I didn't post in the past few days, but I finally got the feeling of trading again, and lost the rush of andrenaline, or addiction, whatever you call that feeling of being hooked to the screen, hoping your "trade", which is more like gamble when it comes without indicators system or method, praying you will earn some money..
Eyes unfold now, I'm in trouble, finally I see how bad I've been doing, while still hoping to do good, since my system does make nice results, I'm unable to keep it.
I've decided to read "Come Into My Trading Room" again, which is a great book about trading method, money management and pshycology, I'm now seeing how many mistakes I've repeatedly made, and start get discipline again, Today I logged all of my trades, and finally there were few of them, so I wasn't overtrading like friday where I put about 40 trades one day (commission will eat me eventually if I won't change).
Here are the trades of today, hope it teaches you guys some stuff, because it sure did teach me that my rule about setting stop win at +5 points in YM after I'm up 10 points is crutial for times were market is moving sideways at times.
Just to note that I will not trade the first one and a half hours for now since I want to know the direction and theme of the day before I enter a trade, today for example YM seem to pull the market up, and today I wasn't home most of the time anyways so I took such a little amount of trades.
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Being a day trader is a tough job, you always think you've already seen it all and then BAM, comes Mr. Mkt and proves you that you are just a newbie and got a long way to go.
I don't know about MBT, but in IB there are a lot of mechanical features that you can use and can help you in order to minimize the human effect (speed, emotions, judgment, etc...) - I use it, especially when things are getting harder for me.
@ more comments, from the trial period I've spent with PureTick (btw, it won't be such a bad idea for you to register for the trial period of 10 days for only $10, u can learn a few things there that will help you).
*The first thing is filters:
Look at the % of the dow stocks that are going up Vs down and if breadth is positive try to avoid trading against the trend or decreasing quantity.
*Overall market's breadth (TRIN / TICK) - use it the same way as above.
*First 15min range - if we are trading above it than it is positive/below = negative.
I would also like to remind you that althopugh trading Futures may sometimes seem very simple in comparison to stocks, IT IS THE OPPOSITE. In my opinion, better put you most efforts in increasing you capital so that u can start tradibg stocks as soon as possible.
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