Thursday, May 03, 2007

May 3 Trade summary $415




I could only trade the first hour and a half. Gotta go to work. The market was pretty easy to read this morning. I used my stops, and got hit a few times, and then watched the price reverse in my original direction, I didn't hesistate, and I re-entered to my original trade even though I just got stopped out. I got a pretty good runner on ER2, but I should have put limit orders at the highs for an exit on my last 2 contracts instead of trailing the trade with a stop.(I could have made an extra 100 bucks probably.) The highs were getting faded on SPY, so I should have put the orders to sell near the high. I think I may need to start trading larger size, because my consistency is doing well, but my P/L is being limited to around 4-500 bucks for the 1-2 hours that I trade in the morning. I think I'm going to become more agressive in pressing my trades with 5 contracts, instead of 3. YM looked like the best fade this morning.

P/L= 415

I can't do my analysis right now, gotta get breakfast on go to work.

Trade summary-
Looks like we got a 7:30 reversal today.
I didn't record today, and my computer was running much quicker, so I didn't hesistate on entering trades. I used stops to exit most of my scalps, and I noticed I should have put in profit target limit orders instead, because I could have made about 3 ticks more on the majority of my trades today. Reading the Time and Sales along with hearing my audible alerts is starting to become my backbone in trading. With Time and Sales I can see when retail traders are entering, and when I should look to fade. I can see when price is running one direction based off of stops getting hit and you should wait to enter, and when size enters and creates a breakout.

Thanks for all the comments guys.
I work 40 hours a week. I work the weekend and 3 days during the week. My shifts during the week vary in what time I need to be there, but I request for as late a shift as possible so I can trade. I have to be at work at 9am this morning so that leaves me with 2 hours to trade.

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