Alright, well, I wouldn't necessarily describe today's trading full of "shock and awe" but I did trade my strategy quite well, if I say so myself.
No greed. No fear. No broken rules.
Unfortunately though, today's trading range on the NQ was so tight and boring, my strategy didn't produce a ton of set-ups and my profit targets were also pretty weak but it is what it is. But nonetheless, I traded every set-up I saw except for two - the first and the last on the day due to the fact that I personally didn't feel comfortable with the probabilities. I would have made money on the first but the last one would have caused some losses.
But as my friend Jessie Livermore once said:
“I always made money when I was sure I was right before I began. What beat me was not having brains enough to stick to my own game – that is, to play the market only when I was satisfied that precedents favored my play.”
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.”
I placed eight trades on the day and only suffered two for break-even with no losses, so basically 8/8. My net gain on the day is $200.80, which isn't too bad considering the NQ is about as boring as it gets:
After today's trading, I feel ready to trade my own account again and leave the simulator behind. Since Thursday when I first went back to the sim I have done relatively well - I'll call it "good enough". I had a few issues yesterday but I was being dumb but I won't repeat that nonsense with my own cash.
From last Thrusday through today, my sim trading resulted in 76.74% profitability, or 33/43. Net profits were $626.80 out of $985.80 and at one point, I had 13 winners in a row. The one area of continued concern is my average winning vs. losing trade - $29.87 vs. ($35.90) but part of that was due to some sloppy trading yesterday that didn't meet my criteria - hence the nonsense. Still, I have to make sure that I manage my PnL well to ensure I keep things moving in the right direction.
An area that still needs improvement that I noticed very clearly today is my trailing stop strategy. I used it on several occassions but it was too tight and in many circumstances, price continued well beyond my actual exit and even beyond where my original profit target was. I think this is just as much an art as it is a science but either way, I will continue to work on it so I can capture a bigger run while still locking in some gains and/or minimizing any losses.
So that is that, folks. I will trade live again tomorrow and hopefully forever more.