So ends the week. Net loss for week -$6385. Next week ends the month and quarter and I will be doing some reflecting on my trading direction going forward. What I've been doing isn't working after essentially 9 months of zero gain or loss. Being a breakeven trader is not the plan.
Net breakdown (contracts traded):
ZS -$2717(30), ZW -$476(5)
ZS -$2717(30), ZW -$476(5)
| RESULT FOR DAY | |
|---|---|
| Contracts: | 35 |
| Net $P/L: | -3193 |
| Wins: | 0 |
| Losses: | 4 |
| Win%: | 0 |
| Avg$Win: | 0 |
| Avg$Loss: | -798 |
Posts
Hi, I think you will do much better if you shut down your computer when it reach -$2222 in red.
ReplyDeleteAn old dog could not change any more, you should obey the max loss in day trade mode.
Next week will be a better week !
Backtest all your trade with -$2222 max. You should have a nice profit.
Cable123
Tough week MBA. I sort of felt like I was in a fog today myself. Maybe that's just being Friday though. Ever thought about trading something else? No, I'm not making suggestions. But there are lots of markets out there and a lot behave differently. I know I won't trade the ES (big brother to the YM). It just has a different personality that I don't like. I remember Don Miller saying once, when asked in an interview about how long it took him to really get comfortable. He said about a decade. Ouch.
ReplyDeleteI'm doing my taxs now, last year 2010 I was up 40+ % in my account to end with a 8% loss for the year. When you talk about reflecting on your trading, I have done that and will continue to do the same as well. I'm a much better trader than I was when i first began, and I still believe I can improve a lot more.
ReplyDeleteKeep in mind, you can be doing a lot worse than breakeven.
I enjoy your journey. You are doing a lot better then 99% of these blogs and you are honest,most of them only post winning days, you post BOTH.
ReplyDeleteWe pay a high price for the "Freedom" that trading gives.Thats why trading is almost impossible to be successful,especially from home. Why do all the Price Action "experts" sell Books,Webinars if they claim Price Action is ALL you need?
MBA,
ReplyDeleteYou will bounce. I know that. You only need 20 good day with $2000 profit for the year. The rest can breakeven and still book $40000 annualy. Good luck
Thanks for comments.
ReplyDeleteCable123, I don't have a "fixed" stop point now but a fuzzy one. You may be right.
YM, I've traded everything at some point in my past. Always a balance between sticking with something long enough vs. jumping around too quickly to other symbols.
Trin, thanks for sharing that. Always discouraging to end a year underwater after being up! How are you doing so far this year?
Anon, yes freedom is costly isn't it?
De'T, thanks -you are correct but getting those net 20 good days is another matter. But the year still has ~190 trading days to go so we all have a chance! :)
>What I've been doing isn't working after essentially 9 months of zero gain or loss. Being a breakeven trader is not the plan.
ReplyDeletelittle is known of your method but I think your assessment is fair. The obvious game plan is a small tweak to reduce losing days.
Get out of your comfort zone. Start asking hard questions - be honest! I remained in denial for the longest time, then I ran out of cash - that woke me up (not saying I am a good trader, just that I got lucky that I caught some breaks at the right time).
ReplyDeleteNow I'll shut up and go back into hibernation till fall!
to be living in Chicago and not make any money for 9+ months while playing with market,obviously he is lucky to have some other source of income or just rich family. Most of us coudnt survive for 1-2 weeks. I think all of you "playing" traders from home are just lucky you are not depended on working a Real 9-5 job. Rich people lol
ReplyDeleteMBA, as of March 25th, I am at .13% for the year. Mind you, Jan was -4.59% and Feb was +13.37%... Today I will be daytrading, hope for some positive gains. I will not overtrade, I will not be greedy!
ReplyDelete: )
Sandy, yes the comfort zone is too comfortable sometimes. No need to shut up or hibernate!
ReplyDeleteTrin, your ride has been as up/down as mine! Good trading rest of year for us both.
Anon, I've stated before in this blog I have no debt and some meager rental income. Someday rich, perhaps?! :)
Hang in there MBA
ReplyDelete