Hello ET & welcome to the "You've got to be #$#%$ kidding me" journal. I normally do not curse but my trading often makes me want to. As such, and in honor of the insane crap I do while trading, I've decided to name this the YGTBFKM journal. The name is relevant in a broader context as well. See.... I currently have a really well paying career where I'm doing great. So, people also often say that I've got to be f'ing kidding to want to walk away from that. But...you know what...you only live once so you have to man up and go after your dreams even if there is no safety net. (EDITOR'S NOTE: The author of this journal is actually very risk averse.... he has a dual income household with both of them earning well and enough saved up for retirement and kids college etc. and he can take a few months off to scratch this itch. The author does not recommend anyone try this unless they dont actually need the money). Why should you read this journal.... well, it will be a consistent reminder to all of the retarded things that we should avoid. You will be able to check your trading records against mine. And if you are consistently taking the opposite side of my trades.... well then you are on the path to riches. I know the entire community of 3,495,754,657,546 aliases and 37 active real members will be waiting daily with abated breath (is that even a phrase) to read what screwed up crap I pulled off each day... so let me just confirm that I will be posting daily... unless I don't. Nah, in all seriousness, will be writing for myself. What do I hope to get out of this journal? I want to lose money... on a consistent basis. Once I have achieved that, I will apply the George Costanza principal and flip everything I do to achieve untold wealth. Some other background.... I've only been trading for a few months. Futures, equities, whatever, whenever.... I am giving myself 5 more weeks to achieve the first milestone of consistency. Be profitable on a weekly basis. I know, I know... its crazy to expect that... after all, its take 10,000 hours of screen time to know a long from a short... but then again... Also, some of you are thinking... "but even if he is profitable for each and every day for the next five weeks... that doesnt prove anything about long term consistency"... agree with that too. but then again this is the "you've got to be f'ing kidding journal" so here goes.
Started tracking today. I believe I got lucky on my first day. Net positive $635. Daily stats I look at... Date, Net PnL, Profit Factor, #Trades, % profitable, #MaxDD, #MaxRunUp 20101019, +$635.00, 2.28, 11, 36.36%, -$360, +$740 I've noticed that I dont have a problem taking losses or keeping them small. If anything, I think I could give my trades greater room to move. I often find that even if I do have the direction of the right, I often exit many times. Also, if I have a larger position on with multiple contracts or share units, I take them off at breakeven if the position is not going anywhere. OTE.