Wednesday, October 03, 2007

Trading Results for Wednesday


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I traded Cable last night and lost a few ticks, then I traded the Euro and gained a few ticks, then I traded ES and lost a point, and finally, I scalped Natty Gas for a few ticks.
It felt like a lot of wasted effort with nothing to show for it.
I also feel like a broken record in saying that I once again lacked patience. With Cable, had I waited a little longer before making my trade, and had I held onto the trade a little longer, I would have been profitable today.

Since I said I would document my losing trades, here are the losing trades in Cable in all its ugliness:

Trade1: Long @2.0373, stopped out @2.0365
Trade2: Long @2.0383, stopped out @2.0373
Trade3: Short @2.0365, initial stop = 2.0375, exited @2.0355

My ADX paintbar was showing red, and I only drew the Fib retracements after I made the first two trades. Before making any trades, I should have drawn the Fib retracements (indicating a 50% Fib RT at the time I made the first two trades), and that knowledge combined with the ADX paintbar being red would have told me not to go long on the first two trades, that was the mistake.

Ok, tonight I will work on being more patient with my trades.

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