Catching Big Waves - a trader's journal of surfing the the markets - futures io
futures io



Catching Big Waves - a trader's journal of surfing the the markets


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one GaryD with 3,654 posts (2,215 thanks)
    2. looks_two josh with 135 posts (120 thanks)
    3. looks_3 researcher247 with 123 posts (170 thanks)
    4. looks_4 Big Mike with 112 posts (228 thanks)
      Best Posters
    1. looks_one Big Mike with 2 thanks per post
    2. looks_two Deucalion with 2 thanks per post
    3. looks_3 researcher247 with 1.4 thanks per post
    4. looks_4 GaryD with 0.6 thanks per post
    1. trending_up 467,792 views
    2. thumb_up 3,681 thanks given
    3. group 140 followers
    1. forum 4,686 posts
    2. attach_file 1,117 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

Closed Thread
 
Search this Thread
 

Catching Big Waves - a trader's journal of surfing the the markets

(login for full post details)
  #2131 (permalink)
 lancelottrader 
Legendary Market Wizard
west palm beach florida usa
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
 
Posts: 1,089 since Oct 2011
Thanks: 1,084 given, 5,094 received


GaryD View Post




Today I ended the trading day somewhat upset with the market. Not that I had a bad day, but that my plans felt robbed from me by market timing. I had a plan to short CL if it broke below the yellow zone at around 95.25, but it did it overnight, so I woke up not knowing where to enter to have a reasonable stop. I did not want to buy CL, as it had just proven to be bearish in my opinion.

Then, I waited all day for a pullback to resistance, only to see it come right into the 2:30pm time window, thereby excluding me from the trade, again... and then fell off 100 ticks or so...


So, I have about 12 hours into this trade setup so far, and no acceptable trade by my time rules. If I sold by sellstop and let it go overnight, I would have had a great trade. If I sold by sell limit in the resistance zone, same thing. But I enter while volume is good and I can watch it, and that cost me today. But I was not about to short that freight train into the pit close, and was not interested in leaving a sellstop overnight with no one to watch my internet connectio, so my own rules kept me out of trades that I would have loved to have taken. And now price is in no-man's land, where would I even place a stop? 95.15 with an entry at 94.20? Not my style. I am dead in the water, and typing it out to blow off steam that has just hung out since the close.

My start of a swing trade campaign is tuck in the mud, and I am sitting here wondering if this timing issue was planned, and if they worked price action specifically to keep me out of the market...

Being silly.

So whiny, as if I expect trades to be delivered to me. But that does not change the fact that it bothered me today, still does. I got up and walked around several times throughout the day just to keep my hands off the mouse, very frustrated, and need to watch myself tomorrow for potential revenge issues related to missing out. I might try to make the money I "missed", and that is not a good setup.

Just took a few deep breaths as I think through this, and trying to internalize my own instructions. TODAY IS OVER.

I have been reading your journal for a while and I am puzzled why you are making big changes to your style. It seems you have had many consistent weeks in the past averaging well over 50 ticks a week..often over a 100..unless I am mistaken. If someone can consistently make over 50 ticks a week and can work themselves up to decent leverage...they will make serious money. That comes out to 10 ticks a day.. Can't you average 10 ticks a day with your previous style? Why become a swing trader ? Are you really able to predict world events ? Why would you consider holding a position overnight given all the instability in the global economy. Anything could happen. You seemed to me to be on the right track. Also..speaking of today.. why let yourself have such a strong bias on the direction. You said you missed some trades because you were expecting certain things to happen. Since when does "Predicting" have any bearing on Day trading. Your supposed to respond to what the immediate market conditions are. You have already proven to be great at that. It seems to me you should be reviewing all the things you were consistently doing right instead of making radical changes. Yes, some psychological issues arose when you tried to increase your position size....but your overall system seemed to be a winner. I hope you don't take offense to my comments....I just would hate to see you abandon what appeared to be a winning CL trading system.

The following user says Thank You to lancelottrader for this post:

Can you help answer these questions
from other members on futures io?
DAX UP GAP
Emini and Emicro Index
how to avoid these type of trades in algo
NinjaTrader
Anchored VWAP on different timeframes
Platforms and Indicators
Brad Cowan
Trading Reviews and Vendors
Unable to choose strategy from chart - NT8
The Elite Circle
 
Best Threads (Most Thanked)
in the last 7 days on futures io
Spoo-nalysis ES e-mini futures S&P 500
61 thanks
Why dont people trade 150 ES contracts?
38 thanks
Any long term success stories from funded traders in the …
26 thanks
How to work on strategy
26 thanks
How to avoid wiping out the accounts?
18 thanks
 
(login for full post details)
  #2132 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


lancelottrader View Post
I have been reading your journal for a while and I am puzzled why you are making big changes to your style. It seems you have had many consistent weeks in the past averaging well over 50 ticks a week..often over a 100..unless I am mistaken. If someone can consistently make over 50 ticks a week and can work themselves up to decent leverage...they will make serious money. That comes out to 10 ticks a day.. Can't you average 10 ticks a day with your previous style? Why become a swing trader ? Are you really able to predict world events ? Why would you consider holding a position overnight given all the instability in the global economy. Anything could happen. You seemed to me to be on the right track. Also..speaking of today.. why let yourself have such a strong bias on the direction. You said you missed some trades because you were expecting certain things to happen. Since when does "Predicting" have any bearing on Day trading. Your supposed to respond to what the immediate market conditions are. You have already proven to be great at that. It seems to me you should be reviewing all the things you were consistently doing right instead of making radical changes. Yes, some psychological issues arose when you tried to increase your position size....but your overall system seemed to be a winner. I hope you don't take offense to my comments....I just would hate to see you abandon what appeared to be a winning CL trading system.

You have an interetsing point, and I'm going to just allow myself to run with this, sitting here with my third beer for the evening...

Somehow I may have missed what you just said, believing that larger size requires something different than what I have been doing?

For years now I have obsessed over spotting larger moves, like 200-500-1000 ticks, believeing it would give me an edge on trading. What I did with it though, was to feel like believing in the correct direction, but only to use that as a background to base smaller trades off of. And it started to work quite well for me.

I would guess my average trade is 15 ticks over a years time, but I occasionally hit up to 50-60, on a rare occasion 100+, but those are very rare and very far between. But for some reason I keep in the back of my mind that those are the trades I would prefer to take, offering the best R/R by far, and seeming to sit better with my personal logic. But not my personal experience?

So what I have done, is learn to profit by being quick, nimble, flexible, and then decided to step up... but believing that required better R/R, and looking to magically change my average trade size... ??

I believe that is exactly what I did. I have had so many trades go 10, 12, 15 ticks in my favor at 4 contracts strong, and then close at +3 for example, when if I were trading 1 contract I might bank the 12 and then wait for another bite.

What changed for me, was 1 contract at a time I was willing to be aggressive, change my stance often, lock in profits quickly, not care what the outcome was sometime if I thought the conditions were favorable. But step up the size and I morphed into a position trader? That was a question to myself...

Perhaps the trader I am and the trader I want to be, which I think I have blown out across these pages somewhere months before, is the root of the issue with my increase in size. "I am finally ready" carries with it the belief that I am now a different trader than I am? I am embarrassing myself possibly here, but I am just typing truth...

I was working through an issue months back about how I would do all this chart analysis and then have it come to fruition, but not have taken the trade for what it was worth, and that bothered me. Still bothers me.

The risk to reward that is offered by some of these swings is phenomenal. But have I really made a lot of money at that? No.

I have made money by being ready for anything, and being quick to accept that I was right. Why does size change that? It should be no different.

Sitting here with a 93 mnute chart to my far right, seeing my brightly colored zones and how the market obeyed them as if they were the law, possibly seeps into my thinking and makes me feel like that is the way to trade.

But when I look at my personal background and what I have proven works for me, it is almost 180 degrees. But in some way maybe I despise that I will not make the effort to become the trader that I long to be, and in the process cast aside the trader that has proven to be profitable?

You may have nailed what I am doing. I kind of saw that recently, and that is why I allocated funds specifically to swings, to get that separated from my other trading. I wanted to allow both styles to exist, almost like I needed it to allow both to exist, if I am going to make it past being a single-contract trader.

Very good observation, and very humbling post for me. Thanks for the comments.

Started this thread
 
(login for full post details)
  #2133 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011



lancelottrader View Post
I have been reading your journal for a while and I am puzzled why you are making big changes to your style. It seems you have had many consistent weeks in the past averaging well over 50 ticks a week..often over a 100..unless I am mistaken. If someone can consistently make over 50 ticks a week and can work themselves up to decent leverage...they will make serious money. That comes out to 10 ticks a day.. Can't you average 10 ticks a day with your previous style? Why become a swing trader ? Are you really able to predict world events ? Why would you consider holding a position overnight given all the instability in the global economy. Anything could happen. You seemed to me to be on the right track. Also..speaking of today.. why let yourself have such a strong bias on the direction. You said you missed some trades because you were expecting certain things to happen. Since when does "Predicting" have any bearing on Day trading. Your supposed to respond to what the immediate market conditions are. You have already proven to be great at that. It seems to me you should be reviewing all the things you were consistently doing right instead of making radical changes. Yes, some psychological issues arose when you tried to increase your position size....but your overall system seemed to be a winner. I hope you don't take offense to my comments....I just would hate to see you abandon what appeared to be a winning CL trading system.

One more thought just came out. I want more than that. And that is hurting me.

Started this thread
 
(login for full post details)
  #2134 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011

I took a swing trade once, QM to feel "safer" about it, it went as planned, I did nothing other than pick the entry, the stop, the target, and got lucky. I think it was a 5WM completion but can't really reember that detail now. What I do remember, I actually had the biggest part of the move while I was not even watching it, and afterwords I felt like a trading god. That feeling infected me to some degree, and I have possibly dreamed of living in that space day after day, while I know that is not reality.

Reality is, tiny little moves over and over, and hoping to come out ahead. I want to be the dominant predator, but survive by being the constantly on-alert prey...

Started this thread
 
(login for full post details)
  #2135 (permalink)
 greenr 
london/england
 
Experience: Advanced
Platform: Sierra charts, NinjaTrader, VK Trader
Broker: CQG, AMP, VK, Kinetick
Trading: CL/6E/TF/ES
 
Posts: 952 since Sep 2011
Thanks: 562 given, 1,279 received

Hi Gary hope all is well your side of the pond

With regards to your issues with adding size ect

This is what i did..........

I started off a account with $5,000

Traded 1 contract and here were my rules to grow my account and add size

Trade plan

Account size: $5,000

Risk per trade: 6 ticks (1.2% risk per trade on my account)

Risk per day: 18 ticks (3.6% risk per day on my account)

Daily PnL target: 30-60 ticks

Rules other that my method.....

Add 1 contract for every $5,000 added to my account

Minus 1 contact for every -$5,000 lost from my account

With this idea and rules.....i managed to grow my account safely and responsibly and i am now trading happly 10 contacts with a 1% risk per trade

Once you can make a method work with 1 contract there is no reason why you can trade 100 the exact same way, as long as the liquidity is there for you within reason

Also i didnt feel fear about adding the size because i knew my rules were there to protect me so i just got on with it and didnt feel a thing.....fear less but at the same time controled and responsible

Hope this idea helps

Regards

Ryan

" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
The following 7 users say Thank You to greenr for this post:
 
(login for full post details)
  #2136 (permalink)
peglegtrading
ho chi minh city
 
 
Posts: 52 since Mar 2011
Thanks: 16 given, 9 received

Sounds like the OP just needs to take a break from the mkts. Come back and reasses the real reasons why he wants to change a very solid system. In my limited experience it usually comes down to stimulation rather than a system flaw.

The following 2 users say Thank You to peglegtrading for this post:
 
(login for full post details)
  #2137 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011





Started this thread
 
(login for full post details)
  #2138 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


peglegtrading View Post
Sounds like the OP just needs to take a break from the mkts. Come back and reasses the real reasons why he wants to change a very solid system. In my limited experience it usually comes down to stimulation rather than a system flaw.


Maybe I do need a break, but what I am leaning towards is less stimulation. The way I trade is so intense sometimes. Meanwhile, I watch these S/R levels day after day after day, and see incredible risk to reward trades setup, but they require a lot more patiance than I have taught myself to have.

I watched a recent interview with Mark Cook on Youtube recently. He said something that I found interesting; "You are either an innie or an outie". Some people are more comfortable being in a market, others want to be in as little as possible. I seem to enjoy tha analysis that benefits being in and a trade style that prefers being out. TRying to let go of a stytle that has worked for me seems crazy, but I see something I feel is better, if I can get my mind to accept it. But until I find acceptance in that style, it will not work for me.

I am preparing to take a decent swing as soon as I get the right opportunity.

Started this thread
 
(login for full post details)
  #2139 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


greenr View Post
Hi Gary hope all is well your side of the pond

With regards to your issues with adding size ect

This is what i did..........

I started off a account with $5,000

Traded 1 contract and here were my rules to grow my account and add size

Trade plan

Account size: $5,000

Risk per trade: 6 ticks (1.2% risk per trade on my account)

Risk per day: 18 ticks (3.6% risk per day on my account)

Daily PnL target: 30-60 ticks

Rules other that my method.....

Add 1 contract for every $5,000 added to my account

Minus 1 contact for every -$5,000 lost from my account

With this idea and rules.....i managed to grow my account safely and responsibly and i am now trading happly 10 contacts with a 1% risk per trade

Once you can make a method work with 1 contract there is no reason why you can trade 100 the exact same way, as long as the liquidity is there for you within reason

Also i didnt feel fear about adding the size because i knew my rules were there to protect me so i just got on with it and didnt feel a thing.....fear less but at the same time controled and responsible

Hope this idea helps

Regards

Ryan

What market?

Started this thread
 
(login for full post details)
  #2140 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011



Started this thread

Closed Thread

futures io Trading Community Trading Journals > Catching Big Waves - a trader's journal of surfing the the markets


Last Updated on May 23, 2014


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts