Abiding to My Rules

Posted by Deb | Day Trading Journey,Uncategorized | Wednesday 30 June 2010 10:03 pm

Today I was a good girl.  I didn’t break my rules.

I didn’t have time to trade today on my regular hours, around the opening of trade in NY.  It was the last day of school, and my daughter was out from school early.  I took her with me to get the dog vaccinated, then we did some groceries.  Then we had to fetch her brother.  I promised her to get today new crocs, so we all headed to the mall, got new crocs for her and her twin brother, deodorant for the 11-going-on-16 older brother, and then I drove her to her swimming lesson.  Than we went all out for dinner to celebrate the end of year…  You get it.  No time for myself.

I finally got to the computer at about 8:30 PM, but couldn’t have yet a moment to myself:  Every few minutes one of the children (or the dog) needed something from me.  It was very difficult to trade this way.  I waited almost 20 minutes for the right time to enter a short position, but when the moment finally came my daughter came in to show me some cute art thing she brought back from school, and the opportunity was lost.

Finally I was able to enter a position.  I was very cautious and didn’t let myself any risks.  I added one more contract, then got out quickly, so I made only $50 on 2 contracts.

On a nomral day I would go on waiting for another opportunity, but I decided I would today abide to my rules and be cautious.  One position was enough for today.  So I held back and closed the platform.

I hope tomorrow will be an easier (and better) day.


My Rules Have Been Right!

Posted by Deb | Day Trading Journey | Wednesday 30 June 2010 7:32 am

If you haven’t noticed yet my new trading rules page, please take a look at it.  I finally wrote down some of the basic rules which I believe are essential in order to keep profiting from day trading, and not loosing all your money.  If I could only follow them!

I am sure I will make more changes and adaptations to the rules in the near future.  I will probably also add some.  Anyway, if you have any comments – please let me know.

Yesterday, as the day after a “grand loss” of $1000, I was supposed to go slow.  Actually, I wasn’t sure if I should be trading at all or just take a day off.

I took time before opening my trading platform.  When I finally did open it, it was after a big dive, and the market was stamping in one place.  I sat down and looked at the graphs for almost an hour till I finally was brave enough to enter a position.  As per the rules, I entered only one contract, and because of the market’s stamping I got only $37.5 in profit.

I decided such a small profit allows me one more contract.  I entered again, but then suddenly the market went up quickly.   It took almost another hour, and 4 more contracts till I was finally able to get out of it.  The total profit was now only $25, and with the 6 contracts I had in total this was a net loss of -$16. 

This is of course much better than the losses of $300 and $500 I had the 2 other times I had a “grand loss”, but still – had I kept the rule of only one position, I would have come out of day with a net profit of $30.  Much better.

We shall see what this day will bring.


Sheer Stupidity

Posted by Deb | Big Loss,Day Trading Journey | Monday 28 June 2010 7:42 pm

Why am I so STUPID? I again lost $1000. Only yesterday my account was back up over $5000, and I was gaining profit, and now I am down again to $4000, and have to do the work again.

I was so stupid, breaking my rules again. My daughter was having her classes’ end-of-year party today at 17:00, and I knew I did not have the time to trade and should leave it for the evening. But I just couldn’t hold myself, I wanted to trade early. I jumped to a position much too early, only a 2-3 minutes after trading in the stock exchange opened in 16:30 Israel time, and even not in a support line. I thought I can guess the direction of the market. Of course I was wrong. I added one more contract on a lower suppport line, and another, and nothing helped: The market was diving down against me.

I remembered my rule of not adding too many contracts, and got out of one of them in loss, but nothing helped. The market continued going down, and I was losing and losing. It was time already to leave, and was waiting for a good time to exit in minimum loss. The market seemed to be stamping in place for a few minutes. I let myself go to the toilet for 2 minutes, and when I came back – WOW! The market dived down, I got to my $1000 limit and was thrown out of the platfrom.

What shall I do now? After such a good month I had, I thought I got the hand of it and am going to make a fortune. Now I just keep loosing again. I have not lost hope, as I know I did have a few good weeks. But I need so much money to get over summer time with the kids vacations! Can I stick it out? Will I be able to stick to the rules and make some profit? It really seems like a self-defeating thread. I must get over it!

I will now write down my rules, and print them. I MUST stick to my rules if I want to go on. I am not sure if tomorrow will be a day off from trading, or only a slowing down day. In any case, I really must get out of this loosing pattern!

Looking forward to better days.

N.B. At least my daughter is happy. She had enjoyed herself in her party.

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Multiple Brackets

Posted by Deb | Day Trading Journey | Sunday 27 June 2010 11:25 am

When I entered my trading platform, Transact, on Friday, I did it through the Sierra Charts platform (which is my indicators platform) and not directly from its desktop icon.  Why did I do that?  I don’t know.  Usually I start with my Transact, then open the Sierra Charts from the Transact’s interface.  But occasionally I do it the other way around.

What I didn’t realize is that appearantly I hadn’t did that since the emini switched to the ESU0 symbol.  They change the symbol for the contracts every 3 months, as the future contracts are valid for 3 months.  Due to that, I had not yet saved my regular configuration of having the multiple exits choice chosen.

When trading on the Transact you can either choose no brackets, meaning every order  you give is taken as it is, or in single brackets mode, in which you give your profit exit and stop loss points.  In this option when your order is met and you enter a position, the platform automatically generated for you exit orders in the profit and stop-loss points you gave.  When one of these orders is met the other is cancelled automatically.

The last choice Transact gives is the multiple exits choice.  In this choice, when you enter a position with more than one contract, a few profit exit points are generated, as well as the stop loss point.  You have to predefine the number of pips you want for each exit point, and similar to the single exit case once a profit point is met, a contract is reduced from the stop loss point until all contracts are closed.

What happened on Friday is that I didn’t realize the multiple exits choice was not ticked.  Once my order was met and I was in a position, I immediately realized no profit and stop loss orders were generated.  It had been a long time since this happened to me so I forgot that in such a case I have to wait until out of this position before I tick this choice.  I ticked it immediately, so that all  further orders would generate automatically the profit-stoploss brackets.

It took me some time to exit the position, but when I finally did, with a nice profit, the system understood my profit order, which was not generated automatically, as a new order, and brackets were generated around it.  One of these points immediately caught and I lost part of my profit.  It took me a minute to understand what happened.  I immediately got out of the position, but out of pressure pressed the mouse one time too many and was in a new position again, at least now it was in direction I wanted – short – and not long.

It took me some more time to get out of this position too and regain my profit, even add a little to the original sum.  I hope I had learnt now my lesson:

1.  Before starting to trade check that you have some kind of brackets chosen in your trading platfrom.

2. If for some reason this didn’t happen, wait till out of your position before choosing the desired brackets option in your trading platform!


Another Ordinary Day

Posted by Deb | Day Trading Journey | Thursday 24 June 2010 10:57 pm

Trading went well today.  I got $187.5 on 4 contracts, finishing it all in under 30 minutes.

I again had today a question of when I should be trading.  As school year is ending next week, everybody has end-of-year parties.  Today was my son’s turn:  A party at 17:00.  I came home from work at 15:30, picking up 2 kids on the way + one guest (friend of my daughter).  Then I had to go out immediately to get back the third kid, and got back at 16:00.  I had decided already I won’t try to trade in the short time I have till going out again to the party, but as always could not resist my urge to get over with this quickly.

I opened the platfom at 16:20 “just to take a look”.  Then after the market opened at 16:30 I saw I can’t just look, I had to be in.  I waited a few minutes to get the opening waves relax, then entered with one very cautious position, then a second one, and then the third.  I was very careful not to get ino long positions, so that I was able to finish everything on time.  Oh Well!  It seems I am not a very rule-obeying person.


An Exhausting Day

Posted by Deb | Day Trading Journey | Wednesday 23 June 2010 8:43 pm

I’ll start from the bottom line:  I got today $187.5 over 6 contracts.  But oh, this was exhausting!  It took so long!

I like to start trading shortly after the stock exchange is open, 9:30 AM at NY, 16:30 at Jerusalem, or immediately beforet that (after 16:00, when I get home from picking my son from school).  As I have told here a few times, on Wednesdays I have only a short time frame after 16:30  because of my daughter’s swimming lesson at 17:15.  After last Wednesday, when I had to leave an open position in order to get her to the pool on time, I decided I will not try to trade at that short time but leave it for the evening.  As you can guess, I didn’t keep this resolution, I was too anxious to start.

The market was very indecisive at the short time I tried.  Finally I had a very short position that gave me only $25.  I closed that quickly and left with my daughter, this time I didn’t want to have to rush her at the last minute.

I opened my Transact platfrom again when we were back home, at around 7:00 PM.  Now the market was not going anywhere, going up and down 2 or 3 pips with no direction.  I waited and waited.  Finally I got again into a short position which gave me another $25.  Finally the market started going up and I entered another position.  This one took very long, probably about 45 minutes till I was finally out.

All’s well that ends well, isn’t it?


Back to Normal

Posted by Deb | Day Trading Journey | Tuesday 22 June 2010 7:12 pm

Trading seems to be getting back to normal after my last loss. Today I made $175 on 3 contracts:

The first position was on 2 contracts. I entered with one, than added a second, and exited after about 15 minutes with $125. Since I felt things were going well I decided I can let myself go back to the profit expectation I had set myself, a net of $150 (profit minus fees). I entered again with one more contract, and exited pretty quickly (less than 5 minutes) with an addtional profit of $50, which got me to my goal.

I wish things will go smoothly from now on!

I added today a new page of general trading tips – please take a look and give me your comments. It is in the “pages” section here on the right.

Back to politics, or maybe just humanity:  My recommended reading for today is this blog post in the American ThinkerShouldn’t We All Be Israelis Now?

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