Dec 022010

Yesterday was an interesting day.  I had a loss on ES entirely due to a mistake and my internet went out.

I took my first trade premarket and stopped out.  Then I got a few more that worked.  Here is one:

Then at the open things started going downhill.  I took two shorts near 1201 that I scratched, the last scratch due to news.  Sure enough it dropped down.  I hate it when news interferes and I’m questioning my decision to scratch.  Actually my decision was made ahead of time as I always get out ahead of major news if I don’t have good profit.  But I’m wondering if that’s a good policy.  That’s what stops are for.  So I traded my plan and for that I’m happy.

Would be more clear if I post some trades:

Trade #7.  I switch my DOM between 1 & 2 contracts depending on my confidence level of a setup and the risk I assess.  On this one I thought my DOM was set to 1 so I clicked twice for my normal size of 2.  Then I realized I was in with a size of 4!!  And it just happened to get stopped out.  Worse than that, stopped out 1 tick off the high of the move!  In the past I’ve used wider stops.  This is one rare instance where a wider stop would have made more money.  But that’s ok I know tighter stops are in my plan and that’s key to increasing size so I’m staying with it.  If it were -$200 that’d be fine but -$375 that really sucked.

Then I re-entered short on another setup and that’s when my internet went out.  So the P/L is incorrect there, I actually got $150 on that trade.  Ninja handled the disconnections & reconnections very well except for the P/L.  Two of my targets were hit while my internet was out.  I used my iPhone to connect to IB and watched booktrader to see the DOM.  This is the first time ever that my internet went out while in a trade.  Our internet is very reliable.

As price was getting stuck around 1204 I wanted to close out the trade.  So I went to Mirus website to find their webtrader and was disappointed to find it’s not available.  So I put in my 3G USB drive to connect via the 3G network and apparently my subscription has ran out on that because it didn’t work.  So I was stuck.  My stop was in place so no big deal for the 3rd contract and when the internet came back 4 hours later I scratched it for a tick.

I need to get my 3G drive working.  I use it for vacations but I’ve never used it in an emergency at home but just knowing it was there gave me a lot of peace of mind.  Until it didn’t work.

Fortunately the zenfire servers kept everything on their server.  Which is a concern I have about using Ninjatrader with Velocity.  I just switched Velocity over from X_Trader to Ninjatrader and I read that the OCO are not held on the server.  So that’s something to keep in mind.  Zenfire is a bit better but commissions are about 25% more expensive.  That works out to be about $10/day for me or $210/month.  A bit of money for peace of mind.  Worst case with Velocity is when internet goes down you call them up and ask them to close out any positions and cancel all orders.  Still debating if zenfire is worth the extra $.

I don’t have an annotated MD chart, somehow when I exited MD I lost my annotations.

Here’s the P/L.  I managed to finish the day positive due to my Bund performance.  I’m glad to have escaped yesterday positive.

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