Dec 032010

This morning I didn’t take any bund trades, not even on simulator.  I did a few trades on crude & euro on sim.  The market was so slow I rewrote my trading plan.

I took one trade on ES during the european morning and stopped out for 3 ticks.  I also closed out a short from yesterday for -4 pts.  That one hurt because I committed my usual sins:  moved my stop & averaged down.  Usually I get away with it, but this time I got out after the numbers.  I got lucky there.  This gives me another losing day and my first losing week since I went back to real money end of October.  I deserve this one and provisions prohibiting this are in the plan.  I really got to focus and be disciplined if I want to turn this around and finish the month positive and meet my goals.

I was a bit bummed about that so I didn’t take any more real money trades today, just tested out my new trading plan on sim.  results good for ES so far, Euro is still questionable.  Several times I’ve been stopped out with a 6 tick stop and I think that’s just too tight for Euro.  But I hesitate to use 10 ticks, that’s $125/contract.  I’m going to continue investigating equities.  I took my first equity trade today in a long time and it was a winner.  Trading equities is a huge change.  For one not having the DOM (yet).  Still investigating at this point.

It’s actually good that I didn’t get away with not taking the stop because it really motivated me never to do this again.

I posted some thoughts on recent ES movements earlier.  The numbers were terrible yet we really didn’t drop that much in relation to yesterday.  So I still think we’re heading higher.  From what I see, people are “buying the dip”.

Have a good weekend.

PS: for fun here are the sim trades for ES, will be trading them live on Monday.  It’s the same trades I’ve been taking I just updated the trading plan, especially the part about stops.

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