|P&L shows loss on the 5min bar after I had already exited the position.|
Total gross profits: $0.00
Total trades: 4 [2 scratch]
Contracts per trade: 1
NOTES: First day trading live since last month, and the gross P&L of $0 pretty much explains how most of my trading day went today. Only 4 trades today, which is also unusual.
However, there were definitely some moments of action that moved the markets. A planned ISM news release at 10:00 AM moved things a tad, but it then chopped sideways in a 7.50 point range for several hours. There was also unexpected news around 14:00 regarding the pending downgrades of 6 countries by S&P, which really woke the market up.
But for whatever reasons, I was not able to capitalize on the volatility. The chatroom was also pretty much close around break even or up a small amount today...that is, up until Renato made a final call to short that triggered around 15:00, made at least +7 to +9 ES points. Since I'm only trading one contract and can't scale out, I had at least +1.50, got stopped out at breakeven, and then saw the market really tank. Can't get 'em all!
- Of the 4 trades I took, the setup selection quality was good to excellent, and the trade management execution (moving stop orders) went well. I'm satisfied with the results of the trades taken.
- Even though there were a couple instances where I was stopped out at breakeven even after the trade was +1.50 to +1.75 profitable, I followed my rules. I feel absolutely no remorse or disappointment that I did not close out with a profit vs. breakeven, because over time, learning to hold on through the shake outs will be more profitable (for example, when I start trading multiple contracts to scale out).
- There were a few other good setups that I missed, but missing trades will be relatively normal and acceptable. What's absolutely critical is that I don't offset my missed trades by taking low quality setups.
- Speaking of which, I did NOT overtrade, which was a BIG WIN today, especially since choppy periods have historically lured me in and chopped me up.
- During the morning and through the lunch hour, I was bitching and complaining how everything was choppy, range is too narrow, how most setups were not "clean", etc. My plan is to wait for the close of the 30min bar to help determine the next course of action, and that was vital in keeping me out of overtrading trouble. One way I helped accomplish this was to leave the computer and return by the close of the 30min bar.