No trades today. I've spent today SIM trading a new scalping style of trading I'm looking at. I'll go into more detail later when I post the weekly chart.
So I will be changing things up a bit on Monday. I still will place similar type 1:2 r/r trades like I have been, but I think, at least for now, my main focus will be on scalps. I would never recommend anyone with an account size like mine to start trading more and increasing the number of contracts, but that's what I am going to do. There are no guarantees of course, but I'm only changing to this method because I have had success with it in the past and it fits in well with my personality. A few large losses used to be my problem with this method. Now that I have OCO orders, it changes the game. If you look at my posts from 2008 you'll see what I mean as I posted in the P/L thread for a little bit. So that is my plan. I will be increasing my contracts to 2, and I will be looking to take as little as .50 points up to a couple of points. The trades will be measured in seconds rather than minutes, so calling the live trades won't be too practical or useful. I'll still post my blotter or screenshot, but I'll figure out what I'll do with that next week. I'm the type of person who learns best by being thrown into the fire, so although more SIM trading would be recommended, the fact that I've done this before combined with the fact that I feel I learn best by doing, I will be continuing with live money on Monday. Only two trades for the week. Have a good weekend all! Week 4 Results: 2 Trades 1 Win 1 Loss Net P/L +$52.44 Account equity graph:
I seem to like the shorter time frames better. For me, the more time I spend in cash, the better. Starting this week, for most days I'll be able to trade for the first 2 hours and I'll shut down by 11:30am EST. I'm taking some part-time classes, so I'll be gone for the rest of the day, and most updates now will be a little later at night. I just wanted to ease myself into the scalping so I knew I wasn't going to do or expect too much for today. I placed one very quick trade. I'm using 2 contracts for all scalps. I'm not sure what reporting format I'll end up sticking with for these trades. I could post a daily blotter, or just the Ninjatrader end of week summary that has all the stats. Today's results: 1 Trade 1 Win +0.50 pts Net P/L +$16.22