Monday, August 27, 2007

Aug 27 $1,800 on 103c

Today I basically did the opposite of what I did last week. My mind was programed from the past few weeks to execute on a momentum style type of trade, where I would add to winners and trail my stop closely. With the decline in volatility, that trading style hasn't worked for the past week. So I've been taking profits at volatility peaks and adding to positions on bounces/retracements (like I should have been doing all along). The single most important aspect of trading is not so much the trade setup, but how you add or subtract contracts on your core position. You could have the direction right, but if volatility is faded, then if you added to your core position on breakouts, then your avg. cost will be getting faded too.

P/L= $1,800 on 103 contracts

Traded the first 4 hours, time to hit the gym before work.

I mentioned FXI, CHL, and LFC this weekend,,,,yeah, there up at new highs today.


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