Some Other Trading Material
- Obama Fake Tweet Hack Scare Explained
- I Don't Believe Trading is a "Numbers Game"
- When To Make Decision On a Trade
- When Trading Futures - Never Move Your Stop
- Tips Trading the TF - 5 Point Increments
- First Hour High and Low
- Predicting the Emini Future
- Trading the TF Tips
- Trading the ES
- SP 500 Futures More
- Emini Futures Day Trade Log
- Unrealized Vs. Realized
- Overnight Trading Vs. Regular Session Trading (Good Idea or Bad Idea?)
- E mini Index Futures Tick Values and Symbol Description
- Emini Futures Day Trade Plan
- My Futures Trading | Best Times To Trade
- Managing an Emini Futures Trading Drawdown
- Emini Futures Month Symbols
- New Closing Emini Futures
- Practice With Mini Micro Futures and Trading Emotions
- Tick Up - Definition
- Specific Whole Numbers For Trading Support and Resistance
Emini Day Trading Plan
If you read my post regarding the dreaded draw down or day trade slump you're well aware that you need to be re evaluating your day trades at some point. You need to be asking yourself this very simple question. Am I still within arms reach of my trading plan to be able to react to the stock markets gyrations. If so have I reached my arm out to grab it and review it lately? Have I maintained my trade stops? If your answer is "no" or "Hey that's a good idea! Maybe I should make a trade plan and re evaluate my execution." then we're in trouble.
Don't Forget Emini Trade Plan
Remember that all of that hard work you put in when the stock market "isn't" open in order to succeed when "it is" becomes a waste. The stock markets idea of fun is to throw those traders off who have no discipline. If you leave it in a folder tucked away in your desk it truly is doing you no good. If it seems daunting and long you may be over complicating what the stock markets trying to tell you. Break it down a bit and put it into bullet form so that you can find a place to post it up nearby your desk. Of course include your set us as well as trigger. What you will use as support and resistance and maybe some common things you may see that prevent the trade from working out. Understand how you determine entries even if it isn't a strict exit plan.
Why you have your plan
In your plan include your analysis and numbers to give you the confidence to take the trade. You've already done the hard work and let it be known on your trade plan. Include your win:loss ratio as well as your average profit on each trade. You can even include the raw number of trades you analysed in your backtesting. These will help solidify its importance and create more confidence when placing the trade.
Using Day Trade Plan
Remember to read it everyday or at the very least every week. Remember to do this on those days when you ruled the market. In this trade plan add a note for the wrap up of the day so that you can log and track entries, exits, and results that may have stood out. Remember to include how many times your trade stop was hit in your analysis. Sometimes simply having a computer do it helps to hide your actual performance. Be as detailed as possible on why you enter a trade into the market and why you exit with your stock shares or emini futures contracts. What was your set up? What was your reasoning? How did I manage my risk on each particular day trade or swing trade? Will I move my trading stops up quickly or wait for some sort of confirmation? How will I control my emotions and keep them in check when the market is all over the place and dealing out lessons to frustrated traders? This is what you will encounter everyday as a trader thus you need to be aware of how you are reacting and will react to the stock markets stumbles and rises.
The Results of Having A Trade Plan
Trading without Emini Trade Plan
Eventually your body will be trained to act accordingly and simply react with no emotions. First though you must be aware and clearly define how you manage your trading style and emotions in and out of the stock markets waves. Eventually you will have to tweak and chances are this wont be just once, but 5-100 times through your career. This is simply how I explain my ever evolving trade plan.