Monday, November 24, 2008

Monday 11/24/2008 - Platform Setup

I'm not posting any trades from today since most of the day was spent/wasted messing around with getting Ninja Trader properly setup. Ran into some issues where NT couldn't keep up with the orders, and the size on the auto-stop/targets wasn't updating to reflect the position size as I would scale in/out. Due to that issue, NT would've actually reversed my position if the auto stop or target order was hit. I've emailed the support staff at Ninja Trader and they recommend I run TWS Build 887. I'm currently running the latest release; Build 889 and the oldest build offered on IB's website is Build 888. I don't think the probems I'm experiencing have anything to do with the TWS build, but it makes it easy for NT to shift the blame. That's enough ranting about tech issues.

I had a very good discussion with Ziad over the weekend, which made me more conscious about risk/reward and stops. Going forward, I'll be risking 1% on each trade. Size will be calculated based on the dollar amount being risked, so setups with wider stops will have lower size, and tighter stops will have larger size. Size will be adjusted as the account grows/shrinks.

Regarding today's market action, I'm still surprised that ES broke 860; unbelievable! I mean, is it really good news that Citi needs to be bailed out by the Govt, and Govt is obliging to their request in order to "save the system"? Doesn't this just further show how much of a mess we're really in? 869 was previous week's high, so I was shorting low-mid 860s which turned out pretty good. On the negative side, I definitely let my bias get in the way and could not get myself to go long at any point during the day. I need to be able to put my bias aside and trade in the now.

Market Structure Chart (5-min)