stopping my pnl posting for now. Just paid off my car loan and credit cards with my trading capital. That was about $20k worth. Will save up enough in 6 months to trade real $ again. I will be backtesting and forward testing some new strategies. Goal is to hold entries for 1:3 risk to reward ratio. My edge has been trading and holding my positions for 5-15 mins. Yet, I sometimes can usually predict when a large move happens, and the target will hit. Therefore, I am planning on backtesting and foreward testing some strategies regarding this. The beauty of having an actual job you love is that you can put trading on the back burner and still enjoy life. Forget the scalping, w/ 50% chance of making money. See me in a few months boys. I'll be posting again. Its just grinding on for $200 / week for the past 3 months is not effiicent enough for me. I have proven to myself I can make $800 / month but its not worth my time or effort especially when I see trends running for +10 - 15 points. Why can't i catch those when i see and talk to other pros online catching them? I have a problem w/ self control.... Scalping is not for me. I am confident that I can repeat $200 / week month after month but I am just not happy doing so. If i am going to trade before work, I want to see a trade, throw on a '1 cancels the other' order, and see my trade get stopped out for -2-3 points or +10. My past entries have shown me I can make this +10....or w/e volatility will provide me w/ some of my higher probabiltiy entries.
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Trader P/L 2010
- Thread starter Robert Weinstein
- Start date
-280 (plus cost of commissions)
A trader's worst enemy is himself. I should have made a lot of money today as everything worked according to the way I trade.
First trade was marginal setup and I should have gotten out quickly, but I didn't and let the losses mount. Second trade was great. I cut profits quickly only to see it non-stop go up. No reason to get out of that trade as my indicator for X is a rising EUR/USD and euro was breaking out like crazy. Left about 800 on it. Third trade was ok, but after giving it time, I got impatient and took a small loss and right now, the position is up 600 from where I sold it.
I should have made a lot of money today, but I made every effort to make sure I lost money. Still a good week compared to Friday's closing value, but....
Less talk next time. I just wanted to vent out my frustrations at myself.
A trader's worst enemy is himself. I should have made a lot of money today as everything worked according to the way I trade.
First trade was marginal setup and I should have gotten out quickly, but I didn't and let the losses mount. Second trade was great. I cut profits quickly only to see it non-stop go up. No reason to get out of that trade as my indicator for X is a rising EUR/USD and euro was breaking out like crazy. Left about 800 on it. Third trade was ok, but after giving it time, I got impatient and took a small loss and right now, the position is up 600 from where I sold it.
I should have made a lot of money today, but I made every effort to make sure I lost money. Still a good week compared to Friday's closing value, but....
Less talk next time. I just wanted to vent out my frustrations at myself.
Attachments
+$173 for today
Called every move correctly, but my emotions got the best of me and I cut all my winners to soon. I left $1400 on the table because of this.
Will try a new idea I have to force myself to ride the winners longer on Monday.
Already looking forward to Monday and its 7pm on Friday. Gotta love the markets ! I never looked forward to Mondays until I started trading.
Called every move correctly, but my emotions got the best of me and I cut all my winners to soon. I left $1400 on the table because of this.
Will try a new idea I have to force myself to ride the winners longer on Monday.
Already looking forward to Monday and its 7pm on Friday. Gotta love the markets ! I never looked forward to Mondays until I started trading.
Thank you. I tried to be careful and selective, yesterday, that's why I only had 1 trade. There was another trade last 20 minutes when EUR/USD (as an indicator) appeared to be breaking down as it was trading in the low 1.238's
I didn't take it as I wasn't sure it was worth the spread and commission (I wasn't sure I could overcome the costs and make money on the trade in a short time). The trade was in AMZN puts which was weak all day reacting to any weakness in euro and the markets. Sure enough, euro broke into the 1.237's, and the trade would have produced 200-300 profits. Oh well, better to be safe than sorry.
Glad you did well, ThePropTrader. Good trading.
I didn't take it as I wasn't sure it was worth the spread and commission (I wasn't sure I could overcome the costs and make money on the trade in a short time). The trade was in AMZN puts which was weak all day reacting to any weakness in euro and the markets. Sure enough, euro broke into the 1.237's, and the trade would have produced 200-300 profits. Oh well, better to be safe than sorry.
Glad you did well, ThePropTrader. Good trading.
Quote from ThePropTrader:
+220 on 1 trade in less than 30 minutes, Nice!
Traded pre market only. +5