It is a difficult trading day for me. I can’t figure out the situation. Give up. No trade today.
Blog and Rants
Another quote from Michael Marcus
Michael Marcus mentioned some wisdoms about life of a trader in Market Wizards: Interviews with Top Traders
If trading is your life , it is a torturous kind of excitement. But if you are keeping your life in balance, then it is fun. All the successful traders I’ve seen that lasted in the business sooner or later got to that point. They have a balanced life; they have fun outside of trading. You can’t sustain it if you don’t have some other focus. Eventually, you wind up over trading or getting excessively disturbed about temporary failures.
Trend Table 01-Mar-2007
Nothing much, everything is still down.
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Month in review February 2007
Another positive month for me. So far, I am fine with my own performance, at least I am on the track to stabilise my trading result. This month due to chinese new year vacation I have missed out 1 trading week. I did not achieve the target that I have set last month.
In total, 11 trades were made with 5 winners, 4 losers, and 2 break even.
Summary (After commission):
- Total P/L: +4.47 R
- Trades taken: 11
- Winners: 5 (45.45%)
- Losers: 4 (36.36%)
- Break even: 2 (18.18%)
- Expectancy (Total R/trades taken): +0.406
- Biggest winner: +2.81 R
- Biggest loser : -1.18 R
- Target for March will remain as 5.31 R
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Dummy day trading #59 28-Feb-2007: NQ Short trade closed
I decided to make an attempt when NQ goes below opening low again. Short position was established around 951am during the first pull back of new downtrend cycle.Too bad, I was stopped out.
One trade closed with -1 R loss
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I will stop trading for the day and get some rest. I am preparing monthly review now.
Quote from Michael Marcus
Michael Marcus discussed causes of financial disablement in Market Wizards: Interviews with Top Traders
I think the leading cause of financial disablement is the belief that you can rely on the experts to help you. It might, if you know the right expert….Typically, however, these so-called “experts” are not traders. Your average broker couldn’t be a trader in a million years. More money is lost listening to brokers than any other way. Trading requires an intense personal involvement. You have to do your own homework, and that is what I advise people to do.
