Bought XLF @35.62 half position, possible additional buy coming. stop 32, initial target if I had to name one , $40. But I’m thinking this is a position trade and May hold for a while . rates will continue higher, good for banks.
Began trading and trackig April 19th, so as of end of May, 6 weeks - 13 positions initiated and closed out 7 wins 6 losses Average win $838 Average loss $613 Net gain (Not including open positions) $1720. Not sure what to take from this data. What i do know is 1. i have a lack of discipline, did some trades i know i should not have done, and probably shouldn't have even included them in the calculations. For example, SPY, invested $116k, made 2k, but my starting stated capital was $100k. I didnt use margin, the account value is over $1MM, I just segregated the trading money out, on a spreadsheet. I think starting tomorrow, i am going to start doing my "trading" in a separate account i have set up, with a value of $45,900. Its a solo 401k that i set up last year and is all cash except for a small position in WFC which i will sell tomorrow. 2. i don't pay attention to lessons learned. (example, trade mentioned above in SPY, I made a comment in the Notes section of the spreadsheet that said "DONT DO THIS AGAIN". Then i did it a week later. 3. I have to figure out what i want this to look like. Am i a swing trader or a position trader. 4. What do i want to do with stops. I dont like them. Maybe i need to give myself more room, in some situations, especially if i am going to think in terms of position vs swing. 5. I need to slow down. I am going to start working on a set of rules. Will post elsewhere in strategy section.
I started developing a written set of rules, which i am posting in a separate thread, here.... https://www.elitetrader.com/et/threads/time-to-get-trading-rules-into-place.367407/
How'd you like to get free analysis for a trade you are looking at? It can be had by phone or by email.
Thanks for the offer. First nothing I’m looking at specifically, second, no disrespect, really, but , what’s your motivation, nothing is free lol. Third, it’ll just confuse me.
LOL, not by me. That's a good one. No, by some traders that do it every week day as a service. lol, you're too much. They do this in front of god and everybody and it's easy to note and follow up to see how their results pan out. I see that you're paying for the info so thought that maybe free would be in your wheelhouse as well. No problemo.
Apologies if I’m wrong, but you can see why I might think that, not knowing you, correct? I will take you up on the offer, now that I got your reaction. I’ll direct message you when I have something I’m looking at. How’s that?
May as well eliminate the middleman, here's their contact info... https://mail.tfnn.com/contact.php Dave White, Steve Rhodes do email and live calls, Tom O'Brien, Basil Chapman take live calls.