8/13/07 General Trade Log / Idea Sharing

[brownsfan019 17]

Trade 6: -19. Internet went out and stop did not go through. Had to exit with market order after reconnecting to internet.

 

Abe,

Looks like that time, the red hammer was a good long signal there. Just an observation.

[AbeSmith 10]

Abe,

Looks like that time, the red hammer was a good long signal there. Just an observation.

 

You're right. But when I entered the trade it wasn't a red hammer like that. It took a sharp drop, which seemed to me like it was going to drop big, so I quickly shorted. Was a bit impulsive.

[brownsfan019 17]

You're right. But when I entered the trade it wasn't a red hammer like that. It took a sharp drop, which seemed to me like it was going to drop big, so I quickly shorted. Was a bit impulsive.

 

I would suggest that when trading on a ONE minute chart, you can afford to wait for the close.

[TinGull 10]

Waiting for the close of a candle was one of the biggest things I ever learned. Simple enough, but amazingly powerful.

[AbeSmith 10]

Trade 7: +10.

[AbeSmith 10]

Trade 8: -11.

[Guest cooter]

Trade 6: -19. Internet went out and stop did not go through. Had to exit with market order after reconnecting to internet.

 

Looks like you learned a lesson regarding stops with this trade.

 

[AbeSmith 10]

Trade 9: +8. Premature exit. Again, I think I would not have exited completely had I had more than one contract. Probably would have exited 1 contract and set stop to break even.

[AbeSmith 10]

Looks like you learned a lesson regarding stops with this trade.

 

 

Yes Cooter. The lesson is to always place stop automatic with entry. Always play it safe.

[AbeSmith 10]

I would suggest that when trading on a ONE minute chart, you can afford to wait for the close.

 

Waiting for the close of a candle was one of the biggest things I ever learned. Simple enough, but amazingly powerful.

 

Thanks guys. This is solid advice.

[AbeSmith 10]

Trade 10: -1.

[AbeSmith 10]

My trading summary for today:

 

10 roundtrips. -50. Realized paper loss of $292.60.

[TinGull 10]

Abe, do you have a drawdown rule in your trading plan? Like you can only lose so many points or $ before you shut down for the day? I have a daily loss limit in place thats there to tell me I'm not i sync with the market that day.

 

Whats yours? Cause you exceed what mine is quite often.

[AbeSmith 10]

Abe, do you have a drawdown rule in your trading plan? Like you can only lose so many points or $ before you shut down for the day? I have a daily loss limit in place thats there to tell me I'm not i sync with the market that day.

 

Whats yours? Cause you exceed what mine is quite often.

 

Yes Tin. I do have a drawdown rule. It is 2% of my account balance. So if I start out with 10K it will be $200, which probably when I start trading for real it will be with 10K. But today I broke that rule because I'm paper trading so I wanted to get some training. But I think I should follow the rule from now on to make the paper trading more like real trading.