Wednesday, December 31, 2008

12/31/2008 - Frustrated with today!

Today was a very frustrating trading day. I switched to the real $ account today, and ended up with a net loss of $194.20. The dollar amount doesn't bother me; not really a big deal, but the way it all unfolded does. And I'm not blaming the market; and take 100% accountability for my lack of performance. In the afternoon, I noticed a divergence in momentum and price, as well as volume and price. The volume oscillator indicated that traders were selling into the up moves above 901. Here's a snapshot of the "Trades" window from the IB platform:

I got stopped out for -3 points on the first 901.75 short.
I re-shorted 904.50 and took a 2.75 pt gain at 901.75
I then shorted 903 with a stop at 906. I was on the phone with a friend, and I actually meant to add to my short at 904 but accidentally sent in a buy to cover order for a -1 pt loss. At this point, I'm still on the phone and
I re-shorted 903.50 and got stopped out at 905.75 for a 2.25 pt loss. I was still on the phone so decided to step away and just call it a day. And what do you know, we get one last run on the stops, and then ES tanks 14 points. THAT is what I was expecting and looking to capture ALL afternoon! All of my trades went into positive territory by 1-2 points before reversing on me, but I was forcing myself to be patient and not take an early exit. The way price was setting up, I was looking for a 5-8 pt down move at the minimum. There was also strong divergence between the indexes. NQ broke down, while ES broke out. Today's loss was due to a sheer lack of discipline on my end. Going forward, No Phone Calls while I'm trading.

I'll be switching to all real $ trades in 2009. I'll be working on setting some trading goals over the weekend, along with some money management rules. I'll be posting all my real $ live trades here for full accountability. My starting balance will be $22,648.

Wish everyone a safe and successful 2009!

Breakout from Symmetrical Triangle on the Daily

Market Structure/Balance (5-min)

No comments:

Post a Comment

At the minimum, please provide your name or Twitter handle when posting comments. Do not post as Anonymous. Comments that contain links to commercial websites will be marked as spam.