I agree that charts would be nice. However, I am interested in a P/L journal, too. And if that's all we get, I will still keep reading this thread.
Code: Day Sec B/S Time Price B/S Time Price Quant. Gross Net Time held 30-Aug ESU2 BOT 13:19 924.75 SLD 13:28 925.75 1 50.00 45.20 0:08:58 ESU2 SLD 13:28 925.50 BOT 13:31 924.50 1 50.00 45.20 0:02:56 ESU2 SLD 13:46 925.50 BOT 13:51 924.75 1 37.50 32.70 0:05:25 ESU2 SLD 13:54 924.50 BOT 13:56 924.00 1 25.00 20.20 0:01:32 ESU2 BOT 13:58 924.50 SLD 14:00 924.75 1 12.50 7.70 0:01:44 ESU2 BOT 14:01 925.25 SLD 14:05 925.75 1 25.00 20.20 0:03:58 ESU2 SLD 14:11 926.75 BOT 14:15 927.00 1 -12.50 -17.30 0:03:43 ESU2 BOT 14:16 926.75 SLD 14:18 928.50 1 87.50 82.70 0:02:21 ESU2 SLD 14:21 927.50 BOT 14:30 927.00 1 25.00 20.20 0:08:43 ESU2 SLD 14:33 928.50 BOT 14:35 927.00 1 75.00 70.20 0:02:04 ESU2 SLD 14:43 926.25 BOT 14:45 924.50 1 87.50 82.70 0:02:53 ESU2 BOT 14:46 924.00 SLD 14:48 923.75 1 -12.50 -17.30 0:02:08 ESU2 BOT 14:51 921.75 SLD 14:54 922.25 1 25.00 20.20 0:02:23 ESU2 SLD 14:58 922.00 BOT 15:00 923.50 1 -75.00 -79.80 0:02:15 ESU2 BOT 15:12 921.25 SLD 15:16 919.25 1 -100.00 -104.80 0:04:00 Total 15 300.00 228.00 This is what I was afraid of. Trading got out of hand and I lost close to 200 buck on the last two trades, before I decided to quit. Some wild swings in late trading today. Good profit opportunities. Hopefully you guys did better than me. Started trading pretty late due to the fact that my mother-in-law paid us a visit. No trading should ever be done with them around.... No trading Monday uhu? Looking forward to Tuesday! /JT
Hey Lobster, Can I ask why reading someone else's trading statements interests you if you don't know how the hell they achieved it. I don't understand how reading a p/l journal with no explanation can be interesting............How does it improve or help anyones trading?