I'm starting a new simulated trading period in the prop day trading account today and will be journaling my trades to evaluate what's working and what isn't. My trades will be evaluated for three weeks, and the goal is to make a $300 daily profit average. I tried this once already, and it's not easy but the reward is a chance to do my dream job right out of college.
On a $10,000 account with 250 trading days a year, that amounts to a 750% annual gain. The first time I tried to do too much and took enormous risks, which worked when it worked and killed me when it didn't. The plan this time is to go easy: take the right setups and use conservative position sizing. Even if I see a meat ball I'm going to hit it in the gap for an easy double rather than swing for the fences.
Today I noticed a great technical setup, with an important support trendline in play and a potentially very bullish Elliott Wave count setup. I took the trade with a modest position size of two contracts. Around the end of the day I placed a trailing stop that eventually triggered at 75.705, near the daily session highs.
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| Prop Account Dollar Index trades for May 16, 2011 |
| Date | Position | Qty | Contract | Entry | Time | Exit | Time | Ticks | Profit | Held | Setup |
| 05/16/11 | Long | 2 | US Dollar Index Jun11 (DXM11) | 75.5 | 10:15 AM | 75.705 | 02:48 PM | 82 | 410 | 04:33 | Price trendline hit |