trade mornings only?
- Thread starter JPB
- Start date
EDITED to add final trade at 3:45
Decent start turned ugly. I actually got off easy for how bad I traded. Hot key mistake doubled down instead of stopping out on a short. Held the whole lot for a gain, but it was luck, not skill. Kept trying to play PSFT breakout and stopped out 4 times. It finally went for about .75 after I had given up on it. Caught most of the second breakdown of BRCM early but gave some back looking for a third. Violated my 12:00 rule already and made losing trades at 12:38, and at 3:24.
Tuesday:
AMGN +61.00
BRCM +162.40
PSFT -318.56 (4/4 losing trades)
SEBL -47.40
VRSN -88.00
TOTAL -230.56 before commissions / -424 after
Last trade closed at 3:45
---Johnny
Decent start turned ugly. I actually got off easy for how bad I traded. Hot key mistake doubled down instead of stopping out on a short. Held the whole lot for a gain, but it was luck, not skill. Kept trying to play PSFT breakout and stopped out 4 times. It finally went for about .75 after I had given up on it. Caught most of the second breakdown of BRCM early but gave some back looking for a third. Violated my 12:00 rule already and made losing trades at 12:38, and at 3:24.
Tuesday:
AMGN +61.00
BRCM +162.40
PSFT -318.56 (4/4 losing trades)
SEBL -47.40
VRSN -88.00
TOTAL -230.56 before commissions / -424 after
Last trade closed at 3:45
---Johnny
In your original post you mention taking your trading to the next level.
The way that I and my traing buddies took our trading to the next level is by letting our accounts build in size. The more loot you have in your account the more $200 a day looks like peanuts, and the more of a hit you can take without it affecting your account.
For some reason I have always found the size of my account and the size of my balls porportional. I step up to the plate everytime called for when I my account is nice and fluffly, it really pays off.
Just one way to take your trading to the next level.
The way that I and my traing buddies took our trading to the next level is by letting our accounts build in size. The more loot you have in your account the more $200 a day looks like peanuts, and the more of a hit you can take without it affecting your account.
For some reason I have always found the size of my account and the size of my balls porportional. I step up to the plate everytime called for when I my account is nice and fluffly, it really pays off.
Just one way to take your trading to the next level.
I agree, and that is one reason I am trying this mornings only. I can't afford a huge drawdown to learn how to play the afternoons right now. If I can build up my account by trading mornings only, I will have a little more buffer to work on different methods, including longer holding times and larger stops. I am pretty risk averse right now.
The $200 daily goal is based on current account size and skill. I need two or three times that to justify leaving my job as an engineering manager. My tentative goal is to be at that level by the end of the year. Baby steps.
---Johnny
"Also, we mean that we "envelope" current quotes to be ready for these events (which happen every day)."
don do you guys have automated software for doing this intraday?a guy could get caught with a lot of fills in a quick market event selloff if you werent carefull or had it automated somehow.tia
don do you guys have automated software for doing this intraday?a guy could get caught with a lot of fills in a quick market event selloff if you werent carefull or had it automated somehow.tia
We don't use automation for the "enveloping" - since we only trade a few stocks at a time, it only requires a couple of changes every couple of minutes. Actually, some are "automating" - but we don't recommend it until you're pretty confident in your ability to "over-ride."
Also...regarding the $200 per day goal (which is fine)....just a suggestion. We try very (very) hard to get newer people to not focus on the $$ at all. This (incorrect) focus causes all sorts of trading problems. I really think you will reach that goal and much higher ones if you simply focus on "good entries and good exits"......
Originally posted by Don Bright
Also...regarding the $200 per day goal (which is fine)....just a suggestion. We try very (very) hard to get newer people to not focus on the $$ at all. This (incorrect) focus causes all sorts of trading problems. I really think you will reach that goal and much higher ones if you simply focus on "good entries and good exits"......
I've been debating this. I was considering hiding my P&L so it wouldn't affect my decisions. I think for now I'll leave it because I am trying to keep a max down per day.
Do other people hide P&L for the day or does everyone keep it on screen?
-Johnny
Sometimes the best action is inaction. In dull markets trading in the afternoon is tricky.
Simply not doing anything was the hardest thing for me to grasp we are raised to believe that the harder you work the more money you will make (in most industies that is true). THIS DOES NOT APPLY TO TRADING!
Simply not doing anything was the hardest thing for me to grasp we are raised to believe that the harder you work the more money you will make (in most industies that is true). THIS DOES NOT APPLY TO TRADING!
After the opening play (where you need to see green and red P&L for closing trades), we rarely look at P&L). You know exactly how you're doing anyway, since you're only trading 2-4 stocks at at time and will know exactly where you entered and exited trades.
The point is to focus on the entry/exits, not the money.