Trading is Fun: June 2010

+ 1 pip = + $16.98

*Update* - For the month of June I'm -9 pips

06.30.10

Today was a mental battle and I feel like I nearly ended up with another max loss day. However, I forced myself to get up and walk around the apartment before I took too many ill advised trades.
I was taking my trades off of the 10 sec chart only. I'll continue with this change until further notice.

I'll do a month end wrap up post later on.

-20 pips = - $206.02

06.29.10

Another max loss day. I'd like to continue to trade today but I know it's not in my best interests. I don't want to risk looking at a negative 30 pip day.

There was at least one warning sign that could have prevented me from taking further losses after my initial loss. In addition to my 1st loss there were 3 other trades that were essentially misfires. This could tell me that I'm not reading the market very well and I then could know to step back until something changes.

I'll also say that I knew these final two trades were riskier than most because they were at extremes.

Days like this wouldn't matter as much if I could do better at maximizing my gains when I'm in sync with the market.

+ 3 pips = + $28.99

06.28.10

Slow pace in the market today.

+ 3 pips = + $31

06.25.10

The pace of the market became really slow for a good part of the session today. I didn't try to force any trades. My last trade today came within a pip or so from my stop and then reversed into a profit. It reminded me of the one time I watched a trade come within FRACTIONS of a pips of my stop and not get hit before reversing into profit. Of course most of the time if price is only fractions of pips away from my stop it means I'm about to take a loss. Hakuna Matata

+ 7 pips = + $70

06.24.10

As usual I left allot of money on the table today. Unfortunately there isn't a simple fix for capturing more of the move. There no doubt is a fix for me but I've yet to resolve the problem to its simple and elegant solution. It's really not a matter of if I'll get there...only when? Keep on keepin' on. WORD.

+ 6 pips = + $68.98

06.23.10

I've weathered the storm. Today could easily have been a losing day and I would still proclaim that I've weathered the storm. My mentality was in check the entire day today. Please see an update to yesterday's post to find what was the source of my problem.

I was busy with various things this morning before I had to get ready for work so I wasn't able to trade my full time slot. Regardless, it felt really good to have my confidence and clarity back. The past week-ish or so had been a challenge. But having had experienced clarity and confidence concerning the markets in the past it was much easier this time to right my ways.

-17 pips = - $173

06.22.10

Such bad trading and it is as simple as that.

*Update* - After going over everything again & again I've discovered what is the main source of my poor performance the past week or so. - Lack of Focus - Of course lack of focus can take many forms and lack of focus as a problem means nothing unless I get specific.

Specifically, lack of focus has been hurting me the past week regarding my chart analysis. Usually, when I've been performing profitably I only look at 2 charts once my long-term S&R lines are set. However, recently I've allowed myself to frequently flip time frames while trading to search for something that isn't there .... a guarantee. Paradoxically the more I stop looking for a guaranteed win the easier it is to go on long streaks of nothing but wins.

Back at it tomorrow. Once my long-term S&R lines are drawn on the chart I'm locked in on my two preferred time frames. 30sec & 5 sec. FOCUS.

+ 1 pip = + $9.99

06.21.10

Eh. Same story.... didn't hold onto my first two winners to target. Not even sure I would've taken the 3rd trade if I had executed the first 2 correctly.

- 11 pips = - $119

06.18.10

I knew the pace was slow today but that knowledge didn't help me pull out a win. Perhaps it allowed me to lessen my loss though. Regardless, even though I've been trading for a while I'm still not where I'd like to be. The loss today doesn't bother me. What does bother me is that I don't think I'm making the most of my winning days.