For those of you attending the morning webinars, Steve didn't record this morning's session. He has decided to give you an additional session on the Monday following the last scheduled webinar, so although we don't have access to today's information, we will have another opportunity to learn.
Recognition goes to Dick in this afternoon's advanced training webinar--great trade today!
Wednesday, August 12, 2009
Tuesday, August 11, 2009
Avoid Overtrading
Steve has mentioned this before and reiterated it in yesterday's afternoon webinar. Overtrading in the middle of the day during choppy markets, or during low volume periods, will hurt your profits. (See my post from yesterday--I had to get back in the market during the late afternoon in order to make back what I gave up in two bad trades during the chop.)
Here are the 4 trades from this morning's session in the S&P 500 e-minis.
Were there more trades I could have taken? Probably one or two; but it's much more enjoyable and profitable to be patient, wait out the midday chop, then take a look at what may be setting up in the afternoon session.
After the market close:
I didn't take any other trades today. Steve and I spent some time discussing the webinars and video we are putting together, then I got busy shooting a couple of new airsoft guns with my 11-year-old son and just didn't spend much time watching the market. (By the way, having a friendly impromptu airsoft battle with a bunch of the neighborhood kids is a great way to have fun and bond with your own kids.)
There were a couple of trades I might have taken, but I missed them entirely or took a look at the market after the move was well underway. I refused to chase profits; I've done that one too many times before.
I'd rather walk away with my gains and wait until the session tomorrow morning, so I traded a total of only 35 minutes this morning, then spent a few minutes glancing at the market this afternoon. About 3-1/2 to 4 points in less than an hour of trading today--I really enjoy using Steve's methods.
I will not be posting my trades every day. I don't day trade every day. But I promise that when I do choose to post them, I will post the good, the bad and the ugly--winners and losers. No holding back, because the point is to help everyone learn something from the experience.
The lessons from yesterday and today?
1. Steer clear of midday choppiness.
2. Avoid overtrading.
3. Be patient.
4. Have fun!
Here are the 4 trades from this morning's session in the S&P 500 e-minis.
| Net Profit | |||||
| # | Type | Date/Time | Symbol | Price | Cum Net Prof |
| 1 | Buy | 8/11/2009 8:33 | ESU09 | $1,000.75 | $101.00 |
| Sell | 8/11/2009 8:35 | ESU09 | $1,001.00 | ||
| 2 | Sell | 8/11/2009 8:38 | ESU09 | $1,000.50 | $476.00 |
| Buy | 8/11/2009 8:40 | ESU09 | $999.50 | ||
| 3 | Sell | 8/11/2009 8:44 | ESU09 | $998.75 | $851.00 |
| Buy | 8/11/2009 8:48 | ESU09 | $997.00 | ||
| 4 | Sell | 8/11/2009 9:00 | ESU09 | $996.25 | $351.00 |
| Buy | 8/11/2009 9:01 | ESU09 | $995.50 | ||
| $1,779.00 |
Were there more trades I could have taken? Probably one or two; but it's much more enjoyable and profitable to be patient, wait out the midday chop, then take a look at what may be setting up in the afternoon session.
After the market close:
I didn't take any other trades today. Steve and I spent some time discussing the webinars and video we are putting together, then I got busy shooting a couple of new airsoft guns with my 11-year-old son and just didn't spend much time watching the market. (By the way, having a friendly impromptu airsoft battle with a bunch of the neighborhood kids is a great way to have fun and bond with your own kids.)
There were a couple of trades I might have taken, but I missed them entirely or took a look at the market after the move was well underway. I refused to chase profits; I've done that one too many times before.
I'd rather walk away with my gains and wait until the session tomorrow morning, so I traded a total of only 35 minutes this morning, then spent a few minutes glancing at the market this afternoon. About 3-1/2 to 4 points in less than an hour of trading today--I really enjoy using Steve's methods.
I will not be posting my trades every day. I don't day trade every day. But I promise that when I do choose to post them, I will post the good, the bad and the ugly--winners and losers. No holding back, because the point is to help everyone learn something from the experience.
The lessons from yesterday and today?
1. Steer clear of midday choppiness.
2. Avoid overtrading.
3. Be patient.
4. Have fun!
Monday, August 10, 2009
Today's Trades
Steve suggested I post the trades I did in the S&P 500 e-mini contracts today. You will notice that I was up about 3 points in the morning, then got impatient and gave it away during the light volume chop. In two trades I was stopped out with a 1-1/2 point loss each time.
I made it up in the afternoon to end the day up more than 6 points net of commissions. This is a report you can generate in TradeStation. If you want assistance finding and generating it, send Steve the request via email and he will cover it in the next webinar.
I made it up in the afternoon to end the day up more than 6 points net of commissions. This is a report you can generate in TradeStation. If you want assistance finding and generating it, send Steve the request via email and he will cover it in the next webinar.
| Net Profit & | |||||
| # | Type | Date/Time | Symbol | Price | Cum Net Prof |
| 1 | Sell | 8/10/2009 8:47 | ESU09 | $1,004.75 | $726.00 |
| Buy | 8/10/2009 8:48 | ESU09 | $1,003.25 | ||
| 2 | Buy | 8/10/2009 8:52 | ESU09 | $1,004.75 | $351.00 |
| Sell | 8/10/2009 8:56 | ESU09 | $1,005.50 | ||
| 3 | Sell | 8/10/2009 9:00 | ESU09 | $1,004.50 | $226.00 |
| Buy | 8/10/2009 9:00 | ESU09 | $1,004.00 | ||
| 4 | Buy | 8/10/2009 9:22 | ESU09 | $1,004.75 | $226.00 |
| Sell | 8/10/2009 9:25 | ESU09 | $1,005.25 | ||
| 5 | Sell | 8/10/2009 9:33 | ESU09 | $1,006.25 | $101.00 |
| Buy | 8/10/2009 9:37 | ESU09 | $1,006.00 | ||
| 6 | Sell | 8/10/2009 9:56 | ESU09 | $1,005.75 | ($774.00) |
| Buy | 8/10/2009 10:04 | ESU09 | $1,007.25 | ||
| 7 | Buy | 8/10/2009 10:04 | ESU09 | $1,007.25 | ($774.00) |
| Sell | 8/10/2009 10:18 | ESU09 | $1,005.75 | ||
| 8 | Sell | 8/10/2009 10:18 | ESU09 | $1,005.75 | $1,226.00 |
| Buy | 8/10/2009 11:30 | ESU09 | $1,003.25 | ||
| 9 | Sell | 8/10/2009 12:56 | ESU09 | $1,001.50 | $1,101.00 |
| Buy | 8/10/2009 13:22 | ESU09 | $999.25 | ||
| 10 | Buy | 8/10/2009 13:56 | ESU09 | $1,001.50 | $726.00 |
| Sell | 8/10/2009 14:03 | ESU09 | $1,003.00 | ||
| $3,135.00 |
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