Friday, March 13, 2009

First day on sim...

First things first. I want to thank everyone for their comments yesterday and thank everyone of the "regulars" (Awais, Micheal, Stan) who follows this blog almost daily. Your comments and suggestions really help and make this all worth doing. So THANK YOU!

Second, I started on sim today after a fairly full night of charting and some trading in the currency markets. I really figured out a lot and cemented in the basic rule set that i'll be following. This morning I didn't even open up the charts because 1. I was way too tired to get up from all the trading that was going on until around 3 AM last night and 2. I decided to go get a haircut this morning and do my workout before lunch. So that left me with the afternoon and things went pretty much to plan. I took some really great trades in the NQ (all of which were winners) and I took a couple pars and a -1 tick loss in the ES.

Then I took another ES trade that did highlight something I needed to work on. I got short on a sell stop order and then the market consolidated again and gave another sell signal. It was at that point I needed to reset the stops via the new sell signal and reign them in. I didn't do that and the market reversed and hit me for a -2.25 point loss instead of the -1 point stop I should've gotten hit with. But its that kind of stuff that I needed to understand and evaluate in real time. And that's why I am simming this!

Overall though I was really really impressed. Nice crisp signals, much much less initial risk than before (some of the NQ trades were approaching 1 risk : 2 reward) and overall I thought a very good and profitable outcome. I ended up down in the ES due to my one screw up loss but bagged a solid 5 points in the NQ inside of an hour.

All in all its not perfect, its not finished, and i've got loads of work to due this weekend but I like what I see. I've decided that i'll be in sim until I bank 1K in profits. Hopefully I can do that by next Friday. That's the kind of opportunity I should be able to see to prove an edge worth betting on.

Have a great weekend!


Stan said...

Good job today. You'll get the demons worked out soon enough and then you'll be on your way. And if I can't get my shiziznit together soon I'll be joining you on the sim!

E-Mini Player said...

Nice work with tight stops today!