Small Haircut Today – April 8, 2013
Well not a great day in the market but a great example of the importantance of discipline. We even metioned in the trading room this morning after the first winning trade and 2 No fills that it appears it is going to be a choppy day and indeed it was. – A two point spike bar gave us our first good indication!
As you all know, Trading is a very difficult endeavor. Discipline, confidence, and the ability to follow a proven set of rules is the only way anyone can be a successful trader. This will only come with practice. I say this because we had a tough day and sometimes you have to know when to step away. Some of our students have circuit breakers, for example if they get down a certain amount they will pull the plug and come back the next day. Its about having a plan and sticking with that plan. Just as if you were to have a great day…where do you stop? Again, this has to come with your personal goals that you must follow each and every day.
Now onto the results: This is trading from 9:30-11:00. By 11:00 we had 3 losing Nq trades so it was time for me to step away and take the kids to lunch. I returned at 1:00 with very few trades after that.
ES Trades 4-8
-4-4-4 = (-150.00)
+4+6+7 = +212.50
+4+BE BE = +100
No Fill – cancelled trade
+112.50 for Trading morning Session on ES
NQ Trades 4-8
+4+6 BE = +60
BE
-12-12-12 = (-180) – No Some did NOT get this trade as according to our rules it was not valid…It was valid on my chart so I counted the loss
No Fill
No Fill
+4+6 BE = +60
-12-12-12 = (-180) Stopped out right to the tick and turned around to profit…unfortunate but happens
-12-12-12 = (-180)
took lunch
+4+6 BE = +60
(-360) Total for Trading on NQ
Again, look through our results, we have very little losing days. But you will take losing trades and have to accept them. That is a part of this business. Successful trading is all about following rules! It doesn’t matter what system you trade – or if you create your own. You will take winners, you will take losers. It’s all about dealing with the losing trades and not allowing emotions to cloud your vision.
