The Evolution of an E-mini Trader

Went over the whole plan and threw everything out and started from scratch. Got back to the basics and simple concepts like trend following, and entering on retracements.

One thing new I am incorporating into the plan now is making one add while in the trade, so my full position is 2 contracts. I initially enter with one, and add the second as soon at possible. I traded today with adding on the first retracement, but found with the contracting ranges (ie 14 pts today) these last few days, I will enter on the next bar if appropiate.

My targets are based on fib extensions of the W1, but I am going to put that on hold and go for a shorter target. I find I am letting alot of 2 and 3 point trades go back to b/e or +1 pt. So my targets are changing slightly. Instead of taking the whole trend in one trade, I am going to break it up into several. After I am consistantly profitable, I will enter the initial position, and then trade around it. I am not that good a trader to do that right now, so I am taking that out of the plan.

So, based on some things I saw anew, I am going to tweak my exits, and add the add statement.

Here is today's chart, I might have well quit after my first 2 trades, but I didn't. Ohhh, I am thinking of only trading the morning, but don't know yet. By 4, I am fried, and find myself not on top of things as I am in the morning. We will see how things go this week.

I am papertrading the rest of this week.

H
 
8 trades, 5 wins, 2 losses, 1 b/e for +13.75 pts

Tweaked a little more this morning. Did not get to do one add, although i could have on easily on T8. Did not trade over lunch, or in the afternoon. Saw some setups, but was absorbed in some other projects, and had to get ready for class tonight.

H
 

Attachments

13 trades, 2 winners, 9 losers, 2 b/e for -7 pts.

This, boys and girls is what happens when you don't follow your plan and think you can catch the trend before it is established.

Stupid trading day. After T13, called it quits for the day, and off and on watched a beautiful trend develop. Then, my favorite trade, the end of day sell off, mark up was great.

Discipline is my biggest problem, something God has been telling me for along time.

H
 

Attachments

4 trades, 1 winner, 1 loser, 2 b/e for 3.25 pts

Much better discipline today. Waited for the trend to show herself, and traded accordingly. Did not trade the afternoon.

Even with yesterdays lack, I am still up 21 pts for the week.

H
 

Attachments

Here's a text that I thought would be relevant to your trading Huios. It seems that every time you start losing you go back to papertrading... Some people would say that's the right thing to do. But going back to papertrading assumes that your method is flawed, right? But what if the method is good and it is SUPPOSED to have drawdowns? Then perhaps you see this in a different light..

http://www.realitytrader.com/sep29seminar.txt
 
TraderKay,

I don't know about you, but when I decide to take a day or so off, from a several day drawdown period, I papertrade. I don't believe that it has anything to do with my method being flawed or not.
I believe that it has more to do with my mind being flawed. Papertrading can help me collect myself. Nothing to do with my method. No method that I know of always produces gains.

But in order for me to be consistent, I gotta keep my "mind right Luke" :)
 
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