Wednesday, March 17, 2010

03/17 Daily Summary

Active day and a live-test on all my contingent orders, positions self-adjusted without me being there. This is a good thing, meaning my risk control is working and I don’t have to be watching the market. I got out of the OEX position with the stop limit order, and also hedged my NDX trades. This has been a challenging up-side swing, sooner or later will give us a break. The key is to stick with my plan so I am actually back trading when it gives the break :)


Anonymous said...

Gustavo, I see you took Dan Sheridan's course, Im thinking of taking it. Do you recommend it? Do the instructors trade the income methods they teach and are they profitable? Are most students
who took the course profitable after a year? I appreciate your time for answering me.


Gustavo's Trades said...

Hi there, I did learn a lot from the mentoring program, in fact, I still do. Every day I learn something new or improve my awareness of something I've heard before.

The community was the most valuable thing for me, being able to network and meet other traders that are into the same type of trading strategies and risk management is invaluable to me.

As far as profitability after 1 year, I'd say it varies from people to people, anyone can strap on margin and make a lucky trade that get them profitable. Does that mean they're better traders? Sure not. I say this because for me this is a craft and a day-by-day process.

For instance: Right now my OEX position is going through a draw-down period and is unprofitable, does that mean I'm not a good trader? Of course not, I'm following my plan and strategy, the rest is how probability plays itself out. While in the past I'd be all concerned and changing things around, right now I know it is part of any strategy.

Bottom line: If you get into the business to make money quick, not the program for you. Dan is all about learning the craft, learning to trade, then you will start to gather the results. But that result is cumulative and it takes time.

Hope that helps,