Today is Wednesday March 25, and I am back.

I took a couple of days off to go to a conference on Monday and Tuesday and am glad to be back. The conference was not related to trading but of a personal interest.

I did not spend much time trading today, but that was just fine, since I was able to capture more than my daily goal for the day in less than 30 minutes. I was satisfied with my posted gains of just a little over $1,000 dollars. I had 6 gains with 1 loss to capture my total, with one of the trades having multiple exits. It was a very smooth 30 minutes, with little disruption.

I am going to increase my contract size tomorrow and make fewer trades, but capture increased profit. This is where you work less for more, but need to have good timing. So I may wait for higher probability setups, which will require a little more patience on my part. If you only have a few bullets, you need to hit your mark and make it stick.

If I traded 10 contracts and hit one trade for 1 point on 5 contracts and the other half for 2 points, that would be $ 250 dollars for the first and $500 for the second half – a total trade profit of $750, less commission. Then if I come back and hit 10 contracts for 1 point, all in-all out, for $500 more, that would be only two small trades for $1,250.

That could happen in 10 to 15 minutes. Why would you need to trade for more and create a possible struggle? It is nice to be able to do so, and I have been at it for sure, piling up much more profit than that in the course of a few hours. But some of those days were a struggle to get my equity up to higher levels. When you can trade in the 20 contract area and up, it sure adds up quickly when you are on the right side of the market. At that rate you double your profit to $2,500 dollars, and still you are only trading for the two – three point range.

The idea is to slowly build up and increase your contracts when you feel that you are ready. I have been at the 5 contract level or so for awhile and have the room to increase my contract size. We shall see, if I indeed do that tomorrow. Only time will tell.  

Below is an equity chart of the day’s profit. Until tomorrow, over and out.

http://www.screencast.com/t/6CL5zodFHWi                Today’s equity chart

Related posts:

1. Big Day of Profits
2. Interesting Trading Lesson Today
3. Federal Reserve takes drastic step, Buys 300 Billion in Treasuries
4. Called Live, Short Term Top In Today’s market.
5. Market continues sell off & Nice smooth day of gains

Tags: commission, contracts, daily goal, equity, tick, timing