Mission Accomplished!

It's been an exciting 10 weeks. There were up and down moments, and a lot of learning and discovering.

If I hadn't had this blog, I might have had trouble keeping discipline. In the past, what I would have done was to do about 5 days of backtesting historical data, then 5 days of trading on my demo account, then I'd hit the road straight trading live. Guess what happened to my account after that? No prizes for guessing it right.

Trading live is totally different from backtesting. So, to anyone who is looking to become successful in trading, I would highly recommend doing something like this for yourself! Get all the ground work right, and while doing that, don't feel like you're getting left out with all the huge market moves.

I'll be checking back on this blog now and again as I progress with trading on my real account!

Once again, thank you everyone who has been following this blog!

Week 10: Day 50

Week 10: Day 50, originally uploaded by 10k10weeks.

Made a killing in pre-market trading, but I was adamant about being short-biased today, so I made the mistake of ignoring the trend change upon opening bell. So that led me to just looking for only shorts. That's like driving in your car, and ignoring the red lights!

Good thing is that at least this happened before I go live next week.

So it's a loss of $600.00 during cash market. But for the whole day, I still netted $2,400.00.

Week 10: Day 50 (Pre-market)

Week 10: Day 50 (Pre-market), originally uploaded by 10k10weeks.

Did an aweful lot of pre-trading today, and that's cause the signals were just so neat and tidy mostly. I just couldn't resist..

So I did 4 trades, with 3 winners and 1 loser that was owed to an error entry.

Made $3,000.00, and I'm now waiting for the opening bell.

Week 10: Day 49

Week 10: Day 49, originally uploaded by 10k10weeks.

Now this is the 2nd half of today's story..

I just wanted to relive how it feels to be trading many trades during cash market.

I made a staggering 9 trades with the assumption that it was going to be a ranging day. So as the market chopped downwards, I kept trying to get my longs in. In total, I made a loss of $900.00.

The killer blow is that the 10th signal would have been my winner! And it would have bagged me at least $1,100.00 minimum. Anyway, thats how it goes sometimes.

This exercise was something I wanted to do before I go live next week. Also, I've activated my Ninjatrader license. It's all smooth and I'm good to go for next week

All in all, today ends with a profit of $1,325.00

Week 10: Day 49 (Pre-market)

Week 10: Day 49, originally uploaded by 10k10weeks.

Very nice pre-market trading today.

Made $2,225.00, but could have been a little more.

And then I waited for the opening bell to trade... so this is only the first half of today's story..

Week 10: Day 48

Week 10: Day 48, originally uploaded by 10k10weeks.

I guess its just a slow and steady day today.

Made 2 entries today to trade one long move. It was a 7 point move, so I stopped for the day.

Bagged a profit of $1,350.00.

Week 10: Day 47

Week 10: Day 47, originally uploaded by 10k10weeks.

There wasn't any news today, but a huge pre-market rally (which I missed) produced a couple of great setups just before the opening bell and also after.

Made 4 trades today, and ended the day with a profit of $1,675.00

Week 10: Day 46

Week 10: Day 46, originally uploaded by 10k10weeks.

Today I traded more. That's because last week most of my trades were done trading before the opening bell. So this week I want to practise with trades after the opening bell as well. I don't want to get rusty before I go live!

Anyway, the market was just moving like crazy after it opened but I kept my head level and just executed the trades like how I'd usually do, just that I had to be much much faster. No hesitations!

It turns out to be another good day, taking $1,825.00 of profits.

Week 9: Summary

This was a huge week!

I made $5,500.00 in this week alone. But that's thanks to many good trades with slow and safe setups, giving huge returns. And upon writing this summary only did I realise that I didn't have any losing trades the whole week! Never done that before. It sure feels good.

So in just 9 weeks, I have met my $10k target. However, I shall continue until the whole 10 weeks are up.

Stats
5 Winners
0 Losers
1 Breakeven

Largest losing streak = $0.00
Largest loser = $0.00
Largest winning streak = $5,500.00
Largest winner = $3,225.00

Week 1 +$325.00
Week 2 +$862.50
Week 3 +$150.00
Week 4 -$337.50
Week 5 +$1,037.50
Week 6 +$1,075.00
Week 7: +$562.50
Week 8: +$2,912.50
Week 9: +$5,500.00

Total P/L: +$12,087.50 (121% of 10k target)

Week 9: Day 45

Week 9: Day 45, originally uploaded by 10k10weeks.

We saw a very tight range premarket trading. So I caught a short somewhere near one of the tops before I had to leave my desk in a rush.

The market slowly worked its way down, and I was patient not to take any profit, cause I just wanted to wait for the news break. And when the news did break, the market tanked, and I took profit 1 tick from the bottom of the initial sell off move.

I made a total of $3,225.00 on this one trade alone!

What a dramatic way to end this project. Total profits as of today stands at $12,087.50.

So that's $10k in 9 weeks!

I'll throw in the summary over the weekend.

Week 9: Day 49

Week 9: Day 49, originally uploaded by 10k10weeks.

There were a lot of big news event today, and I only traded those at 8:30.

I also had some great short setups before and right at the opening bell, but I just missed them by a minute or two as I was away from my desk (can't believe it!).

Made a decent profit of $650.00. And it could have been more, but again.. nevermind. I'll have a good chance if I stick to the plan!

Hopefully tomorrow there'll be a good finish to the week.

Week 9: Day 43

Week 9: Day 43, originally uploaded by 10k10weeks.

There were 2 big pre-market news today.

I got in on a short just before the first one. And got stopped out when the 2nd piece had prices shoot upwards.

That's it for me today. Made a profit of $500.00.

Week 9: Day 42

Week 9: Day 42, originally uploaded by 10k10weeks.

Finished trading early today!

As I am doing this report, I actually missed a really good long.. but that's ok. I can't expect to win everything. I've done what I'm supposed to do, so I'll just stick with the plan!

Slow is smooth. Smooth is fast! And so, it doesn't matter if I'm not there for every huge move.

So that's just one trade for the day, and I'm off.

Profits for the day = $875.00

Week 9: Day 41

Week 9: Day 41, originally uploaded by 10k10weeks.

Huge long move today!

And it came just when I was making some small profits on a short. But I simply ignored the reversal signal. Same sin yet again!

I only made 2 trades and came out with a $250.00 profit.

Week 8: Summary

Week 8 was a pretty good week. There were a couple of things that I could have done better, but overall I've more or less gotten used to trading with more than 2 lots.

Again, I missed a couple of really huge trades. Because I didn't take up a reversal signal, or I didn't filled on my order. Anyhow, it still looks like I'm on track to hit my target now.

I'm doing 5 lot trades now, but once I hit $7k profit this coming week, I'll be putting on another lot.

Stats
9 Winners
13 Losers
3 Breakeven

Largest losing streak = $500.00
Largest loser = $187.50
Largest winning streak = $1,962.50
Largest winner = $925.00

Week 1 +$325.00
Week 2 +$862.50
Week 3 +$150.00
Week 4 -$337.50
Week 5 +$1,037.50
Week 6 +$1,075.00
Week 7: +$562.50
Week 8: +$2,912.50

Total P/L: +$6,587.50 (65% of 10k target)

Week 8: Day 40

Week 8: Day 40, originally uploaded by 10k10weeks.

Wow! What an exciting trading day. I had to just keep focussing on my charts. I couldn't even be bothered with the updates.

What I liked about today was that I kept my discipline in having patience to wait for market action to flatten out before I took my trades. The result was that I only took 3 trades! But I could have gotten on that huge short though.. that was the only blot on the picture.

I'm out with $650.00 for the day.

Looking back, it's been an incredible week that registered $2,912.50 in profits. It's about time a week like this came by.

I'll post a weekly report over the weekend.

Week 8: Day 40 (Pre-market)

Week 8: Day 40 (Pre-market), originally uploaded by 10k10weeks.

After the big sell off yesterday, there was a huge retracement of almost 8 points, which made a nice pre-market setup.

I picked a very nice top, but could have done better in riding it out for a few hundred bucks more, but I was being conservative and didn't want to spend too much monitor time during pre-market.

What I liked about this trade was that I was patient waiting for a full signal to form, and I only spent less than 15 minutes waiting.

I have also gone to 5 lots today, so this is a pivotal progress. Because I adopting a conservative approach during pre-market time, I took 3 lots @ TP1, while leaving 2 lots for the 2nd TP.

If u see the screenshot, I was just 1 tick away from getting stopped out, and usually I would have got stopped.. I've noticed this happens often during pre-market. I guess I got lucky today.

Anyhow, I got away with a nice profit of $700.00.

Week 8: Day 39

Week 8: Day 39, originally uploaded by 10k10weeks.

Nice pre-market movement earlier in the day, but I couldn't be with my screen to manage every minute of things. It could have been better if I did, but I'll just have to live with what's happened.

I made 6 trades today to capture 2 shorts. I opted for a tight stop after opening bell, so I got out with a MUCH lesser profit that I would have if I hadn't been overly conservative with my stops. But then again, I could have a re-shorted it at the top of the retracement, so nevermind that. It's the usual greed talk. I'll just try to improve on that.

Anyway, I was happy to end the day with an extra $675.00 accumulated to my profits.

I did think of trading the 10 o'clock news when I was doing this update, but I decided to stay out of it.

At the moment, this is looking like my best week so far. Hoping to end it with a nice positive bang tomorrow!

Week 8: Day 38 (News Event)

Week 8: Day 38 (News Event), originally uploaded by 10k10weeks.

I hung around for a Manchester United soccer game, and so decided to trade the big news event.

As prices hit multiple ceilings, I got in on two premature trades fearing I would miss the boat.

Anyway, I could have managed it better to get over $1,000.00, but I'm happy to have netted $575.00.

Week 8: Day 38

Week 8: Day 38, originally uploaded by 10k10weeks.

Missed the a short position just before opening bell!

Then I caught a nice long retracement move, but failed to cover on an exit signal, and that got me a breakeven. Very sloppy stuff!

The huge move down made an 8 point range, so that was it for the day.

Chalked up a loss of $150.00

Week 8: Day 37

Week 8: Day 37, originally uploaded by 10k10weeks.

Pre-market had setup the day for shorts.

But I missed the the entry as it was a couple of ticks off my level. So I got in later on a 2nd signal, and was eventually stopped out for some small profits to cover 2 earlier losses.

Then I grabbed the retracement upwards at a pretty good price, and got out with a neat $400.00 profit before prices took a quick dip.

Came out with a profit of $312.50.

And that brings my total profits up to $4,187.50, which means I'll be on 4 lots starting tomorrow.

Only two and a half more weeks for me to touch the big 10k target, and I think I am slightly short.. Let's see how it goes.

* I've also removed my twitter section for the time being, cause somehow, it was showing somebody else's twits..

Week 8: Day 36

Week 8: Day 36, originally uploaded by 10k10weeks.

It was a ranging day. Overall trend was short, so I waited for the price to retrace up to make a short.

Tried to do a long before the opening bell, but nothing came out of that. Then I was too early with my 1st attempt after the market opened. Eventually I made a reasonable short and made $400.00

Profit for the day is $200.00

Week 7: Summary

Week 7 didn't turn out to be as good as I wanted it to be.

I missed a couple of really good trades. So that significantly effected my profitability this week. I'll need to iron that out.

I will bump up to 4 lots on Week 8 if my profits reaches $4k.

Stats
6 Winners
13 Losers
5 Breakeven

Largest losing streak = $787.50
Largest loser = $187.50
Largest winning streak = $1,212.50
Largest winner = $625.00

Week 1: +$325.00
Week 2: +$862.50
Week 3: +$150.00
Week 4: -$337.50
Week 5: +$1,037.50
Week 6: +$1,075.00
Week 7: +$562.50

Total P/L = +$3,675.00 (37% of $10k target)

Week 7: Day 35

Week 7: Day 35, originally uploaded by 10k10weeks.

Great setup for a short just before the opening bell as it bounced off a resistance at the 1067.00 level. Too bad I just couldn't get filled. What a way to miss a trade.

So I ended up with just a $37.50 profit after I decided to stop trading after the huge move and a half. But I'm down after account for pre-market losses. So it's -$187.50 today.

I also didnt make as many trades today. Was trying to keep away from getting into a premature signal. I guess I was overly cautious.

Anyway, have a good weekend! Weekly update to follow later.

Week 7: Day 34

Week 7: Day 34, originally uploaded by 10k10weeks.

Today was really simple.. I just missed the big 10 point long of the day! I can't believe it that I missed it cause it actually hit my profit targets!

Came out with just a measly $12.50 profit instead.

Day 34: Pre-Market

Day 34: Pre-Market, originally uploaded by 10k10weeks.

Have been taking a few pre-market entries over the past 3 days. And they've been profitable. So, I'll be doing a few of these over the remaining weeks, and they will be posted here as well.

For today, I caught a nice retracement long in pre-market time. I would have liked to take a short at 1,068.50. Made $550.00 on this one.

As I am typing this, I've just missed a long at 1064.50, making 2 points now.

Anyway, thats it for some early trading for me. Will come back a couple of hours later looking for a setup before the news at 8:30.

Week 7: Day 33

Week 7: Day 33, originally uploaded by 10k10weeks.

Seems like price was ranging slowly upwards. And that's what the prices did when the market opened.

I did two premature speculative shorts trying find the top, without full signal confirmation, and I paid the price for indiscipline. That's been my downfall this week. I would have made much more without those mistakes.

Today, I'm out with a $325.00 profit. I've clawed back most of the losses for the week.

Week 7: Day 32

Week 7: Day 32, originally uploaded by 10k10weeks.

Another case of a great day to trade, but I messed it up ;D But I still came back netting a $100 profit (should have been $350)

Anyway, I believe the screenshot tells the story.

Also, I'm not feeling too well today, so everything was just messy. Haha.. I shall not let that be an excuse :)

Week 7: Day 31

Week 7: Day 31, originally uploaded by 10k10weeks.

It was a slow up trending day, but I made losses for trying to pick a top. That's what I get when I go against the trend.

So it's a small loss of $262.50 for me today.

Week 6: Summary

Week 6 turned out to be a pretty good week.

It's the best week yet, thanks to the extra 1 lot that made the difference. When I get to a $4k profit, I'll be adding on another lot.

I did face a psychological problem in executing the trades -- on both entries and exits. There were hesitation in pulling the trigger, and I made many premature exits due to fear, and entirely missed some exits due to greed! In trading, having your emotions dictate your actions is one of the worst things that can happen. So I'll have to address them for next week.

Here are some stats: -

4 Winners
2 Losers
3 Breakeven

Largest losing streak = $150.00
Largest loser = $150.00
Largest winning streak = $975.00
Largest winner = $600.00

Week 1: +$325.00
Week 2: +$862.50
Week 3: +$150.00
Week 4: -$337.50
Week 5: +$1,037.50
Week 6: +$1,075.00

Total P/L = +$3,112.50 (31% of $10k target)

Week 6: Day 30

Week 6: Day 30, originally uploaded by 10k10weeks.

A day of choppiness, indicisive indicators and a bit of paranoia.

Nothing much happened, and I was already about to doze off, so I called it a day and did my report, but just right after I uploaded my screenshot, I saw a nice setup for a short, which turned the day around.

But I was being a little too cautious, and took an earlier profit than usual. Otherwise I'd be up an extra $175.00

Anyway, in total I'm up by $212.50 today, so I won't complain.

Will do a weekly summary over the weekend.

Week 6: Day 29

Week 6: Day 29, originally uploaded by 10k10weeks.

Wow! Today was a very exciting day to trade!!

Now if only I did everything correctly.. but I didnt.. I let a huge 12 point profit go breakeven.. so much for an exciting day..

The news should not be playing a part in my decision making, but today it did, and that's why I held on to my long. The lessons that I learn repetitively..

Anyway, I still ended up positive with $375.00.

Week 6: Day 28

Week 6: Day 27, originally uploaded by 10k10weeks.

Today was pretty uneventful in terms of news, just like yesterday. So I expected a pretty range bound day.

Got in on 2 entries, the first one where I brokeven, and the next a nice $600 profit with 3 lots, but I could have done better on the exits. I gave in a 2 tick discount on each level.. It was a case of getting nervy on the bump to being on 3 lots.

All done in less than an hour :)

Week 6: Day 27

Week 6: Day 26, originally uploaded by 10k10weeks.

I wasn't really excited to trade today because there was no news, and we've just got back from a long weekend.

I tried 2 shorts, but both got taken out before it moved my way (one of them at breakeven). Its just one of those days that weren't meant to be.

So I'm happy to just take a hit of -$112.50 and call it a day.

Week 5: Summary

Hello!

Yesterday was Bank Holiday, so no trades were made.

Week 5 has been a good one. It's the biggest winning week so far.

Here's how the weekly P/L looks like: -

Week 1: +$325.00
Week 2: +$862.50
Week 3: +$150.00
Week 4: -$337.50
Week 5: +$1,037.50

Total P/L = +$2,037.50 (20% of $10k target)

We can also see from the stats that losers make up 55% of the trades. But because the risk of a trade is so small, I don't get smashed when I'm on a losing run. And I stay alive for the big winners.

Based on my money management strategy, I'm going to be on 3 lots starting this week, with the additional lot added for TP2 targets.

Week 5: Day 25

Week 5: Day 25, originally uploaded by 10k10weeks.

Quite exciting premarket action trading the unemployment news.

I did get my short just a few minutes before the news broke, but forgotten to adjust my TP level that bumped higher just before the news. So I totally missed out on about 6 points! What a way to start the day..

And when that happens, things doesn't look too bright after..

So I finished the day with just $50.00

I'm up for the week! According to my money management plan, I'll be bumping up my lots to 3 starting next week (probably Tuesday, since Mondays tend to be slow sometimes).

Have a good weekend everyone!

Week 5: Day 24

Week 5: Day 24, originally uploaded by 10k10weeks.

Nice pre-market build up before the huge shorts kicked in.

I went in on 2 positions before the market opened, with the first one getting stopped out. I was also 1 tick away from being taken out at breakeven before prices went south.

Today, I also made the largest winning trade, reflected by the big bump in my P/L graph :)

That's a profit of $662.50!

Week 5: Day 23

Week 5: Day 23, originally uploaded by 10k10weeks.

It was a ranging day today, but it was ranging very neatly. Very nice trades.

I'm up again with just one trade for the day, but could have done better.

It's +$312.50 :)

Week 5: Day 22

Week 5: Day 22, originally uploaded by 10k10weeks.

Hello on Week 5!

Looks like it was rather messy last week. Not too sure if I can hit my target in 6 weeks time now. But I'll just keep at it.

Today was great, but would have been better if I hadn't exited my position a tad early.

So its +$387.50 today!

Week 5: Day 21

Week 5: Day 21, originally uploaded by 10k10weeks.

Nice downward move after the opening, which should have been an indication for me to stop early, but I guess I jut got sucked in!

So its a loss of $375 today. Will try again tomorrow.

Week 4: Day 20

Week 4: Day 20, originally uploaded by 10k10weeks.

Day started with a pre-market spike up out of no where!

It got me excited and then I made 2 error trades in a row. But the third one was good, and it got me on the train for the ride south.

But then I kinda messed up my TPs and SLs.. so I was out with about 8 points instead of 17! I deserve a spanking here.. it would have made the week a profitable one!

So the day ends with just a $212.50 profit.

Week 4: Day 19

Week 4: Day 19, originally uploaded by 10k10weeks.

Fantastic movement yet again, and yet again I fudged it..

Just two trades today. I was about to stop after the huge move, but there was a really nice setup for a short whilst I was doing this report..

Mistake was I wasn't focused when I was supposed to TP for 3 points. Oh well.. what a bad week!

My daily performance P/L chart seems to be doing a 50% retracement. Perhaps it'll bounce up for a breakout tomorrow..

So its -$75.00 for the day.

An Observation on Exits

I remember reading a very interesting bit in Dr. Van Tharp's book. It was in the How to Take Profits chapter, under a section called What to avoid. It starts like this:

"There is one kind of exit that is designed to get rid of losses, but it totally goes against the golden rule of trading of cut your losses short and let your profit run."

And this is what he meant when I have two take profit levels. If you look into my stats box as of today, you would see the following: -

Total profits = $862.50
TP 1 = $212.50
Which means TP2 = $650.00

Now.. the profit ratio of TP2 is way better than TP1. In fact, it is better by slightly more than 3 times. So, why would I still exit at a TP1 level? Why would I insist on doing something that is adversed to maximizing my profits? Why would I take a hit at full impact, but when I take my best profits, I take it with just half of my initial position?

The book says it's all down to wanting to be right, it's about staying in control. When I have taken profit at TP1, I've sometimes said: "A bird in the hand is worth two in the bush."

I think that reflects my psychological need to be right, to be safe.

So, I'm gonna skip taking profit at the first level, and I'm gonna aim higher for the larger moves!

Also, if you haven't yet tried a card game idea that I've taken from Dr. Van Tharp's book, please check it out here.

Week 4: Day 18

Week 4: Day 18, originally uploaded by 10k10weeks.

Three losing days in a row doesn't look good, doesn't feel good!

And thats especially when I'm sprinkling a couple of errors here and there.

Anyway, I owe it to my strategy that no matter how bad it gets, it won't look like I've been hit by a train. Looking at the daily performance chart, I'm pretty much still on the up.

But today, I'm down by -$25.00.

Week 4: Day 17

Week 4: Day 13, originally uploaded by 10k10weeks.

One huge move up, then one huge move down. I guess it was the perfect sell setup for the big boys.

Anyway, I managed to confuse myself and made 2 error trades, while I missed all the profitable ones.. Gonna have to do some work to get my head in sync again for tomorrow.

Loss for the day -$300.00

Week 4: Day 16

Week 4: Day 16, originally uploaded by 10k10weeks.

A very choppy day. And the signals just didnt work out. One of those unenthusiastic Mondays, which is how I am feeling right now.

There are days when I just feel confused and hopeful, and in when I start those days with a losing trade, I don't usually come out looking very smart.. today was one of those days, but I've just limited myself to 2 trades, so I'm out intact. And that's good news!

As traders, we must always live to fight on those winning days! If there's the chance of just one single day which might cause you to lose your pants, thats just impending disaster waiting to happen. Plan and manage so that you don't ever let that chance occur for you!

So, the loss for the day = -$150.00

Week 3: Day 15

Week 3: Day 15, originally uploaded by 10k10weeks.

The market opened to a very choppy tight range in anticipation of news. I made 3 losing trades here. Including an error on a missed reversal (again).

The market then burst into a great long trend on positive housing data. Prices shot up about 7 points before I got in on a pullback. I took profit on very nice spots (see screenshot), to make a total of 11 points ($550.00) on just this one trade.

So, I finish the week on a positive note. Up $250.00 for the day.

Week 3: Day 14

Week 3: Day 14, originally uploaded by 10k10weeks.

Another trending day for longs. Prices just took off after a little pullback on the opening bell.

I took a short, but when I saw the reversal signal, my brain just froze and my finger just wouldnt click the "reverse" button. Looks like I have yet to overcome this issue which I had highlighted just days back.

And one mistake led to 2 other losers.. As part of my trading rules, 3 losers is all I can take in a day, so I stopped trading right after that last one.

Most of yesterday's gains were wiped out.

Total loss for today is $325.00

Week 3: Day 13

Week 3: Day 13, originally uploaded by 10k10weeks.

Another great trading day!

Right after this screenshot was taken, the market just shot up by another 4 points! If only I was still on the trade.. I kinda discounted my 2nd TP by 2 points. Anyway, it doesn't matter. I wouldn't have known what the market would have done.

More of these days would convince me to have a more aggressive take profit rules.

Today execution was perfect, and it was all good. I almost got stopped out by just 1 tick before it launched upwards, gives me confidence that my SL rules needs no adjustments whatsoever.

So, that's $375.00 profit for the day.

Week 3: Day 12

Week 3: Day 12, originally uploaded by 10k10weeks.

I'm done just after the 1st hour, but on a losing balance today.

Price movement was very choppy when the market opened. It seems like it was just winding up from yesterday's huge sell and prices met strong support as well.

All my entries and stops were off by 1 tick or so, particularly on my 2nd trade (#27). Hate it when that happens, but it does happen from time to time.

So, I'm down by $175.00 today, matching the largest losing streak so far.

Week 3: Day 11

Week 3: Day 11, originally uploaded by 10k10weeks.

Nice explosive start to the day, but I missed the big one yet again!

Otherwise, I'd be up by 8 points for the day.. all explained in the chart.

Looks like I'm still not focused enough on pulling the trigger. This was exactly the same thing as trade #21 on Friday. Gotta be on the tip of my toes for these 10 seconds reversal signals..

No point sulking on it, at least I didn't suffer massive losses like I did in the previous strategy employed.

Ended the day with just $25.00 profit.

Week 2: Summary

Time flies!

I am already 20% into my 10 week timeline. Basically, after Week 1, I told myself I would implement these things:

1. Pull the trigger everytime I see a signal.
2. Stop trading once a big move occurs (about 7-10 point move), or if I have made the equivalent for the day.

I think I have improved on those things, but it could definitely have been better (refer to my missed trade on Friday! Ouch..)

Here are some stats I've pulled out off this week's trade logs:

• Largest losing streak = $175.00
• Largest winning streak = $625.00
• Largest loser = $100.00
• Largest winner = $350.00
• Number of trades made = 7
• Weekly P/L = +$862.50

I think the numbers reflect that its a strategy with low risk for reasonable returns, which is what I have intended it to be. Now to see if I can increase the my expectancy for next week.

For next week, there are two things that I'd immediately like to improve on:

1. Pulling the trigger. I need to find it in me to be ruthless.
2. Profit taking. It is possible that I can squeeze out more from my two lots.

I have to quickly improve and keep the numbers coming in, otherwise, I won't hit my target on time. All in all, Week 2 was a good one for me.

Have a good weekend!

Week 2: Day 10

Week 2: Day 10, originally uploaded by 10k10weeks.

What an explosive market movement!

It's funny.. I trade everyday just to wait for moves like this, and the day that I say pass to a signal, is the day I would have made 16.5 points on a trade.. I would have doubled my weekly profit with just this one trade!

I learnt from Dr. Van Tharp's book that missing a huge move is more painful than getting my stop loss hit. He's spot on with that. I'm having a donkey face moment right now...

Anyway, that's now my mantra for pulling the trigger. May it be the time I'll learn this lesson.

For me that's the big move for the day. It has occured, and I wasn't on it. So I'm done.

Total Profits for Week 2 = $862.50

That's a 265% improvement over last week's performance. I guess that would have to be my consolation.

Week 2: Day 9

Week 2: Day 9, originally uploaded by 10k10weeks.

Today was just exciting!

Prices moved so fast after the opening bell, I was just left in a daze when the stop on my 1st trade of the day was hit. Cause immediately after that (5 seconds?) I had a short signal and I totally missed it!

That was my big move for the day, and it wouldn't make sense to chase my daily profit target. In my opinion, the risk-return just isn't worth it when you might get whipsawed all over the place. And I would probably just be getting on low return trades.

Anyway, I caught a good long for my 2nd trade, and made 2.5 + 4.5 for a total of 7 points on it.

That's $275.00 added to the account.

Week 2: Day 8

Week 2: Day 8, originally uploaded by 10k10weeks.

WOW!

It's just 40 minutes past the opening bell, and the market really caught me by surprised with a huge 13 point rally. At least I was on the right side of this surprise, and was done for the day just after 15 minutes. If only every day was like this!

It was a nice long that I caught on a small pullback. It's my big move of the day, so I'm finished trading.

That's $350.00 added to my account balance.

Week 2: Day 7

Week 2: Day 7, originally uploaded by 10k10weeks.

Premarket movement was very bearish. And after the negative productivity report, prices took a spike up before tumbling down, with a short pause after opening bell.

That's when I got on my short, at a very neat price.

Its my only trade. And for me that's the big one for the day, so I'm calling it a night.

With 5.5 points in the bag, I'm up by $275.00!

This is how trading should be.

Week 2: Day 6

Week 2: Day 6, originally uploaded by 10k10weeks.

I think today was a great trading day.

Or perhaps it could have been one for me. I'm just getting around to improving my profit taking and breakeven adjustments.

And I've also realised that if I just stopped for the day everytime a big move occurs for me, or when the sum of all trades would equal one, I should actually stop trading for the day and not hand back thosoe profits to the market!

Just going through my logs, if I did that every single day since last week, I'd be up by about double by now. So, that's going to be implemented here as well.

I am retiring early tonight. Have some personal things to handle tomorrow morning.

Made 2 unbelievable error trades. I was oblivious to the trend change.

So, it was a net loss for the day -$37.50. Expectancy numbers took a plunge as well.

Hopefully I will stomp out all these errors soon!

Week 1: Day 5

Week 1: Day 5, originally uploaded by 10k10weeks.

Positive jobs report had the market rocket up by 22 points making its yearly high!

The higher prices went, the more worried I was about getting entry signals around what I saw as ceiling zones. Which shouldn't have been a factor to me executing my trades in the first place.

The consequence was missing a 7 pointer trade. I shouldn't doubt the signals, and just execute them!

Entering a position is the least important element in a successful trading plan, yet it's one of the things that worries me most. I should just let my strategy's expectancy unfold in its natural way and take every single signal that comes.

In fact, that is my summary of Week 1! I missed out on over $1,000 worth of profits over the week for not entering on every signal. Lesson be learnt here.

Anyway, I ended up with 2 entries before the market closed.

Today's result = -$25.00