A very tiring first day of manual day trading

[][] I somehow just jumped into my first day of mini Dow day trading today. It started pretty bad as my emotion and lack of a definitive strategy resulted in a couple of big losses and excessive trading early in the day (see chart below). One thing I've done well that saved me from a probably whipout was cutting my losses short. I was on the wrong side a couple of times before the spikes, but I was able to hit the "close all" button despite seeing some big paper losses already. Those decisions turned out well as I would have been down even more if I wasn't decisive.


[][] As the day went on, I was more comfortable and my trades became more and more successful. I nearly brokeeven but a few "out-of-strategy" trade (bad!) put me back deep into the red again. A few key concepts that I need to remind myself again and again are as follows:

  2. Wait for the right signals for HIGH probability trades. It's ok to miss some moves!
  3. Cut losses short and take profit SLOWLY. Stick with strategy on both entries and exits.
  4. Don't over-trade!

Here's the final screen I used for day trading today. I went through a few versions as the day went by already. This particular screen and strategy seems to perform well.

[][] On a positive note, the strategy I developed from today's experience using trial and error is invaluable. I think this can be programmed into a mechanical system. More on this later after I've done my trade analysis.

For now, I need some rest!

[]: http://bp0.blogger.com/_Vlx60iTPx5s/R4aPYPY4ueI/AAAAAAAAAFk/6nT6t04d9jw/s1600-h/ym_daytrade_perfstat.jpg []: http://bp2.blogger.com/_Vlx60iTPx5s/R4aPevY4ufI/AAAAAAAAAFs/am0y9aCWTXI/s1600-h/ym_daytrade_perf.jpg []: http://bp0.blogger.com/_Vlx60iTPx5s/R4aMgPY4udI/AAAAAAAAAFc/b-NANOZmuvk/s1600-h/ym_daytrade_clutter.jpg []: http://bp3.blogger.com/_Vlx60iTPx5s/R4aLH_Y4ucI/AAAAAAAAAFU/PULeXcMHETw/s1600-h/ym_daytrade.jpg