ES April Trading Summary

RESULTS FOR APRIL
Contracts:	451
Net $P/L:	779
Wins:	142
Losses:	57
Win%:	71
Avg$Win:	101
Avg$Loss:	-239

Lack of Discipline

4:00pm CDT - I suffered from lack of discipline before and this afternoon it reared its ugly head again! I really thought I had this ghost of my past licked but today proves otherwise. I have nobody to blame but myself and this dent wipes out nearly my entire month's gains. The worst part is that I would have ended the day about flat or slightly down after looking back at my charts and the setups I should have taken. The problem started in the early afternoon with a couple stop outs. I upped size to my normal 5 lot max size but quickly lost again and then the revenge trading began with 10 and 15 lots! I gave these trades lots of room with targets and stops exceeding 6 points. I knew this was not a smart way to end the month but it happened. If you look at the charts the last 2 hours today, you'll see why this was such a disaster.

In any event, this isn't a huge setback as I was trading mostly 1 lots all month to feel this system out. I still see the potential and will plow ahead. Once again, I chalk this day up as an expensive class in Discipline 101. Someday I hope to graduate!

RESULTS FOR DAY
Contracts:	65
Net $P/L:	-2594
Wins:	6
Losses:	6
Win%:	50
Avg$Win:	432
Avg$Loss:	-864

FOMC Day

3:00pm CDT - Trades went pretty smooth today and the results reflected it. The Fed is always good for adding a little excitement to a Wed. afternoon. Even though price ended up not going anywhere, at least it was moving. Looking forward to wrapping up the month tomorrow and starting May. I am thinking about scaling up slightly (2 lot minimum vs. 1 now). We'll see...

RESULTS FOR DAY
Contracts:	12
Net $P/L:	344
Wins:	9
Losses:	2
Win%:	82
Avg$Win:	44
Avg$Loss:	-27

Almost Red

3:15pm CDT - A slow start but 3 wins of 4 trades in the morning, then I took a questionable trade long on the failed breakout in early afternoon which stopped me out and painted the net P/L red. Remained in the red until the final half hour when a scalp long with more size at 852.25 (good resistance level and potential triple bottom) got me back to green. Whew...

I was nearly ready to end the day red and be relieved that the first red day in awhile was finally here. I know my winning streak can't/won't continue forever. But guess I don't mind if it waits a bit longer!

For those wondering what I look at all day, here's my screen layout of my primary monitor.


Other monitors include my DOM and broker windows, along with 1 min. charts of the YM, NQ, and TF which I glance at while in an ES position. It's likely all in my head but I think looking at the other minis helps me know if I should hold steady on my target price, adjust it or scratch.

Again, as mentioned in my first post on this blog, I don't intend to discuss my system details so please keep that in mind if commenting. Thanks!

RESULTS FOR DAY
Contracts:	13
Net $P/L:	91
Wins:	5
Losses:	2
Win%:	71
Avg$Win:	74
Avg$Loss:	-140

Monday

3:00pm CDT - Another Monday over, another week begins... I'm starting to get lulled into complacency with this market the past couple weeks. But boredom is good when trading I think, provided you remain focused on the charts. My setup I look for to place a trade typically only happens a few to a dozen times per day and my hold time averages around 5 mins. which means much of the day I'm sitting on my hands. In my past this was VERY hard for me to do but lately it has been much easier.

RESULTS FOR DAY
Contracts:	8
Net $P/L:	204
Wins:	5
Losses:	1
Win%:	83
Avg$Win:	66
Avg$Loss:	-128

Stress Test

2:45pm CDT -Settled for less than target many times today as nothing was moving (until the stress test info came out at 1pm CDT). The initial 1pm head fake up caught me off guard (I was long) and cost me 2 pts. Never got much going after that but a few scalps did get me back to my high of day. Looking forward to a warm weekend. It's over 80 deg here in Chicago for first time since Oct.!

RESULTS FOR DAY
Contracts:	13
Net $P/L:	141
Wins:	8
Losses:	2
Win%:	80
Avg$Win:	43
Avg$Loss:	-103

EliteTrader

3:05pm CDT -Another rocky day but did okay in the end. Best short today was around 2:25 CDT for nearly 2 points.

RESULTS FOR DAY
Contracts:	18
Net $P/L:	215
Wins:	7
Losses:	3
Win%:	70
Avg$Win:	78
Avg$Loss:	-111

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I've received numerous inquiries since I stopped posting my daily P/L at EliteTrader.com asking if I'm still trading, etc. so after a long hiatus I thought I'd post to their P/L thread yesterday to update everyone. Guess I'm not surprised it was deleted. I posted the same thing today with a blotter. We'll see if that gets zapped or edited?

My post yesterday:
Hi all - I'm resuming posting but doing it on my own terms (blotter not required) at http://mbagearhead.blogspot.com if anyone feels like following along... :)

ET Moderator deleted post and replied:
Sorry, blotter is required. And we like to keep members here, not have ET be used as an ongoing means to gain readership on a blog. If you like, add your blog link to one of the blog threads in the Educational Resources forum. And in the Trader P/L journal you are welcome to copy/paste your blotter info here. Thanks.

Ya know, I have no beef with Elitetrader.com and for the most part enjoyed posting on their P/L thread awhile ago but I have to vent one last time. Their archaic rule that a blotter must accompany all P/L posts is just silly. It's meant to thwart off the fraudsters that simply type a huge profit number regularly seeking fame and limelight on the site without "backing it up." Posting a screen snapshot of your P/L does not prevent this or back anything up! Anyone could snip their simulator results or photoshop a pic in just a minute and upload that as their "real" blotter. As I've stated there before, I'm equally motivated/inspired by P/L posters whether they include a blotter or not. Like all things on the Internet, everyone's free to believe or not believe whatever they want. 'Nuff said!

Free Fall Wed.

3:20pm CDT- Currently I'm in "take it easy and don't get into too much trouble" mode. This means I trade 1 lots much of the time. When I'm comfortable with my results for a period of time, my goal is to increase size and take advantage of the leverage futures provide. I started trading my current methodology on 3/27 and net results since then are posted below, including today which was very tough and choppy. Sat out the last hour which was an amazing free fall covering nearly the whole day's range.

Let the Blogging Begin

My first post! Hmmm... How to summarize things? I guess a bit more background (more than is in the "about me" section) is in order. I've been trading since 2001 but only full-time since 2003. I started out in stocks but switched to futures about 4 years ago. Results? Mediocre. Poor. Terrible. Great. Astounding. Pathetic. I've had them all. I once had a month where I made 6 figures and once had a day where I lost 6 figures. (search "mbagearhead" at elitetrader.com and look at summer 2007 posts if you want to review that chapter of my trading career.)

I've had a rough start to 2009 but I'm finely feeling somewhat confident that I have created a system that has potential. Lord knows I've had this feeling many times before. But with each trade and each hour of screen time I accumulate, I gain a little bit more experience that I think will pay off one day. I'm an optimist and I believe any successful trader must be! This is by far the most challenging career I have ever had and hope to stay in it for the rest of my working days.

I start this blog today, in the middle of April, in the year 2009 to document my journey forward toward achieving the potential I see in this business. I'm nowhere near it yet but continue to know it is within my grasp.

I'm not intending to discuss my system details or answer every comment that comes my way but will contribute where I can when time permits. As a retail trader working from home, this is a solitaire business and I think blogging will help me reach out more and get involved in the trading community. As mentioned, for awhile I was active at elitetrader but have mostly stayed away due to too many rules and too many skeptics. Here I have all the control over what I post and I hope that creative freedom will keep me motivated to continue to blog and document my journey.

Good trading to all!
MBA