Jun 172012

I didn’t trade Friday RTH.. well I did take a long on sim just for fun and finished RTH breakeven and +2 ticks for the day.  Last week I had a great week averaging 5 pts/day for Mon-Thursday.  So I didn’t want to mess that up on Friday.

I really feel like I’ve improved my trading in the past month.  My results have been very good.  However I’m still lacking a bit of confidence that I need in order to be a bit more aggressive.  I’m passing on some trades that I should probably take.  But I’m taking things slow.  After another week or two, I will increase my size on ES from 1-2 to 2-3.

For the Bund, my sim trading results have been very encouraging.  My best setup, which is just a pullback entry, is up 2,200 euros in the past 2.5 weeks.   That’s 183 euros/day and that would double my income over just ES alone.  So I’m very excited about it.  However, my reversal trades on the Bund were not as profitable.  I have a plan to improve upon this.  In any case I’m tracking pullbacks, fades, and reversals separately so that when I do go to real money, I can trade pullbacks real while continuing to improve on the others.. or give them up entirely.  Since Bund is my second market, I could be picky and trade only pullbacks.  I think after one more week of sim I’ll be ready to trade the pullback setup with real money.

Tonight the Greek elections are too close to call.  What this means for the markets is anyone’s guess.  I know Mirus has implemented 3x margins for Sunday’s globex.  I don’t trade that time so it doesn’t impact me but the fact that they did this tells me I should be careful.  So I’ll see how the market is on Monday’s european session and if it’s crazy I don’t mind sitting out.  I pretty much know what my edge is and if I don’t have the right conditions for my edge then I’m not trading.  This is a serious business and I can’t afford any stupid gambles.  I have a weekly target to meet.

Good luck for this week and be careful.  You don’t have to trade every day.  Some days are better than others.  Learning to identify which ones is a very valuable skill to aquire.




  2 Responses to “Weekend thoughts”

  1. Interesting, I find the pullback trades to be the most difficult for me…

  2. I do too. That’s part of what I meant when I said I want to be more aggressive. There are plenty of times where I’ve identified a valid pullback entry but I didn’t take it because I didn’t think we’d get continuation and then set there watching for an hour or two wishing I’d taken that first entry.

    It always seems easier to justify a fade trade. But I’ve made tremendous progress getting away from that and trading pullbacks. This is part of what has turned my trading around.

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