I Should be More Brave

Posted by Deb | Day Trading Journey | Friday 20 May 2011 4:58 pm

Today’s profit was $62.5 over one contract. Not bad, but could have been more. I entered the market in a long position, as the indicators indicated the market was going up. As it was not yet official trading time, the market was very slow, and I waited a very long time (probably over 20 minutes) till I quit the position. I decided to hold out and quit too quickly, and set my limit on 5 pips which means $62.5.

A few times during this position I considered entering with one more contract to make more profit in a shorter time, but didn’t find the right spot, or was afraid, or sometimes my order just didn’t catch. Finally I quit on my limit, but the market continued to go up. Had I entered with more than one contract, I would have had more courage and patience to wait more, as I could have collected partial profit from one of the contracts.

My conclusion is that I should go back to entering on 2 contracts from the start of the position. That will give me more options.


Getting Even Slower

Posted by Deb | Day Trading Journey | Thursday 19 May 2011 4:50 pm

I managed to start trading today only when it was already about 16:00 here, meaning 9:00 NY time – almost opening time. The market seemed to be going down, so I entered a contract in a short position, and soon later, when the market wasn’t moving much, added one more contract. But the market was getting slow, down and up again, and the opening time of official trade was getting clost. Finally I quit with a small profit of $37.5 over 2 contracts.

Than I waited a while, as the market was just opening. Finally I decided to enter again, as I had a small time slot between till the next financial report scheduled at 10:00 NY time. Again the market was hesitant, going up an down, and I quit with another small profit of $25. Of course, as usual, just then the market went down more. Never mind – I have now to help my kids in preparations for their Lag BaOmer bonfilres.


Slower Today

Posted by Deb | Day Trading Journey | Wednesday 18 May 2011 9:48 am

The market was moving very slowly when opened the Transact platform today. I decided to enter anyway. For some reason, the connection closed on me while I was in a position – quite annoying. Thankfully, since I had my stop-limit in place and the movement was so slow I was not panicked. I just opened it again, and entered one more contract.

As trading was so slow, I finally quit with a small profit of $62.5 over the 2 contracts. I could have waited more, but wanted to go on already to my other daily chores. (I cannot focus much on something else while in a position).


Live Again

Posted by Deb | Day Trading Journey | Tuesday 17 May 2011 10:31 am

True to my decisions of yesterday, I went today back to trading with the intention of being cautious, but more brave- taking bigger risks.

The market seemed to be going down soon, but the indicators were not as strong as they could have been. I decided to enter a short (down) position anyway and be prepared to add a contract or two in higher points if necessay.

I did that, adding one contract, than a second, and waiting. The market was slow, and I waited and prayed for this position to win, and finally was able to quit with a profit of $87.5 over 2 contracts.

I am sure that had I decided to wait more I could have made a bigger profit, but I decided that will be it for today. Possibly I will soon go back to expecting $100 per day.


So, What’s the Best Strategy?

Posted by Deb | Day Trading Journey | Monday 16 May 2011 3:27 pm

Today I had a short trade, entered the going up market with one contract (on the simulator), and quiting 4 pips later with a small profit of $50.

Friday’s profit had made me rethinking my strategy in the last few months: Possibly, trying a very cautious trade is not the way to go. I should of course be careful in my trade, that is always true. But possibly even with my shrunken account I should try for a smaller profit. I had been trying to get my account back up to $2000 for over a month, just to get back down to $1400 in 2 days. 2 days like last Friday would have gotten me up to $2000 in no time! Maybe being too cautious does not pay. Maybe have to gather back my confidence and do more ambitious trading.

I really don’t know.


Nice Profit for Today

Posted by Deb | Day Trading Journey | Friday 13 May 2011 12:43 pm

As you can see from the Transact screen above, I had today a nice profit, with a figure I hadn’t seen for a long while. Of course, it was all on the demo. Still, it is encouraging.

Trading today started bad: I had no patience. The market seemed to be going up, though with no strong indicators. I entered a long position, but of course just then the market turned down. I entered another contract, but finally gave up with a loss of $250.

Then I decided to go with the market and entered a short position. Guess what? Just then the market turned up again, making my first position, had I stayed in it, profitable. I decided not to give up yet, as it did seem that in the end the market will go down. I added one contract on the other, on higher positions, till finally the market did turn down and I made the profit in the image. Note: The $425 is the net profit, taking into account the original $250 loss, so that the total profit on this second position was actually $675!

I had 8 contracts on the second position, so the actual net is $425 over 11 contracts – about $350.


Taking the Simulator Seriously

Posted by Deb | Day Trading Journey | Thursday 12 May 2011 11:12 pm

As I knew I was going to trade today on the simulator only, I started today’s trading not being serious enough. When I was getting ready to look for a right point to get in my younger son came over to look, and I entered a position with really no preparation, not realizing the charts have not yet downloaded all history. A minute later I realized my mistake and got out of this position with no loss or profit.

When everything was ready, I entered a second position, this time with 2 contracts. But then my second son needed my attention, and I didn’t pay any attention to the market till a few minutes later I was out of the position in my stop-loss point, with a loss of $75.

At this point I decided to get serious. I didn’t want to lose on the simulator! I waited till I had a good opporynity to enter, and thankfully was out some time later with a profit of $147.5, make it a net profit of $62.5. Then I decided I should get even with my previous loss, so I entered one more contract and took one tick, making my total profit for today $75 over 5 contracts.

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