Friday, November 4
Total gross profits: $375.00
Total trades: 10
Contracts per trade: 2
NOTES: The employment report created the usual havoc for a few minutes, creating a nearly 15 point up and down move that went nowhere. For whatever reasons, after the dust settled, it seems as though the levels today were in harmony with reality, and my ability to read the overall trend was also in sync with the outcome of the trades. I was in the zone.
However, just because I was "right" doesn't mean I made money. My fills were out in left field in the un-zone zone. Either my entry limit orders or my target target limit orders were not filled. I no longer get the benefit of SIM fantasy fills, can't easily utilize MIT orders in TradeStation, so my "missed opportunity costs" ended up being at least +6 to +8 ES points over 3-4 trades. In other words, this day had the potential of being a very solid day. But the realities of getting fills (or not) just goes with the business -- I'm never going consistently enter all the possible setups or execute all my orders perfectly.
Sure, I'm somewhat disappointed it wasn't a huge day. But I'm actually satisfied that even with all the misses, I ended up having an "average" day. Yet another example of the margin of error this system provides me. I'm also relieved that what has worked in the past month has continued to work today. Both Renato's DS alerts in the room (which went 5 for 5) as well as the scalp setups I take, were working as they normally do.
During the final hour, there were a few more signals that worked for +2 profits, but I was fatigued and thought it was best to stay on the sidelines. However, my confidence is stronger because of this experience, and I can't wait until next week to keep moving forward.
* * * * *
Yesterday, a Hyperspaz -- Today, a Zen Master.
Well, perhaps not so extreme on both sides, but I believe I've returned back to the pre-live account trading mindset, and it fees like I made a big journey. I can safely say that I've gotten all the "what's trading the live account like" out of my system, so I was able to get back into the zone today. But every day is a new learning experience, and I'm sure there will be something else I'll face as a challenge in the days ahead.
Based on the past week or so, here are a few random thoughts:
- An unexpected but very positive surprise has been all the great like-minded people I have met through this blog and the Diamond Setups room. Extremely valuable and very appreciative.
- Yes, fills really are different in SIM vs. live account.
- "Only $1.20 a side commissions!" from my broker is a typical marketing diversion tactic. After exchange and other fees, it's essentially double that figure. Much greater hidden fees vs. stock commissions. At least they scale it down with volume.
- It's easier for me to enter a trade (and overtrade) on a live account vs. a SIM account -- because it's the real deal (call me strange).
- MIT orders seem very appealing (even more so since I can't easily use them) and would likely increase my profitability.
- When the markets are really in tune, the DS support and resistance levels work, I mean they can be REALLY accurate. But without the proper trading rules, they don't mean much.
- Mind over matter - the biggest challenge to successful trading.
- When you're really in tune with your trading system, the challenge is not whether you can follow the rules with discipline. It's whether you can properly execute your orders accurately and promptly.
It has been a LOT of work getting to this point, but I'm really enjoying this journey and truly believe the best is yet to come. Is it Monday yet?!?