E-mini Rookie Trading Journal

Originally posted by Ditch
I totally agree that most traders are not highly profitable, most of us are not Marty Schwartz. Therefore we should try to develop a style, that suits our capabilities. What I was trying to point out is that the average trader mentally is not able to trade a system, that hits homeruns on 20 days a year and breaks even for the rest. I used to lose on big trend days, now that doesn't happen any more, but still will take a while before I capitalize on them. You are obviously in another league. Good for you.

Best regards,

Ditch
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i guess at the end - any style can bring success. i've read a trading book where a pro trader states that she is happy with her small daily profits and that it is wrong for a daytrader to go for the real big winner.

however - in an other book the author tells that on avg. he has a low 5 figure day every few weeks - while on all the other days he wins 1K or loses 1K.

i think it is better if the single trading day is not that important. what if you make all the money on 20 out of 240 trading days - and you miss 2 or 3 days / big moves for whatever reason?
 
Holding a position afterhours disrupts my sense of time. I woke up this morning not even knowing what day it was. I was already tired from bird-dogging my position all night only to put myself in an immediate hole trading the open. Trading the open really isn't my game so I don't think I'll do it again. Just gotta wait for a trade to develop (patience). If I've done 4 trades in a span of a few minutes, then I'm not sticking to my plan. Unfortunately you don't realize 'till after it's already done.

Got whipped around good this morning. When it's happening though, you just never know which one of those highs or lows is gonna turn into a trend so I tend to wanna try them all until one works. Eventually it does happen however by that time I'm already down double digits. Takes a nice trend to reverse that and make it profitable. Fell short today, just too many points down to turn it around with one good trade. Like they say, " You don't have to be the first one in or the last one out..." or something of the sort. Anyway I need to work on that.

Mistake of the day: Trading the open. Not skilled enough yet.


-6 points / 8 RT's / acct: 4496.80
 
This thread seems to be dying, so I'm gonna stick a fork in it.

My business at this point is taking all my attention and resources, so I have to stop trading for the time being. The real reason, though, is that I need the funds in my trading acct. to purchase some job related items. It seriously kills me to do this and I've staved it off for the last possible second. But time has run out on me and I need to earn some money instead of churning my acct. and being unprofitable. Rats.

I will start trading again in about a month but won't be posting in this journal unless there are some of you that really want me to. After all, it was never just about me, but more of a shared experience. It's been a pleasant (albeit different) experience for the most part and increased my knowledge about the markets 10 fold. This is definitely one of the better sites on the web.

I wish everyone the best of health and goodluck and happy trading. Thanks for the participation.


Opened acct: $ 5000.00
Closed (for now) $ 4496.80
 
Bronks thankyou for sharing with us...

PEACE health and good luck on whatever path you take!

Markets will always be here tommorrow!
 
Originally posted by nkhoi
about 3 months and only -500, you are doing very well
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Considering 3 months, only -500, and that's after commissions, it's exceptional at this stage! I wish you the very best Bronks, I'll miss you and your journal, and hope that one day you'll give things a shot again. Take care.
 
Originally posted by nkhoi
about 3 months and only -500, you are doing very well, good luck to you in your next journey.
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Bronks,

Above all I appreciated your sincerity. I wish you all the best. Thanks.

Ditch
 
hey bronks,

the markets will always be there...i think, the main reason, why so few succed is just that it needs longterm planning to build up savings on which you can lean on while stepping through a learning curve that could easily last some years...you cant force it...:)

i once read a book about daytrading by howard abbell (or so) where a couple of succesfull daytraders where interviewed. they ALL had to work something between 2-4 years to make their approach profitable at last (not mentioned the time to develop it)...it is hard to accept this...

see you later :)
 
Nobody wanting to be an engineer or an accountant would think they could do so in a couple of months but many people think they can learn to trade in this amount of time. Its really an insult to the profession. Figure on spending the same amount of time you would to get a degree in anything else and you will have a better chance.
 
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