Little Lex's YM Daytrading Journal

Congratulations LL!
I've been following your journal with interest after I decided to dump the Russell (ER2) from my trading products list. I was trying to find a suitable replacement and it came down to deciding between the YM and NQ. Since I primarily trade the ES the choice was pretty easy and I went with YM instead of NQ. I found that there is a very close correlation between ES and YM. NQ has a mind of its own and will move opposite to ES at times.
My early experience with YM has been a very good one. I traded it since yesterday and made money on it both days. My trades on YM are mostly scalps (5-15 points) till I get the feel for it.
Good luck with your trading!
 
yeah index, ES and YM move very close because the S&P contains the DOW so they generally move together, sometimes the ES will take off prior to YM so that's a heads up, but always take note of the NQ and the Russell are doin because they can stall the other contracts a lot of the time
 
Hi Indexscapler,

thanks for your post and your encouragement. Unfortunately I do not have any experience trading any other indexes. However I have observed the ES on several occasions and it clearly has a high correlation with the YM. Good luck with your trading,

LL
 
Hello everyone,

I could only trade during the first 2 hours after the opening today. Therefore I was “forcing” trades instead of waiting for the market to come to me. I think on such a day it is probably best for me not to trade at all.

Trade 1: -13
Trade 2: +8
Trade 3: +5
Trade 4: -5

Day: -5
Week: -5
Month: -17

Little Lex
 
Good evening everyone,

I took 6 trades today - all shorts. After the first 3 trades I got slightly overconfident and took 2 bad trades. All in all a pretty good day though.

Trade 1: +5
Trade 2: +6
Trade 3: +26
Trade 4: -15
Trade 5: -8
Trade 6: +9

Day: +23
Week: +18
Month: +6

I bought "Mastering the Trade" by John Carter today. Seems interesting but definitely not a book to read in bed in the evening.

LL
 
Hello everyone,

Today started out well for me. Right after the open I went short for 21 points. Then I entered a couple of bad trades. Later in the day I had another 17 point winner before finishing of with a 13 point loser. All in all another decent day.

Trade 1: +21
Trade 2: -1
Trade 3: -11
Trade 4: +4
Trade 5: +17
Trade 6: -13

Day: +17
Week: +35
Month: +23

I know that my results aren't impressive but I feel like I'm turning the corner. I pointed out in the beginning of this thread that all results are before commission. So I still have some way to go before being profitable after commission.

The first step on that journey will be a broker with lower commissions. I have now tried several demo accounts such as IB, thinkorswim and Zen-Fire with Ninja-Trader. However I find it difficult to use any other software than the one I'm used to.

Until now I have never worked with level 2 information (included in Zen-Fire/Ninja Trader). I have to say that it is spectacular but it makes me dizzy and I'm not sure how it will improve my trading.

Little Lex
 
congrats LL...remember don't get over confident, stick to your plan and plan your trades and trade you plan... I remember gettin a couple winning trades in a row, then a couple profitable days in a row, then a whole week profitable...then next week I just started thinkin I was better than the market and gave half of it back!

stick to your plan! be happy for yourself, and congratulations, you should celebrate outside of the market, treat yourself to something, and be happy anywhere else other than your computer lol, otherwise you'll get over confident...have confidence in your plan and stick to it!

GL
 
Thanks dubs, I know as a trader I have to keep my emotions in check, including overconfidence. But it is easier said than done. On several occasions I have entered sub-optimal trades after a large winner.

I'm trying to learn something new every day and improve my trading. Today I'm proud to announce that I did not have a long position when the home sales numbers came out :cool:

Good trading to everyone,

LL
 
Here are today's results. I may have over-traded for my standards but I'm satisfied with the overall result. This also means that I will be profitable for 2 weeks in a row! Time for a well deserved beer!

Trade 1: -2 Trade 6: -4
Trade 2: +10 Trade 7: +19
Trade 3: +4 Trade 8: +16
Trade 4: +4 Trade 9: -15
Trade 5: -9 Trade 10: +19

Day: +42
Week: +77
Month: +65
 
Not much going on today so I decided to quit early and head into the week-end. Here are today's trades:

Trade 1: -11
Trade 2: -10
Trade 3: +26
Trade 4: +2
Trade 5: +12
Trade 6: -13

Day:+6
Week: +83
Month: +71

Have a nice week-end everybody,

Little Lex
 
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