Thursday, September 30, 2010

Thursday & Monthly Result: Anomaly

CMIIW, this September was a tough day for day traders. However, I made the biggest winning month of my life. I made $5100 this month. August as a modest month, I only made $1000.
I am not a fade trader. I go with the trend, if there's trend for over this month. My profit lays from profit taking too early, sometimes very early. And also 'striving for profit' habit.

I know it's not a very good habit on normal market. But in abnormal market, it's a survival. Forex market still in good condition. Oil also dynamic and I hope always do.

October may become a more volatile market. And if this come, I'll be ready :)

Happy to drill down my performance if it's good :)
Mothly result:
6A = $ 960.00
6B = $ 62.50
6E = $ 462.50
6J = $- 137.50
CL = $ 3470.00
E7 = $- 6.25
ES = $ 175.00
QM = $ 437.50
TF = $ 1950.00
ZS = $- 75.00

Wednesday, September 29, 2010

Wednesday Result : UNTRADABLE

Every breakout were faked. Do I have to become a fade trader?

Tuesday, September 28, 2010

Tuesday Result

I got out from TF before the BOT PROGRAM kicked in and pump the price. I started to believe about TARP agenda :)

Anyway, $1086 profit with only 1 contract movement is BIG for me. :)

Life's Funny

I remembered few years ago when I was an employee, there were lot of hypes about financial freedom, quit from job, work whenever you want, income above recent salary, bla-bla-bla. I was interested with all of this stuff and entering some network marketings. Of course it didn't work out. I'm not anti network marketing, but so many people deceived by their scams like:

1. Everybody can success, whatever the background,education,or status.
Fact: Well, if everybody can success, then there'll be massive competition among members and make your life harder.
2. Low capital for startup, even free.
Fact: Same like number one's fact
3. Easy to do, just follow the rules.
Fact: Same like number one's fact
4. Financial Freedom, profiting from your downline
Fact: You should thinking about your downline. If they're not prosperous, then you'll be doomed sooner. FRESH VICTIMS WANTED!!!!

My friends at work started all of this. I joined and entered some of the seminars, lot of hype, hope, bleh..just some herds were milked from smarter people. And the funny thing is, all my colleagues still working at the same company until all this 5 years!! While I quit my job, burn my bridge and began my journey as a full-time trader.
If I was still an employee, my salary would be around $800 per month. Now, for the last 3 months, I gained almost $9500 from my trading profit. That's around $3000 per month and still growing. My income may grow exponentially when the market's great.

I want to laugh with all these years, they received nothing...yes, nothing.

Monday, September 27, 2010

Monday Result (Finale)

Last Trade :) Exit 3 Ticks higher than my target. Should filled on my target but it's okay since market very damn slow.

Monday Result (Pending)

I have open position at TF. loss $50-ish or profit $400-ish
Let this slow damn TF market decide. I can't take this pressure. Close my chart.

Sunday, September 26, 2010

Wisdom From Day Trading

Well, at least for me. I'd like to share about what I found and useful in my trading. Some of them are provocating or mind boggling, but once again, it's good for me :)

For some of you aren't agree parts or whole of my wisdom then it's okay. It's more my personal findings than general wisdom.

1. I would rather entry based on my system and have to cut loss then entry by feeling or out of system and give profit. How can I analyze the 'feeling' and improve my trade? And it'll be sure become a bad habit.

2. Entry, cut loss, then re-entry sometimes at worse price is not a shame thing to do. It's an insurance I'm willing to pay from some 'fat finger' triggered that may wiped out my profit or account before I know it. (Remember May Day).

3. Go with the trend, even in sideways, go with the trend. Never ever try to pick top or bottom. If it doesn't work out, so be it.

4. S**t happened not sometimes, but most of the time. Misstype, wrong entry, missed trade, etc. So, just accept and do better next time.

5. Start with small, My Stop Loss less than 1% of my account, after gaining momentum, I add the position. This way, I will be sure stopped out dozens of time. But when I was right, I'll reap great profits, big enough to cover my paper cuts and more.

Hope this helps :)

Friday, September 24, 2010

Friday And Weekend Result

Today's another mess, I kept miss-type $74 & $75. Cost me around $200. But in the end is happy result. Today's I did pyramiding after CL broke 76-ish. Buy buy buy till 5 contracts!!! Not bad...down $900 then up $325. Tq MBA and Jules, have you two have a great weekend :)

Thursday, September 23, 2010

Thursday Result: Chopped Early

Twice, I was chopped early by CL. When the movement came, I already downed -$1300!
So, my instinct just told me to at least loss little or breakeven. And after I got out, the price just gave me $2000++!!!

I was tired and frustrated. My $1000 profit this week easily evaporated in just one hour trade! I was chopped from my setup, so terrible that I just can't thinking anymore. If I limit my trade aka not overtrade, I may down $500 while I can profit if I enter a little more. Today's setup was as bad as yesterday. I confused and afraid. I think I will tuning my setup. The 1 min chart gave good signal today, let's take a deeper look.

Wednesday, September 22, 2010

Wednesday Result: Little Profit

I was crash by CL today, I can't stand the choppiness and as always, my last 3 contracts went to 100 cent profit. I could booked more than $2000 today. Sigh...

Anyway, I used the 'last gasp' of CL when it pop down almost 20 cent in nano seconds. Gain around $200 from Battle of Choppiness.
TF went downdward today and I didn't participate, while CL doing his vengeance with me.

Bring on tomorrow :)

Tuesday, September 21, 2010

Tuesday Result : FOMC Chopped

Not much to say, great CL, chopped TF, too earl 6E.
I considered it success since it's FOMC day :)

Monday, September 20, 2010

Monday Mediocre Result

Meh, I just blown up with EUR. Stopped out three times with modest loss give me headache. Decided to scalp my trade and finish weak.

I still don't adapt with this bullish chop environment. Oil still powerful :D

Friday, September 17, 2010

Friday Result and Weekly Reflection

I was still up around $2000 this month.
Of Course I was right my TF position but before the price went through 655. Today's a decent day. Back to my old profitable style today :)

Tough week for me. The worst things I did was entering the low prob setup and overtrade if it failed on CL. TF trade and other currency was okay.

----- New Update -----
I realized that market profile is important, at least for identifying the volatility of market. This sense can be built by screen time hours. I saved myself couple of times not from gaining profit that eased the losses, but alos avoiding entry at bad conditions. Still honing my skill in this.

One little mistake can lead to bigger disaster, My weakness is wanting to get back from straight small losses into profit or breakeven. Not admitting it's just a rare bad day and I must stop trading. Also from wanting more profit addition from winning day, not realizing every trade I made definitely indepedence from my result.
Previous result correalation with current trading performance is what the weakness came.

The most profitable month for me is when I made streak little profit day. Go on when losing, stop early when profit. Never made a home run, just steady little profit. Attempt to change my style and got punished.

Next week trading plan will about flowing with the wind. CL still my primary instrument while trading passively on Currencies. TF would be a sudden trade since it's so dull. ZS is not so good in my style, will passed on it.

I Was Wrong

---It's not about Right Or Wrong. It's about how much money when you're right and how much you lose when you're wrong---George Soros

Thursday, September 16, 2010

Thursday Result

One Open Position TF not reaching 10pts. I hate this market!!! Let's see what tomorrow's give :(

Price is Rigged, really?

For people out there believe that market price is scam then open two accounts, one for long and the other for short at exact price. And if it's a scam then both your positions will be a loss and you knew it never happened (except you buy options then you have chance to lose the value both of them or vice versa)

So stop talking about Rigged Price.

PS: Riding the 10pts in this darn dead market is tough, but not impossible :)

Thursday Notes: 1000% BEARISH Today

September market was dead. This is the momentum to reap at least 10pts ES. I already Short 649.40 TF and won't get out until 10pts. My entry still based on Wedge breakout, no discretion fill.

Lately there's only one reason the market went up. Weakened Dollar. And dozens ES hole downside need to be filled. Expiration days needs a re-balancing. So One Big Red day needed for it.

I rarely give opinions about market, but this time. It's rare opportunity to get short, today or tomorrow. Which come first.
Neglect all Long Signal, only enter Short Signal.

Wednesday, September 15, 2010

Wednesday Result

Note To Self : Avoid Dead Market.
Thank God I still surplus $745 this month :)

I was tilt today. Don't know what to do. Market is utterly dead. Worse than last week. Disaster began after I didn't took the 40 cents of CL and using too many inverted wedge.

From now on, I don't care if CL price run to 10.000 cents, I just need taking 20-40cents per trade. That's much better than being a hero waiting for 100cent movement which is rarely being caught.

Tomorrow I'll exclusively trading CL only, until eminis back to normal. No Currency for a while, very exhausting and slow.

Tuesday, September 14, 2010

Monday, September 13, 2010

Monday Result

Another chopped and quiet day...
No more trade...

Friday, September 10, 2010

Friday Result : All Green

Friday Result:

Weekly Result:

Not bad for a jewish holiday weekend. Decided to shut down since E-mini and TF gave another erratic movement.

Missed the CL opportunities and the signal not shown. Have a great weekend :)

Thursday, September 9, 2010

Thursday Result : Algo's Hell Part Deux

Afraid for becoming a habit. CL inventory news...perfect entry :)

Weekly Thought

In my opinion, the primary mistakes of why beginners failed in this profesion is because cutting losses and profit run. I may discussed about cutting losses. Cut losses is not a failure. Cut loss is protection. Many great traders out there doing cut losses more often than taking the profit and still they made massive money. They didn't want to tell you the secret because they need prey, fill their wallet.

First enttering this profesion, I have an anti-cut losses attitude. So that's why I love options. Just let it expired if I did wrong. I learn lot of strategy like butterfly, condor, calendar, etc, just for one reason only. I don't need to cut loss. Until I busted over and over again. So many newbie just like me avoid to cut loss. They want a 100% winning system. I entered some workshop for those reasons. Like guaranteed 5% profit using USO (oil options). or Earning play, etc. That's the view me watching the market.

They all failure...

The real secret of the market is looking the market for probabilities. How many times it worked and don't. There's no 100% probabilities, even no 90%. Knowing that, you must prepare for the Stop Loss since there's no 100%

Wednesday, September 8, 2010

Tuesday, September 7, 2010

Tuesday Result : I Should Die Today

Notice my scalp at the bottom? Today will be like one big wave, thousands fake followed. If I go with the big wave, I didn't need trade again. There's 100cents in the corner. However if I got out early and followed the other wave, most likely my profit will evaporate.

Glad with the result, most because of lucky entry. I mean entered on the right one, not lucky guessing :)

Friday, September 3, 2010

Weekly Thought: Losing As Part Of The Plan

Most beginners like I used to be and sometimes still do it don't think losing as a part of the game. Losing is part of the plan, just like business having an expense as part of the game itself.

Most of beginners wondering if they did something wrong after the losing streaks. They thought the flase lies on their system. Well it probably right. But most of the time it's because of lacking discipline and patience doing the system.

Have you ever reviewed your own system weekly after dreadful losses and find out that if you stick to the system, it won't happen too disastrous? I saw it over and over again.

Losing as a part of the plan is accepting and embraces there will be losses. It's like business on bad season. Less customers, less profit. While the operation cost still going, all you have to do is doing more efficient like closing the business early, reduce stocks, etc.

Now in trading, there's also something to do in difficult times. Some of them are reducing sizes, less trades, or profiting more early and close for the day. The important part is doing the losing as small as it can be, just like business reducing the cost.

Important aspects for doing this are size, stop losses, and profit taking. Waiting for big profit taking is not greedy. In fact, it's adding some insurance for bad days which sure to come. For example profiting $600, -$200, $-100, -$200, $800 are better than $200, $200, $200, $200, $100.
We're not blue collar worker for god's sake.
We may won't get paid for some days, but we'll sure receive some bonus on some other days.

For those of you looking for daily wages in this profession, you may survive. But you can't succeed. Why? Because you're making a habit for picking small changes and trust me, it's really really hard to let profit run if your subconscious mind doesn't say so.

For me, the best strategy is starting small and then after doing the right side, adding the position gradually for high reward low risk. It took guts to let go small profit to pursue the big one. Jesse Livermore did that.

Hope this useful, have a nice trade and Happy Labor Day for US citizens :)

Friday Result : News Driven Price

Surprisingly I can manage well in this "iliquid market" week.
Once again my scary voice took over my CL trade and only got out with decent profit though it's offering 100+++ cents movement. Aaargh..

The bright side is I trade very well today, especially on profit taking and signal.
A little dissapointed in today's trade. Looking forward for next week

Have a nice trade :)

Thursday, September 2, 2010

Thursday Result : Saved By No Bias

I admitted, I had a downbias on CL. Anyway I was wrong, beaten heavily. So I just trust my system and voila....I managed to breakeven.

Crude Oil have been dynamic lately, unlike those stupid TF and ES (TF worse).

Wednesday, September 1, 2010

Wednesday Result : Scratch Result

Should trust my setup longer...
Starting the day with bad trades, then accumulating small gain. Afterall a modest result but far from target objective.