Move the Rock

I continue to see the market well, being patient and letting trades come to me. Smaller position sizes and taking smaller chunks has helped me focus and capture more profits. Last two weeks all days were in the black. Move the rock (profits) nice and steady.

Emini Wizard system has upgraded the chat room by using the Omnovia platform. Awesome chat room now with not only written commentary by E but also by members.

In addition, the EWS chat room now has audio. E has begun talking through various observations, what to look for, the whys and whats behind market movement. EWS has taken the next big leap in trader education and this trader feels fortunate to have signed on last July.

Really nice to see the membership base growing and the EWS tools of learning developing into a dynamic forum. The group of members we have are helping each other learn, sharing observations and respectful of each other. Great environment for learning how to trade.

So learning how to move that rock is hard. But with passion, persistence, patience, EWS and the community of traders, moving the rock is getting easier and it's going further with each push.

Profiling Is Good

My trading continues to be fairly consistent as I am seeing and feeling the market better. I've recently got around to reading "Markets and Market Logic". I've had this book as an e-book for months but just got around to reading it. It's now on my "must read" list as it explains the auction process and has helped me see and anticipate the market in a more organized manner.

Market Profile is a strategy I've been aware of for months but have not paid too much attention to it until recently. I am studying the use of, and incorporating MP into my trading strategy. I believe adding MP, it will help pool other strategies I use into a more effective, synergy driven trading plan. For this reason, I believe "Profiling is Good".

Lately I've been targeting smaller profit objectives, using smaller positions and focusing on combo strategies as outlined by the EminiWizard. My trading is "feeling" more focused, planned and confident as results are bearing this out.

The journey to learn how to trade well is ongoing, personal growth advances and trading continues to be a passion.

Trade Well !

EOM Log

It's the end of the month and am happy to report that I had a relatively good month. After limiting outside distractions and focusing more on my trading habits, I believe I am making more progress in seeing and "feeling" the market.

Documenting my trades outside of this blog has been very helpful. I'm able to better document trades, identify strengths and weaknesses thus adjusting my emotions and trading posture.

My patience has improved, my profit objectives have been more reasonable and more consistency has been realized. Don't get me wrong, this is still difficult. But my journey to becoming a good, consistent trader is evolving in a positive direction.

So the last trading day is upon us and I can look back and say the start of 2010 has been good. Not great, but good. As long as I have the passion and continue to realize progress with my trading, I look forward to better and better EOM reports.

Trade Well !

Big Candles

I've been working on holding back on any trades except for the C/O and gap set-ups during the first hour. The volatility is generally too great and it's to hard for me to change my mind in a fast market.

Lately I have found much more consistency and success after the first hours range has been established and the market settles down. Combo plays can be a clue but I'm finding I'm much better off waiting for "easier" set-ups.

Gave a shot at a long (long-shot) in the 1118 support area after a potential set-up appeared but the market wasn't ready to throw me a bone. Got stopped out and waited for the next trade until the 1112-1110 bottom was hit and tested before getting long and riding the entire position up to 18's with 1.25 trailing stop as I had to leave for the afternoon matinee of Avatar (awesome movie).

There was a gap fill from 12/31-1/4 of 1119.25-1113.25 that was hanging out there until it filled today. Should have been a clue for me before getting long at 1118's. The short play once the support in the 1119 area was tested and broken was the trade to ride lower before considering the long.

Watch out for BIG candles and the first hour. They can be a menace to planned trading...at least for this trader.


Trade Well !

Stop & Look Around

I continue to trade daily while limiting outside distractions. I've needed to refocus my attention to what I am doing and thinking during the trading day while establishing better patience and control. My efforts seem to be paying off.

This week kinda clicked for me as I realized my patience and stalking for trades has been much improved "all year" (hey, only 2 weeks into 2010 but it's a start). I've been waiting longer for better, low risk set-ups rather than taking emotional trades "just to get in". The trades will come.

Virtually everyday, there are 1-3 great set-ups that can turn profitable and validate our thought process about the trade. I am now waiting more patiently outside the volatile periods and waiting for the right time to enter once my set-up appears in the cross-hairs.

This business is the toughest thing I have ever tried to learn. But it is a passion and never once have I ever considered quitting. It's about tweaking this and that, rallying resources, stepping back at times, referring to other traders' thoughts, ideas and strategies while developing our own styles. It takes time, lots and lots of time, patience and persistence. But eventually, those of us who persevere will eventually break through and achieve the consistency and satisfaction of cracking this hard shelled nut.

So during the past couple months, I've been a "low rider" when it comes to participation in Eminiwizard chat, TradingConcepts charts and Trader Twitter "Tweets". I just needed to refocus on me for a few weeks, get through the holidays while regaining confidence and further developing patience, market rhythm assessment and trade planning / managment. Sometimes its good to just slow down and take a break.

"Life goes by pretty fast. If you don't stop and look around once in a while, you could miss it" - Ferris Bueller

Trade Well !

K10

After taking an extended vacation through the holiday's, I am back and ready to resume regular trading, blog entries and routine. The time off was needed as the holiday period between Thanksgiving and New Years included dinner parties, out of town travel and enjoying the season with family and friends without too much pressure.

So now it's time to refocus on trading and improving consistency which is 90% mental. Developing patience, being aware of loss aversion and commitment within trades are valuable and important disciplines to practice during each trading day and within the framework of each and every trade.

As I move forward in 2010, I have revisited and re-established a off-line journal to help identify key trading ideas, results and affirmations. Although I will continue to post in this blog, my entries will not necessarily be daily as before which will help me redirect my daily time management.

May our trading be prosperous in 2010.

Trade Well !

Monday Log - Scalps Only

Tried a couple trades in AM session and called it quits for the day. Difficult to get a read during the higher volatility periods of the first hour. More success in lower volatile periods. Result: -2.0

I'll have minimal postings for the next month / thru the holiday period. Holiday trading periods are difficult, going out of town for 2 weeks and jury duty will make daily postings difficult as the flow will be difficult to keep in rhythm with.

Trade Well !