So I went in early this morning to trade the Bank of England news at 6 am. I slept horribly last night and made a huge error before the release. I pulled up my Swiss Franc book and I was about to trade it, but luckily I noticed about 10 seconds before the release. Anyways, the release came and went, and I lost a little because I traded the Euro and Crude Oil. Whatever. Bottom line, it was frustrating, and it put me in a bad spot before any markets were really moving.
I made so many trades today, in fact, I made way too many. I was chasing money all day. I was up, then I was down, and then up and down. I went into oil, euro, 10 yr, and back and forth all day. It was not very productive.
I was bullish most of the morning because the bank of England basically put and end to quantitative easing, and most markets were up early. Equities and oil had been selling off the past few days, so it felt like today might start retracing. Anyways, I was buying oil from 61.80 to 60. Clearly that was a mistake, and my bias was wrong. Thankfully I was not down too much.
I finally sold it a few times and took some decent winners and then bought near the low when I saw some strength in heating oil and gasoline. I actually managed to get up a little bit. I was starting to find a few 10 cent winners and got up decently.
I waited for the 30 year re-opening, but traded that poorly. I was up and down after it, and only made a little bit after it. I walked out when oil closed, right near my highs.
I made 58 trades today in 5 different markets. Granted oil moved a lot during the day, I think this was excessive. I lacked a lot of discipline today and I failed to put together any great ideas. It is hard to gauge what I did right and what I did wrong because I made money. Actually, I made $2500, a lot more than I should have. Maybe I am lucky . . . who knows
I need to review, I need to really spend some good time reviewing. When I make too many trades, it is hard to separate the good ideas from the bad ideas.
Tomorrow I want to make only a few trades and write down all my reasons. I need to put together what is working and what isn't.
Thursday, July 9, 2009
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