MGB: Journal

>+384
>
>I stayed out of playing the Fed decision.
>I didn't want to take any chances.

With decisions like this you are gonna make it. I sat out the first few announcments of my so far short career. I'm just now learning how to play them. All it takes is time, observation and discipline.

Very nice work.

JB

 

Hey MGB, where are you? took some time off- yeah probabaly a good idea in this market, dont blame ya. I just kinda miss the little journals. Just curious how things are going. hopefully well.

 

I was feeling pressure to "perform for my journal" which caused me to overtrade, overshoot or overhope.

I was getting too many losses. So I'm going to take a step back a little bit and reevaluate my goals.

One thing for sure, the past few days I've become zealous with my stops. So I've definitely taken everybody's advice on this aspect of trading.

I've lowered my trading size to 600 shares. I used to trade with 300 shares but the stock has to move 10 cents before I can start making a profit and that's a big hurdle. With 600 shares, the stock only needs to move 5 cents before I start making a profit. I trade with CyberTrader and the commissions are $14.95 per ticket.

<b>Update on ProTrader</b>
ProTrader has an office in Seattle. Apparently, because Instinet is acquiring ProTrader they are going to spin-off their prop trading business because Instinet doesn't have prop trading. So for Seattle, there will be no prop trading opportunities.

MGB

 

MGB, glad to hear you are in the game and applying discipline. Unlike Hitman, I don't believe I could post a journal with all my trades and like you it would effect me. Look out for your self, keep applying some of the great advice that traders are throwing your way.

Good trading.


>I used to trade with 300 shares but the
>stock has to move 10 cents before I can
>start making a profit and that's a big
>hurdle. With 600 shares, the stock only
>needs to move 5 cents before I start making
>a profit. I trade with CyberTrader and
>the commissions are $14.95 per ticket.

Exhibit "A" for using IB to learn to trade. I'm teaching my sister to trade and she makes money on 100 shares. After all, it's only 2 bucks a round.

JB

 

<b>re: IB</b>
With IB, do I still need to get a separate charting feed? I'm not clear on that part.

MGB

 

>With IB, do I still need to get a separate
>charting feed? I'm not clear on that part.

Depends on your style, but I would never do without my Realtick. I really can't imagine anyone attempting to trade without charts and IB doesn't provide this.

JB

 

Turok, what do you pay for charting with Realtick? Thanks

 

>Turok, what do you pay for charting
>with Realtick? Thanks

It ain't cheap but it's fast and reliable. My backup account is with MB trading and I get my feed from them. How much I pay depends on how many trades I do with them. Lately I pay pretty much full price since IB has only gone down once (for about 90 seconds) in the last couple months.

It's available from Realtick.com and the pricing is there. How much you pay depends on whether you need just charts, charts with T&S or the works with LVL2. It runs from $150 to $250.

If my time trading time frame was a bit longer (I still do some scalping) I wouldn't care quite as much about the speed and could go with something a bit cheaper. As it is I'm quite happy with the IB - Realtick combo.

JB

 

MGB:

The only way you can post a journal day after day is when you truly don't care how others look at your performance. Then there is no pressure from others. I write the journal for myself, not for anyone else, posting my performance on this board keeps me honest.

I guess if you don't want to focus on your day to day performance it is better not to post it. For me I am so hardcore about daily performance and posting on this board makes me HONEST. I am pressured to perform to MY OWN STANDARD, that keeps me motivated every game. I enjoy pressure, and I enjoy other's commentary, whether it is positive or negative.

Free your mind