I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,780 Blog Posts

Trader Talk: Day Trading The Futures Report

I have mixed feelings about blasting off my index entries to the people of the internet.  Typically I’m entering a pullback in the direction of the trend.  As such, these trades tend to develop very rapidly.  My average winning trade lasts under 10 minutes because I’m always scaling out at about 1.25 – 2 handles profit.  If I keep a runner it’s because the rally isn’t stopping which we haven’t seen in quite a while.

Therefore the jabs hardly merit a tweet burst.

I took two trades in the /ES today, the first went fantastically well, had 100% plan compliance, and provided instant gratification.  I bottom ticked the market, using my pregame analysis.  It was gangsta.  I took 1.5 handles in profit.

My second trade had a lower compliance and this all became clear once I ran through The Stop Method©The following errors occurred:

We already reached my plans daily upside target of 1694 to the tick.

The dip was fast and furious

I gun jumped, getting long ahead of my signal

My picture, in fact, never triggered, so I was shooting from the hip

My trade entry was under 50% compliance with the plan.  It makes sense it lost money.

It one ticked higher, then suplexed me to the ground for two handles.

I Stopped, scored my low compliance, targeted logical price levels, observed the lack of a trend, and patiently ended my day.

I didn’t throw good money after bad.  I also didn’t flip short, which could have made money, but it’s not a setup I’ve worked out in my back testing homework.

I like the stop method because it forces me to assess the situation and the plan.  This is a perfect example of how only trading the plan would have resulted in a green day, instead of a red one.

In other news, damn, that morning trading report is boss.  I read it like someone else wrote it because I’m in such a calm state when I write it compared to my hectic mind during the day.  I may start printing it and putting it under my keyboard for constant reference.

If you enjoy the content at iBankCoin, please follow us on Twitter