E-mini Rookie Trading Journal

Good start Bronks. Have to respect you regardless, as you are laying it out for all to see.

Hard to comment in general, as you don't specify your style of trading. Not that it really matters, numbers look good so far. Keep it up.
 
I'm in Kailua.

When i first started trading around March thru May of 2000, I turned 5k into 22k using level 2 and trading 10 to 15 dollar stocks.

I had good technique and was good at cutting losses quickly... however because I made so much money quickly, it got to my head. I bot a stock one day and didn't sell it. I was so convinced I was a Market Gawd decended in the flesh, I just knew I was right. I proceeded to lose all 22k in 2 days... One loss after another, taking bigger and bigger risks...

not trying to dampen your spirit... just don't want that to happen to you.

however, i do think a healthy dose of losses is essential for developing a strictly disciplined trading character.

and one rule of thumb i have is banking (literally) half my profits every week. I'll sometimes do it every day if I make over 30%.
 
Thanks guys for the encouragement.

Lundy-- I live in town by the Ala Wai. Got a nice view. Anyway, I lost quite a bit of money when the Naz took a crap. EXTR just about wiped me out as I got in at just about the top with my brand new Datek acct. Buy and hold has a time. That wasn't it. I was not only humbled but also devastated because I had given up my day job, and you probably know how scarce decent paying jobs are here. I'm done whining.

So yes that is fresh in my mind and I hope will keep me in check. Just to add, I truly enjoy trading, even more so, dare I say, then surfing. Wow, never thought I'd like anything more than surfing, yikes! It has become my passion and I know that even if I blow this account up, I will find a way to keep trading.
 
Great post. Thanks. I stated trading nq last week and finished down for the week due to over trading and not cutting losses. My worse losses were twice as bad as yours. Would you mind telling me how wide a stop you generally use? My biggest losses came when I ignored my mental stops, but checking my balance may cure that.
 
Made a concentrated effort not to overtrade today. Commissions can really start to add up in a low-funded account. I must be prepared to turn on a dime when the market does or else eat s**t. I was in scalp mode all day even when she started trending in the afternoon. Once again I had some pretty decent entries only to take quick profits and I just know that when I decide to open it up a little, my entries will suck. Hopefully in the future, I will be able to trust my decisions.


nljones5-- All my stops are mental and completely discretionary upon market behavior at that instance. I pay more attention to my losses. But as you can see, I'm taking profits way to early.

"Letting winners run" , easier said than done... pardon the pun. Yes I'm an idiot for saying that.


+8 points / I will post statement when it arrives.
 
FUTURES TRADES
---------------------------------------------------------------------------

Trade Time Exchange Description Qty Trade Price Set
Price Gain/Loss *
----------------- --------- ----------- ----- -----------
----------- ----------- -
02-05-31 09:46:50 GLOBEX NQ JUN02 -1 1229.5000
1209.5000 400.00
02-05-31 09:49:44 GLOBEX NQ JUN02 1 1231.0000
1209.5000 -430.00
02-05-31 10:01:40 GLOBEX NQ JUN02 1 1240.0000
1209.5000 -610.00
02-05-31 10:10:28 GLOBEX NQ JUN02 -1 1241.5000
1209.5000 640.00
02-05-31 10:13:11 GLOBEX NQ JUN02 1 1242.0000
1209.5000 -650.00
02-05-31 10:15:19 GLOBEX NQ JUN02 -1 1244.5000
1209.5000 700.00
02-05-31 11:10:41 GLOBEX NQ JUN02 1 1245.5000
1209.5000 -720.00
02-05-31 11:34:36 GLOBEX NQ JUN02 -1 1247.5000
1209.5000 760.00
02-05-31 14:29:01 GLOBEX NQ JUN02 -1 1227.5000
1209.5000 360.00
02-05-31 14:39:45 GLOBEX NQ JUN02 1 1226.0000
1209.5000 -330.00
02-05-31 15:08:02 GLOBEX NQ JUN02 1 1218.5000
1209.5000 -180.00
02-05-31 15:08:43 GLOBEX NQ JUN02 -1 1220.0000
1209.5000 210.00
02-05-31 15:40:22 GLOBEX NQ JUN02 -1 1213.0000
1209.5000 70.00
02-05-31 15:41:07 GLOBEX NQ JUN02 1 1215.0000
1209.5000 -110.00
02-05-31 15:43:22 GLOBEX NQ JUN02 -1 1212.0000
1209.5000 50.00
02-05-31 15:49:56 GLOBEX NQ JUN02 1 1209.5000
1209.5000 0.00
=====
===========
0
160.00


===========
USD
Total: 160.00


FUTURES GAIN/LOSS SUMMARY
----------------------------------------------------------------

Gain/Loss From Futures Trades
160.00


============
USD Total:
160.00


==========================================================================================

ACCOUNT STATUS
---------------------------------------------------------------------------

USD
Starting cash balance 5401.20
Settled: 5401.20
Cash deposits/withdrawals 0.00
Total Futures Gain/Loss 160.00
Total Commissions -38.40
==============
==============
==> Ending cash balance 5522.80
Settled: 5522.80
 
thats the best thing about hawaii, i can trade and surf everyday... can't say I like one more than the other tho.

looks like we both started trading around the same time bronc.

good to hear from traders on the islands.
 
Glad to see you are doing well and profitable.

The size of some of your losses concern me however. Some of you losses are a bit large compared to your account size.

IMHO, the best trades move in your favor almost immediately. Some of your losses are 40 plus point moves against you position, sooner or later that big of loss will add up. If you take 3 or 4 of those 700.00 looses consecutively, you are looking at a 30% drawdown with only three trades. Your exposer is too great.

I realize that everyone has to have there own style and each of our risk tolerance is different that the other, however taking losses that big as far as an overall percentage of your account seem to put the mathematical odds against your long term survival.

I am HAPPY to seeing you profitable and don't wish to condescend or rain on your parade, just hoping to see your trading career be a lengthy one.

Take care,

Sean
 
Have been trading ES and NQ since the first of the year. The more the number of my trades increased the worse I did. I had to cut way back on the number of trades and widen my stops considerably. Scalping did not work for me but it was probably lack of talent in that mode. I seem to have a talent for finding that first reversal and am learning how to get the most out of that. Why are you limiting yourself to NQ? ES and NQ are often at odds with each other and this tendency can be exploited to some degree.
 
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