ps that dog is costing you money !!!
Wake at 6:30 - 7 in front of screens 10 min later with first coffee and breaky
Check news, US, commodities Blah Blah Blah.
7:30 review yesterdays crap trading and make notes of what mistakes I will not do today, note that they are sadly the same as the ones I wrote out 3 days ago.
8:00 work out SPI, HSI & K200 levels and "guesses" for the day ahead and further out.
9:00 2nd or 3rd coffee. more news and ASF, emails and sports news.
9:40 4th or 5th Coffee. Set up ipod playlist. Glance at things to work on todays list.
9:50 watch SPI open
9:51 throw first order into the market.
9:51:12 scratch it.
9:51:22 reverse last trade.
9:51:42 Scratch AGAIN and re-enter first trade 6 points worst off than first entry. roll eyes.
9:52:08 take 4 ticks.
9:53 watch trade I just closed run another 16 ticks.
9:53:08 call in the dog
9:54 change ipod playlist cus its ****ting me.
9:55 place a limit order to sell @ the high
9:56 Swear at the Boyz for not filling it.
9:57 watch it run 16 tick away from my pathetic limit order.
9:57 Call the dog again
9:58 get stopped out instantly on next trade.
9:58:10 notice i'm flat on 4 trades less a heap of brokerage - wonder why the dog will not come past the door entrance.
10:00 throw full size order into the flick higher on the up open.
10:00:20 wish i didn't do that.
10:00:22 move stop up a tick
10:00:36 get stopped out. notice the dogs gone back outside.
10:01 re-enter same trade
10:01:20 wish i didn't do that.
10:02 glad i did
10:03 close out half, trail stop rest
10:04 half stopped out for 6 ticks profit instead of the 12 I had on first half exit.
10:04:02 wish i didn't do that.
10:05 first K200 trade
10:06 wish i didn't do that.
and on and on
4:30 move out into the real world and live a little:band:alcohol:artyman::car::brille:
I'm sure you'll never make those mistakes again!7:30 review yesterdays crap trading and make notes of what mistakes I will not do today, note that they are sadly the same as the ones I wrote out 3 days ago.
I like your posts ivant, but this part is wrong.
"The floor" is dead.
haha how so? there are still floor traders. cme in particular
Hey TH,
Have you always done your review of each days trades the following morning before market open ... or is that something yourve discovered works best for you over time?
And do you review each trade or just a selection?
sleepy
Nope more contracts are traded in the electronic versions than the same ones with trading pits. They are dead, its just that they haven't taken out the skeletons yet.
Always on going, before, during and after.
Yep.
What he said.
Bahaha i liked that. No I totally understand that there are more electronic contracts. but dont you think they still have the edge because they are there and surrounded by traders? in addition there are still brokerage reps there
I just can't work it out unfortunately.
Na, correct me if I'm wrong, but the basis of the edge floor traders held, was due to speed of execution (we now have execution in miliseconds online), for this reason, the BIGGEST traders used to stand on the floor and you could see when certain ones were trapped and trying to cover and try get in before them. Or see (hear) when they were creating momentum.
Most of the biggest market players now do so online, and with instant execution, the pits hold no more value as advantages mentioned above no longer stand.
It's one reason I now doubt traditional pivots, such as P, R1, S1 etc, ex floor traders I know don't even use these anymore, perhaps they aren't as relevent as previously, considering the shift from the power these guys actually held before. Still important of course, but maybe not as precise.......? Unsure, haven't been in the game long enough myself.
Tech, I agree, I find it VERY HARD to analyse my own trading, trade by trade, as conditions are constantly changing and unfolding while I am in a trade. I always think of what I could have done better, areas I could improve etc, but to classify each trade for me, is impossible! I've tried hard many times, but for the life of me, I just can't work it out unfortunately.
Interesting T/H.
I used to do this but dont any more.
Stopped when I realised that a P/E is what I'm aiming at and that the fact is I'll get it wrong.
The reason often is a variety of things that just mean the analysis didnt work out and the addition or subtraction of a myrid of things wont insulate me from being wrong or more right in the next trade. Wether that be the entry/exit/placement of stop or Trailing stop/positon sizing/pyramiding or how I read a chart.
Each trade is going to be completely different in how it performs and it will do so regardless of my input.
I'll rarely get it perfect and if I do it will be more to do with luck than good judgement.
the noise generated on the floor can still tell you how likely it is that they are about to break a particular level.
Not so sure pit noise would make any difference anymore, despite some books (Mastering the Trade) pointing in that direction.
Perhaps for the odd (very odd) instrument that has some decent volume done through the pits still (crude on the NYMEX perhaps?).
Other than that, you see what's going through the DOM anyways, if a big guy is in there and wants to hit, you see him.
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