The Russell opened slightly off of last nights close and proceeded to meander in a tight consolidation pattern for most of the morning. This was a tough morning for momentum trading.
First trade of the morning long at 6:42 at 846.00 for -1.8. Second trade of the morning long at 6:58 at 844.30 for -1.1. Third trade of the morning short at 7:02 at 843.70 for -0.5. Fourth trade of the morning long at 7:16 at 843.50 for -1.8. Fifth trade long at 7:42 at 842.60 for -0.6.
Net on the morning: -5.1
Posts
Mentoring: The Key to Developing as a Trader
4 days ago
2 comments:
Difficult trading day indeed, LT. I have had a bad 3 days of trading (0 points made over the 3 days) and until I overcome my mental obstacles, I will not be successful at daytrading. I am currently implementing some of Brent Steenbarger techniques as outlined in his book "Enhancing Trader Performance". I will be practicing, all weekend, some of the psychological exercises he mentions in the book. My two main problems are entering into positions and patience.
Although this was an unprofitable day, for the week you did well (over 7 points). Do you have goals for the week or just for the month? I see you posted an article on Market Profile. Do you use it to make trading decisions?
Until next week .....
suamigo7,
I try not to have weekly points goals because a week is not a long enough period of time to have a statistically significant sample for this trading method. At most I could have about 15 trades which honestly isn't enough to make a judgment call.
I do have a weekly and even a daily goal. It is very simple. "Trade the system, trade the system, trade the system". With any trading methodology you are going to have some drawdowns. You must either theoretically or empirically know what "normal" drawdowns occur with the system. And then you must trade through these drawdowns without without hesitation, without excess thought, without fear. To me that is the "holy grail" of trading.
Good luck.
Tedders
Post a Comment