MyTradingCareer.com

December 2009 Trading

MaxTrader — Thu, 31 Dec 2009 23:20:00 +0000

Fellow traders, December was an extremely slow, choppy month where at times it seemed like the market has stopped moving altogether. Unfortunately our results were in the red (although during the sim/no trading period, we would’ve had good trades that would’ve made total for the month a 1 point loss), but this is perfectly Okay with us. There is no strategy that will always make money and always be profitable. The important thing to remember during periods like this is to protect the account and not over trade. I received a few emails from our members saying the slow/choppiness of the markets made them over trade and lose more than they should have. This is the exact reason why you need to be extra careful during slow markets. Psychologically it is very tough to stop trading after a few straight losses and especially if the market gives and takes back or is very slow, but you have to do it. This is why we stop trading and do not call any more trades, to prevent us and our members from over trading. Almost all of our members stopped trading when we did, but the few that did not ended up giving back more than we did.

As a trader, you will have to constantly work on your emotions and controlling them and with our help you will be able to do this. Just listen to us and don’t question yourself and don’t over trade. Think of it this way, if you are down $100 for the day and you stop trading, you still have made money compared to continuing to trade and make emotional/revenge trades and being down $250 for the day. The market does not owe you anything, if you get emotional and start revenge trading, it will take more from you. Guaranteed!

I want to conclude this post by saying anyone can make money during good markets. The best traders are revealed during these times when the markets are stuck in a tight range and there is no follow through anywhere. I know many other experienced traders who ended up negative in December as a result of these market conditions, but everyone is Okay with that because this is part of life as a trader. You keep your losses under control. The traders who are angry/upset at themselves are the ones that over traded and lost more than they should. Don’t be one of them. Lack of trading discipline will take you out of the game. Another guarantee.

December 14th Day Trading Results

MaxTrader — Tue, 15 Dec 2009 06:11:19 +0000

2 trades today with just a tick of profit. Another very choppy day. December so far has been very choppy and with holidays just around the corner this might continue. A few things that might jolt the markets out of this choppiness is FOMC announcement coming up this Wednesday along with some important numbers releases this week. During choppy markets, the best strategy is being defensive and not over trading. Also, it is during this time that traders jump around to different strategies and lose money. Don’t give up on your strategy, no strategy works perfectly well all the time.

December 9th Day Trading Results

MaxTrader — Thu, 10 Dec 2009 04:15:22 +0000

1 trade, +10 point winner on the emini NQ (Nasdaq). Today was a great example of patience and discipline. The market opened and started dropping, we almost had a short signal, but it was not confirmed and we did not take it. We kept waiting patiently and it paid off when we got a long trade. After getting in the long trade, it went in our direction for a few points before falling back and stalling for quite some time. We held on and managed to get 10 points from this trade. Traders should know not give up on their trading plan and continue taking trades. Past 2 days we had losing trades, but that should not have made us hesitate to take today’s trade!

December 7th Day Trading Results

MaxTrader — Tue, 08 Dec 2009 01:37:46 +0000

Just 1 trade today, stop loss and we were done for the day. Monday started exactly how we had thought it would be. Slow and very choppy. With no news data coming out in the next few days as well, hopefully we will not be as choppy and slow. The market was pretty much dead with no moves till around 2 pm. It is extremely important to be careful on days like this and not overtrade. Most new and experienced traders have trouble with choppy days and suffer their biggest losses. It is crucial to learn when to stop.

December 4th Day Trading Results

MaxTrader — Fri, 04 Dec 2009 21:18:43 +0000

1 positive trade today. Very interesting trading day today. The morning started off with sharp gains due to the news release, but late morning all those gains plus a lot more were given back by strong selling. The market recovered back a little towards the close, but overall it was a very volatile day for a Friday. We finished off early with some profit and were done for the day. Enjoy your weekend everyone!

December 3rd Day Trading Results

MaxTrader — Thu, 03 Dec 2009 22:52:47 +0000

2 trades today. First one we had a few ticks profit, but the second trade went in our direction for a decent amount and we finished with 9.5 points profit. The markets fell hard towards the close with absolutely no move back up. The bulls didn’t even have a chance to breath! Emini Nasdaq (NQ) was holding the market and not going down, but when it did break, it broke hard falling nearly 20 points.

December 2nd Day Trading Results

MaxTrader — Wed, 02 Dec 2009 23:03:20 +0000

Decent moves in the market today, especially in the morning, but unfortunately we did not have any confirmed trades and didn’t take any trades in our trading room. One of the ways you can test your trading discipline is to see if you are anxious to take a trade when nothing confirms in your trading plan. We had a few members in our room that were anxious and kept asking whether we will take a trade soon. This can attributed directly to one’s trading discipline. You should never trade for the sake of trading, but trade for making money! Be disciplined!

December 1st Day Trading Results

MaxTrader — Wed, 02 Dec 2009 01:53:46 +0000

We have finished a nicely profitable November and here goes December. Just one trade today. We were stopped out and donefor the day. Today was an overall up day with minor retracement until towards end of the day. I can probably say today was one of the shortest trading days for us in a while. Didn’t take long before market conditions changed and we were stopped out. We didn’t have enough time for an opposing signal to develop so we can take it. It’s OK. There’s always another day another trade.

Monday November 30th Trading

MaxTrader — Mon, 30 Nov 2009 22:08:51 +0000

Last day trading day of the month. You want to be careful. Not give back any gains and follow your trading plan. We are up nicely for the month and had 1 small profitable trade today. Total gains for the month are at around 31.75 points profit. You can times that by $20 times the number of contracts you trade to calculate your total profit. Let’s hope we can turn more losing day tradings into profitable ones by following a simple strategy. Let’s focus and get ready to have a profitable December!

Happy Thanksgiving Fellow Day Traders

MaxTrader — Fri, 27 Nov 2009 02:06:06 +0000

Enjoy the days off and spend time with family. Remember you need to get away from trading on small day trading vacations like this. Why? It’s healthy for you, your family and for your trading. Staying away from charts and trading for a few days can help you focus and come back with a more disciplined attitude.