March 7th, 2012: Trading Day Yields a Profit of 24 Ticks

Hello Traders,

Once again, another tough trading day trying to get in position.  I was stopped out twice trying to get long, but the 3rd time is the charm.  I was almost able to hold for a 3P or 4P target, but I was able to get a 2P target today, which was 70 ticks.  My two trading losses amounted to 46 ticks.  The net gain on trading was 24 ticks or $240 less $18 in commissions at $6 per round turn.  Yes, I am aware you may be getting a better round turn all-in then I am getting, but I want to demonstrate you can work with your commission and trading plan and still make money.

The hardest part about the trading day was the HVS SKY showed itself at 9:17AM Eastern time, and showed a trading signal before the Crude Oil Inventory Report at 10:30AM Eastern.  This made for a tough decision in my trading to get in front of the report or not.  In the end, I was out in front with a protective stop loss in place, which was hit as it went back to the Prior Day Low several times during the trading session.  Finally, it did break out on the positive side as was shown by the HVS SKY bar on my charts during the trading day.

March 7th, 2012:  2000 Trades Chart

Just so you understand, I have never given up on myself.  I know trading is about ups and downs.  When you are out in the public eye it is tougher to trade, well at least it was for me.  I function much better trading without people looking over my shoulder.  It is a tough thing to try to teach and trade at the same time.  I know there are people that can do this … but I am not one of those people.  Obviously, I am not a good enough of a trader to run a trading room, otherwise, I would have had a successful room by now.  With that being said, I have never given up on myself as a trader.  Trading is the toughest thing I have ever attempted, and day trading on top of that is the absolute toughest thing to do as a trader.

As Napoleon Hill said, “A genius is simply one who has taken full possession of his own mind and directed it toward objectives of his own choosing without permitting outside influences to discourage or mislead him.”

Good Trading,

David “Tiger” Knight

P.S.  I have more plans for my website … Time … and Patience is the KEY to unlock the door!

About The Author

David M. Knight

I am a 30 Year Futures and Commodities Trading Veteran. In addition, I enjoy games of skill and chance like: poker, craps, blackjack and roulette. During my professional career, I have developed and implemented successful trading strategies and methods; along with winning systems in games of skill and chance. Join with me on our mutual journey together.

  • David Nevin says:

    Good for you David. Glad to see things going good for you. The Comeback Kid. I was sorry to hear you went through some difficult times. I didn’t spend a lot of time in your room but I definitely got the feeling that you are one of the good guys in a pool of sharks.

    Good things happen to good people.

    Good trading to you. David Nevin

  • Matt says:

    Dav, I have followed your blog for awhile now and did a few of your trial sessions awhile ago. I don’t know what happened in your room, but you always seems like a down-to-earth, you sounded realistic, not arrogantly showing off that you know-it-all like other educators out there. I totally understand what you mean about running a room, it must be difficult because you got lots of newbies asking very basic questions. I think what you doing now could grow into something less time intensive like running a room, into instead doing daily or weekly reviews, developing systems. You should get on twitter too, its a good way to just make comments when u feel like instead of a chat room where there are constant distractions.

    What is best is that you are able to just come out and admit you went thru a bad patch, that is the reality of trading and too many out there feel guilty when that happens to them and they hide it from their friends and family and make it worse.

    Best wishes to you!

  • John says:

    Mate, your open and honest approach is refreshing. We all need humility and through this process we can be honest to ourselves first and then to others.

    I actually view you as successful!

    I have always liked your emails and in the flood of emails in the inbox, yours are always prioritized over the other forex emails.

    Keep up the good work.

    God bless.

    Regards,

    John

  • TradeCraze says:

    I appreciate the thoughts .. same to you as well.