Last November I started a bit of a journal in the Beginners and Introductions section, but now that Big Mike and NinjaTrader have thrown down the gauntlet, I'm going to give it a try again. I mean, who wouldn't want to win those prizes?
I did a bit of a bio in the first posts last year so I won't repeat myself. Since November I have been on a bit of a journey in my quest of becoming a consistent trader. Rather than detailing every step in this first journal post, I'm going try to insert what I have learned as we go along if anybody asks. Otherwise, I'll just post my trading journal along with any thoughts or comments about that day and we'll see how it pans out. And for goodness sake, don't forget to THANK me once the contest starts because I'm not ashamed of wanting to win!! :sarcastic:
I wish I could start the journal with a day where I just killed it, but that's not the case. I did have a very nice Monday, a scratch Tuesday and just barely into the profit side today so I have no complaints. I traded only CL (Crude Oil) today, which is my preferred market at the moment, although I do fall back on the Dow Mini (YM) if CL is stalling. I am working on a scalping method for ES (e-mini S&P) but so far I find it too volatile for regular day trading at my current risk level.
My current day trading could best be described as Discretionary Price Action Trading, and at the moment I am entering with 2 contracts. I usually have a risk-based target for the first contract. The second contract I will try to use a target in choppy markets and will follow my stop in a trend. I am aggressively moving my stops during the trade. This is purely a psychological decision that would not necessarily apply to others here. I have made the decision that I want to avoid large losses if possible, look for consistent income, and not get upset if I stop out too early and the price runs away. I know others just cannot stand to see one of those runaway trains leave the station without them and that's fine. As with so many things in trading, you have to decide what you're comfortable with and pursue that.
So, here's the day's report: (all times US Pacific)
1. 0633 went long on a Breakout Pullback (BPB), hit my first Target (T1) for 10 ticks, but the move did not continue as I hope and retreated. By the time it did I had moved my stop on the second contract (S2) to profit. Total +16 ticks
2. 0746 went long on a Pullback (PB) but it reversed before T1, managed to move my stops and scratched. Total 0
3. 0748 went long immediately on the same PB. Yesterday I mis-timed a PB, took a loss, then when the real PB took off a minute later I was gun-shy and failed to enter. I decided I wouldn't let that happen today. Unfortunately there was an immediate reversal so fast I couldn't get my stops moved. Total (-20 ticks)
4. 0822 short on a PB. Hit my T1 but it failed to run and reversed but I had moved my S2 to profit already. Total +12 ticks.
5. 0844 short on a PB, stalled and started coming back, moved stops. Total 0
Not unhappy with the day overall. At this stage I am more concerned with how I perform than the total P/L. I ate breakfast during the weekly Oil Reports because things can get freaky. Today the Crude Inventories were 500% below what was expected so the price shot up 67 ticks. Would have been nice to catch that train, but it's good way to get your arm ripped off. :)
Looking forward to tomorrow. Happy Trading everyone!