Jan 5, 2009

Warm up day

I was really looking forward to the the start of trading today, despite the fact that I'm still totally jet-lagged. If I am going to trade for a living when I get back to the US - this is going to be the year. No excuses. No changes. Just 100% focus.

With that being said. Today was a dud. In my defense... this was one choppy session. Just look at the peaks and valleys in the DOW chart below. 

Made 4 trades and it really should be a scratch day but, instead, I ended with a very minor loss. It was a good loss, though - if there ever was a good loss. I felt like I focused and waited on my entries. Looking forward to continuing to be patient and follow my plan for the rest of the year. But make no mistake about it... I need to make good money this year and that will be my goal each and every week. I have no resolutions for the year... no goals. I just want to trade the way I have been the past 6 weeks and I know I will catch some nice moves. Good luck to everyone and I hope this is a tremendous successful year.

Short ALTR off a break of the 10am bar low (5-min)... stopped out.
Went long JPM off a break of the 10:25 bar high (5-min)... scaled out near PDL.
Short NQ emini off a break of the 12:20 bar low (5-min)... stopped at BE.
Short MFE off a break of the 12:20 bar low (5-min)... scaled out then stopped out for a loss.


Anonymous said...

same as you..i lost this yr not due to trading but due to market collapse in my 401 account.
enough is enough.
I have to make at least 50k this yr.

TraderAm said...

Happy new year 00nr7.

I'm sure you will have a good year trading. Just out of interest how would judge a "good" year ? E.g. A certain % increase in your account E.g.total number of R's made ? etc etc.


OONR7 said...

traderam: I actually just use a flat number. I then figure I will take about 6-8 weeks vacations (including) 2 weeks where the market is closed. So I'm looking at around 44-46 actual work weeks. I take the flat number mentioned above divided by the work weeks and that's my goal every week. I try not to drill down to a daily level.
Up till now, I haven't come close to what I was making stateside and if I want to continue trading full-time I need to be convinced I can not only make what I made before... but a percentage more than that. It's tough, but I don't think my goal is difficult to achieve. Just need to stay focused and make the right decisions.

Closet Daytrader said...

Happy New Year to you! Great Blog! I've been following you since the beginning. I hope this year will bring all the good set-ups to you.

OONR7 said...

many thanks CD... and I wish you equal success.

rudy said...

oonr7: I remember back in 2006-2007, you were trading mostly exclusively off the 15 min chart and from Fib pullbacks?. Your system seem to have divested from this method? Could this be the reason why your gaming may be off?

BTW, all the best for 2009 as I am sure with your demonistrated persistence, you will once again tap into your particular niche and rally to higher highs.


OONR7 said...

rudy: I probably was trading off the 15 back then... honestly don't remember. Not sure if I was exclusively off the pullback. I was trying to emulate Trader X and found myself buying off strong/weak candles as they broke the ORH/L.
As for my gaming being off... for the previous 6 weeks that hasn't been the case. If anything, I think I've found a style that best suits me and I completely understand it... from watchlist to orders. My biggest problem has been not having enough faith in my entries to let them ride it out. I've been very cautious with profits. My trading has actually expanded greatly and I regularly include futures. I feel extremely energized for the coming year and fully expect the results will follow.
Appreciate the well wishes and hope you have a great year as well.