Monday, April 7, 2008

elitetrader journal

as a supplement to this blog i started a journal here at the trading site elitetrader. when my account transfer from scottrade to thinkorswim completes i'll be back up and running and hopefully use both of these to detail my trades. i think it will be helpful to review my action at the end of each trading day.

maybe i'll stick most trading talk on the journal and free up the blog for other things.

Wednesday, April 2, 2008

first steps towards organizization

i'm putting off development of a complete trading plan until i finish "high probability trading," but i know what some important parts of the initial phase will be. figured i'd jot them down while i'm thinking about it.

--i'll be moving my focus to trading (scalping) mainly e-mini s&p 500 futures contracts
--from now until i reach and can maintain a higher capital level (maybe $50,000) while regularly making withdrawals for living expenses i will only trade one (1) contract at a time in order to limit my risk and potential losses.
--as a further means of limiting losses i will always (ALWAYS) use stops at a maximum of ten points, but preferably five if conditions allow.
--contracts will not be held overnight until i reach a higher level of market proficiency.
--i will review my plan weekly (or more) to ensure my adherence to it, and review it with more diligence as profitability becomes a reality so as to avoid becoming lax due to success's arrogance.

from here i will refine and add more; hopefully keeping it concise enough to read quickly yet thorough enough to keep me in check.

i've not been sleeping and also feeling some sort of sick lately, thus i haven't been doing much of anything. hopefully this garbage goes away soon because it's driving me nuts.