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Oil was moving this morning, but I couldn’t find an entry point I liked. I ended the day with only two trades (NQ).
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Grade: A
As I have said all week, the only criteria which I will judge myself is on the total number of trades. The last two days, I haven’t taken any impulsive trades - which is a plus. PnL isn’t my main concern right now.
Net Gain: $145.20
Edit: Next week I’m increasing my trade allowance to three per day. If I make an impulsive trade, I will put myself in trading time out!
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Grade: A. I may need to reevaluate my grading system, but for now I really want to limit my trades to two per day. For now I’m not focusing on PnL, but the number of trades I take.
There has been a ton of great advice floating around in the comments section of MtM. Some of it was directed towards Prospectus, and some of it to me. I’m taking it all in, and have a lot to think about over the weekend. I have saved the comments on several posts, because they hit close to home. Without going into everything here, I just wanted to thank everyone who offered advice to both Prospectus and myself - specifically HCPG, Richard, Tyro, Phileo, and Zoomie.
I’m taking an early exit since my two trade limit was reached.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I’m referring to you, Mr. “You Suck and I Hope You Fail”. Your analysis was correct, and you got your wish. I’ve thrown away all of my prop trading gains and I’m down a bit besides. I am a terrible trader, and I’ve failed. I’m out of control, and I keep throwing money away with bad trades, time after time. I lost all 6% from last month and then a bit more over the last two days, and I’m now underwater. I can’t make money trading, but I sure can lose money. I’m just not cut out for this, apparently. I love it and want to succeed more than anything, but I have to face it–I’m just no good. I’ve been trying for two years now and if I don’t have it by now I’m not going to get it. I’m going to quit before I blow up my account. I’ve “kept swinging” all the way down from my 30% return peak, which was obviously a fluke. “Fooled by Randomness”, eat your heart out.
I’m discouraged beyond belief. I hate my job, and was really hoping to do well with the Prop trading so I could put more capital to use and go full time, but that dream’s gone. I admire all the profitable, disciplined traders out there that have tried to teach me over the years, and I’m sorry I’ve wasted your time with my questions. I wish everybody luck and success in their trading.
So I’ve vented and chilled, and I don’t want to give up, but what I’m doing isn’t working. I’m not trading until I work something out, but I’ll be back. Thanks for the comments.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Grade: F. I made four trades today, so I exceeded my limit by two. Right now I’m not as concerned with the PnL as I am with taking impulsive trades.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Here’s the stats for my first month (and a week in July) Prop trading:
August 2007 Results
PnL (R): 17.53
% Return: 6.25%
% Wins: 37.1%
% Losses: 62.9%
Avg Win (R): 1.50
Avg Loss (R): -0.73
Expectancy: 0.10
# of Trades: 178
PnL % High: 29.8%
PnL % Low: -0.9%
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I made three trades today, so I will give myself an F. The last trade of the day was made on impulse, and that’s what I’m trying to correct.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I’m getting an early start on the holiday, and will take tomorrow off.
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This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Here’s my PnL chart since I started Prop Trading at the end of July on a % equity basis. When I was up 30% I posted my Best Day Ever post. Since then, a solid downtrend. Trader Mike is now thumping me big time. My win / loss ratio stands at 38%/63%.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I think the VO was afraid of the competition. I’m sure many people get bored seeing Misstrade bang out a couple grand per day. Although DT’s $26,000 was quite interesting, most days are uneventful. Its just a collection of pro traders with consistent profits.
However, for those who wanted to see a part-time, underfunded trader go up in flames, they turned to the Virtual Cubicle (hat tip to Richard for the name).
Its a sad day, but the VC was swallowed up by the menacing VO today. Damn takeovers!
It would have been a nice day if I would have stayed away from the oil pits. I can’t remember the last time I turned a profit when the oil inventory report came out. The NQ provided plenty of opportunity, and I was able to catch part of it.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Level 1.65 Trader
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This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Today wasn’t as bad as it looks. However, I do need to work on trade management. I can’t afford to let winners turn into losers.
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