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

  1. Are you still taking the day off, or are you back to trading IMO ... don't give up the good fight!!!

    Yeah! :D

    Later man,

    #21     Aug 3, 2006
  2. romik


    what happened, not isp in the Gulag? :D
    #22     Aug 7, 2006
  3. Maybe he fell in? :eek:
    #23     Aug 7, 2006
  4. Osorico's 2006 year in review

    2006 represents my first complete and consecutive year of trading futures full time.

    In my eyes my evolvement is stunning, but in reality nothing more than plain ol common-sense in regards to the business of trading.

    At the start of the year I had proven methods and less than 8 months of profitable full time trading experience. Like many 1 rung up on the ladder traders I wanted a fast(er) and guaranteed route to financial security for me and my family. So I starting "hanging out" on ET during trading hours thinking I would find some idea that could be applied to my methods/style.

    The late spring/early summer of 2006 also brought on challenges. At first, you'll remember the expansion of volatility. Man I was rockin! Then the Israeli Conflict which was the start of the market defying logic and the contraction of volatility once again.

    Lesson #1... Seeking out or listening to others suggests one may be prone (subconsciously or not) to destroying personal confidence. The fact is, the people you really want or should pick brains with do not post, and certainly not during trading hours.

    Lesson #2... When the opening and closing bells ring, all that matters is account balance. Live chat and journal posting for me, had a way of bringing on "admiration by my peers" aspect of my ego. As such, individual trades and or daily success/failure took the spotlight. It's a pitfall of being a home-based trader. Focus must remain on trading, period.

    Lesson #3... Adapt. A good trader has multiple proven methods/styles/instruments to trade. At the start of the year I was mostly an intraday swing YM & ER2 trader coupled with occasional short to medium term swinging in the softs, grains, and meat complex. Nowadays I consider myself an intraday scalper, taking on many more trades per day and more markets. Still indexes (YM and ER2) are my bread and butter, but intraday scalping currency and interest rate futs are now in the mix. I also still swing softs, grains, and meats. As volatility increases I will likely resort back to intraday swinging the indexes, while continuing intraday scalping of other markets.

    Lesson #4... Patience. And learning. I can't even count the times I have taken a trade (based on scalp method) which would have turned into an intraday swing for much greater returns. My scalping style is hard and fast when it comes to taking profit. The downside of this is more trading (ie commission) which is cost of doing business. To offset however, I've started employing a 2nd price target (ie patience) if all my TA ducks are in a row. In essence turning the scalp trade into a mini swing. Intraday volatility plays an important role. Watching scalps turned mini swings turn into full intraday swings may be the signal to adapt once again.

    And for those wondering what happened with this account...
    As of Fridays close the "purpose" of this account (loan repayment to me from a family member) has been fulfilled, and he pays all taxes on this (his) account. As of 12/15/06, this account will be closed. Of special note is that in addition to loan payback, I withdrew $1000 Xmas money just after Thanksgiving.

    For the skeptics; a dose of healthy skepticism is good; Contentious skepticism says volumes however.
    For the believers; discerning true from false on ET is sometimes tough. Nice job.
    For the indifferent: Good for you. Keep the focus on YOUR trading.

    Happy Holidays and a prosperous New Year to all!
    #24     Dec 10, 2006