Aug 162011
 

Yesteday was a holiday in Europe and the markets were slow so I didn’t take any trades.  Actually I took a long and got 2 pts but realized afterwards I had forgotten to put my DOM on real money!  I hate it when that happens.

This morning I got a nice big trade and then another small one before our lunch.  After the US open, I got long way too early and had to scratch that trade.  That’s still one of my biggest problems is getting in too early.  Definitely a point to focus on in the coming weeks.

ES had fantastic opportunities today, unfortunately they came while I was at the pool.  But I’m very happy with what I got.

I’ve done a lot of reading.  I brought 6 books and the first two I finished were poker books.  My game has improved quite a bit and I think I’m on track to beat the micros. I thought I’d take a break from poker books and read some trading books.  I generally don’t read trading books, in fact two of my three trading books are Dalton’s and I prefer to reread a good trading book than read a new bad one (as most are).  But this one looked really good.  I started it yesterday:  Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading

He doesn’t trade intraday, he swing trades.  I put my swing trading on hold to focus on day trading.  Reading his book has me interested in trying to swing trade again.  I’m not a fan of chart patterns, but in reading his book I realize he is successful because of his trade plan, particularly his trade management.  He has a strong focus on risk.  And I really like that.  I was always too early on my swing trades and always had a drawdown.  So I’m curious to learn more about his method.

I’ll be writing more about this as I continue in the book.

 

 

  4 Responses to “Thinking of swinging again”

  1. Peter has a very nice blog, if you are not following I suggest you would.
    He is also going to give a live seminar in Atlanta if you are really interested….

  2. valyouw – thanks for telling me about his blog, I didn’t know he had one. it will be interesting to follow him real time.

    I’m now half-way through the book and can’t upt it down. i’m really enjoying it.

  3. You can really learn on his trading style from the blog. The thing is, and I think he said it quite a few times, is that the win rate is quite low, you really have to be a “believer” and tight risk mngt…

  4. valyouw – the low win rate is precisely why i’m so intrigued. my day trading win rate is very high, but when i have a loss it’s quite big. so i’m trying to improve upon that and get to have less wins but have them big and small losses.

    i want to practice his style of trading on forex with my oanda demo account. my account size can’t handle the commodity futures, but i think i can do some etfs.

    the best part is he doesn’t watch the market during the day and that means it won’t interfere with my day trading.

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