Saturday, January 24, 2009

A No Growth Week

Well Friday morning I did screw the pooch on a setup. The new "You're Screwed" setups I started trading actually gave me a signal - or so I thought. It was a valid setup, however in my rule set there is a condition that invalidates the entry trigger if that condition is met. This only occurs in less than 10% of the setups and so I jumped into the position, only to realize about two seconds later than this setup had invalidated. I got kicked in the teeth quickly for my mistake and lost a quick -1.75. I was disappointed I made this mistake but they will happen, it was my first live signal with this setup and I was lucky it was such a small loss to learn my lesson. I know I won't make this mistake twice.

Thankfully I caught the next valid signal and got +2 out of it to get me +.25 net on the day. I quit trading at this point because I was leaving to go to the Auto Show with my father as planned. The rest of the day whamm'ed and bamm'ed about without me as Friday's tend to. It would've been profitable had it been traded throughout but i'm glad I took it off regardless. This week ended net +0.00 overall. I only traded two days essentially so I can't beat myself up too badly. The only problem with a week like this was that I had a very real decay of my account due to commissions. Yes, I grossed 0.00 but when you figure in commissions spinning my wheels this week cost me 64.00. Ouch. Anyway, had I traded correctly Friday that cost would've been covered.

Next week I plan to just try and trade solid throughout. I've got some real account growth to get going on. We need to post up some impressive numbers worthy of recognition and i'm going to be in hot pursuit of that "perfect week" where I don't make any mistakes and trade my plan perfectly. Hopefully next week can be the first of many that I succeed on that goal.

Quick shot of the typical post 1PM shift in the markets on Friday. Crap? Yup.

Trade Results:



E-Mini Player said...

My only question here is, when the first trade setup was invalidated, would exiting immediately have resulted in a smaller loss?

Looking forward to next week! Keep up the good work :)

Matt said...

Nope I could've got out for a tick loss... I didn't because I thought I could get out for a little bit of profit... I was wrong. Should've cut and run as soon as I knew i screwed up.