Hi ER2ers,
A quick update on progress since the daily journal stopped at the end of October.
In November there was no real change in performance, but I added a new element to the trading plan which has really started to pay dividends. Itâs a 10min chart with a new data feed that runs well across sessions to pick up volatility and which way the pro traders are moving. I also moved up to 2 contracts (based on risk rules) and have enough trading capital to move to 3 contracts once I hit my targets in January.
December was my best month to date by a mile. My average winner was 1.2 pt and my average loss 0.2 pts. Iâm getting some great trade entries but still need to work hard on holding the trades through the first pullback to proper exit signals. Iâve bailed out on a few home run trades way too early. My generally my confidence is pretty high. The afternoon session on the 29th December was a good example of the progress I feel Iâm making. Simple chart attached.
Only got to trade from midday US time. Jumped into the first trade and went Short when it was still in a clear uptrendâ¦.but managed to realise my error quickly and got out only 0.3 pts down. Second trade was a nice long entry and I waited for the breakout to come. I then got a very clear exit signal from the new feed and I closed for +0.3pt. Pleased that I wasnât emotionally attached to my breakout trade. Then a very clear 10min short signal, entered a bit late, at 684.5. Took 1 contract out after 1pt and the other after 2.4pts. I knew I should hold this trade for as long as I could because it was so strong. But after 2.4pts I just couldnât handle the pullback attempt. The 1pt Profit Target was a scalp setting that should have been changed because it was a 10min swing signal. These are the trades I must hold until I get a 10min exit signal. This signal came the next day 2 hours into the session, 11pts lower. So I seem to be controlling risk better but limiting my reward on great entries by not holding for the exit signal.
Another challenge for me is time available for trading but I expect to be able to trade the evening session (1:30 to 4 US) most nights.
I donât need to do the journal to help motivate me anymore, because Iâm very clear on what I must do. However, I might do a monthly update on my progress trading the ER2.
Good trading for 2006.
Cheers
J
A quick update on progress since the daily journal stopped at the end of October.
In November there was no real change in performance, but I added a new element to the trading plan which has really started to pay dividends. Itâs a 10min chart with a new data feed that runs well across sessions to pick up volatility and which way the pro traders are moving. I also moved up to 2 contracts (based on risk rules) and have enough trading capital to move to 3 contracts once I hit my targets in January.
December was my best month to date by a mile. My average winner was 1.2 pt and my average loss 0.2 pts. Iâm getting some great trade entries but still need to work hard on holding the trades through the first pullback to proper exit signals. Iâve bailed out on a few home run trades way too early. My generally my confidence is pretty high. The afternoon session on the 29th December was a good example of the progress I feel Iâm making. Simple chart attached.
Only got to trade from midday US time. Jumped into the first trade and went Short when it was still in a clear uptrendâ¦.but managed to realise my error quickly and got out only 0.3 pts down. Second trade was a nice long entry and I waited for the breakout to come. I then got a very clear exit signal from the new feed and I closed for +0.3pt. Pleased that I wasnât emotionally attached to my breakout trade. Then a very clear 10min short signal, entered a bit late, at 684.5. Took 1 contract out after 1pt and the other after 2.4pts. I knew I should hold this trade for as long as I could because it was so strong. But after 2.4pts I just couldnât handle the pullback attempt. The 1pt Profit Target was a scalp setting that should have been changed because it was a 10min swing signal. These are the trades I must hold until I get a 10min exit signal. This signal came the next day 2 hours into the session, 11pts lower. So I seem to be controlling risk better but limiting my reward on great entries by not holding for the exit signal.
Another challenge for me is time available for trading but I expect to be able to trade the evening session (1:30 to 4 US) most nights.
I donât need to do the journal to help motivate me anymore, because Iâm very clear on what I must do. However, I might do a monthly update on my progress trading the ER2.
Good trading for 2006.
Cheers
J