Tuesday, October 02, 2007

Trading Results for Turnaround Tuesday


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One of my best performances in the past 3 weeks.

The above results were all accomplished with one contract in every trade. Now does that mean I am ready to bump up my size? Heck no. My account equity will tell me when I am ready to double my size.

As I discussed previously, I am still making mistakes and lacking patience in holding my trades long enough to let it develop. But fortunately, today at least, the market forgave my mistakes.
Volatility in the stock index futures (ES, NQ) has dried up. The only trading opp. availabe was a short in the first half hour of the session. I missed out on that, and as a result did not trade ES. But I did make a couple 2 and 3 tick scalps of NQ, for a measly profit as you can see.

The trade in CAD futures was an impulse trade, and I deservedly got burned for it.

I shorted at pretty close to the bottom of the move in CAD. Price was dropping all morning, and I ignored the signs of capitulation (price action got real jumpy and choppy right around the time that I shorted it). You never want to short after price has dropped ..... 90points !!!
For some reason, CAD futures seems harder to trade. Not sure why that is, but for sure it behaves different from Cable.

I've talked about my trade in Natty Gas, British Pound Futures and Wheat, so the last one is the soybeans trade:

There were a ton of trading opportunities in soybeans today, but I got fixated with looking at those big sizes on the ask in the wheat market, which ground the wheat market down to a virtual halt (I talked about them in Wallstreak, but Wallstreak seems to be down at the time of this writing, so I cannot provide a link). And Yes, obviously I should have held onto the second short longer - the market was proving me correct (and never proved me incorrect), so there was no technical reason to exit. I'm working on it, okay???

The important thing was I got off to a good and profitable start today, and as a result, I did not push for trades, did not overtrade (which makes it easier to review the trades that I did make), and did not get frustrated at missing my setups. I was mindful of assessing risk in each scalp that I made, and documented most of the trades that I made today.
A good day all in all.

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