Dummy day trading #14 16-August-2006:Dow Mini:Long trade closed

It was another bullish day, and it was indeed a repeat of tuesday’s session. S&P, Dow Mini as well as Nasdaq were having nice dummy set up. Long position of Dow mini was established above 9am(chicago time) candle. It was a very slow trade. Position was closed at 11309, and I have left E-mini Nasdaq position to run instead.That was a wrong exit of Dow. It continued to move up after that. My problem is on Exit a trade (in profit taking way).

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Here is part of the conversation with my trading buddy Vincent when discussing my problem. I have found it very useful.

do your planning in off hour trading not during trading -” plan the trade and then trade the plan”- if you can’t then you need to do one of 2 things or both – paper trade to give you more confidence so you really believe and therefore will stick to it or work on your discipline by using imagery of how you will trade in all situations or WRITE DOWN your stop and then ask yourself how do I answer to this if I override my stop and if I am wrong in overriding my stop

One trade close with 0.49R gain.

Dummy day trading #13 15-August-2006:E-Mini Nasdaq:Long trade closed

This is the last trade of the day. Long position of E-mini Nasdaq was established above 9am(chicago time) reversal down candle. Trailing stop was moved to break even after 1-R gain. Subseqently, I did not wait for 2-R gain and decided to closed the trade with 1-R profit with the same consideration as Dow mini trade. (Discipline problem again!?!)

Though I manage to close the day in black, I am not happy with my performance in term of trade execution. I was a little bit emotional after the E-mini S&P loss.

15 August 2006

15 August 2006

Dummy day trading #12 15-August-2006:Dow Mini:Long trade closed

Long position of Dow Mini was established above the 9:00am (chicago time)reversal down candle. I decided to closed the trade at break even point as I do not like to see a doji immediately after the initial entry candle.
Secondly, given the consideration of Core CPI report which is due tomorrow, it might limit the upside of today’s rally.

One trade closed with 0-R gain. I think my broker will be the only person who is pleased with this kinda performance.

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Dummy day trading #11 15-August-2006:E-mini S&P:Long trade closed

First trade of the day was a loss, and I was a loser. However, I deserved the loss. It was the result of lack of discipline to follow my trading rules, that is never enter a trade during the first hour of stocks market opening. I was eager to enter Long trade of E-mini S&P given S&P futures/Dow/Nasdaq are having good gain after Core PPI number released.

One trade closed with 1-R loss. Though the R is very small for this trade, the result shows a serious discipline and trading mentality problem.

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SIMSCI trading journal migration completed

I have finished moving all my SIMSCI (MSCI Singapore Free Index) futures trading journal from my old blog (clogspot). It is located in SIMSCI category. Another way is reading my June Archive . I started SIMSCI day trading since end of May.

SIMSCI trades are important to me during the development as a futures day trader. It noted my little success, inconsistency, coolness, everything..good or bad. I have experienced winning streak, losing days,over confident, brokerage change and charting service down etc. These experience are just so important to me.

Dummy day trading #10 14-August-2006:Mini Gold: Short trade closed

That was not so nice to start the week with a loss. Short position of GOLD was established below 8:00am (chicago time) reversal up bar. And I was stopped out by the very next candle. Nothing much to write about this trade. The possible mistake might be, the reversal up bar was in fact closed above moving averages. It was, in fact, not my favourite set up condition. Then why did I make the trade?

Secondly, it is necessary to reconsider about trading Mini Gold. Volume is low and spread is sometimes too big to be swallowed. Not a good choice for day trading.

30-min chart of Mini Gold futures 

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I decided to call it a day around 1130 am (chicago time) since I do not have desired set up for stocks indices, and oil seems to be making a intraday come back. uh! I am doing nothing when market is having 3-digit gain?!? It does happen.

Vince reminded me the movie 'God Father' : 'This is the business we have chosen'

Ok, 1 trade closed with 1-R loss.