The Million $$$ Quest 2006

Day 18

what a CRAZIE day..?

Gap up early morning, then sold off on GDP numbers and then at the open.. it rocketed up, up, up.. . & up... then it came back, and went back up again only to finish at the highs of the day.

Everything looks so clear when you look back on the day. Yeah, I could've definitely traded a lot better....a LOT better

# of Disasters: 1

The market

will always let you in on the losers;

the market's job

is to keep you out of winners.

Dump the dogs & ride

the winning tide.
 
Against all Odds:

1) 98% of all scalpers lose money.


2) 95% of all $10,000 or less accounts will not survive a full year of trading.


3) A new futures account lasts just 3 months.
 
Yeah.. Net positive (+$$$) for the year... but, adding more contracts looks like a long ways off.

I made a solemn pledge to myself that I will never feed any more money into the markets, but rather take it out.

I am a disciplined trader with an edge, it is only matter of being patient and milking it out of the market.
 
TradeStation8
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February 2006 Day Trading Plan

1) Trade with the trend.

2) Cut losses short.

3) Let winners ride.

4) Manage Risk.

February 2006 Risk Management Plan

1) Risk < 0.25% of account per trade.

2) Shut off point for the day at -1.5% loss. (-1% was too small, and -2% was a little too much).

3) Monthly shut off point = -10% of account equity.

4) Yearly shut off point = -50% of account equity.
 
Day 19

another UNECONOMIC day

I spend two hours driving around for the Jan 2006 version of Futures Magazine.

Thats 2 hours of trading time, time to print money wasted: UNECONOMIC

But, I was already out for my -1.5% stop loss point for the day: 2 UNECONOMICS... (maybe my stop point for the day is a bit too close... not sure right now, but I will in the next couple of days.)

It was such a range bound, predictable day to make some money.. but I wasn't able to capitalize on it. But, next time.. I'll be ready for a day like this.

So much to do.. so little time. I have to make some time.
 
Day 20

The problem with FOMC days:

No volatility before the announcement, and too much volatility after the release.


But, too much volatility is definitely better..
 
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