Getting my act together
- Thread starter gutsytrader
- Start date
Update for last week
Mon. +212.92 (statement posted)
Tues. & Wed. (no trades)
Thurs. +6.46
Fri. +332.30 (statement attached)
Total for the week +551.68 (best since I started to trade again in August)
Beginning with 10/31 the market changed. Before then I could pretty easily see which side was on the bid and which was on the ask. On 10/31 I couldn't figure out anything. I now realize the institutions and large specs. were both buying and selling so that it was hard to figure out what to do. The rest of the week had the same trading pattern. On Wed., I tried to estimate which side was stronger (buyer or seller) and did a couple of papertrades. On Thurs. I tried a single contract to see if my changes worked. I did one contract and it went profitable by a couple of points. I moved my stop to breakeven and the trade came back and stopped me out for a +6.46 gain (one tick less comm.). It appears the trading is much noiser than it had been so I think I'll need to just put trades in the market and as long as I think I'm on the right side, just add when I'm down and take some profits when I'm up. On Friday I tried out the new idea by shorting 2 contracts. The market went down and at +2 points I exited one contract. The other I moved to breakeven + 1 tick. The market came back and stopped out my second contract. It still looked like it was more likely to drop so I sold another contract. This one dropped and I exited it with a 2.25 point profit.
The market continued to drop but since it isn't acting as smooth as the previous month, I'll have to take what I can get. It looked like the drop was over so I bought a contract. The market dropped some more and I bought another contract 2 points lower. The lunchtime grind had me sit and wait awhile. Eventually I got a exit signal at about the same place as the first buy. I exited both contracts for a small profit. I'm guessing this is the type of trading I'll have to do for the rest of November. The sharp signals from the last couple of months were probably caused by the strong bull move. As usual I'll try to adapt to the market changes.
Below is Friday's statement
Mon. +212.92 (statement posted)
Tues. & Wed. (no trades)
Thurs. +6.46
Fri. +332.30 (statement attached)
Total for the week +551.68 (best since I started to trade again in August)
Beginning with 10/31 the market changed. Before then I could pretty easily see which side was on the bid and which was on the ask. On 10/31 I couldn't figure out anything. I now realize the institutions and large specs. were both buying and selling so that it was hard to figure out what to do. The rest of the week had the same trading pattern. On Wed., I tried to estimate which side was stronger (buyer or seller) and did a couple of papertrades. On Thurs. I tried a single contract to see if my changes worked. I did one contract and it went profitable by a couple of points. I moved my stop to breakeven and the trade came back and stopped me out for a +6.46 gain (one tick less comm.). It appears the trading is much noiser than it had been so I think I'll need to just put trades in the market and as long as I think I'm on the right side, just add when I'm down and take some profits when I'm up. On Friday I tried out the new idea by shorting 2 contracts. The market went down and at +2 points I exited one contract. The other I moved to breakeven + 1 tick. The market came back and stopped out my second contract. It still looked like it was more likely to drop so I sold another contract. This one dropped and I exited it with a 2.25 point profit.
The market continued to drop but since it isn't acting as smooth as the previous month, I'll have to take what I can get. It looked like the drop was over so I bought a contract. The market dropped some more and I bought another contract 2 points lower. The lunchtime grind had me sit and wait awhile. Eventually I got a exit signal at about the same place as the first buy. I exited both contracts for a small profit. I'm guessing this is the type of trading I'll have to do for the rest of November. The sharp signals from the last couple of months were probably caused by the strong bull move. As usual I'll try to adapt to the market changes.
Below is Friday's statement
don't quit gutsytrader. it could take maybe another year before you see the sunshine. when the market changes on you and nothing makes sense anymore, stay on the sidelines and eat light, until the market comes back to your strategy. remember everything the pro said, and don't go far from it.
I think you're making some nice strides. The market behavior recognition is something I've learned since starting this. When it get noisy, you still get entry signals, but I use a strategy to take fewer points. When it's trendy, let 'er ride. I also use the 2 contract method and take one at half the target and move second to break even. This is much easier on my psyche. I know I have a small profit locked in and can play out the second contract according to what the market is giving.
One thing you gave me an idea on, which I was not considering before is if I get stopped out on that second contract, but the market looks like it's still going to head in my direction, jump back in. I'll remember that.
I think you're going to do well and I wish I were trading as effectively as you are right now. I really like the win rate. I'm not concerned with the money gains so much because with increased confidence, you can simply just trade more contracts while doing the same thing and make more dough.
Keep posting gutsy....I'm sending you the positive vibe.
One thing you gave me an idea on, which I was not considering before is if I get stopped out on that second contract, but the market looks like it's still going to head in my direction, jump back in. I'll remember that.
I think you're going to do well and I wish I were trading as effectively as you are right now. I really like the win rate. I'm not concerned with the money gains so much because with increased confidence, you can simply just trade more contracts while doing the same thing and make more dough.
Keep posting gutsy....I'm sending you the positive vibe.
I wouldn't worry about date deadlines, you will just add stress. I try to get rid of my date deadlines, they have never come true anyway.
I bet your pro in helping you helped himself. Maybe you need to mentor yourself, pretend you are the pro and your hands are a student. Make sure your hands do what the pro would say to do. Maybe find someone who knows less than you and teach them, become interested in their success more than worrying about exiting too early.
Ask yourself why did that pro invite you in from the corner store, what was his motivation? Don't let this gift pass you by!
Only tried a couple of single lot trades. Between the election and Friday's low volatility, I decided to stay out. Ended up losing about $50 due to stupidity for the week. Was up 3 1/2 points on Wed. and ignored my exit signal because I wanted at least 4 ponts. Ended getting out at B/E due to lack of attention. Trading was so comfortable I was losing focus. Decided to up my trading size to 5 contracts for this week to see how much I need to do to get to my goal. Should be lots of fun.