Tuesday, February 23, 2010

Tuesday, February 23, 2010

Good morning.  Actually, it was a great morning - especially for Market Mover Trading and using the S&P 500 Mini to make some extra cash!

This morning's trade happened at 8:00 AM Mountain Time.  It was nice to be able to "sleep in".  True to form, I got up early, showered and dressed and ate breakfast well before the 8:00 trade.  It was nice to be all ready before I even turned on my computer this morning.

Today's trade was a "clean" trade - meaning it was only one announcement.  Of course, the added volitility of the market being open added to some really nice movement.  I added contracts to my trade this morning, so I was a bit anxious - but it all worked out really nicely.  I set up for a straddle (buy order above price and sell order below price).  I have a habit of placing my orders at least 15 seconds before the announcement because I believe my fill rate is much better.

The image above (which you can click on to see a detailed view) shows it all.  I was filled short (after slipping 2.25 points) and hit my pre-determined profit target about 40 seconds later. 

I am having an inner conflict with myself about moving my profit target.  Obviously I left money on the table today, but at the same time, I was true to my own personal "rules" that dictated that I take 1/2 of the lowest forecasted move number that comes from the Market Mover Trading Calendar & Forecast (http://www.mmtuniversity.com/).  However, seeing the massive departure from the "consensus" that was posted, I should have at least moved my profit target down to the next prediction point line at 1100.25 - and I could have easily gotten another full point.  I would have to have stayed in the trade for another minute, but it wold have been pretty slick. 

Actually, I opted against an SO2 Target for my exit strategy this morning for some unknown reason.  Had I used that and put two of my contracts at a 3 point target, that would have been slick.

So, as they say, you live and learn.  If you're not learning then you're not living. 

As for a correction trade, I just couldn't see any clear manifestations, so I decided not to trade it.

Sidenote testimonial:  MMT gave me 100% of the skills I needed to execute this trade.  There is NO reason why anyone out there cannot do what I am doing with MMT and be wildly successful at it.  And, I promise to anyone reading this blog to help you learn everything I have learned and to be your personal coach, if you want.  I can put things into layman's terms and explain them how I understand them.  So get going and sign up today! (shameless plug) at http://www.mymarketmover.com/ then click "Enroll" at the upper right hand side.

DO IT!

And have a great day!

P.S.  A personal Shout-Out to Doug Anthony today for getting back in the saddle today after a short sabatical.  Welcome back Doug!