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Friday 11 January 2008

Battle to the End



Today I traded to the close grinding my teeth to the very end.
I was up about $900 before the market rolled over at 3pm Est. I should have payed more attention to the drop in WM and the pop in bond futures. I was trying to keep size down to get to 1k, but I screwed up by getting chopped up during the mid-day. Some how I ended up short on ER2 with large size near the LOD with a 3k loss from doing some massive churning on ER2 in about an hours time. I knew I was going to be screwed if the market didn't continue it's trend down after 3:20pm EST because my short adds on ER2 kept reversing as soon as they were hit. I didn't hesitate to reverse my short ER2 position to long even though the market looked like it was going to tank into the close. I had to widen my stops and sit through some heat to make back my loss. I got another short signal right before the close to put myself back in the black for the day. I really need to work on trading smaller size during the mid-day because I'm losing a lot of money getting chopped up. I also need to reduce my trade size. I'm trading way too many contracts during the mid-day and taking unnecessary risk by doing so.

P/L= $608 on 288c and 5,750 shares

Overall, I'm glad the week is over so I can get some rest. I traded too large of size on the stock futures this week and I need to work on that. I saw that a lot of traders have been getting beat down this week (DehTrader, Ainkurn, and Trader Bubs), and I want to make sure I don't have another blow up. I've been using stops on all my trades to make sure I don't come down with "DEER IN THE HEADLIGHTS SYNDROME". However I need to work on my trade size during the mid-day like I said before, because that is where a lot of the damage has been occurring due to getting stopped out, reversing, and then repeating that process like 3 times until I've lost all the profits I made in the morning.

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