Tuesday, October 09, 2007

Trading Results for Turnaround Tuesday

Things are starting to pick up finally in the S&P500 eMini Futures market.

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I made a couple of 2 and 3 tick scalps of wheat and Cable, neither of which are worth reviewing here.

In the first trade, I was a little bit early and did not wait for my DMI paintbar to signal short, so I was lucky not to get stopped out. Same case for the second trade.

In the third trade, I thought I did everything I was supposed to: wait for my DMI paintbar to signal short, saw the whoosh down on the tape, and entered on a partial retrace. As it turns out, I got stopped out. I became frustrated, as this was the second day in a row that I got stopped out prior to my profit target being hit. I kept wondering that there must be some sort of conspiracy out there, just waiting for me to move my stop so that they can hit it. My frustration prevented me from taking any more trades for the remainder of the afternoon.

Of course, in reality, I either timed my entry wrong, or my stop was too tight, or probably a bit of both. You would think that I have learned that lesson by now, but apparently today's results show that I still haven't yet learned that lesson.

Okay, time to erase this frustration out of my head so that I can prepare for tomorrow's action.

1 comment:

Tomer said...

I think you did put your stop too tight, mostly when I put it that tight I get stopped out, you were lucky in the first two trades :)
not that I traded today, I felt today was a too risky day so I didn't participate in daytrading futures today.