Wednesday, August 01, 2007 $(279.60) @ 54 contracts

Stupid was the name of the game today. Today would have been very profitable, but I managed my trades very poorly. The ER2′s noise level was a little over 2 points today, and I had all of my trailing stops protecting one point. So as I called a bottom at around 11:00 am (accurately I might add) I still lost money because I walked away, letting my strategy roll, and the trailing stops kicked in early. I exasperated things by trying to scalp my way back to profits, and it just didn’t work out well. The lesson I learned is that I will use stops as a protective measure (so I don’t lose more than $200 / trade and more than $1000 / day), but I will not roll them in a strategy.