In comparison to the amount of points I have been making since I started this site, only making 5.5 points doesn’t feel really good. In comparison, any day that you make money and over 2/3 pts at that, is exceptional. After a while when you become a professional trader, it’s not about the amount of points you make everyday, it becomes a game. The point of any game is to win.
To extract as many points out of the market as you can is the game
Today was a good day, I made money which allows me to keep traveling and day trading and look good in front of anyone who is reading this. My first trade doesn’t fit any of my trade criteria, the only criteria it does fit is that we had a massive run down and as I discussed in a previous market recap, when the market comes down with that kind of strength it doesn’t stop right away. Quick two points, no need to be greedy.
CLICK ON ANY OF THE CHARTS TO ENLARGE THEM
Tradestation Charts Sep 28th chart 1
The new circles on the chart today are trades that I wanted to take that don’t fit my trade criteria AND do not coincide with market momentum, I call them instinct trades. They normally work out very well or get you in a very deep hole you can’t get out of. The first one would have worked out well with roughly 2-3 points. With a strong run into a new support area I took T2 with a quick point.
T3 was a good trade but it just didn’t work out. I’d like to note here that the market was already not respecting our areas at this point so I shouldn’t have taken this trade. Even if it took off for 5 points I would say the same thing. With the strength back down I made it up with T4 into the support area.
I decided to wait until the market broke out of our range or it started respecting our areas
Notice that I could have taken another instinct trade at this point that would have worked out. That’s two trades that would have added between 3-4 points to my bottom line. Am I upset? No. Would I take them in the future? No. Stick to your plan, notice I still was positive today which is what counts. The market finally breaks out to the upside and the potential opportunity didn’t give the confirmation to enter
Tradestation Charts Sep 28th chart 2
I pass on that trade and take T5 at a 1 point loss. Its not 5 ticks because if you notice there was an edge at 1169.50 for the trade. Two ticks behind the edge is enough risk, there is no need to risk more than that. A nice trade at T6 for 3 points and I am done for the day. Could have easily held T6 for a larger move (compare to first trade of the day) but its 8pm here in Nairobi, Kenya and I have to catch a flight to the Victoria Falls in Zambia.
I’m going to be swimming on the edge of one of the largest waterfalls in the world
Day Trading Results Sep 28th
Sep 28th Day Trading Results
- Total of 8 trades available
- 4 winning trades
- 2 losing trades
- 2 trades not taken (didn’t fit criteria)
Hi Marcello, just got onto your site. Enjoyed all the commentary, particularly the one about the speeding car having to slow & stop prior to turning around. I appreciate the down to earth commentary & what many may consider a basic trading method but it rings the bells with me. Look forward to more of the same.
bruce
Hey Bruce! its great o hear from you! Im coming to you live and direct from Livingstone, Zambia