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Jameson's journal


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Jameson's journal

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  #1 (permalink)
Jameson
Memphis, USA
 
 
Posts: 84 since Jun 2011
Thanks: 1 given, 23 received

I've been trading for a few weeks now and have had some success, so I thought it would be good to start a journal for all to see and to keep improving. I'm going to forego the formalities, introductions, and explanations and just go straight into the trades. If you follow this journal enough you'll start to see my trading style, markets and risk management.

Here we go. Trade number one, entered tonight about an hour ago. Sold September Swiss Franc at 1177, stop placed at 1181. Stay tuned.

Update: 6/20: stop was hit overnight for a loss. My signal was good but the Franc is a little choppy right now.

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  #3 (permalink)
Jameson
Memphis, USA
 
 
Posts: 84 since Jun 2011
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Trade #2: the Franc has reversed and set up a buy, I'm in at 11815 with a stop working at 11775.

Update 8:05 am: stop moved up to 11815, my entry point. The Franc just hit 11855 so I moved my stop up. When the market makes a move equal to my initial risk, I move my stop. So essentially my stop is always behind the market an amount equal to my risk. Just a simple trailing stop.

Let me add that if the market starts to go back down after I move my stop up (if I'm long) I do not move my stop down in response. No, no, no. I've learned that if the market gives you a chance to break even or lock in some profit, you take it. Not losing money is the key to this game.

Update 10:10am: Franc has moved to 1190, so I move my stop to the next level which is 11855. I now have a profit approximately equal to my risk locked in. This at least evens out my losing trade from last night.

By the way all times posted are US CST. And I'm sure everyone would like to see some charts, so when I get more technically proficient I'll work on that.

Update 12:45 pm: stopped out for a small profit. After reaching its high this morning, the Franc collapsed and is about back where it started.

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Jameson
Memphis, USA
 
 
Posts: 84 since Jun 2011
Thanks: 1 given, 23 received

A little bit about my trading style and risk management. I score all my trades on what I call a "+/-" system. A losing trade gets a -1, 1 being the dollar amount of risk. A trade should never be more than -1 with my stop, but if you've got any experience trading you know how that goes. Not long ago I had a wheat position over the weekend, and on Sunday night the market gapped against me. What should have been a -1 turned into a
-2.5.
A break even trade gets a 0 (probably a small loss after slippage and fees), a trade where I make a profit equal to my risk is a +1, a profit two times the risk is a +2, three times is a +3, and so on.

I don't ever have a target. I just let the market keep going, moving my stop until it reverses and I'm bounced out. So far my best trade was a +7, and I've had a couple +6s also. I believe that taking profits early is fatal to one's success as a trader, although I admit that once I get up to about +5 it's tempting. But I need to stay in there, 'cause I never know how far the market's going to go. You just never know, and you need those big ones to get you through the drawdowns.

I'm not a day trader. Inevitably some of my trades only last a day, but I enter each trade intending to stay in as long as possible. A good trade might last 3-4 days.

I figure about 80% of my trades are going to be break evens. A small win, a small loss, a break even. It's that other 20% that are the big winners, and that's how I build my equity. I'm fine breaking even, because that gets me closer to a winner. My first rule of trading is to not lose money. The second rule is to make as much as I can, but before I can make money I have to not lose money. One step at a time.

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 Bermudan Option 
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Chicago, Illinois
 
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Interesting, unique approach to trading. I'm curious: If you don't have any targets in mind when you enter a position, what motivates you to jump into a trade?

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  #6 (permalink)
Jameson
Memphis, USA
 
 
Posts: 84 since Jun 2011
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I use combinations of weighted moving averages and short-term bar charts to give me signals, and I pay special attention to closes above and below the averages. I also look for breakouts from consolidation, and areas of support and resistance. Technical Analysis 101 really.

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Jameson
Memphis, USA
 
 
Posts: 84 since Jun 2011
Thanks: 1 given, 23 received

The Franc is back up tonight. Placed an order to buy at 18845, then turned off the computer. When I checked back in just now not only had I gotten filled, but the market had gone up to 18885 allowing me to put my stop at my entry point. The market moved so fast I didn't even have a chance to place a stop below; I got to go straight to break even. A nice little surprise.

I do trade more than the Swiss Franc, but none of my other markets are doing anything right now. They all had big sell-offs last week and now they're consolidating, so I'm going to just sit on the sidelines. But I'm watching.

Update 6/21 5:25am: the stop was hit overnight for a break even. Still a lot of chop in this market, but the trend is up.

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Jameson
Memphis, USA
 
 
Posts: 84 since Jun 2011
Thanks: 1 given, 23 received

Bought at 1186, stop placed at 1182.

Update 11:45am: market has moved to 1190, enabling me to move my stop to my entry point of 1186.

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  #9 (permalink)
Jameson
Memphis, USA
 
 
Posts: 84 since Jun 2011
Thanks: 1 given, 23 received

My signal has given me a buy in July NG this morning. I'm in at 437, stop working at 432.

Update 5:05 pm: July gas has touched 442, so I move my stop to the entry/break even point at 437.

Update 6/22 5:50am: stop was hit overnight; break even.

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  #10 (permalink)
 Big Mike 
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Looking forward to your journal.

Mike

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Last Updated on June 22, 2011


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