Man, as the video shows, I had the choice between going long General Electric Company (NYSE: GE) or going long Ryland Group, Inc. (NYSE: RYL) at the open… and I chose fricking GE. Oh well. Per my plan, I only watched stocks in the morning. So far, I am liking my plan. I also traded Macy’s Inc. (NYSE: M) for just a tiny gain, and it dropped like a rock a few seconds after I covered. Damn, just not my day in stocks.
In futures, I made 5 trades for 4 wins and 1 loss. I am still not a very good futures trader… the trades I choose are not ideal at all, even though I have indicators sometimes screaming at me to dive in and make a fortune. Especially today, it was difficult for me because we had so much volume that I didn’t have much time to think. Most good trades passed me by while I considered my options.
But, I do think I am making serious progress. My win rate is around 80% this week so far, which is similar to my win rate for stock trades. My number one problem is still that my average win is smaller than my average loss. That makes it hard for my PnL to get any traction, even winning 80% of the time. However, barring a string of losses tomorrow, I will have made money in futures this week. If I have a good day tomorrow, I will have broken even on my futures account (I’m down about $150 from when I started on 9/24/2007). That milestone always feels good. From there, the sky’s the limit!