Saturday, June 9, 2012

7 Week Progress Update

The close of trade today marked the 7th week since I've started back trading my own retail account. Came back almost at the start of the correction and it's been tough going. That's not to say that there haven't been money making opportunities but my trading has been fraught with issues both external and internal that have hindered my progress. However, I'm not one to complain and now that it seems we might be on the verge of a new up trend; I'm looking forward to turning things around and to making some serious profits on my account. Here's a break down of my PnL including commissions for the 7 week period:

Week 1 (23rd Apr - 27th Apr) -$24.47 (5 trades)
Week 2 (30th Apr - 4th May)  -$220.64 (4 trades)
Week 3 (7th May - 11th May) -$183.15 (3 trades)
Week 4 (14th May - 18th May) No Trades
Week 5 (21st May - 25th May) +$85.01 (2 trades)
Week 6 (28th May - 1st Jun) No Trades
Week 7 (4th Jun - 8th Jun) -$193.43 (3 trades)

Net PnL = -$536.68

I keep my losses very small. So I know that when ever I hit a green patch my account will hit new highs. For instance, if I'd only handled my $DDD trade alone from this week better, my account likely would have been close to break even or even into new highs. I'm gaining more and more confidence in my process by the day and also I'm beginning to see more opportunities daily. This is an indicator that the markets appear to be regaining health.

What I know I need to do a lot of work on is my emotional control during trades. This has been the major  cause of my recent woes. And I believe once I can master this aspect of my trading I will be ready to pump consistent gains on a weekly basis and get my account past that the golden $25K mark! Plan to celebrate the day I get there but in the meantime I'm still about $6,500 away...lol Looking forward to weeks and months of steady profits. Hope you enjoyed reading!

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