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daily journal


How do I attach daily statements to this message and in what format do they need to be?
Well, the day is over and it was a good one to learn a hard lesson of trading.

The biggest mistake was going for that "one last trade" to make the daily 2 net points. I was slightly shy of that goal before lunch having two 1 point winners and one scratch. I was mulling over whether I should just call it a day--indeed a profitable one--or take a risk. I made the wrong decision driven by greed (or ego) and ended up taking nine more trades even though at one point I had made the daily number.

The end result was a loss of 1 tick before commissions


The second mistake was trading beyond 3:30 in an effort, you guessed it, make it back.


I'm so pissed at my lapse in discipline that I'm not going to write the trades here, but I will post the statement tomorrow.
Excellent point and well-timed in light of today's trading. The old adage, "rules are meant to be broken" has no place in trading.
quote:
Originally posted by BruceM

I think one of the main benefits from posting journals and ideas etc is to get feedback from members and to make sure you follow your rules........so it seems that you are breaking yours as you mentioned you were going to use one contract but you traded a multiple of three on your first day......just trying to help and keep you on track..

Bruce
quote:
Originally posted by samahdi

Thanks.



I trade ES and this is my first attempt in cash rather than paper, so I'm starting with one contract.



Trade #2 was the one that was strong. I recall there was a wall of offers at 1395.00 and when that was penetrated, the market took out all the higher offers rapidly, so I shorted 1396.75 as the buying suddenly dried up leaving a air pocket underneath.

quote:
Originally posted by day trading

Thanks for posting your statement samahdi. What was the "very compelling setup" that caused you to take those trades?

Statement 05/01/08

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I'm done before the opening. Three trades. Two for 1 contract and another for 3 contracts. Now, I know what Bruce is thinking, but here's my logic and plan even though it may be flawed.

Not all setups are equal; some have higher probabilties than others. My plan calls for me to trade 1 contract on the worst of the best and 3 contracts on the best of the best--at least initially. If the account steadily grows, I will increase the contracts. When the 1 contract trade gets to 3 (by dint of account growth, not setup strength), I will not have a two-tiered structure. That is, all trades will be at the same size.

My trade management is still a work in process. I was hoping to limit my risk at one point, since I was aiming for at least one point profit, but yesterday caused me to change that. Today, I used a 1.5 point stop and a goal of at least 1.5 points. I will not trade with a negative risk:reward ratio. Volitility will dictate the risk:reward.

A) S (1) 1415.50 B (1) 1417.00 -1.5
B) S (1) 1417.25 B (1) 1415.75 +1.5
C) S (3) 1425.50 B (3) 1423.50 +2

Have a fun weekend and see you again Monday.
quote:
Originally posted by samahdi

I'm done before the opening. Three trades. Two for 1 contract and another for 3 contracts. Now, I know what Bruce is thinking, but here's my logic and plan even though it may be flawed.

Not all setups are equal; some have higher probabilties than others. My plan calls for me to trade 1 contract on the worst of the best and 3 contracts on the best of the best--at least initially. If the account steadily grows, I will increase the contracts. When the 1 contract trade gets to 3 (by dint of account growth, not setup strength), I will not have a two-tiered structure. That is, all trades will be at the same size.

My trade management is still a work in process. I was hoping to limit my risk at one point, since I was aiming for at least one point profit, but yesterday caused me to change that. Today, I used a 1.5 point stop and a goal of at least 1.5 points. I will not trade with a negative risk:reward ratio. Volitility will dictate the risk:reward.

A) S (1) 1415.50 B (1) 1417.00 -1.5
B) S (1) 1417.25 B (1) 1415.75 +1.5
C) S (3) 1425.50 B (3) 1423.50 +2

Have a fun weekend and see you again Monday.




I made an error here. Trade C) was 2 contracts, not 3. Apparently I rolled the mouse wheel and missed the digit. Need to be less sloppy while trading with cash.
Due to what I perceive as a lack of interest, I am discontinuing this journal. If mypivots gains some active membership and participation, I'll reconsider.

Take care of yourselves and be cautious out there.