Payback

Discussion in 'Journals' started by osorico, Jul 18, 2006.

  1. Payback -- a daily (or less often :confused: ) PnL rather than a journal. Besides feeding (or destroying) my ego, maybe some newbies will be inspired to find their edge. :D


    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.
     
  2. Monday, July 17, 2006
     
  3. 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". :D

    Good luck Osorico.

    MiniDowTrader
     
  4. Pekelo

    Pekelo

    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?
     
  5. 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.
     
  6. MDT, you've been hanging around ET too long!
     
  7. Thanks Pek!

    As for strats, we'll see.
     
  8. Why don't you just take the money he owes you out of the account ?


    :D
     
  9. 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 :D
     
  10. Wednesday, July 19, 2006
     
    #10     Jul 20, 2006