need to stop churning

F

Fernandinho

i have been trading full time for aout 1 year and still have trouble overtrading ...my goal is to trade best ideas only and cut commission by more than half....currently trading around 30k shs and about 150 contracts.. i believe the option trading is the biggest issue..... im hoping this jounral will curb my bad habits

trade and results start monday...all details will be on spreadsheet
 

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Quote from Fernandinho:

i have been trading full time for aout 1 year and still have trouble overtrading ...my goal is to trade best ideas only and cut commission by more than half....currently trading around 30k shs and about 150 contracts.. i believe the option trading is the biggest issue..... im hoping this jounral will curb my bad habits

trade and results start monday...all details will be on spreadsheet
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what do you mean option trading is your problem.. describe that?
 
I'm paying 1 per contract so the costs add up.. I sometimes scale into a position only to get shaken out intraday.. Multiple attempts On a day trade can get extremely expensive if yaou ate not confident on entry
 
tight range day.. not a good risk day.. scalped today only.. decent progress but couldve traded less shares for longer holding periods.. added long swing positions in materials in front of Alcoa earnings, which was my plan, right or wrong

spreadsheet is pretty raw but should improve over time
 

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today is a great example of what im trying to avoid... im profitable but its not an excuse to overtrade.. this tends to happen on extreme days when im on the wrong side of things...... the goal for wednesday is to trade no more then 5 ideas for intraday and not trade till 10 am avoiding the market open
 

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Two little mice fell into a bucket of cream. The first mouse quickly gave up and drowned, but the second mouse, he struggled so hard that he eventually churned that cream into butter and he walked out. Amen.

What R U going to do?
 
Quote from Satan's Helper:

Two little mice fell into a bucket of cream. The first mouse quickly gave up and drowned, but the second mouse, he struggled so hard that he eventually churned that cream into butter and he walked out. Amen.

What R U going to do?
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giving up is not an option
 
took losses on any overnight positions.. i have been long biased like a fool since QE3 announcement... i wanted to take overnight risk going into this week and probably had only 15% normal exposure so i consider the smaller loss a gain since i have preserved capital.....

avoided disaster with a hedge against TRLG short positions... valuable lesson today... protect your bets when holding for a longer time frame, even cheaper out of the money puts, you never know what news will drop

satisfied with daytrading perfromance, was unfortunate to get caught in some energy longs when crude started rising but salvaged the loss by shorting refiners.. but stuck to my ideas today and did not stray
 
apparently this journal is not helping my habits yet... thursday and friday were not good days.... losses in overnight positions along with excessive churning resulted in a 4k loss.....

the goal for the week is to really cut back on the daytrading and trade no more than 75k shs....my intraday mentality is far too emotional at times, my largest loss was over 2k in FFIV which was supposed to be a scalp trade ..... i have a tendancy to let winning trades run into losers since im looking for big moves... not good a good mentality in this environment......my strength is short term swing trading so i will shft my focus

I believe the market is short term oversold and started long position into OPEX week... I ve given myself room to add on a dip of SPX 1420 which we will prob see monday or tuesday.... we are off 4% since the last high so its too risky to short.... all longs will be of off table if that level does not hold and we will probably revisit a move similar to may 2012....good luck to anyone reading this
 

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