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Wednesday, April 25, 2007

Today's Futures Trades

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Trade1:
Risk = 50 ticks
Profit = 60 ticks

Trade2:
Risk = 50ticks
Profit = 80 ticks

Trade3:
Risk = 20ticks
Profit = 10ticks

Trading Copper today was effortless, I did not feel like I had to fight the tape, and patience was easy to come by.




Trade1:
Risk = 10 ticks
Profit = 8 ticks

Trade2:
Risk = 20 ticks
Profit = -20 ticks (note that chart indicates I sold at the second red bar - that is incorrect, I actually stopped out at the first red bar)

I made the mistake of moving my stops down to aggressively in the first trade, and that mistake cost me a lot of profits. In the second trade, the mistake from the first trade was still messing with my head. After the second trade I decided to stop trading silver for the remainder of the day.


So, it sounds like I had a good trading day overall, right? Wrong.
I tried to chase the uptrend in ES again, and broke my rule of 4 trades per futures contract. Watching a strong uptrend like that was too compelling, I am still learning how to control the urge to chase a strong uptrending day like that. As a result of my overtrading ES, I lost much of the gains that I had made in Copper.

ES seems to bring the "be a dick for every tick" in me, whereas I seem to be more patient with Copper. They are obviously different markets, and with that comes different subtleties and different market behaviours - however, I have to do better in behaving the same way towards any market.

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