Tuesday, December 9, 2008

Tuesday Notes - Scratch & Claw

4:15pm Interesting day in that I went back to some of my earlier 2008 tendencies with a rough start where I couldn't seem to separate my head from my lower half before finally finding some rhythm in the afternoon to turn an early ugly five figure draw into a -$3K chip scratch, or essentially my transaction cost for the day on 2,225 x 2 trading.

Two particular trades caught me on the negative side, both of which I'd classify as lower probability second pullbacks on 5-minute trend attempts which I'll often pass on during the day after a strong trend, yet Monday's sloppy close had me hesitating on setups, and as a result I definitely felt myself forcing things on delayed setups.

On the positive side, the higher-than-recent volume on the day reflects some aggressive liquidity providing trades which helped me fight back from the two negative speculative attempts. Call it a mini-EESM mode. And fortunately, my liquidity-providing game was much better than my speculative game.

There's not much else to say as I'm frankly glad the day's game is over, so I can regroup and go back to bat in the morning.

A quick note and reminder to those new folks "looking over my shoulder" as the site count surged yet again over the weekend. Please keep in mind this blog essentially reflects my personal trading journal that I've simply chosen to share with those interested. At the risk of stating the obvious, I don't have all the answers, will never profess to be some type of "guru", am not "teaching" here, am not looking to sell anything, and believe there are many ways to trade successfully. I have very deep feelings about the prevailing hype and B.S. in this industry and refuse to go there. One thing is certain though, everything is 100% real and I continue to stake my industry reputation and CME membership on it.

And despite the snowballing attention this year's performance has gathered, I still remain just one trader whose sole objective remains stretching to reach closer to his potential as we near the end of this long race that began 343 days ago.

22 days to go and I need to find that finishing kick.


Stan said...


Firstly, thanks for your blog. I read it just about every day and have been "looking over your shoulder" now for several weeks. Nice work and a job well done.

Secondly, instead of saying you traded "2,225 x 2", which often times confuses many of your readers, why not just say 4,450 round turn trades? Unless I am the one who is actually not understanding and that isn't what you mean by 2,225 x 2! :)

Finally, what type of order entries do you favor, e.g. Limit or MKT orders? and do you typically trade with a specific profit target or just stay in the trade until your indicators suggest otherwise?


Don Miller said...

Hi Stan -

Thanks for the kind words ... just a stream of thoughts for the most part, not much more.

Yea, perhaps I should pass on the "x2" comment, although sometimes if I go with the total, some don't realize it's both sides.

Re: order entry, I use TT's DOME (depth of market entry) screen, and all entries are price-specific. On exits, I always scale out as the expected move plays out, keeping mind in mind it might be a bit of a "dance" with adding and subtracting positions as the move unfolds.

Hope that helps.