Friday, January 6, 2012

Second losing day in the last 3 weeks... not too bad

Nothing was going my way today. After the NFP release, I put on a few trades. The first was a short t-notes trade that ended up turning violently against me within minutes. The other one was a long natgas trade that hit my stop and exceeded it by only 2-3 ticks before turning around in the right direction. I would have made a nice profit of course if I wouldn't have used a stop in the first place. Obviously, there's no prize when you finish second in this business. The third trade was my second attempt with a long wheat/short corn spread trade (you know the one I had lost yesterday). Well, although the conditions were even better than yesterday, this spread only produced another losing trade today. One point to mention here: wheat has not sold at a discount to corn more than 3-4 times in the last 25 years. So, this is a rare event. Unless, we would be confronted here to a new normal in the grains market, this discount isn't likely to hold for very long. Therefore, believe or not, I might be back at it again on Monday given a chance. Thanks God, the other trades I made were winners including a long gold/short euro spread and one on crude oil. Net result for today -$1220 trading 2 contracts (commissions included). Details below. Have a good weekend!


4 comments:

  1. It is great that u post your results but I think it would be more instructive for all to see your entries and exits so we can learn. E.g., how did you make money on CL today? Was it one short position or 6 trades? Why did u short ZN after a huge spike down? Stuff like that would help me and maybe help you analyze your trades. Thanks.

    ReplyDelete
  2. Initially when I started this blog I wanted to do that. But unfortunately, to explain each trade that I make on a regular basis (some days I can make 10-15 trades) would take too much of my time. It would require a commitment on my part that I cannot make at the present time. Sorry.

    ReplyDelete
  3. Can you recommend any Future Trading books or online video tutorials? Thanks so much.

    ReplyDelete
  4. Hmm.. no, nothing specific in mind. There are lots of books out there (some better than others but no holy grail of course)that deserve to be read. If I were you my preference would go to traders' forums like http://www.traderslaboratory.com/ where you can find useful tips and resources.

    ReplyDelete