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d02501bd2b1a-0 | dentist.” These are the ones specifically set up to do this. Ask and make sure they know what they are doing. They should have a specific system in place for extracting mercury safely. I switched dentists. My process took a few hours and my fillings were replaced with ceramics. Anyway, that’s the health story. I’m stepping up my game in 2012 and doing | Page 3595 |
3ee882d4afb6-0 | more longer runs, biking, and yoga, and I’m going to start signing up for races to stay motivated. After all, my kids are still young, and I’m going to have to be able to outrun them when they are teenagers. For anyone who is interested in more information, a good place to start is a book called Alkalize or Die , by Theodore A. | Page 3596 |
1c23cd26947d-0 | Baroody. Also, you can go on Google and search for “acid and alkaline foods” or “high-pH foods,” and you will get all the information you need. If you are interested in the tests I took, feel free to contact me and I can give you more information. My own research has convinced me that by eliminating refined sugars and refined flours from our diet, significantly | Page 3597 |
fd4805136da1-0 | increasing our intake of clean water, and doing some general exercise (300 minutes of vigorous exercise a week!), we are preventing more health issues than just about anything else we could do. Good health and good trading go hand in hand. Bad health sneaks up on people; it’s under the hood and may not show up for 20 years. But when it does show up, it can be very ugly. | Page 3598 |
5fb48c25caed-0 | Concluding Thoughts on My Plan This is the plan. For me, the key here is complete and accurate daily records so that I can assess my trading, review my progress on a month-to-month basis, and make changes in my strategies based on my performance. I also want to incorporate other areas of my life into my trading plan, | Page 3599 |
4449ecc72332-0 | since trading is a very central and important part of my life. I’ve shared my actual plan with a number of traders who have come up to the office to trade with me for a week. One of my goals in working with traders is to help them identify the markets, setups, and time frames that best suit their personality, and then from there help them to put together a game plan. Once | Page 3600 |
1b7c33fb36f2-0 | they leave, they then e-mail their business plan to me, and I critique it for them and send it back. One of the traders who went through this process is Eric Grywalski. I’ve asked Eric if he would be willing to share the plan he created, because it is very specific to the beginning trader. In spending time with him, I could see right away | Page 3601 |
7a04a51cf70e-0 | that he was highly intelligent and highly perceptive. Unfortunately, after the first few hours of trading, I could also see that he overanalyzed everything. Instead of jumping into a trade on a predetermined signal, Eric would continue to analyze the market to make sure that the trade setup was really a winner. When he finally did get into a trade and was stopped out, his first | Page 3602 |
4ec62f059993-0 | statement was, “What am I doing wrong?” This tendency to overanalyze the markets is a problem for a specific group of traders, especially analytical and logical thinkers who are looking to make sense out of the “chaos and randomness” of the markets. To combat this, I had him focus on simple setups that required minimal analytics, and to formulate an exit plan with the same idea | Page 3603 |
b349dd8e2260-0 | in mind—exits that were mechanical or that met a specific set of simple criteria. Eric had had some trading experience on a swing basis before he came to visit me, so he’d already had some experience with the market under his belt. However, he was very new to intraday trading, and this is what he wanted to focus on. His plan follows, and I’ll turn this over to him. Items in italics | Page 3604 |
372faf6fcfe7-0 | in his plan are my notes from the initial feedback I gave him on his first draft. A Sample Plan from a Beginning Trader My name is Erik Grywalski, and my trading plan was developed with the new trader in mind, using John’s plan as a model. Defining a handful of solid setups, creating rules to govern my | Page 3605 |
08e45a77bff6-0 | behavior in a limitless environment, and integrating proper trader psychology are key themes in my plan. As a beginning trader, I also wanted to focus on keeping my expectations realistic by not focusing on “making a killing in the market.” Forming good habits early on and learning from my mistakes will be critical for staying in the markets long term, which is every aspiring | Page 3606 |
7bd40ddfb104-0 | trader’s ultimate objective. Overall, my plan lays out three high-probability setups that I learned from John Carter and Hubert Senters during the week I spent trading with them. Gap, pivot, and squeeze plays allow traders to take advantage of market behavior that occurs on a fairly consistent basis throughout the trading day. | Page 3607 |
aa3069efdc00-0 | Gap plays position a trader for the contra move that often follows morning gaps, while pivot plays anticipate potential turning points in the markets that are identified before the trading day. Squeeze plays allow traders to capitalize on the market’s tendency to fluctuate between low- and high- volatility states. Last, more important than | Page 3608 |
c8c7810e3b2a-0 | the actual trade setup is trader psychology. Without establishing and maintaining a proper trader’s mindset, consistent success in the markets will be unachievable. I strongly believe that this is an area that new traders often overlook because of their obsession with instant profits and is therefore briefly included in my plan. I would like to acknowledge Mark | Page 3609 |
ef0c5398d3cc-0 | Douglas for his superb book, Trading in the Zone . All the core attitudes listed in my plan were taken from Mark’s book, and all traders should put this book at the top of their reading list. Comments in italics are notes from John Carter that he inserted after reading the first draft of my plan. 2005 Trading Plan, Eric Grywalski | Page 3610 |
9fd179d5d7a3-0 | W HY A M I T RADING ? I am trading because of my passion for the financial markets and my long-lived aspiration to become a profitable, full-time trader. Trading will allow me to actively manage my money in all market situations, while having the freedom to work for myself in an area in which I have great interest. Being a student of the | Page 3611 |
74252da0089c-0 | markets, I have gained an appreciation for some of the things that are critical for success as a trader. Proper mindset, strict money management, and trading with a predefined plan are just some of the more important areas to focus on when trading the markets. Since I have limited intraday trading experience, I realize that the road ahead | Page 3612 |
2a0caf74c26e-0 | will be extremely challenging, and I have set expectations for my first year accordingly. The most important, often overlooked area that will be critical for me will be to establish and maintain a trader’s mindset. The ability to internalize and master the psychological aspects of trading is one of the most crucial skills that determine success. Indicators, charts, and the | Page 3613 |
2e8c87d6adbe-0 | myriad other tools are helpful, but I must be careful not to overanalyze the market, and I must realize that trading is 90 percent mental. In general, proper attitude will produce better overall results than analysis or technique. With that said, my main goals during this first year are to learn how to execute trades well while achieving modest profitability. This means | Page 3614 |
c17976167511-0 | taking signals when they occur and managing my positions to maximize profitability. W HAT M ARKETS W ILL I T RADE ? • Main contract: mini-sized Dow futures contract (YM) • Hedging contract: | Page 3615 |
ea06f18294ca-0 | E-mini S&P 500 futures contract (ES) Eric, the YM is a great contract to trade for newer traders. However, you need to have a backup plan. In situations where the eCBOT goes down or you have any computer problems, you will want to be able to hedge any “trapped” YM positions with the ES using one of the | Page 3616 |
967c991bead4-0 | following options: 1. Take an opposite position in the ES market to offset a YM position. As an example, if I am long two YM contracts, I will sell two ES contracts to hedge. 2. Use buy/sell stops in the ES market to hedge a YM position. As an example, if I | Page 3617 |
08b8b86dee63-0 | am long two YM contracts and the eCBOT goes down, I will place a sell stop for two ES contracts at a price level that is equivalent to my initial YM stop. This way, if the YM hits my stop and I can’t get out of my position, I am hedged at my stop in the ES. However, if the | Page 3618 |
8deff5ecd41b-0 | market actually moves my way, I will still be able to participate in the move and liquidate my position once I am physically able to. —JC W HY T HIS M ARKET ? T RADING S TRATEGIES The mini-sized Dow will be used for the following intraday trading setups: | Page 3619 |
d3d10a87cbc7-0 | • Gap fades • Pivot plays • Volatility expansion/five- minute squeeze plays The mini-sized Dow has a better spread than the S&P and Nasdaq futures, which gives the beginning trader | Page 3620 |
e16919c5cf1e-0 | more room (levels) to allow trades to play out. Additionally, it is easier to track all 30 Dow stocks than the 500 that exist in the S&P. A CCOUNT S IZE AND N UMBER OF C ONTRACTS TO T RADE An amount of $90,000 in start-up capital should be allocated in the following manner: | Page 3621 |
36bb7610bd49-0 | • $40,000 for trading capital • $40,000 savings account • $10,000 for first- year business expenses (home office, software, etc.) G ENERAL A CCOUNT R ULES | Page 3622 |
37a45be120c1-0 | • Withdraw 100 percent of any trading profits at the end of each month and place into savings account. • Never add money to the trading account if the balance is below $40,000. N UMBER OF C ONTRACTS TO T RADE | Page 3623 |
1e801823041c-0 | • One YM contract per $20,000 • Equal number of ES for hedging purposes T RADING S TRATEGIES Three strategies will be used for intraday trading of the YM contract. I will follow only one setup at a time: | Page 3624 |
b924e23fd1ed-0 | • Gap fades • Pivot trades • Squeeze trades Eric, if this is comfortable for you, simultaneous trades in the YM and ES markets may be considered. For example, if I am in a gap trade in the YM that hasn’t filled and a five-minute | Page 3625 |
ea1cd6d33811-0 | squeeze play sets up in the ES, I will take the trade signal in ES using my standard squeeze execution procedure. This scenario is likely in a market that gaps up in the morning and consolidates all day before selling off into the close. In this instance, it is okay to take both positions; just make sure you play them separately with their own, distinct parameters.—JC | Page 3626 |
e3bf04841ad6-0 | Each trading day will be broken down into two 2-hour trading periods: • 6:30–8:30 a.m. Pacific • 11:00 a.m.–1:00 p.m. Pacific All trades must be initiated only during these two time frames with the following exceptions: | Page 3627 |
6ba7aa939f5f-0 | • Management of an existing trade that is still on from the morning • Five-minute squeeze A. GAP FADES The gap trade will be the first trade of the day that I will look for during the morning session. Gap trades are high-probability trades that often fill on the same day. Intraday charts for | Page 3628 |
f4d2f530ff0a-0 | this trade should be set with a 1:15 p.m. Pacific close and a 6:30 a.m. Pacific opening to account for any overnight/morning gaps in price. Gap Trade Guidelines 1. Using two-year raw gap data, take gap trades only from Tuesday through Friday and take only | Page 3629 |
967e6c2b5687-0 | those gaps that occur at or between R1 and S1 pivot levels . Exceptions to this rule can be made if price opens near another significant level that has a high probability of providing support or resistance. As an example, the market gaps down below S1, but prices open right | Page 3630 |
c186d32216f1-0 | on the weekly pivot, which also coincides with key daily chart support and/or a moving average (or fib level). 2. YM gaps should be at least 20 points and not more than 60 points. 3. Risk a maximum of 1.5 percent of total trading capital per | Page 3631 |
f7f560c5df0f-0 | trade. 4. Around 6:20 a.m. Pacific time, evaluate premarket volume in key institutional stocks to gauge the power of the gap. Specifically, review volume for MXIM, NVLS, KLAC, and AMAT along with other stocks tracked in One Chicago’s | Page 3632 |
2311bf62f164-0 | single-stock futures listing. Use the underlying volume of the cash market, not the futures market. Volume Guidelines • Light = < 30,000 shares • Moderate = 30,000 to 80,000 shares • Heavy = 80,000+ shares Note: As a new trader, use | Page 3633 |
868e1d7b33a2-0 | a full position (two contracts) only on those gaps where there are less than 30,000 shares in premarket volume for the key stocks. These trades have the highest probability of filling the same day. With moderate- volume openings, trade only one contract and use ½ gap fill as the target. Heavy- volume openings are not to be faded. | Page 3634 |
262c21f9140a-0 | 1. Premarket volume takes precedence, but be alert during the gap trade if most of the sectors are moving in the direction of the gap. Ideally, look for at least five sectors moving in the opposite direction from the gap. Consider closing the position before stop | Page 3635 |
b208dcfa37d3-0 | is hit if the five sectors reverse and start to trade in the direction of the gap. Eric, I would throw this idea about the sectors out—this will end up being an excuse to overanalyze the play, and you will end up getting out of the trades that you should have stayed in. | Page 3636 |
73e31cf55e5b-0 | Just focus on the premarket volume, set your parameters, and leave it alone.—JC 2. If gap occurs with premarket volume over 80,000 shares and does not fill, look for the first buy/sell signal in the direction of the gap. This may be a pullback to a pivot or squeeze play | Page 3637 |
ab102eaec122-0 | after a consolidation of the morning’s gap. 3. When the daily pivot precedes the prior day’s close, look to lock in any gap trade profits at the daily pivot. 4. Record unfilled gaps and keep price level handy, as the market will often fill open gaps within 5–10 | Page 3638 |
d06e6951ec90-0 | days. Avoid gaps on the following days: • Options expiration Friday • Rollover Thursday and the day after • First trading day of a new month • If after a narrow range day, the next day’s gap is larger than the | Page 3639 |
a5b1a04a2590-0 | previous day’s range • Gaps where the opening price is outside the previous session’s high/low Gap Trade Execution Procedure: 1. When taking gaps, enter opposite the market using an “all- in” market order and place stop from fill | Page 3640 |
931b91550f23-0 | price. 2. Stop price will be determined from the gap’s size, as follows: | Page 3641 |
1fb30b187a8f-0 | 3. After setting parameters, stay in trade until the gap fills or stop is hit, but do not hold overnight and do not trail stops . 4. For two contracts and light volume gaps, the target is a complete gap fill. This price level should match the | Page 3643 |
9e6ccb17ce25-0 | 1:15 p.m. Pacific closing price level from the previous day and should be set upon entry of trade. Use ½ gap fill as a target for moderate volume gaps. B. PIVOT LEVEL TRADES Daily, weekly, and monthly floor trader pivots will be a second strategy used for intraday trading of the YM | Page 3644 |
b029b0faa1fc-0 | market. Pivots are leading price-based indicators that help anticipate market turns/points of consolidation and can be valuable entry points for both trending and choppy days. The basic strategy utilizes preplanned (“anti-impulsive”) trades to either fade pivot levels on choppy days or buy/sell pullbacks to pivots on strong trend days. Daily pivots will be calculated using the 24- | Page 3645 |
82380477e4eb-0 | hour time period, while weekly and monthly pivots will use the high, low. and close from each of the previous week/month’s trading range of the continuous contract (@YM). Pivot Level Calculations R3: R1 + (high – low) | Page 3646 |
22ec2efb2f11-0 | R2: pivot + (high – low) R1: 2 × pivot – low Pivot: (high + low + close)/3 S1: 2 × pivot – high S2: pivot – (high – low) S3: S1 – (high | Page 3647 |
d56d66664693-0 | – low) Daily, weekly, and monthly price levels will be drawn on the intraday chart each trading day. Pivot Trade Guidelines 1. Use 144-tick chart for pivot strategy. Experimenting with other time frames (89- or 233-tick) is okay to see what | Page 3648 |
a20634e3f204-0 | works best. 2. Add in 8- and 21- period EMAs for confirmation (after entry) and seven- period RSI to spot bullish/bearish divergences. This is fine, but make sure you are using this for confirmation after the entry, and don’t use these to wait to get | Page 3649 |
6df2c880f737-0 | into the trade. — JC 3. Consider using pivot strategy as the first trade of the day if an opening gap is a runaway gap where the gap does not fill because of strong buy/sell interest. On these days, look for price to pull back to a pivot level where an entry can take place | Page 3650 |
45aa9788db60-0 | before the market resumes in the direction of the opening gap. 4. Look to fade the first move to the daily pivot and stay in the trade until a scalper buy/sell signal is generated. 5. If the market opens above the daily pivot, look for short entries | Page 3651 |
3d07c2ab8a67-0 | for a move down to test the pivot and vice versa for openings below the pivot. If the pivot isn’t tested during the morning session, look for a test in the afternoon. 6. For levels that have multiple pivots, such as a daily and weekly, defer entry point to daily price | Page 3652 |
904bbeb5cca0-0 | level. 7. In general, for trend days, look to buy/sell pullbacks to pivot levels, and look to scale out at pivot levels above/below. How are you determining whether a day is choppy or a potential trend day? This is another area where overanalysis | Page 3653 |
bac6340424e1-0 | can hurt a trader. For choppy days, it is okay to trade pivots, but remember you are fading the initial move to the pivot on these days. Remember to look at the ES volume and see if it is greater than 10,000 contracts per five-minute bar over the first six bars, which indicates a | Page 3654 |
963b69225971-0 | trend day, whereas volume of less than 10,000 contracts during the first six bars sets up a choppy day. —JC 8. Utilize market internals to decide what action to take at pivots. For example, if the trin is falling and most sectors are green, focus on | Page 3655 |
4f0d87f2e650-0 | buying pull-backs to pivots and ignoring sell signals against pivots. In a choppy market, the internals are less critical, so look to fade rallies and declines to pivots. 9. Use midpoint pivots if the range between the seven daily pivots exceeds 40 points. | Page 3656 |
b7236a4ded2e-0 | Midpoints are not used with weekly and monthly price levels. 10. Moves to R3 or S3 are extreme, so keep emotions in check at these extended levels. 11. Daily R2/S2 will contain the market 90 percent of time, so be aware of these levels when trading intraday. | Page 3657 |
ae00fbe070bb-0 | 12. Look for convergence of daily, weekly, and monthly pivots (and fib clusters). These levels are strong support/resistance areas to be aware of when trading. 13. If five-minute squeeze fires off in conjunction with pivot, stay in trade until momentum runs | Page 3658 |
58b3b56fc2a4-0 | out. 14. After two losses in a row, quit using pivot strategy for that day. Pivot Trade Execution Procedure 1. Use “all-in” limit orders to enter the market. Limit orders should be placed at the targeted pivot level +/– 3 pts. If | Page 3659 |
af8c040a88dd-0 | buying at daily midpoints, just use nominal value for entry. If trading more than 10 lots, use MIT orders (market if touched) to eliminate partial fills for both entries and targets.— JC 2. Place an initial stop 20 points from the fill price. This represents | Page 3660 |
5d3ab1de2a23-0 | a maximum drawdown of $100/contract or 0.25 percent of total equity. 3. Sell/buy one contract after a 10-point profit and use the next pivot level as the target for the final contract. 4. After closing out the first contract, move the stop to breakeven | Page 3661 |
319eb6f10c44-0 | +/– 6 points. 5. Consider using scalper buy/sell signals on 233-tick chart of ES to confirm the trade in YM at pivot levels. Confirmation should occur within 15–20 minutes. If confirmation doesn’t happen, close out your position. | Page 3662 |
72304e6ce817-0 | C. FIVE-MINUTE SQUEEZE TRADE Squeeze trades rely on the premise that stocks and indexes fluctuate between periods of high volatility followed by low volatility. The squeeze indicator captures the moment when the market goes from a low- volatility to a high-volatility state. The squeeze trade is the only trade acceptable to take during the 8:30–11:00 a.m. Pacific doldrums. | Page 3663 |
c9e093373e1a-0 | Squeeze Trade Guidelines • Use the continuous contract (@YM) symbol when charting. Focus on signals in the five- minute time frame for intraday trades. • Red dots signify the contract is in a squeeze (Bollinger | Page 3664 |
d2c4e955c580-0 | Bands are inside Keltner Channels). • Blue dots signify that the Bollinger Bands have moved outside the Keltner Channels and volatility is increasing. • Histogram measures move’s momentum. Green bars on blue dots are long | Page 3665 |
043be3421382-0 | signals, and red bars on blue dots are short signals. Squeeze Trade Execution Procedure 1. Monitor a continuous five-minute YM chart for red dots. You should have at least two red dots before considering a potential squeeze. | Page 3666 |
731ed99302e8-0 | 2. Once a dot turns blue and closes blue for one five-minute period, use an “all- in” market order to go long (two contracts) if the histogram is green and short if the histogram is red. Histogram appears above/below dots. 3. Set an initial stop of | Page 3667 |
46689e8a095d-0 | 20 points. 4. Scale out of one contract at a 10-point profit and move the stop to break-even minus 10 for the second contract. 5. For the second contract, stay in the trade until momentum runs out on the histogram. This is indicated by | Page 3668 |
e4f5b81e9ee6-0 | the histogram’s failure to make consecutive higher highs if long or consecutive lower lows if short. Wait for two consecutive higher/lower bars before exiting at the market on the second contract. P SYCHOLOGY Psychology plays a very | Page 3669 |
0eeccb51dca9-0 | important role in trading, and the development of a proper trader’s mindset should not be taken for granted. The unsuccessful trader has firm beliefs and expectations that are often not met by the market. When the outcome doesn’t match the expectation, the trader feels pain and often views the market in a threatening way. Once this occurs, traders are doomed to fail unless they | Page 3670 |
056ead33d2b3-0 | can recognize what is wrong and develop the proper winning attitude of a successful trader. Adopt the following for trading success: • Every Moment Is Unique: Either the trade works or it doesn’t. • Anything Can Happen: Develop a resolute, unshakable | Page 3671 |
aefefdddfae9-0 | belief in uncertainty. The market has no responsibility to give us anything or do anything that would benefit us. • Markets Are Neutral: The market does not generate happy or painful information; therefore, no threat exists. Our expectations formed from our original beliefs are the | Page 3672 |
6fc5cc65b8a3-0 | sole source of any happiness or pain. • Losses Are Okay: Losing and being wrong are inevitable realities of trading, since anything can happen. Taking small losses is part of a successful trader’s job. • Accept Risk: Fully acknowledge the risks inherent in trading and | Page 3673 |
e78e676af278-0 | accept complete responsibility for each trade (not the market). When a loss occurs, do not suffer emotional discomfort or fear. • Monitor Emotions: Learn how to monitor and control the negative effects of euphoria and the potential for self- sabotage. • Abandon Search for | Page 3674 |
60a6dbaf68a5-0 | Holy Grail: Attitude produces better overall results than analysis or technique. • Rigid Rules, Flexible Expectations: Adopt rigidity in your trading rules and flexibility in your expectations. P ROFIT G OALS Income Goal = $20,000 full- time trading profits using two | Page 3675 |
e66c0761950a-0 | YM contracts (June– December). P ROFIT R ULES | Page 3676 |
fb85656cb1d0-0 | • $143/day profit objective. • Once my daily profit goal is obtained, stop trading for the day. Eric, remember you will have losing days too. You will want $143 to be an average, not a stopping point for the day. If you make $300 one day, and lose $100 the next, then your | Page 3677 |
08dab05fba65-0 | average over the past two days is $100 per day.—JC • If I have a day in which I am up double my daily goal and the next trade is a loser, I will stop trading for the day. • If I triple my daily profit goal before 9:00 a.m. Pacific, I will stop trading for the day and will take the next day | Page 3678 |
dc2da0374443-0 | off. • If I meet or exceed my weekly profit goal ($780) before the end of the week, I will take the rest of the week off. • Track daily P&L and convert to percent returns per day. D RAWDOWN R ULES • Daily drawdown | Page 3679 |
7a2ea747cc55-0 | maximum is 2 percent . If I exceed this level by the end of the day, I cannot trade the next day. If I exceed 2 percent again that week, I will stop trading for the rest of the week. • If I am down by 10 percent for the month, I cut my position size in half for the rest of the | Page 3680 |
02f60120fc0c-0 | month. • If I am down by 15 percent for the month, I will stop trading for the rest of the month. • If I am down to a 20 percent total drawdown, it is time for at least a four-week break from trading until I can figure out and correct what I am doing wrong. | Page 3681 |
b02b2c44d13f-0 | G RADE C ARD Track and rate the performance of all trades as follows: PERFORMANCE SCORING 5. Target hit 4. Out at a different price from target, but profitable (time stop) 3. Out at even (scratch, time stop) | Page 3682 |
5a5bb98133de-0 | 2. Out at a different price from stop, but a losing trade (time stop hit) 1. Stop hit Eric, this is good, but you will also want to grade how well you follow the setups you have chosen—in other words, how well you execute your plan. This is particularly important given | Page 3683 |
052d9d6102bc-0 | your tendency to overanalyze what you are doing. You also tend to blame yourself when you lose money, i.e., “What am I doing wrong?” If you follow the setup the same way each time, then the focus of what is “wrong” becomes the setup, not you personally. This way you focus on tweaking the setup, not blaming yourself. I would adopt the following scale to use to grade how well you | Page 3684 |
d2c9b0cdd3c0-0 | actually executed the trade: EXECUTION SCORING 5. Followed trade as dictated in your plan. 4. Followed trade entry, but closed out position before predetermined target was hit. 3. Followed trade entry, but removed stop and let position run past | Page 3685 |
f9edbbd8a335-0 | original target. 2. Entered setup late and didn’t set target. 1. Impulse trade.—JC Add up daily scores and divide by the total number of trades to get an average for both categories. This will keep a grade point average of the number of trades made that are profitable and those that are executed as | Page 3686 |
83b9455cd940-0 | originally planned. Track by trading method used (gaps, pivots, and squeeze) so I am able to rate each method and tweak as needed. Review the score at end of each month to see what needs to be modified. Note: Any trade that does not fall into one of the three strategies outlined in this plan will be labeled an “impulse play.” Impulse | Page 3687 |
e3edcbcfef6b-0 | plays are a weakness because they violate the trading plan, so I must track them to see what impact they have on my trading. I will write down notes on each trade and recognize if I jumped in too soon, missed a fill, or chased at an extended price. I will also track various trends in my trading journal: • How many days did I start off losing, only to | Page 3688 |
ab2351aaec2f-0 | come back by the end of the day? • How many days did I start off strong, only to give it back? • Were there interruptions during trading hours that may have affected my results? • Did I decide not to trade because it was a narrow range day? | Page 3689 |
4ac7230e13d6-0 | • Did I get too confident because of a good morning and trade outside my parameters? O FFICE S ETUP I will use one room in my house as my office, and it will be strictly for trading. The office will be set up with the following: • Trading computer with three monitors using | Page 3690 |
586a03ae4a6b-0 | broadband Internet access. • Day-to-day computer with separate broadband connection used for nightly research, e-mail, and as a backup to the primary trading computer. • All computers will run with a battery backup and have Maxtor external hard drive. | Page 3691 |
128667d4ee7f-0 | • Antivirus and firewall protection. • Spyware software. • Printer. • Separate phone line and cell phone. Eric, this is good. You and your wife also just had your first child (congratulations). How does this fit into your trading? Who is going to | Page 3692 |
fc88b7387437-0 | watch the baby during the day? Are you going to get a nanny, etc.? My wife and I are expecting our first child, and I’m in the process of hiring a live-in nanny to help with the daily tasks of raising children. This is so that Daddy can sleep at night and be ready to trade the next day.—JC GENERAL TRADING RULES • Do not hold any | Page 3693 |
1774ede32312-0 | intraday positions overnight. • As a day trader, I am limited by time and range, so I need to be keen to where the market is trading and avoid shorting/buying dead lows/highs of day. • Parameters of trades are not to be changed once entered. I will define my profit target and | Page 3694 |
c2e1f7ff2717-0 | stop before the trade is executed. After execution, I will let the trade play out to see what happens. • Do not rush into a trade unless parameters are defined before the trade is placed. There will always be another opportunity down the road, and there is no reason to chase the | Page 3695 |
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