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Well spoke NoDoji. We are not here to gamble. Trading is a business, and it must be treated as such. Smiles

Daily Summary For Thurs 07/01/2010 S 1026 s/o 1027.75 -1.75/contract total -3.5 L 1020 s/o 1017 -3/contract total -6 S 1016.25 exit both @ 1013.25 +3/contract total +6 L 1013.25 s/o 1012.50 -.75/contract total -1.5 S 1022.50 exit both @ 1019.75 +2.75/contract total +5.5 S 1021.50 s/o...

Thanks NoDoji, As someone who has been around for a while, I expected that you would understand what the journal is about. Again, thank you for the support and encouragement! Smiles

Summary for Wed 06/30/2010: A great day! L 1039 1st Target 1044 +5 2nd b/e total +5 L 1035.50 1st Target 1040.50 +5 2nd exit 1037.25 +1.75 add-on L 1038 (part of 1035.50 L) exit 1037.25 -.75 total +6 S 1043 exit both 1028 +15/contract total +30 L 1024 exit both 1026.50 +2.5/contract...

I would not expect anyone to be taking the trades posted. As stated previously: My goal is to show that it is not impossible to achieve decent success with modest capital available. Smiles

NoDoji, A difficult part of trading is not having a bias, but instead allowing the market to tell you all that it has to offer. This was key for the account today. The market was telling me the exit strategy wasn't proper for the current market conditions. With a small adjustment today...

PCP198, The account has been experiencing some challenges in the last few days. In order to maximize returns in the account, I made a small adjustment to exits today. This small change had a HUGE impact today and got the account over a hurdle today. Thanks for the post, Smiles

Summary for Tues 06/29/2010 L 1064 s/o 1060 -2/contract L 1056.25 exit @ 1058.50 +2.25/contract L 1042 s/o 1040 -2/contract L 1036.50 s/o 1031.50 -5/contract Overall -15 points today trading 2 contracts, which is -7.5 points/contract.

Oraclewizard, Thanks for the support, and glad to hear that you are finding this trade journal useful. I did take a small loss on friday overall. The day started with 2 losing trades followed by a partial recovery. Again, glad to hear you are enjoying the journal. Smiles

Summary for Monday 06/28/2010: L @ 1069.50 s/o @ entry (moved stop to entry, 1 ticked it, and then took off) S @ 1077.25 1st target 1073.50 +3.75 exited 2nd @ 1073.50 +3.75 L @ 1073.50 s/o @ 1072 -1.5/contract S @ 1072 exit both @ 1071.50 for +.5/contract L@ 1072.75 exit both @ 1074 for...

Weekly Summary for 06/21/2010 thru 06/25/2010 The trades produced 39.75 points, trading 2 contracts. This is 19.875 points/contract. to follow the trades real time throughout the day: http://www.facebook.com/pages/SmilesTraders/130790796936898#!/pages/SmilesTraders/130790796936898...

Summary for Friday 06/25/2010 L @ 1072.50 s/o @1067.50 -5/contract L @ 1066.75 s/o @ 1063.75 -3/contract L @ 1072.25 1st target @ 1078.25 +6 2nd contract exit @ moved stop @ 1075 +2.75 points L add-on @ 1076.25 exited @ b/e stop Overall for the day -7.25 points for the day trading 2...

LOL it must be friday. Traders getting relaxed for the weekend. Hope everyone enjoys their weekend. Take some time to enjoy time with family/friends. Smiles

NoDoji, My studies show a significant low is in place with a very nice upside potential on the ES. The option play on SDS is used to help capture that upside potential. I don't view it as a hedge or anything, just using it as a way to capture the move higher. Thanks for the comment...

I am looking for the ES to have put in a significant low today. To take advantage of this, I have placed the following trade. This is outside of the challenge account: I have initiated an option play. Purchase SDS July 34 Puts for $1.44. I expect there to be a significant push high on...

Trading Time, I'm sorry I missed your initial question, thanks for reposting so I could address this. I day trade for a living. I trade outside of the challenge account, so to keep the number of contracts manageable I want to cap the contracts. As I already trade a large number of...

Exactly NoDoji. And that was why it was worth it to give the trade time to work, but ultimately time ran out. Smiles

Yes NoDoji, As stated in one of my earlier posts, this the purpose of this challenge. My goal is to show that it is not impossible to achieve decent success with modest capital available. My strategy involves taking the highest probability trades with a high risk/reward ratio. The...

Thank you for your continued interest in this journal. The best measure is the track record being produced. So far the track record is doing well. As time progresses and you see the track record, please ask any questions that you have. Thank you, Smiles

It has now been 10 trading days since this challenge began. The trades have produced a gross gain of 76.75 points. As the account grows and more contracts are added, trade management will be easier, as I will be able to scale out and do more add-on trades.