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My Dummy Trade Fest I

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harvest.jpgOver the past few months, I have made a number of dummy trades. If you’ve read my blog, you know I have posted all my winning and losing trades here. It is very important to note down your bad trades in your trading journal. However, I think it is good to revisit good trades as well. The more you see/learn positive behaviours, the more likely you will act positively. So by reading more good setups and good trades, I hope it will improve my “chart eyes”.

I have chosen some trades that I feel I did well in term of setup, execution, return and ,of course, when market condition was good enough for dummy trades. Still, there are mistakes in them..

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Dummy day trading #65 26-Mar-2007: NQ Short trade closed

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Short position of NQ was established around 11am. Trade did go in my favour, however, it was slow. I trailed stops and get stopped with -0.27 R loss.

[photopress:NQ3min26mar2007.jpg,full,alignleft]

Journal note: This is a bad trade. Firstly, It was too late for short entry. And subsequently, a long setup was formed and it was not taken. There is a need to establish a method to identify a new setup when one setup failed. Be flexible, I need to learn.

Dummy day trading #64 26-Mar-2007: NQ Long trade closed

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The first trade of the week is a -R loss. I got in long position of NQ a couple of minute before 10am (right before home sales report released). Am I right or wrong for the timing? I don’t know, but I don’t trade on news, anyway.

I am not going to post the chart this trade. Messy chart. One trade closed with -1 R loss.

I did make a mistake in this trade. In my premarket analysis journal, I have in fact, determine some levels of entry. And when I saw an opportunity, I totally forgot about these levels.  So, I wasted the time and effort of my premarket analysis. DUMB.

A cure for insomnia

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Ah.. England failed to win again. 0-0 draw with Israel. Here is an interesting poll run by ESPN. Well, I am with the green.

espnpool.PNG

I am not into sports betting, nor playing football. But, I can’t explain why I love this sport so much. Well, it is indeed a beautiful game. Watch this & watch this

Quote from Gil Blake

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Gil Blake has a routine of internalizing how he would feel given what might happen on the next trading day in The New Market Wizards: Conversations with America’s Top Traders.

My approach is to confront losses even before they materialize. I rehearse the process of losing. Whenever I take a position, I like to imagine what it would be like under the worst-case scenario. In doing so, I minimize the confusion if that situation actually develops. In my view, losses are a very important part of trading. When a loss happens, I believe in embracing it.

…….

By embracing a loss, really feeling it, I tend to have less fear about a potential loss the next time around. If I can’t get over the emotions of taking a loss in twenty-four hours, then I’m trading too large or doing something else wrong. Also, the process of rehearsing potential losses and confronting actual losses helps me adapt to increasing levels of risk over time.