As I posted this, still have long position ZS on 1415.50. Raised SL on Breakeven. I really didn't have mood for trading. First of all, I missed the EUR vaganza early London session. Next, Crude Oil made nice rally at opening US session, without me of course. Lastly, I just wasted the 9 cents profit from corn. that's $450 per contract and took the SL on 3 cents only before it dived down 1 cents more and got back to moving up.
ZW were just chopped around aimlessly and this is the wise decision today to stay away from it. However, ZW was the underdog compared to ZS and ZC. It's just not that 'hot'. ZS was number one for violent and slippage. ZC was more friendly IMO. Not as strong or fast as ZS for movement, but it had much more liquidity.
Next, I kept buying ZS on tight SL when it's diving down, cost me 10 ticks. The commisions alone were $50. Bad move. Decided to stop trading if my last OP were stopped out. Hopefully it moved 10 cents to make this day worthed. Whatever happen, I stopped trading and prepared for tomorrow's dance.
Greedy now become my middle name :) I changed my trading stlye more to swing trading, but with very unreasonable tight Stop Losses. Sure grains had much much potential especially ZS and ZC for a while, the moves are solid, fast, and less chopped. However since there's less liquidity, price may mad sudden jumped and lots of slippage. The strategy for daytrading grains are= Took 5-10 cents profit, and end of day. I mean, if we can catch 5 cents, that's $250. Added with 2 isntrument, that's $500 already. Only need catch one wave and that's it. Today's, ZS already made 3 waves in just 2 hours trading. Worth 5,10,10! Stopped out multiple times might be forgiven as it moved 5-10 cents easily. MOre than that, it's just plain harder. Just put SL on 5 cents after it moved 7-8 cents. It's infamous with the sudden reversal. It's less than 1 millisecond to moved 4 ticks! So, place the SL wisely. Sometimes when floating 3 cents profit, it may wiped the Stop Losses on breakeven without even you knew it. Now I hoped the last wave, usually after 01.00 am to go up. Besides that, it's just one small losing day :)
"As... day :)"
ReplyDeleteHuh?
Your goal as a trader is to follow along with the markets movement. That accuracy result at the end of the day is the way and the only way to judge your ability. Points or dollars gained is a byproduct.
The majority of traders do not look at things that way. This is your first truth. Will you recognize it?
Forgive me,I was remiss. A moment of silence traders. Regis has retired.
ReplyDeleteHi Gump,
ReplyDeleteI really don't know what's u're talkin about. Did u see the consequtive small red I made? That's my disease, showed that I'm not in the zone. Last time it gave me $500 profit. Next time it cost me $1000. I'm relieved I can stop with small losses.
Tq for coming :)
Hey, I'm with you, the hell with Philbin.
ReplyDeleteOn trading...I will step aside and not interfere with your zone. Best to ya'.