Tuesday, June 05, 2007

June 5 Trade Summary $6,187




Today was a day of redemption. I was short yesterday going into the close and got stopped out for 3k, went long and got stopped out for 1k. In the process of losing 4k in about 30min I learned a new trade setup and a good lesson in sticking to the game plan and not taking impolsive trades. Tommorow should be the first day I get reduced commissions, which is much needed, because the last 2 days I've traded over 100 lots on ER2.

P/L= $6,187

Trading thoughts-
There were a number of times I though about quiting today. When I hit 2k, I thought that I was lucky to have made so much back from yesterdays loss. Then I got to 4k and started to trade more conservatively. Then I got to 5k and knew that I had to take all the setups I could with reasonable size to make back my full loss from yesterday, plus a little extra to make me positive for the week. I'm also starting to trade Crude oil more, which seems to be a great contract to scalp. Last year I got my butt kicked trading QM, but I see that CL is much better for scalping and I've learned a thing or two since last year.

Things I need to work on-
Entering size only on signals- (Today I entered on an impulse and it cost me 3k in lost profits.)
Taking more scalp trades with 2-4 cards.
Exit at your signals or at least cut 3/4 of the position and tighten stops very tight with a couple of contracts extra for a potential reversal fade.
Wait for setup on NYSE A/D and NYSE TICK (to be honest I haven't been watching NYSE TICK for weeks now. I just watch my price chart and the A/D charts, but I missed a couple of setups that would have benefited me had I been using my old setups).

4 comments:

bh_prop on 3:42 PM said...

Hi,

New visitor to your blog. Do you identify your trading methods anywhere on this site?

Thanks

bh_prop on 5:41 PM said...

Disregard previous post - saw the "How I Trade" link. Duh.

Jeff on 6:39 PM said...

It's great to see how you recover. Very inspiring! BTW, are you now using your old method (as described under the "How I Trade" section, or are you now using the new trading style (based on scalping volatility spikes) that you've mentioned a couple of posts ago?

High Probability Trader on 9:00 PM said...

jeff,
I've been scalping volatility spikes more so lately, however I will be going back and incorporating my old style of trading with my new style as it will benefit me more when I decide to put on large size positions.

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