I am back. Before I continue, go download FireFox 2.0! I am still playing around with this. Here is the snapshot of FireFox2.0 with cooliris preview add-on. So cool.
Go, check it out now.
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Blog and Rants
October 2006 : Week 3 review
Before I leave for a week off, here is my weekly result review.
Another positive week for me. There weren’t much opportunities during the options expiration week. I made 3 trades, 2 losers and 1 winner. And yet, I am still in black at the end of the week. Average trade and execution score is bad, that was because I made 1 impulsive trade this week. Here is how do I grade my trade and execution.
Summary
Total no.of trades: 3
Winer: 1 (+2.38-R)
Loser: 2 (-0.66-R, -0.49-R)
Net P/L: +1.23-R
Average initial risk (R): 0.52% of total trading equity.
Average trade score: 3 (Grading: 1:Best 5:Worst)
Average execution score:3.6 (Grading 1:Best 5:Worst)
Away for a week
I am traveling to northern?Malaysia next week. So I won’t be trading for the whole week. I am trying to get a copy of ‘Trading in the zone’ before I leave, not sure if it is available in the local bookstore.
Anyway, This is gonna be another quest of great food
?
Postmortem 19-Oct-2006
Dear diary,
A quick and short one. I did not make any trade. The market movement today was not my liking. Well, is this because of option expiration? No idea.
I was tempted to scalp here and there, but, I did not, I was not ready. Now market is closed. The feeling of not losing money is pretty good as well. 😉
I am taking a day off tomorrow. Option expiration Friday? Not sure what is the implication on index futures. I will spend some time to study instead of trading.
Be a better trader.
IE7 launched
After watching the boring market till 12pm NY time, I gave up. I don’t have good feeling of the market now. So I decided to spend sometime to get IE7 installed.
Stop and look back
I have not completed my 100 trades of dummy trading, so it is still too early to do statistical analysis. But i think it is appropriate to review my progress and decide my next step. I had bad days since end of August. Looking at the performance chart since 01-August-2006 to 18-Oct-2006, ugly?, I think so. my accumulated R has been dropping.
Overall, system expectancy fell to 0.09 and accuracy is around 45%. But then , it is still too early to analyze these figures.
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After reviewing the result I have identify some problems:
- Personal problems during September had created some troubles to my life as well as my trading
- Lack of discipline. There were times, I was anxious to trade, and breaking rules.
- Dummy entry is not only about reversal up/bar and inside bar. Market trend and intraday market tone are important prerequisites. I did not do enough for this part.
- Trying out multiple positions concurrently. Obviously, I am not good enough at this, yet.
- Without a profit target for each trade. Basically, I did not know where to exit the position in order to protect profit. For many instances in my life, I do not do well when I do not have a target. This problem appears in my trading now.
Here are steps I have taken to improve.
- I have reduced my risk level from from maximum 1.25% to 0.76%. So now I am more careful and particular in choosing real low risk dummy entry.
- Maximum 2 opened positions concurrently.
- Learn to be really patient. It is absolutely fine to sit with cash if there is no low risk entry.
- Setting minimum profit target for each trade. I am using Fib extension levels to determine exit point now.
It seems like I am such a big dummy fan huh. Well, I believe in controling risk. As long as I keep my risk exposure in check, walking through the bad days, I will be the last one to laugh. Dummy spot just suits my risk appetitie so well. I will start exploring more strategies when I have achieved consistency in my trading performance.
Be a better trader.
