Wednesday, September 05, 2007

Sep 5 $400 on 73c

I traded from 8-10:30am and now I have to get ready for work. I traded pretty bad early on by trading against one of my signals and incurring a $1,700 hole I had to dig myself out of. Overall I traded badly today and yesterday by not taking my trade signals and trading in accordance with NYSE A/D direction.

Today I'm showing you my main chart that I base my signals off of because I feel that even if you have good trade signals you still have to know how to execute and manage the trade to be successful. I don't feel I'm giving away any edge because if you trade based off my trade signals, my signals should work just the same. The key is trade management and knowing how to place your orders ahead of time in preparation for your expected/unexpected move to occur. What I need to continue to work on is conditioning my brain to taking the correct trade signals. I do this through my paintbar indicators I see on my chart and also audio alerts that tell me when to exit based off a trade signal or an extreme tick reading.

P/L= $400 on 73c (avg. 1 tick profit per contract, pretty crappy)

Trading summary- Overall we've had a typical range bound day so far leading up to the beige book announcement.


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