The trader who never was

February 27, 2003

Today is not a good day. I traded during lunch hour and I was gettiing shaken back and forth. I have to admit today was not a profitable day. My gross is $75, but my net is -165.

Right now I am not using VSE to daytrade anymore. I am not using PFG Best's futures simulation. It's pretty realistic. It has all the problem you face in real trading. Just yesterday, I had some stop loss order that didn't got filled and today I have encounter major slippage in one of my market order---slipped a point!

I don't have an IB account, so I couldn't try the simulation you guys suggested, but once I get an IB account, I'll definitely try it for a couple of month before I trade for real.

Virtual Trader
 

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February 28, 2003

It seems like my strategy didn't work. :/ I followed my strategy well, but still I end up losing $883.90 including commission. I really thought my strategy works, but I guess it doesn't. I have to modify my strategy and modify my mind as well.

Virtual Trader
 

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Virtual trader,

How big of a sample size did you use to determine your strategy isn't working ?

I group my trades into a samle size of 20 when doing performance analysis. I am currently trading SPY 150 shrs at a time until I can average 5 to 10 cents profit per share per trade. I am only risking about 15 to 20 cents per trade so my training should be relatively cheap.
 
Be encouraged VT most traders start out with a bang and end with a fizzle. Welcome. I must add that working out your strategy on a simulator is very smart. :)
 
March 3, 2003

Well, today I did better, but not a lot better as to get back all the money I lost from Friday. I am satisfy that I end up positive today and that I am up $235.70 with commission included.

Today was an easier day to trade with obvious trends, but I did got shaken a bit during the lunch hours. I know I shouldn't have traded during the lunch hours, but it is something I need to do in order to learn how to trade in a choppy market.

Fan27:
I didn't pick any sample size to test my strategy. To be honest, my strategy do work in a trendy market, but not in a choppy market like last Friday's. I guess the key factor in succeeding in the market is to utilize various kinds strategies and not marry to just one. So I'll continue to test out my existing strategies to see which ones work and which ones don't in various market conditions.

So far, how are you doing in your training?


Spreadem
Thanks for the encouragement. I understand most traders started out making a lot of money but only end up losing all they've earned in the end, but I also knows some traders could be consistently profitable as I have seen with my own eyes in the prop firms where guys would be consistently making $1000+ a day. I am hoping that someday I could get to that level where I could make money consistently like they are.

Thanks for all your replies!

Virtual Trader
 

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virtual trader:

I am just hangin tight for the next several weeks until I leave my job at the end of the month ( at which time I will be able to devote all of my attention to the markets). I have put together a $64,000 stake and feel that based upon my low living expenses, it is feasable to attempt to trade for a living. Based upon my capital and my monthly expenses, I have about 18 months before I need to be profitable. I am going to continue trading 150 shrs of SPY at a time and work my way up to ES.

As far as my strategy, it is basically copied from Trading with DiNapolli Levels by Jo Dinapolli ( Trend/Fibonacci analysis ). It is a pretty good edge.

good luck
 
I was expecting today to be really choppy when I enter into the market around 1pm. It went up a couple of point and then went straight down, which caught me by surprise. Hence I only did a few trades and most of the time, I sat out on the sideline. I am up $81.80 today. It is not much compare to most traders here who could get 10+ points, but I am satisfy that I got a couple of bucks in my virtual wallet.

Virtual Trader
 

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March 5, 2003

No trade today. I didn't feel too well today and I know trading during sickness could be dangerous. So I stayed in bed most of the time.

Virtual Trader
 

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March 6, 2003

Net Loss today: ($265.10)

After thinking about my trades, I understand what I did wrong. I try to follow the trend when there isn't any trend. What I should have done instead is first wait and identify if it is a trendy market or a choppy market, then I should act accordingly.

Virtual Trader
 

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Mar 7, 2003

This is a really crappy day. Normally I would get quote freezes only 3 or 4 times a day with PFG, but today, my quotes freezes like 10 or more time. My stop order didn't get filled and it kept on pending, which I can't cancelled. Those pending orders stayed as long as 2 hours! And what kills me was this order which popped up in my blotter, which isn't suppose to exist, because I have check the number of contract bought & sold and they are even. So I ignored it like I do with most PFG screwed up orders. But after I log on to my account on the PFG website, I see those positions still opened! I had to log back on and close my account at the market, which also took 2 to 3 mins and cost me $700. Good thing I wasn't trading with real money.

On the other hand, I have to admit that I didn't perform as I should. I got too impatient and enter into traders too early. Also I used stop and double down reverse strategy which is a killer if you don't know what you are doing like me. But I will still continue to use this strategy because I know what is wrong is not the strategy, but my entry and exist points.

Net Loss: around ($1000)


Virtual Trader
 

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