Payback -- a daily (or less often ) PnL rather than a journal. Besides feeding (or destroying) my ego, maybe some newbies will be inspired to find their edge. Background Son-in-law-owes me money. He offered me a mostly blown-up futures account for me to trade (no formal power of attorney however) until January 1, 2007. He assumes ALL tax responsibility. Account Specifics 1) VERY SMALL approx $2300 :eek: :eek: 2) J-Trader :eek: :eek: 3) minis RT Commish (after renegotiation) 3.90 4) $500 daytrade margin (after renegotiation) Trading Rules 1) YM and occasionally ER2 2) Self-imposed max positions, 2 YM, 1 ER2 3) Self-imposed max loss per trade, $90 + commish 4) Self-imposed max loss per day, $150 + commish. If reached, done trading for AT LEAST that day. 5) Trades/contracts per day, no limits 6) RTH (regular trading hours) only! 7) No pre or after hours trading. Only exception is in the case of exogenous events such as war/peace, currency devalue/pegging terrorist attacks, power-grid mishaps, political assassinations, etc, etc. 8) No overnight holds. Flat on or before RTH session end. Same exceptions as #7 above. Self-imposed position limits may be adjusted based on $1000 variances in account balance. Self-imposed money rules may be adjusted weekly, based on account balance.
Sweet! The much anticipated follow-up to "Osorico's Cookbook". I haven't felt this giddy since I heard the release date of "Pirates of the Carribean: Dead Man's Chest". Good luck Osorico. MiniDowTrader
I am also looking forward to read your journal. You are one of the few traders here whom I like. Good luck! Also, are you going to share some strategies?
Wed, 7/19/06 approx 3:00p EST I couldn't/didn't get behind this HUGE mofo move in any of my accounts... 1) The monetary size of THIS account kept me shy, and rickety J-Trader didn't add confidence either. I know it sounds like Im making excuses, or even "laying blame" on inanimate objects. Read on. To me it makes sense. 2) All day, mentally, I was on pins and needles. I was not able to get over the feeling that some mid-east news or even some silly earnings report could/would derail the entire day. Coupled with unreal bearish divergences on fast charts, non-inspiring volume, and 15m tick-tock tick-tock price action (very slow, tick by tick moves, with exception of golden hour and as Im posting, the final hour) Anyway, I took a 73.90 LOSS in THIS account today... 1 failed YM fade mid-day and I got caught. It was very quick and nearly painless given the swiftness of the pain fwiw, my primary account did fine, but not due to holding positions. :eek: Will post THIS accounts partial statement for today, tomorrow morn. Btw, yesterday, tuesday 7/18/06 I did not trade this account.
Because I'm a bastard, and the account balance doesn't cover the loan, which is why I accepted his deal! I want to hand him his head on a platter... I intend to get AT LEAST 100% recovery, AND stick him with the taxes!! I learned a long time ago, don't lend money to friends or family... But if you do, take a tough-love stance on first signs of flaky payback; you won't be asked to make another loan. Besides, this way is alot of fun