Wednesday, January 7, 2009

The first day of losing!

Had to happen sooner or later? No big deal. I get paid to take losses. They are natural, and all they tell me is that my next trade has a much higher probability of working! My first trade probably should've been a par. It was a double top setup that was looking for price to fall down to the 13 level (marked on the chart) to get my stop to par. The fib level I was looking for was actually 13.07... the low was 13.25. In the future i'm going to play these a bit more conservatively. I really should've got to par on it. Better safe than sorry! Took two more trades, one par, and another loss. The losses were small, I played the trades that came without bias or fear. Even better I took a loss early and it didn't affect my ability to execute further in the day. That's what a successful trader does! Overall i'm very pleased with my performance today even if the P/L is in the negative territory!

Trade Results:



E-Mini Player said...

That's definitely the right attitude! Losses are part of the game and expected. Don Miller, who booked over $1.62 million trading the S&P in 08', views the entire year as one trading day, and January is like the 9:30-10:00 am time frame where the focus is to simply stay out of trouble, and then momentum picks up as the year progresses. You're doing well Matt! Keep it up.

E-Mini Player said...

Hey, I think you follow Dr.Brett's TraderFeed blog. In yesterday's post, he recommends journaling one thing that you did well, and one thing that you did wrong. I'm going to try and incorporate that into my daily blog entries (on days that I put on any trades).