Bad day. Most of trades losses were small exept amo. As soon as set up hit I went in without checking spreads. got in, went against me almost right away, covered in market with horrible fill. After that, I overtraded. Even losses were small all those commisions piled up.
starting balance: 32424.23
Todays net: (-880.30)
New balance: 31543.93
starting balance: 32424.23
Todays net: (-880.30)
New balance: 31543.93
Attachments
timsk
Legendary member
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Hi fgp,
Your journal is still very young but, even so, your own comments and the PnL highlight three major issues that appear to be holding you back:
1. Over trading.
2. Huge commissions (relative to your PnL).
3. Holding on to losers and taking big losses.
Happily, it looks as if you're getting to grips with No.3. Certainly, it's good to see the size of your losers coming down, so well done on that! What steps are you taking to address issues 1 & 2? Get these two cracked and you'll be minting it on a daily basis.
Tim.
Your journal is still very young but, even so, your own comments and the PnL highlight three major issues that appear to be holding you back:
1. Over trading.
2. Huge commissions (relative to your PnL).
3. Holding on to losers and taking big losses.
Happily, it looks as if you're getting to grips with No.3. Certainly, it's good to see the size of your losers coming down, so well done on that! What steps are you taking to address issues 1 & 2? Get these two cracked and you'll be minting it on a daily basis.
Tim.
Is AMO Amino Tech on the LSE:UK?
It went up +4 today on volume of 105k shares today, may 12th! It's a highly illiquid stock I would not dare day trade unless I have inside information. What made you trade it? Anyway, good luck. Hope you double within the year. We are working with the same level of capital .
It went up +4 today on volume of 105k shares today, may 12th! It's a highly illiquid stock I would not dare day trade unless I have inside information. What made you trade it? Anyway, good luck. Hope you double within the year. We are working with the same level of capital .
MaxGriddy. Thanks. Good luck to you as well! it was AMP. sorry for the typo.
Tim:1. "Over trading.
2. Huge commissions (relative to your PnL)." It needs to be dealt with unless i want to see another account melt down.
I maximized those 2 problems today. Traded like an IDIOT!. Just a F#@#ing idiot.
there was 10 stocks in my list this morning. crus, fosl, lm, dt, erts, ms, tw, csco, wfmi, jack and added with scann were dis, xl, dal, cam, fis, ego, sndk, vxx, twm. And I made trade with 15 of them. most of them were losers. List was, cam, crus, csco, dal, dis, dt,
ego, erts, lm, twm, vxx, wfmi, xl. Traded one after the ather. like an idiot. trend line breaks, momentums, S/R breaks....only thing I kept on today was risk and stops....What can I do to..what can I do...what can I do.....limit myself to just 1 set up? I dont know....I will think hard on this....I need to trade less...way less....
starting balance: 31543.93
Todays net: (-1426.89)
New balance:30117.04
Tim:1. "Over trading.
2. Huge commissions (relative to your PnL)." It needs to be dealt with unless i want to see another account melt down.
I maximized those 2 problems today. Traded like an IDIOT!. Just a F#@#ing idiot.
there was 10 stocks in my list this morning. crus, fosl, lm, dt, erts, ms, tw, csco, wfmi, jack and added with scann were dis, xl, dal, cam, fis, ego, sndk, vxx, twm. And I made trade with 15 of them. most of them were losers. List was, cam, crus, csco, dal, dis, dt,
ego, erts, lm, twm, vxx, wfmi, xl. Traded one after the ather. like an idiot. trend line breaks, momentums, S/R breaks....only thing I kept on today was risk and stops....What can I do to..what can I do...what can I do.....limit myself to just 1 set up? I dont know....I will think hard on this....I need to trade less...way less....
starting balance: 31543.93
Todays net: (-1426.89)
New balance:30117.04
Attachments
SM_1. Thank you for your comment. I have traded futures before. I have been at it for long time but long story short, ended up losing the accounts. I will try to work less with stocks. Daytrading ES is tough because its one market. Stocks, there are a lot of them to choose from which is moving nicely.
I am done for today. As my first 2weeks with profit I thought I have made as a trader and I overtraded more than before. I was infront of screen almost all the time. You know what? the heck with that sh#t. I will trade less hours and begin to do more stuff. Like going to gym, finishing up some work I have to do, walk the dog, get some meal prepared for tonight etc etc.
Also I have found what I have done on Large profitable days and large loss day. I am sure it is the problem. Im not going to bore people here with details but here is new rules to follow.
1. For now, until you show profitable 4weeks without mental screw ups, Do not trade afternoon. Your market will end at 12PM so get things wrapped up around 11 AM.
2. Limit yourself to 10trades a day max. Do not care if 11th looks like the perfect one. Just end the day if you have reached 10 trades.
4.It is you and the market. Do whats you think is right and let the market prove you right or wrong.
3.Relax. Stop and smell the roses. Everyday is a gift so Enjoy. The main reason why you are trading is to ENJOY the life more and to share the fruit of your labor. Dont let the trading result get to you and spend countless hours going over charts. What is done is done. Make a detail analysis if you have done something wrong but be quick about it and move on.
9 Trades
starting balance: 29378.13
Todays net: 578.05
New balance:29956.18
I am done for today. As my first 2weeks with profit I thought I have made as a trader and I overtraded more than before. I was infront of screen almost all the time. You know what? the heck with that sh#t. I will trade less hours and begin to do more stuff. Like going to gym, finishing up some work I have to do, walk the dog, get some meal prepared for tonight etc etc.
Also I have found what I have done on Large profitable days and large loss day. I am sure it is the problem. Im not going to bore people here with details but here is new rules to follow.
1. For now, until you show profitable 4weeks without mental screw ups, Do not trade afternoon. Your market will end at 12PM so get things wrapped up around 11 AM.
2. Limit yourself to 10trades a day max. Do not care if 11th looks like the perfect one. Just end the day if you have reached 10 trades.
4.It is you and the market. Do whats you think is right and let the market prove you right or wrong.
3.Relax. Stop and smell the roses. Everyday is a gift so Enjoy. The main reason why you are trading is to ENJOY the life more and to share the fruit of your labor. Dont let the trading result get to you and spend countless hours going over charts. What is done is done. Make a detail analysis if you have done something wrong but be quick about it and move on.
9 Trades
starting balance: 29378.13
Todays net: 578.05
New balance:29956.18
Attachments
After limiting myself to 10 trades per day, Today, 11th and 12 th and 13th trades looked like a perfect set up. I Really wanted to take them. The mouse pointer was hanging around the tickers on IB page. But I didnt take the trades. instead I printed out the chart. And in case of you wondering all 3 of them were winner for at least .20, .15 and .35.
My biggest problem always has been dicipline issues and busy fat finger triggered by over confidences. Even at this moment, I am very tempted to trade. But not trading now because I know for my longevity as a trader, I must become more emotionaly balanced.
During the market hours, trade my plan. Any changes to trading plans and rules will be made only when market is closed.
10 Trades
starting balance: 29956.18
Todays net: 211.32
New balance:29744.86
My biggest problem always has been dicipline issues and busy fat finger triggered by over confidences. Even at this moment, I am very tempted to trade. But not trading now because I know for my longevity as a trader, I must become more emotionaly balanced.
During the market hours, trade my plan. Any changes to trading plans and rules will be made only when market is closed.
10 Trades
starting balance: 29956.18
Todays net: 211.32
New balance:29744.86
Attachments
Have you ever considered holding a losing trade longer term? It might limit your loses. If the company is fundamentally sound and my entry is at a level in the SMA charts that shows a higher probability of a move in my favor in the short term, I usually hold until I see profit. That's my tactic for limiting loses, rather than cutting them intraday and it works for me.
May not work for you, since you seem to be a very active trader on purely technical signals with price action without regard to fundamental strengths of the underlying. In which case, it is a risky tactic.
May not work for you, since you seem to be a very active trader on purely technical signals with price action without regard to fundamental strengths of the underlying. In which case, it is a risky tactic.
Hi, Max. If I do that, it would be a disaster. not that I am making killins here. but I will look into it, thanks for suggestion. Since Im bleeding I am backing off from trading fow awhile. learn some stuff and go over trades and clear my head. will post again once i regain myself. later.
At worst level, the account has seen low as 24000 level. Eversince, I have been doing better all thanks to GREY1 and others. If anyone wondering, just go and read grey1 stuff and see if it will be right for you.
Im still working hard to become a better trader everyday and bring consistant profit day afterday. Im here to record my daily results.
I Have a goal to make my account to 50K before Thanksgiving of 2010.
Todays net: 700.75
account balance:37,593.18
Im still working hard to become a better trader everyday and bring consistant profit day afterday. Im here to record my daily results.
I Have a goal to make my account to 50K before Thanksgiving of 2010.
Todays net: 700.75
account balance:37,593.18
Attachments
Last edited:
SHAME ON ME DAY.
No need to post P&L. just Horrible day.
Started out good. Then I lost it. I simply lost it. Coming in I was cocky. first 3 trades worked out. I was ahead by +700. Then I got horrible fill on my stop out. got me upset. 4th, 5th, 6th, 7th trade eneded up a loser then I dont even know what I did. I was just pulling trigger left and right and calculating how much do i have to make on this trade to make it even for today.
Last 5weeks I managed to bring my account from around 25k to almost 40k as of yesterday. I have no defense.I was weak, did not respect the market, and gave in to my emotions to keep making lousy trades. I was too embarrased to post todays results, but if Im honest about good days, I think should be honest about bad days as well. And maybe, just maybe there are people like me out there and can benefit from my mistakes. How horrible trading can be once you give in to emotions and let your emotions to do the trading.
I am planning to trade the same way I have been past 5 weeks and also going to take same amout of risk on each trade. but I will be watching my emotions more carefully. I will end the day if I feel similar emotions.
end of the day I shorted the market and have small YM short position over night. and planning to add to a gap up or market goes overbought. I took 80% out to balance position to BE which gave me cushion of 55ym points on 2contract.
net -4233.46
account:35043.96
No need to post P&L. just Horrible day.
Started out good. Then I lost it. I simply lost it. Coming in I was cocky. first 3 trades worked out. I was ahead by +700. Then I got horrible fill on my stop out. got me upset. 4th, 5th, 6th, 7th trade eneded up a loser then I dont even know what I did. I was just pulling trigger left and right and calculating how much do i have to make on this trade to make it even for today.
Last 5weeks I managed to bring my account from around 25k to almost 40k as of yesterday. I have no defense.I was weak, did not respect the market, and gave in to my emotions to keep making lousy trades. I was too embarrased to post todays results, but if Im honest about good days, I think should be honest about bad days as well. And maybe, just maybe there are people like me out there and can benefit from my mistakes. How horrible trading can be once you give in to emotions and let your emotions to do the trading.
I am planning to trade the same way I have been past 5 weeks and also going to take same amout of risk on each trade. but I will be watching my emotions more carefully. I will end the day if I feel similar emotions.
end of the day I shorted the market and have small YM short position over night. and planning to add to a gap up or market goes overbought. I took 80% out to balance position to BE which gave me cushion of 55ym points on 2contract.
net -4233.46
account:35043.96
Attachments
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