One trade in the pre-market session:
1) 5:48.07 Algo buy, the POC (point of control) is trending higher, and 2 other qualifers. Stopped out at the low, market then went to target. -$100.00
Summary: -$100.00
Overall: -$387.50
Thursday, August 26, 2010
Much Better
I realized that gambling will drain my account, and the purpose of this business is to make money! I must act in my own best interest. I will only do what is good for me. My main rule was not to leave my wingman, Dan (trading mentor). The day was successful . I took no trades on my own. I did learn that you have to let your winners run. Trades 2 & 3 were exited to early and too much money was left on table. It is a fine balance between making sure you do not lose money and letting the winners run.
Trades 8/25/10:
1) 9:23.12 Top of the channel algo sell. Stopped out .25 higher than Dan said to get out. -$62.50 Good trade
2) 9:35.04 jumped the engulfment. exited to early to make sure not to lose money. +12.50 good trade
3) 9:54.58 Algo buy. exited too soon. +37.50 good trade
4) 10:16.12 Algo sell TOC (top of channel). stopped out. -$62.50
5) 11:02.10 Algo sell TOC. stopped out. Dan called the exit 1/2 point before I let myself get stopped out. -$62.50
6) 1:28.31 Algo Buy around the mean. Was patient and let it run, was not to aggressive trailing my stop. +$175.00!!! A good size winner felt great!!
Summary: +$37.50
Overall: -$287.50
Trades 8/25/10:
1) 9:23.12 Top of the channel algo sell. Stopped out .25 higher than Dan said to get out. -$62.50 Good trade
2) 9:35.04 jumped the engulfment. exited to early to make sure not to lose money. +12.50 good trade
3) 9:54.58 Algo buy. exited too soon. +37.50 good trade
4) 10:16.12 Algo sell TOC (top of channel). stopped out. -$62.50
5) 11:02.10 Algo sell TOC. stopped out. Dan called the exit 1/2 point before I let myself get stopped out. -$62.50
6) 1:28.31 Algo Buy around the mean. Was patient and let it run, was not to aggressive trailing my stop. +$175.00!!! A good size winner felt great!!
Summary: +$37.50
Overall: -$287.50
Do I have a Gambling Problem?
Woke up to early. Still sleep deprived. Told myself that I was not going to make bad trades. That worked for a few hours (early AM), then right before the market opened, I broke one of my rules and took a gamble on the open. Expensive lesson, so I think I learned it. Rereading my notes, "I am a moron for wanting to be in the action. Follow the rules tomorrow.
Trades 8/24/10:
1) 6:29.30 No notes on why I took the trade. Cannot find any justification reviewing the charts. -$50.00 Stupid trade.
2) 8:11.01 bought to get a jump on the open to gamble on the open. Got stopped out before the open. -$37.50 STUPID GAMBLE.
3) 8:26.14 Bought to gamble the open. Did not lock in profits. Always lock in profits on gambles, but I will never gamble again. -$25.00 VERY STUPID GAMBLE.
4) 8:35.00 Bad entry, no justification. +$12.50 Bad trade.
5) 8:35.58 Bad entry, bought when Algo was red (sell). $0.00 Break even (b/e). Stupid Trade
6) 8:37.31 sold above the mean. +$37.50 Exited too early. almost acceptable trade.
7) 8:41.41 sold above the mean, lacked justification. -$87.50 bad trade
Summary: -$150.00
Overall: -$325.00
Trades 8/24/10:
1) 6:29.30 No notes on why I took the trade. Cannot find any justification reviewing the charts. -$50.00 Stupid trade.
2) 8:11.01 bought to get a jump on the open to gamble on the open. Got stopped out before the open. -$37.50 STUPID GAMBLE.
3) 8:26.14 Bought to gamble the open. Did not lock in profits. Always lock in profits on gambles, but I will never gamble again. -$25.00 VERY STUPID GAMBLE.
4) 8:35.00 Bad entry, no justification. +$12.50 Bad trade.
5) 8:35.58 Bad entry, bought when Algo was red (sell). $0.00 Break even (b/e). Stupid Trade
6) 8:37.31 sold above the mean. +$37.50 Exited too early. almost acceptable trade.
7) 8:41.41 sold above the mean, lacked justification. -$87.50 bad trade
Summary: -$150.00
Overall: -$325.00
Bad Decisions
The trading education program has a trading room where trades are called, discussed, and taught. I practiced simulated trading for a few weeks, grew my account $2,000 with some good trading and some bad trading. I think I am ready to trade.
So, I get off work, no sleep, and sit down to start trading. When I log into the room, the trade caller is out till lunch. I made the bad decision to proceed with no mentoring or sleep. Well live and learn.
Trades 8/23/10:
1) 8:32.37 am sell 1073.75. I had no confirmation of a breakout. I just was ready to trade and wanted to be in the action. Bad reasons. Bad trade. lost $62.50. Not the fairy tale start I had daydreamed about having.
2) 8:43.01 bought the 1st reversion to the mean (rtm). Good legitimate trade. +$87.50
3) 9:21.28 bought trying to get catch the bottom. Algo said sell, tape said sell. -$50.00 STUPID Trade.
4) 9:33.56 bought Algo (algorithmic chart) turned blue (up trend) bought early being aggressive. +$12.50. Dumb trade
5) 10:02.14 sold tape trade. +$50.00 originally said not a good trade. when checking it again I could not match the tape. I like making $$, but I have to take good trades.
6) 10:15.06 bought the algo channel turning blue trying to be very aggressive. -$62.50 STUPID trade.
7) 10:19.00 bought when algo was red, bottom line blue, and tape said sell. -$62.50 Really STUPID trade.
8) 10:30.45 Sold the 4th rtm in the value area thinking the 80% rule was in effect to fill the value area. -$87.50 not a good trade. Value area did fill much later in the day.
Sumary: -$175.00
So, I get off work, no sleep, and sit down to start trading. When I log into the room, the trade caller is out till lunch. I made the bad decision to proceed with no mentoring or sleep. Well live and learn.
Trades 8/23/10:
1) 8:32.37 am sell 1073.75. I had no confirmation of a breakout. I just was ready to trade and wanted to be in the action. Bad reasons. Bad trade. lost $62.50. Not the fairy tale start I had daydreamed about having.
2) 8:43.01 bought the 1st reversion to the mean (rtm). Good legitimate trade. +$87.50
3) 9:21.28 bought trying to get catch the bottom. Algo said sell, tape said sell. -$50.00 STUPID Trade.
4) 9:33.56 bought Algo (algorithmic chart) turned blue (up trend) bought early being aggressive. +$12.50. Dumb trade
5) 10:02.14 sold tape trade. +$50.00 originally said not a good trade. when checking it again I could not match the tape. I like making $$, but I have to take good trades.
6) 10:15.06 bought the algo channel turning blue trying to be very aggressive. -$62.50 STUPID trade.
7) 10:19.00 bought when algo was red, bottom line blue, and tape said sell. -$62.50 Really STUPID trade.
8) 10:30.45 Sold the 4th rtm in the value area thinking the 80% rule was in effect to fill the value area. -$87.50 not a good trade. Value area did fill much later in the day.
Sumary: -$175.00
Going into Business
Studying and practice trading has been fun and entertaining. It is nice to have a hobby to fill my off time. But to quote a mentor, "hobbies cost you money, professions make you money." My goal for trading futures is not entertainment, it is to make money. I want to be a professional! Professionals also get better treatment from the IRS.
What kind of business? More research equals more entertainment for a nerd like me. Some people enjoy watching sports, yardwork, etc., learning about what is interesting is fun for me. So, after researching, I started the new family trading business as an LLC. I did everything myself. It was much easier and cheaper than I expected. I am now a professional trader. It sounds good, but it has not made me money yet. That is the goal. "Money earned" will be the measuring stick for this new business venture.
The trading business has been established. Joe's Trading Business (JTB) takes out a loan for $10,000. Opens a bank account, a trading account, and invests in a futures training program. JTB is open!
What kind of business? More research equals more entertainment for a nerd like me. Some people enjoy watching sports, yardwork, etc., learning about what is interesting is fun for me. So, after researching, I started the new family trading business as an LLC. I did everything myself. It was much easier and cheaper than I expected. I am now a professional trader. It sounds good, but it has not made me money yet. That is the goal. "Money earned" will be the measuring stick for this new business venture.
The trading business has been established. Joe's Trading Business (JTB) takes out a loan for $10,000. Opens a bank account, a trading account, and invests in a futures training program. JTB is open!
Why Futures Trading?
I need to thank my buddy Mike for getting me interested in futures (or blame Mike if I lose all my money). He said he has been studying it for a few months and that he was going to begin trading soon. I looked into it and thought he was crazy. But the idea stuck in my mind and it started to grow. After a few weeks of reading websites, blogs, and other internet info, I decided it would be fun and I could make a few extra million dollars over the long term. I have no delusions that this is a get rich quick plan.
What are futures? Check out www.wikipedia.org/wiki/Futures_contracts for an explanation. If you did not read the link, Futures are leveraged investment contracts that you can trade (buy & sell). Gains/losses can occur quickly. About 95% of traders fail trading futures. I will try to give you my opinion for this as time goes on and my knowledge increases.
Futures trading is the perfect business for me. I can do it when I want (almost 24/7). I have no customers, inventory, bosses, employees, licenses, etc. Costs almost nothing, losing trades excluded.
What are futures? Check out www.wikipedia.org/wiki/Futures_contracts for an explanation. If you did not read the link, Futures are leveraged investment contracts that you can trade (buy & sell). Gains/losses can occur quickly. About 95% of traders fail trading futures. I will try to give you my opinion for this as time goes on and my knowledge increases.
Futures trading is the perfect business for me. I can do it when I want (almost 24/7). I have no customers, inventory, bosses, employees, licenses, etc. Costs almost nothing, losing trades excluded.
Wednesday, August 25, 2010
First Post
Welcome to Trading with Joe!! This blog will be used as my trading journal and a place to record my thoughts, emotions, and anything else I want to type about futures trading and life.
Who am I? My name is Joe, I have a wonderful wife, 2 great sons, and I work in a button factory (that is a joke, from a childhood game). I am 40 year old male, born and raised in the South (USA). My interests are my faith (Christian), wife, children, cycling, and trying to get rich. First of all, I am already the richest person I know. My faith and family provide all that I really need, everything else is just "icing on the cake".
My job at the button factory gives me plenty of time off. I work seven 10 hour days in a row and get 7 days off. After vacations, I only work 24 weeks a year. That means I have lots of free time to get into trouble. I am a cheapskate buy nature. I live within my means and try not to spend excessively. In my quest for great wealth, I have looked at many opportunites. Being cheap I have always been drawn to multi-level marketing businesses (extremely low entry cost). I have failed at them all (6, if I remember them all), except one (www.teambeachbody.com/jwrbike). That one has been producing a small income for the past 2 years. It more than covered all my costs from previous attempts. It requies no activity, so I will stay involved as long as I am making money. Plus, I got in great shape!! (not currently in great shape, but their is hope for returning). I also have ventured into real estate investing, more on that later.
My lifelong interests in the market (thanks Dad) has been beneficial in planning for retirement. Accounts are well funded automatically from button factory job. Started funding with at least 10% of pay since I was first employed, we are in good shape unless the US economy continues to go down thanks to our over spending government. Retirement assets are diversified across a broad range of index funds. I enjoy all aspects of financial planning, just refinanced my house at 3.875% (benefits of the bad economy). I might be a financial planner professionally if it did not have the sales component to it.
Who am I? My name is Joe, I have a wonderful wife, 2 great sons, and I work in a button factory (that is a joke, from a childhood game). I am 40 year old male, born and raised in the South (USA). My interests are my faith (Christian), wife, children, cycling, and trying to get rich. First of all, I am already the richest person I know. My faith and family provide all that I really need, everything else is just "icing on the cake".
My job at the button factory gives me plenty of time off. I work seven 10 hour days in a row and get 7 days off. After vacations, I only work 24 weeks a year. That means I have lots of free time to get into trouble. I am a cheapskate buy nature. I live within my means and try not to spend excessively. In my quest for great wealth, I have looked at many opportunites. Being cheap I have always been drawn to multi-level marketing businesses (extremely low entry cost). I have failed at them all (6, if I remember them all), except one (www.teambeachbody.com/jwrbike). That one has been producing a small income for the past 2 years. It more than covered all my costs from previous attempts. It requies no activity, so I will stay involved as long as I am making money. Plus, I got in great shape!! (not currently in great shape, but their is hope for returning). I also have ventured into real estate investing, more on that later.
My lifelong interests in the market (thanks Dad) has been beneficial in planning for retirement. Accounts are well funded automatically from button factory job. Started funding with at least 10% of pay since I was first employed, we are in good shape unless the US economy continues to go down thanks to our over spending government. Retirement assets are diversified across a broad range of index funds. I enjoy all aspects of financial planning, just refinanced my house at 3.875% (benefits of the bad economy). I might be a financial planner professionally if it did not have the sales component to it.
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