Full Time

I'd put my overall trading today in the crap pile. But there were moments when things were good and my skills showed some development. I made $20 in my account and $611 in my friend's account.

First, I think working the two accounts at once will keep my mind on trading, prevent me from overtrading my account, and allow me to make a little extra money overall. It would've worked brilliantly today, had I not placed my first trade without looking at anything other than a small portion of a 10 minute chart. I went long right out of the open (only in my account) and didn't realize the implications for a few minutes while my other computer booted up. I took a hit right off the bat (aside: talk about word play). I didn't know how far the drop would be so I took a $300 or so loss just to keep my mind at ease. Didn't want to break my account today.

Anyway, I use the other computer to run IB's platform which gives me $TICK readings, stock quotes, etc. After that booted up I began to trade my friend's account too. This kept me much more focused on the game, although it took me quite a bit of time to work off that initial loss, mostly because I would get scared of my initial perceptions. There was a lot of second guessing that probably didn't need to happen.

By the end of the day, his account, which allows me to trade up to 6 contracts (but I maxed at 2 today) was up quite nicely. My own account may have finished up better if I had left on the short I put in at 994 for a little longer than 1.5 points. The closings make me a little nervous given I can only day trade that account, so I tend to get out as close to 3:30EST as I can.

Overall the screw up at the beginning of the day contributed to a fear throughout. Because of this I took many winning trades off too soon and cut some trades at breakeven that should've been allowed some more time.

Monday is a holiday, but I will be back for more next Tuesday through Friday.

Take care.

Patterns

xkcd

STUPID!

New Rule: Do not take on two contracts at once until $2500+ is in the account. Even then, be cautious and do not take them on after a losing trade. STUPID!

53.7%+ Booyah Wall St!

I opened my own futures account last week. I've put in four trading days and have made $537.70 or 53.7% on my original $1000 deposit. I've only been able to trade a single contract up until today when I surpassed the $1.4k mark (each contract requires $703 in the account). Made ~4.5 points after commission today; I had no school today and stayed in front of the computer from 6:30-12:30ish (9:30-3:30EST).

Last night I came up with a trading plan (rather simple) that I have implemented. Also, I maintain extreme caution with all my trades (many have been for a measly tick, but this does allow me to reduce stress by keeping losing trades to a very, very small fraction of total trades)

Current trading plan (tried to order them by importance):

protect profits
increase equity
build buffer room for margin
expand contract size slowly
maintain account size until:
1)$5k is reached
2)need money for rent/school (heh)
3)no other reasons!
continue to learn

Ain't Got Nuthin'

Oh! Sweet Nuthin' - The Velvet Underground

Not much for you at the moment. Added a few links to "Comrades in the Trenches." Also, I have been trading my own futures account for three days now. Can't wait for the summer so I can trade full time =)

Anyway, hope all's going well. These markets love making winners out of losers and vice versa. Hold onto your shirts. Don't fold your aces. But remember, two two's likely won't stand, and three pairs makes a winner out of no one =D.

Frightening

Two Things

Update: Another you might want to look at as well.