Trading 11/13/06
I've been reading a book called "Unleashing the Warrior Within" to try and firm up my mental game. One thing he focuses on is zeroing in on a goal (target) and doing whatever it takes to hit the target (goal). I realized I was just building my confidence the last few months and now it's time to try and hit my goal ($2,250/week). I figured the least risk I could use is 5 contracts assuming one trade per-day and 2 pts. profit per-contract. I don't know how far away I am because I haven't pushed toward that goal. This week I'm trying to do all I can to move toward the goal.
Don't know if it's me or what but I couldn't get anything right for most of the day. Tried trading 5 lots for first time in a long time. Went all in on entry. The first two trades had bad entries. Seems like I'm having a tough time figuring out who's on what side of the trade. I'm seeing a mix of large specs and institutions on each side so I've been trying to estimate which side was stronger. My direction has been ok but my timing has been terrible. In too early...out late. In early...missed exit signal (actually on the second trade the exit was two ticks into the black, but dumb stubborn me decided to hang on...wheee let's watch $500 go out the window...). Luckily the market gave me a good long setup so I just hung onto my loser. Eventually I was able to exit around b/e on the trade. On the last trade I decided to ladder my contracts so that I just played the direction. Got 3 contracts on before the trade went my way. I decided to bail when I had a $250 profit and call it a day. At least I got something for the roller coaster. Hopefully the rest of the week will be a little easier.
+259.40
I've been reading a book called "Unleashing the Warrior Within" to try and firm up my mental game. One thing he focuses on is zeroing in on a goal (target) and doing whatever it takes to hit the target (goal). I realized I was just building my confidence the last few months and now it's time to try and hit my goal ($2,250/week). I figured the least risk I could use is 5 contracts assuming one trade per-day and 2 pts. profit per-contract. I don't know how far away I am because I haven't pushed toward that goal. This week I'm trying to do all I can to move toward the goal.
Don't know if it's me or what but I couldn't get anything right for most of the day. Tried trading 5 lots for first time in a long time. Went all in on entry. The first two trades had bad entries. Seems like I'm having a tough time figuring out who's on what side of the trade. I'm seeing a mix of large specs and institutions on each side so I've been trying to estimate which side was stronger. My direction has been ok but my timing has been terrible. In too early...out late. In early...missed exit signal (actually on the second trade the exit was two ticks into the black, but dumb stubborn me decided to hang on...wheee let's watch $500 go out the window...). Luckily the market gave me a good long setup so I just hung onto my loser. Eventually I was able to exit around b/e on the trade. On the last trade I decided to ladder my contracts so that I just played the direction. Got 3 contracts on before the trade went my way. I decided to bail when I had a $250 profit and call it a day. At least I got something for the roller coaster. Hopefully the rest of the week will be a little easier.
+259.40
