Tuesday, July 17, 2007

July 16/17 Comnined Trade summary $100

I had a short position that I put on 15 min before the close on Monday on ER2, which put me negative $700 yesterday, I covered that position early this morning around 5am EST for a 2 day combined $100 profit. No trading for me today besides that.

P/L= $100 on 92 contracts traded.

I don't plan on putting on another trade until I have a trading system in place because I realize that if I don't have a trading system I will continue to have blow up days. So for the next few days I plan on outlining my trading system.


Jeppetto on 2:30 PM said...

Great post and a great idea! looking forward to reading your outline

Glenn on 10:18 PM said...

Try this...

My goal is consistency
Learning one stock really well.
Cut your trade without hesistation if it goes against you
Look to reverse your position if you see a valid reason.
Look to add to winners quickly on breakouts
Place profit limit targets out ahead of time
Trail your profits
Don't hesistate to catch the reversal bounce

Anonymous said...

I just want to add that in addition to cutting your losers and not ever averaging a loser, you should work on letting your profits run. That will result in having many small wins turning into small losses, and it's actually the opposite of "high probability" trading, but if you are tracking market breadth and sentiment, those signals should be good for a lot more than a few ticks.

Especially if you are trading after news releases (e.g. CL on Wednesdays), you should swing for the fences - find a good spot to enter, set a reasonable stop, and then physically get away from your computer for a while.

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