Due to the negative response there will be no part 2. I was merely giving some background info and providing an interesting story of my rise and fall. Back to Business. Here's some info on what I trade. Currently I'm only comfortable trading the index futures, ES,YM,ER2,NQ and the EURO. In the future when I'm ready, I would like to trade the entire array of futures. I also dabble in options here and there. Here are some of the basic monetary rules I've set for myself. 1) Maximum drawdown $500 /day 2) Maximum losses in a row 4 3) Maximum Winnings $2000 /day 4) Only 1 contract will be used at the beggining. Increase in contract size will depend on performance. I will be posting all trades with P/L. I will also post charts with my entry/exit points. If anyone has any other suggestions please feel free to add anything. ozzy
Yo forget those clowns, part 2 cmon!! It was interesting and I always like to hear peoples journeys, especially the messy ones. Not everyone is a preternatural trading genius, us mere mortals make a few mistakes here and there...
Minimal action tonight. I usually do a few trades Sunday night to work some rust out and practice scalping. 1st trade was not good. Placed stop way off. Should have been around 1.2617. The rest of the trades were decent. On the last trade I was hoping for a re-test of 1.2600 didn't happen. Closed the trade due to IB re-boot and the fact that its getting late. P/L = ($225 - $36 commisions) = $189
Had a very frustrating Monday. 1) Blew a decent EUR profit on ER2 2) Got chopped up good on ER2 3) Had the mother of all flus today 4) Network went down. I got stopped out of my position and then it looks like the market took off after I got spit out. This was very frustrating. The network has gone down 5+ times in the last month. Going to get a secondary DSL line very soon. That was the end of my day around 2:00 PM. EUR P/L = $900 - $24 = $876 ER2 P/L = -$630 - 122.88 = - $752.88 TOTAL P/L = 123.12
Tuesday: The pain continues. 1) Network crashed approx. 10 times (on/off/on/off/on/off). With the longest outage lasting a little over 1 hour. 2) Called to get DSL. Found out they that its not available in this area. 3) Got blasted on GOOG puts (bought right at noon). (recovered a little on GOOG calls I bought after the network came back.) Results: EUR P/L = $225 - $24 = $201 ER2 P/L = -$100 - $53.56 = -$153.56 GOOG P/L = -1,444.98 (PUTS) + $400.00 (CALLS) - $80 (COMM) = -$1124.98 TOTAL P/L = -$1077.54 These network outages are driving me nutz. I think I'm getting close to the end of my trading career. I have lost money in almost every imaginable way. I have always put aside these drawbacks and continued to plug away. But one can only take so much before he has to throw in the towel. ozzy
Ozzy, Do you only trade puts and calls for equities? Hang in there bro....I think most people are struggling recently. I know I have.
You couldn't have picked a worse stock to try and short today. That was up most of the day and I think only went negative for a tick or two around the time you bought the puts. That was my tell that we could rally at the end of the day. Why not stick to futures?
Yeah, only calls/puts. I depleted my funds to a level where it doesn't make much sense to buy stock or place position trades. Also I'm way under the Pattern Day Trader Limit. Sad situation to be in considering where I came from. I have an extremely high pain tolerance but this is starting to be a little too much.
GOOG puts was a bad trade and it got even more complicated with the network outage right around that time. I should have called and closed the position right away, instead I was on the phone with a friend getting updates for an hour. I thought it was going down, what can I say. The 2:30 news didn't help either.