Twenty-twelve [P&L]

What a day... Positive up until my last 2 trades.

Went from +$400 to -$600.

Good:
Followed my rules while I was trading one contract. Did a couple of trades in gold and crude, 1 contract each. I remained out a lot of futures that were range trading, such as TF, Corn and NG. I scratched one soybeans trade.

I missed the early trades shorts in GCL and NG as I got up late around 830. However, I didn't make impulse trades, I sat on my hands.


Bad:
It's embarrassing to admit, but I broke rules yet again. Gold was in a clear uptrend, and I tried shorting in consolidation, 2 times, with 2 contracts. Both higher time frame trends charts were in long only mode, therefore, shorting was a clear rule violation. Had the ability and plan to make several thousand + if I could just execute.

For next time, it seems I've need to focus on the higher timeframes, then check the lower ones. Paying too much attention to just the lower time frame made me a loser to day.

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I thought of something to stop myself from fucking up. The next time I can day trade and until I can execute my plan and never break my rules, only one trade per day.
 
Today I turned 25.

I completely wasted the trading day. I was distracted and was never watching the right contract at the right time. Obviously this doesn't lead to success.

I'm going to revise my plan a little because I think I have too many indicators. First of all they are all price based, and secondly it takes too much work to scan 3 charts for 3 different indicators each. I do this for 12 different contracts.

The crude trade was short in the AM. So I did the right thing and got out. The other trade was on bonds and went immediately the wrong way into my stop.

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What a difference a written plan and nightly study make.

I'm determined not to join the 95% today... I let one 6E trade slip, and I'm pushing it right now, so I'm calling it early (been up since 6 pm yesterday). I just watched as the 6E broke down around 5 am but took the second trade I saw. Exited a little early...

I was wrong 6A direction, quick stop out, and just did another quick scalp on gold.

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Good: Stayed out of trouble.

Bad: Missed the best trades in multiple commodities.

I was playing around with charts when the market opened. Unfortunately, the best trades were already gone when I finished changing around my chart and started watching the market.

I went long gold and scratched the trade when I observed indecision.

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Have to call it early tonight, stupid job I have to go in @ 600 and then back to work 8 hrs at 1900...
 

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Calling it quits, been up since 8pm yesterday..

Ok...

Good: Followed plan took low risk trades. Predefined exit before each trade. Scratched bad trades fast.

Bad: Played around with charts and missed many good trades. However, I think I finally found something that works better than before (it's ok since I'm still a 'new' day trader). I've also narrowed my watch list, as I notice many contracts closely track each other. I.e. watching 6E and 6B is pointless...

I am happy with my result, because I could have easily made money today, but I'm forcing it. Also, still being new and trying to find a comfortable scanning method for my edge.

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Quote from artfartdart:

what is your edge? what is your win/loss ratio? what is the average size of your wins/losses?
More...

I've done back testing on the same edge since early Jun this year.

The stats look the same regardless of time frame used, or market (i.e. very robust in nature). It's a very simple method for identifying the first few pullback reversals in trends composed of moving averages. I have support and resistance marked on the chart as well, to help see where the market is going.

Win rate is around 70%, R:R varies. One can be profitable using many exit methods including a trailing stop or taking profits once you get to 2.5 or 3 * your risk.

I have yet to achieve these results due to rule breaking, and inability to day trade often. I'm working full time and can't trade during most days.

Finding a comfortable way to trade during the day is something I'm still working on. I think today I started with too many symbols and only 1 chart. I was trying to scan futures by switching 1 chart. Instead I figured I should pull up all the charts, and have them ready to check with the click of a tab. Duh..
 
Man oh man... Traded the plan... I don't even know what to say.

Every trade I opened just went straight to my stop....

Maybe wider stops? Feels like my edge is simply an illusion...

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