Yesterday I wrote about my day trading metrics from last week. I said I need to be more selective on my trades and I need to get more out of each trade. Today I did just that.
I took 3 trades today, all 3 winners. I was really patient. At one point the bund was very slow and was trading at the DVPOC so I did some laundry. My wife really appreciates it when I can do some chores around the house. And it helps me to be patient. You may think of a day trader as having the glamorous life but what I like most is I’m not fighting crowds in the subway, not putting up with incompetent bosses at the office, and I have more time with the family. That more than compensates for the lower income (I was a IT consultant before).
I made +5 ticks on the first one. I went with 2 contracts and got suckered out of one of them which put my first target as my only target. As a result I missed out on the rest of the move. Not only do I need to be more patient waiting for setups but I need to be more patient once in a trade.
The second trade went +3 and I was patient, only to scratch at breakeven.
I missed a great trade, I just didn’t see it in time. That happens but I need to be more focused. It’s easy to lose focus when the market is really slow.
The third trade I got +10 ticks. And I’ll stop with that last one.
5 contracts traded for 15 ticks that’s 150 euros or $213 and that makes a whopping $43/contract! That’s four times my average of last week.
The Euro to $ conversion is slightly incorrect due to fluctuating exchange rates. I do my own conversion in excel so I can keep it more accurate.
I will now focus on keeping it up for the rest of the week. My goal for this week is to average $21/contract which is double the average of last week.