TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

Gav

Confession

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I had a tendency to put in third trade of the day around 430pm. I did not do that. After realising I was in fact walking towards self-sabotage stage. Self-sabotage basically means I have the tendency to repeat the same mistakes over and over again. I would say it has been an bad week for me with loss about -0.82R , though I am still in black (profitable) for July, I am still up by 1.66R. Ego was troubling me.
Looking at the chart carefully, volume was low through out the day and spread was wide (3 to 4 ticks!). The condition does not favour my trading strategy. My trading performance is deteriorated after I start increasing frequency of trading (from 1 trade to 2 trades each day). I tend to be giving myself rooms to make mistake. Secondly, I have been putting myself under the pressure to achieve my monthly target. It is time to focus on quality again.
After all, the objective of trading is to improve the Expectancy of my system and generate more trades at the same time.
Before I achieve that, welcome to the world of trading psychology

RE: SIMSCI 13-Jul-2006: 2nd Short trade closed

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Second opportunity was found in SIMSCI after it opened with a gap down in the afternoon session. I have waited until the first candle closed below support area 286.4. Short position was established at 286.2. Stop loss was set at 287, I would like to see the gap being filled before I decided to exit the short position.
Nikkei had loss around -200 points in the afternoon. I was watching for HangSeng to help in pushing the selling sentiment further.


Even with more than -200 loss in HangSeng futures, SIMSCI refused to go down further. Stop loss was triggered after the afternoon session gap was filled. And RSI is making higher lows.

One trade closed with -0.8 points loss.

Another losing day for me. with total loss of -0.64R

RE: SIMSCI 13-Jul-2006: Short trade closed

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Short position of SIMSCI has been closed at 287.2. Given Nikkei, HangSeng and SIMSCI are all pausing and reluctant to sell off further. In fact, Nikkei futures is trying to make a higher low. There might be another chance in the afternoon session, I chose to bail out before lunch.

Watch out for next opportunity. One trade closed with +0.3 gain.

RE: SIMSCI 13-Jul-2006: Short position.

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I negated the chance of going Long on SIMSCI futures. Instead, I saw a chance of intrady Nikkei to be toppish before lunch break and HangSeng futures continues losing more than -100 points. Short position of SIMSCI has been established at 287.5. Intraday support is likely at 286.4 area. I am watching stop loss closely.

SIMSCI 13-Jul-2006: Potential swing up

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To be frank, I am pretty happy with the 3-digit loss/gain in DJ. These conditions provide force to move SG market. I hope to see an trending day for SIMSCI today, either up or down.
SIMSCI had a gap down at the opening, There is an possibility of upward swing, though it is still too early to define. After first hour of SG market , both Nikkei and HangSeng futures turn into positive territory despite negative opening. I am watching closely on SIMSCI futures.

With reviewing my past day trading performance, better performance was found when SIMSCI was experiencing better volume (i.e trading around 2,000 contracts in the first hour) or with day volume near 5,000 contracts traded. The worst performance (excluding my psychological weakness of making unnnecessary trades), was during low volume period of SIMSCI.

Of course, I am not tying my performance to volume, I truely acknowledge my psychological weakness., I am doing statistical work to find any possiblity to improve my trading performance.

RE: SIMSCI 12-JUL-2006: No trade

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[photopress:siMSCI_10_min_full_day.jpg,full,pp_image]
The result of guarding the quality of my trading, no trade was made today. It was a choppy day with low volume, I would say. Day volume is just more than 3000 contracts. There were selling at the end of morning session , however, sellers strength were weak. In the afternoon session, though SIMSCI futures started rebounding, a possible entry was at 289.1.
I saw few levels of resistance. None of my setup was completed. No trade was done.