Reading back over this journal, now just about 10 years later is _______ interesting....? a little powerful, a little disappointing, lots of other thoughts. I am happy that I wrote it and would have liked to have more detail, because I know there was much left out. I thought golf was hard to get good at....well, I never really got good at that either. I have started other businesses, some successful, others...I knew when to throw in the towel. It isn't towel throwing time, but it is some-sort-of drawing a line in the sand time. I know I was on to something back when I started this journal, but mistakes were made and are still made. So, I will take it back to the very basics of when I started this journal using the same format and re-build...my thoughts, emotions, trading style and everything else. Enjoy your weekend!
I'm Back. To Review. Day trading Stocks. Goal is to average at least .25 per share, for the year. Share Size starting at 100 will increase as the account reaches certain predetermined levels. This weeks results 10/08/18 + 74.00 (SIM TRADE) 10/09/18 + 47.00 (SIM TRADE) 10/10/18 + 28.00 (SIM TRADE) -------------------------------------- 10/11/18 + 59.42 (LIVE) 10/12/18 + 74.00 (LIVE) (AVERAGE 66.71)(DAILY AVG NEEDED TO MAINTAIN 24.57) Peace.
Started out with my 1st trade hitting my STOP. I then battled with 4-5 other trades. I am happy with the way I handled my actions after being down. One of my NEW rules is to NOT ADD SHARES to a trade. Every-time I have been slaughtered it was because of adding too many shares. This rule I broke, as 1 of my trades was in the red against me, but I felt it hit a resistance level. I added, I was right. I was going to shed the extra shares if I wasn't right. Happy I felt I was under control. Not happy that I am questioning this rule. 10/15/18 +/- Position = 1.08 Goal = .25 Average = .8048 Avg to Maintain .25 = .2413 Trade Size = 100 Shares Today's Gross = $108.01 Three *3* Profitable days in a row One or two more positive days should put me at the next level to increase my trade size to 200 shares.
A pre-market opportunity, which I am very cautious about. Done before the market opened. 10/16/18 +/- Position = .56 Goal = .25 Average = .7436 Avg to Maintain .25 = .2420 Trade Size = 100 Shares Today's Gross = $56.00 Four *4* Profitable days in a row 10/17/18 I increase trade size to 200 shares.
Took a short position pre-market. At open added shares. Scaled out. Done at 9:35 10/17/18 +/- Position = 1.04 Goal = .25 Average = .8032 Avg to Maintain .25 = .2388 Trade Size = 200 Shares Today's Gross = $208.30 Five *5* Profitable days in a row Today share size increased to 200 shares.
1st Position Short @ 9:30 2nd Position Short @ 9:33 Covered them both @ 9:36 Done at 9:36 10/18/18 +/- Position = .74 Goal = .25 Average = .7922 Avg to Maintain .25 = .2367 Trade Size = 200 Shares Today's Gross = $147.50 Six *6* Profitable days in a row
Do you trade your equity curve at all? Meaning, do you know what your "mean" wins in a row is? So besides systems I have made and automate, last 25 years I have bought systems and they all have equity curves, so systems are waiting for "mean" drawdowns and when reached, automation starts trading that one system till the "mean" amount beyond last equity highs and then huge reduction of lots take place, if profitable trades continue, reduction of size till only one lots. This way where most traders have larger accounts and larger size traded then more losses happen, but I don't. Have you ever considered just trading 1-2 different stocks and learn their personalities, more of day trading intraday? Before going to electronic ES, I traded IBM for five years back in mid 90s. When I did much manual trading, I kept a "dumb" journal and any trade I wanted to take outside of rule based systems, I would enter into that journal instead of taking those trades, after years of doing this, I was 95% losing trades, that pretty much stopped me from even thinking of those "feeling" trades. I still keep this journal going though. When I have increased size, always on a Monday, worst was going from 1 to 2,and after than became easier as you are more confident. Yea, it is the nuances of trading that takes time to learn. Check out on all the days you traded and find where 90% is of drawdowns, and that is your daily limit, you might find your drawdowns are so much less than you think on profitable days.
As I remember Friday's were always bad for me. I was down about 2.50 position points ($500.) but I closed one losing trade, added shares to other trade that looked like it was headed in the right direction and escaped. Felt the heart pumping, which means had too many shares at risk, which was not the plan. Grades: C- for Controlling Share Size B- for Staying under control and making the right moves. D- for Overall and Risk Management Three symbols traded today Done at 10:12 10/19/18 +/- Position = .798 Goal = .25 Average = .7931 Avg to Maintain .25 = .2344 Trade Size = 200 Shares Today's Gross = $159.66 Seven *7* Profitable days in a row
Thank you for your post and the suggestions. I have considered trading certain stocks. I do like the idea of knowing it inside & out. Usually when I exit a trade I will generally check out the chart at the end of the day and may go back and trade in it again for a day or two.
Monday I am going back from 200 shares to 100 shares. Friday wasn't discipline and to plan and I want my trading to be less "exciting"