Work log 15 Jan 2008

  1. day traded YM again, ended up about \$55 for the day with 4 trades.
  2. Stochastic slow crossing oversold/bought line seems to be a pretty good indicator. I combined it with CCI smoothed and look at the underlying trend to catch retracements.
  3. worked a bit on the system again, but the market changes too much, difficult to make a catch-all system that can be consistent. I will continue trading manually to gain experience.
  4. installed the eKam Hesitation indicator
  5. Examined swing trading soybean. My system seems to work well there too. But risk/reward only = 10, daily range / intraday range. Whereas YM's risk/reward is 20. But YM is more choppy lately and S is swinging well.
  6. Lesson: Don't focus on profit. Concentrate on managing risk and the money will follow.
  7. Entered a short position of YM at \$897.10 with stop at \$902.6 (just above resistance)

Yesterday I was day trading too. Up about \$100. I've been working on the system for the past couple of days, disappointing results. On the other hand, I'm getting better at day trading and this seems like a better method.