E-mini Rookie Trading Journal
- Thread starter bronks
- Start date
options expiration weeks are always tough and this one is shaping up to be tougher than usual. It might be better to be flat this week. I don't think the market is set up to provide profits every day, which is a good reason not to quit your day job. Trading is not really a job, its a risky small business.
There is risk in all businesses, particularly startups. If you are not making a living doing it, then you are not doing it right. That might mean just not having enough startup capital or not having a business plan. If you take it seriously, and treat it like a business, you can make money at it. If you treat it as a hobby, well then..
I've been back for a few days now and traded a bit but haven't had a chance to to get caught up until today. Looks like some of the other threads are getting quite lively. Mr. Sub's is out of control, the guy needs to publish a coffee table book or something. Great stuff.
Lundy my friend, stepping on peoples toes is a prerequisite for eventual greatness or at least individuality. With a tincture of madness, you could go a long way (if you haven't already). Great stuff.
I wish I could say the same about my trading as my first day of trading again rendered me to the same continuation of mistakes as before I left. Can someone say drawdown. I will be putting a cap on the amount of trades per day as overtrading is becoming a major pain in my ass. This may fly in the face of discretionary trading but there must be a balance point somewhere. Just gotta find it.
FUTURES TRADES / WEDNESDAY
---------------------------------------------------------------------------
Trade Time Exchange Description Qty Trade Price Set
Price Gain/Loss *
----------------- --------- ----------- ----- -----------
----------- ----------- -
02-07-03 14:02:39 GLOBEX NQ SEP02 1 979.0000
998.0000 380.00
02-07-03 14:16:30 GLOBEX NQ SEP02 -1 980.0000
998.0000 -360.00
02-07-03 14:30:20 GLOBEX NQ SEP02 1 988.0000
998.0000 200.00
02-07-03 14:32:38 GLOBEX NQ SEP02 -1 991.5000
998.0000 -130.00
02-07-03 14:50:01 GLOBEX NQ SEP02 -1 987.0000
998.0000 -220.00
02-07-03 14:50:51 GLOBEX NQ SEP02 1 989.5000
998.0000 170.00
02-07-03 14:54:00 GLOBEX NQ SEP02 1 993.0000
998.0000 100.00
02-07-03 14:54:25 GLOBEX NQ SEP02 -1 994.0000
998.0000 -80.00
02-07-03 15:03:21 GLOBEX NQ SEP02 1 994.0000
998.0000 80.00
02-07-03 15:04:05 GLOBEX NQ SEP02 -1 992.5000
998.0000 -110.00
02-07-03 15:10:19 GLOBEX NQ SEP02 1 996.0000
998.0000 40.00
02-07-03 15:12:36 GLOBEX NQ SEP02 -1 991.0000
998.0000 -140.00
02-07-03 15:20:44 GLOBEX NQ SEP02 -1 986.5000
998.0000 -230.00
02-07-03 15:30:34 GLOBEX NQ SEP02 1 989.0000
998.0000 180.00
02-07-03 15:37:00 GLOBEX NQ SEP02 -1 985.0000
998.0000 -260.00
02-07-03 15:37:37 GLOBEX NQ SEP02 1 988.0000
998.0000 200.00
02-07-03 15:38:02 GLOBEX NQ SEP02 -1 987.0000
998.0000 -220.00
02-07-03 15:40:27 GLOBEX NQ SEP02 1 988.0000
998.0000 200.00
02-07-03 15:59:59 GLOBEX NQ SEP02 1 998.0000
998.0000 0.00
=====
===========
1
-200.00
===========
USD
Total: -200.00
FUTURES POSITIONS
------------------------------------------------------------------------
Description Contracts Set Price
--------------------- --------- ------------
NQ SEP02 1 998.0000
FUTURES GAIN/LOSS SUMMARY
----------------------------------------------------------------
Gain/Loss From Futures Trades
-200.00
============
USD Total:
-200.00
==========================================================================================
ACCOUNT STATUS
---------------------------------------------------------------------------
USD
Starting cash balance 5312.40
Settled: 5312.40
Cash deposits/withdrawals 0.00
Total Futures Gain/Loss -200.00
Total Commissions -45.60
==============
==============
==> Ending cash balance 5066.80
Settled: 5066.80
Open options value 0.00
==============
==> Total Equity 5066.80
Lundy my friend, stepping on peoples toes is a prerequisite for eventual greatness or at least individuality. With a tincture of madness, you could go a long way (if you haven't already). Great stuff.
I wish I could say the same about my trading as my first day of trading again rendered me to the same continuation of mistakes as before I left. Can someone say drawdown. I will be putting a cap on the amount of trades per day as overtrading is becoming a major pain in my ass. This may fly in the face of discretionary trading but there must be a balance point somewhere. Just gotta find it.
FUTURES TRADES / WEDNESDAY
---------------------------------------------------------------------------
Trade Time Exchange Description Qty Trade Price Set
Price Gain/Loss *
----------------- --------- ----------- ----- -----------
----------- ----------- -
02-07-03 14:02:39 GLOBEX NQ SEP02 1 979.0000
998.0000 380.00
02-07-03 14:16:30 GLOBEX NQ SEP02 -1 980.0000
998.0000 -360.00
02-07-03 14:30:20 GLOBEX NQ SEP02 1 988.0000
998.0000 200.00
02-07-03 14:32:38 GLOBEX NQ SEP02 -1 991.5000
998.0000 -130.00
02-07-03 14:50:01 GLOBEX NQ SEP02 -1 987.0000
998.0000 -220.00
02-07-03 14:50:51 GLOBEX NQ SEP02 1 989.5000
998.0000 170.00
02-07-03 14:54:00 GLOBEX NQ SEP02 1 993.0000
998.0000 100.00
02-07-03 14:54:25 GLOBEX NQ SEP02 -1 994.0000
998.0000 -80.00
02-07-03 15:03:21 GLOBEX NQ SEP02 1 994.0000
998.0000 80.00
02-07-03 15:04:05 GLOBEX NQ SEP02 -1 992.5000
998.0000 -110.00
02-07-03 15:10:19 GLOBEX NQ SEP02 1 996.0000
998.0000 40.00
02-07-03 15:12:36 GLOBEX NQ SEP02 -1 991.0000
998.0000 -140.00
02-07-03 15:20:44 GLOBEX NQ SEP02 -1 986.5000
998.0000 -230.00
02-07-03 15:30:34 GLOBEX NQ SEP02 1 989.0000
998.0000 180.00
02-07-03 15:37:00 GLOBEX NQ SEP02 -1 985.0000
998.0000 -260.00
02-07-03 15:37:37 GLOBEX NQ SEP02 1 988.0000
998.0000 200.00
02-07-03 15:38:02 GLOBEX NQ SEP02 -1 987.0000
998.0000 -220.00
02-07-03 15:40:27 GLOBEX NQ SEP02 1 988.0000
998.0000 200.00
02-07-03 15:59:59 GLOBEX NQ SEP02 1 998.0000
998.0000 0.00
=====
===========
1
-200.00
===========
USD
Total: -200.00
FUTURES POSITIONS
------------------------------------------------------------------------
Description Contracts Set Price
--------------------- --------- ------------
NQ SEP02 1 998.0000
FUTURES GAIN/LOSS SUMMARY
----------------------------------------------------------------
Gain/Loss From Futures Trades
-200.00
============
USD Total:
-200.00
==========================================================================================
ACCOUNT STATUS
---------------------------------------------------------------------------
USD
Starting cash balance 5312.40
Settled: 5312.40
Cash deposits/withdrawals 0.00
Total Futures Gain/Loss -200.00
Total Commissions -45.60
==============
==============
==> Ending cash balance 5066.80
Settled: 5066.80
Open options value 0.00
==============
==> Total Equity 5066.80
Held on to a contract after close on Wed. I knew I would be taking a risk holding thru the holiday but something told me (here's to you pussycat) that if we could get through the holiday unscathed, a rally would ensue. Needless to say when the LAX incident occurred, I was a bit worried (understatement). After watching the globex open carefully, I decided the sell-off wasn't nearly what it could have been. This renewed my confidence in my position. Of course I covered way too early but I can't be too upset.
FUTURES TRADES
---------------------------------------------------------------------------
Trade Time Exchange Description Qty Trade Price Set
Price Gain/Loss *
----------------- --------- ----------- ----- -----------
----------- ----------- -
02-07-05 09:11:54 GLOBEX NQ SEP02 -1 1017.5000
1064.0000 -930.00
=====
===========
-1
-930.00
===========
USD
Total: -930.00
FUTURES GAIN/LOSS SUMMARY
----------------------------------------------------------------
Gain/Loss From Futures Trades
-930.00
Gain/Loss on Prior Open Positions
Description Contracts Pr Set Price Set Price
Gain/Loss
--------------------- --------- ------------ ------------
------------
NQ SEP02 1 998.0000 1064.0000
1320.00
============
1320.00
============
USD Total:
390.00
==========================================================================================
ACCOUNT STATUS
---------------------------------------------------------------------------
USD
Starting cash balance 5066.80
Settled: 5066.80
Cash deposits/withdrawals 0.00
Total Futures Gain/Loss 390.00
Total Commissions -2.40
==============
==============
==> Ending cash balance 5454.40
Settled: 5454.40
Open options value 0.00
==============
==> Total Equity 5454.40
FUTURES TRADES
---------------------------------------------------------------------------
Trade Time Exchange Description Qty Trade Price Set
Price Gain/Loss *
----------------- --------- ----------- ----- -----------
----------- ----------- -
02-07-05 09:11:54 GLOBEX NQ SEP02 -1 1017.5000
1064.0000 -930.00
=====
===========
-1
-930.00
===========
USD
Total: -930.00
FUTURES GAIN/LOSS SUMMARY
----------------------------------------------------------------
Gain/Loss From Futures Trades
-930.00
Gain/Loss on Prior Open Positions
Description Contracts Pr Set Price Set Price
Gain/Loss
--------------------- --------- ------------ ------------
------------
NQ SEP02 1 998.0000 1064.0000
1320.00
============
1320.00
============
USD Total:
390.00
==========================================================================================
ACCOUNT STATUS
---------------------------------------------------------------------------
USD
Starting cash balance 5066.80
Settled: 5066.80
Cash deposits/withdrawals 0.00
Total Futures Gain/Loss 390.00
Total Commissions -2.40
==============
==============
==> Ending cash balance 5454.40
Settled: 5454.40
Open options value 0.00
==============
==> Total Equity 5454.40
Hi Bronks,
nice to see your back, missed your writing
I see I'm not the only one who gets (use too!!!) gun happy from a break in trading ??????
Please don't hear me wrong and I'll be up front in letting you know I'm not totally making it work full time yet as a trader, but I've learned (through pain) to always or a least TRY to set up a slow approached when I've had a break from trading (a week or more)
There is always a opportunity to come in the markets, so whats the rush. The above problem is something I really struggled with, one of many :-(
May I also ask, (again please don't get offended) this may be more for my own ears (eyes) than yours.
The overnight trade ??? Where did that come from ???? Is that within your trading plan ??? Again maybe I'm just writing this to myself to keep me on track !!
Anyway besides all that, it is good to have you back, hope it's for a while.
Andy
nice to see your back, missed your writing
I see I'm not the only one who gets (use too!!!) gun happy from a break in trading ??????
Please don't hear me wrong and I'll be up front in letting you know I'm not totally making it work full time yet as a trader, but I've learned (through pain) to always or a least TRY to set up a slow approached when I've had a break from trading (a week or more)
There is always a opportunity to come in the markets, so whats the rush. The above problem is something I really struggled with, one of many :-(
May I also ask, (again please don't get offended) this may be more for my own ears (eyes) than yours.
The overnight trade ??? Where did that come from ???? Is that within your trading plan ??? Again maybe I'm just writing this to myself to keep me on track !!
Anyway besides all that, it is good to have you back, hope it's for a while.
Andy
Howzit Andy-- Overnight holds were always a part of my plan, I just never saw a set-up I liked 'till last week. I have to be quite convinced within myself to take an overnighter. Whether it pans out or not is not the issue. Believing in my set-up is. It just so happened to work out on this occasion.
IMHO, the epitome of a discretionary trader is being able to recognize change and to react without hesitation. Having a trading plan that prohibits certain actions because of itself, while may be ideal in the short term, will eventually stunt portions a discretionary traders growth. I believe a pure discretionary method in the right hands can yield handsome results. I also believe it is THE most difficult to learn. There are no grandiose visions of sugar plums in my head as I tackle this objective. I know full well that I may be in over my head.
I don't think that there is anything that anyone can say that would offend me (but there could always be a first). I welcome any and all responses. Well thought out replys like yours are a welcome bonus. Cheers.
Welcome back, bronks, and thanks for the kind words. Keep up the good work.
Trying to get the groove back, so I was trading cautiously today. I tended to get a little loose and possibly lose some focus after some up days so maybe a little apprehension is a good thing??. Maybe, maybe not.
Here's what is pickling my brain for the moment. Since I started this little venture I'm net positive for 54.5 points with only $530.40 to show for it. I know I should be happy with the results, and don't get me wrong, I am; but if I ever want to make a living at this I'll have to modify something at some point. Soon.
+5 points / 5 RT's
Here's what is pickling my brain for the moment. Since I started this little venture I'm net positive for 54.5 points with only $530.40 to show for it. I know I should be happy with the results, and don't get me wrong, I am; but if I ever want to make a living at this I'll have to modify something at some point. Soon.
+5 points / 5 RT's
With points positive and only 530. dollars to the bottom line,
my first impression is that you are trading a style that is too commission intensive. You are paying 81% of your profits towards commissions with the figures that you listed.
The best and most long term profitable styles are one that you find yourself paying only about 8-10% on average in commissions.
I am not one to teach necessarily, but it seems to me that you need to let you winners run a bit more. Most commission intensive trading is commonly known as scalping. IMHO unless you are trading larger lots or shares like Seanote, then you are bound to spend all your profits on commissions.
Are you tracking the size of your average winner vs. the size of you average loser? Also, are you tracking how many days you are profitable before commissions vs. net loss after commissions? Also, what is your net profit including commissions per each trade you have placed. Include both the winners and the losers.
Now, you shouldn't dwell on these figures when trading, but they can help you determine the weak spots in your over all "WRITTEN" game plan. (you do have one don't you) Are you following it to the tee?
Not trying to knock you, just my two cents on you last post.
Sean
my first impression is that you are trading a style that is too commission intensive. You are paying 81% of your profits towards commissions with the figures that you listed.
The best and most long term profitable styles are one that you find yourself paying only about 8-10% on average in commissions.
I am not one to teach necessarily, but it seems to me that you need to let you winners run a bit more. Most commission intensive trading is commonly known as scalping. IMHO unless you are trading larger lots or shares like Seanote, then you are bound to spend all your profits on commissions.
Are you tracking the size of your average winner vs. the size of you average loser? Also, are you tracking how many days you are profitable before commissions vs. net loss after commissions? Also, what is your net profit including commissions per each trade you have placed. Include both the winners and the losers.
Now, you shouldn't dwell on these figures when trading, but they can help you determine the weak spots in your over all "WRITTEN" game plan. (you do have one don't you) Are you following it to the tee?
Not trying to knock you, just my two cents on you last post.
Sean