Thursday, August 23, 2007

Aug 23 $100 on A Shocking 305 contracts

Please don't laugh at my P/L to contract ratio. I had a battle today. I was down over 5k at one point during the day, so I'm lucky to come out positive today. I churned myself to death up until the mid-day, and then decided I had to just hold on to my positions and wait for a good exit signal. When EcBOT went down, I went short on ER2 and I kept getting stopped out by trying to get a breakout to the down side on ER2. When I did get a breakout on ER2 30min later, I didn't act quickly enough because we got a quick short covering rally after the initial breakout and I got stopped out for close to break even by using my trailing stop. So even though I had the right direction for the trade, I lost close to 3k on the trade setup by using stops that were too close and by adding to my position near the breakout point/lower bollinger band, instead of near the top of the bollinger band. I later switched my trading style to buy and hold, instead of scalping, and I ended up catching a few points to the upside with some size and exited around 795 on ER2. I also caught 2pts to the downside on ER2 after we hit the mid-day high. So overall I churned my self to death over the course of about 45min, and then I switched my trading style to take only bigger signals and I ended up making back my money. I started out the day trading the same way I did yesterday, which was the wrong type of style for this market environment(ie breakout, churn, retrace, churn, breakout). I may have to switch to trading stocks because the action on the index futures has been really tough this week.

P/L= $100 on 305 contracts (that is a record # of contracts traded in a day,,,wish it was a record P/L instead)

I got work early tomorrow, so I won't be trading. Overall I'm happy with this week, considering I traded terribly these last 2 days and I still managed to hit my minimum weekly goal.


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xnadeveloper on 10:20 AM said...

dont get me wrong but why trade with 305 contracts, where as you need only 3 contracts and a 1,33 point move (or better 2 points for slippage and spread covering) to get 200$ in your bank account.
i found some videos showing how people with simple setup do this every day:

btw is my calculation right? each ES contract needs a 3300$ margin and 1 point equals 50$?

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