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Novice daytrader. Updated every weekend.
- Thread starter Kovacs
- Start date
The week started out poorly. On monday, I was stopped out at $-443 without ever being in the green. Tuesday was worse. I reached $400, but after I took a few hits, I got emotional (ie stupid), and ended up at $-325. Wednesday and thursday was an improvement, and I ended friday with a personal record of $751.
What went right:
- Was more aggressive with share size from the beginning rather than averaging in.
- Improved in reading price action
- Scaled out when the market told me it was time to do so, rather than giving in to timidity.
- Went into trades based more on what's happening rather than waiting for mechanical rules (EMA cross, etc)
What went wrong:
- Let impatience and emotion take away a lot of profit
- Played too much of the early afternoon chop
- Still a relatively poor level of focus
- Still too much revenge trading
Improvements:
- Focus more on concepts than technicals
- Filter out noise by focusing more on price levels than specific prices at specific times.
- Be more aggressive when the opportunity arrives
- Think like a sniper.
Next update: 27 August 2007
What went right:
- Was more aggressive with share size from the beginning rather than averaging in.
- Improved in reading price action
- Scaled out when the market told me it was time to do so, rather than giving in to timidity.
- Went into trades based more on what's happening rather than waiting for mechanical rules (EMA cross, etc)
What went wrong:
- Let impatience and emotion take away a lot of profit
- Played too much of the early afternoon chop
- Still a relatively poor level of focus
- Still too much revenge trading
Improvements:
- Focus more on concepts than technicals
- Filter out noise by focusing more on price levels than specific prices at specific times.
- Be more aggressive when the opportunity arrives
- Think like a sniper.
Next update: 27 August 2007
Attachments
so you switch from scalping EFT to scalping ES and found it meets your style. Had you try in on any other liquid contract beside ES?Quote from Kovacs:
I agree. I think lack of confidence is still a hindrance. Along with the need for instant gratification ("I want all the money back NOW").
Quote from nkhoi:
so you switch from scalping EFT to scalping ES and found it meets your style. Had you try in on any other liquid contract beside ES?
I've tried the NQs which I like, but I keep fantasizing about the day where I can sling around 100+ contracts with little slippage. For that, ES seems to be the way to go.