This is good advise, so I will follow it... - Trading Journals | futures io social day trading
futures io futures trading


This is good advise, so I will follow it...
Updated: Views / Replies:36,934 / 433
Created: by VinceVirgil Attachments:186

Welcome to futures io.

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

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

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

Closed Thread
 186  
 
Thread Tools Search this Thread
 

This is good advise, so I will follow it...

  #101 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

30.12.2011

My first trade, got 19 ticks....

Then, I kida thought i could do no wrong...tried to force the next 3 trades, but hit my hard stop eact time.

But, i dint move my stop down. that was my goal for today. To not increase my stop. I could tighten it, but not move it down. in other words, take my full medicine, or bail when it wasnt working out the way i had anticipated.

After 4 trades, i was -8 ticks. 3 x 8 + 3 for commissions.

What did I do wrong? Nothing discernable. my signals were correct, perhaps a little late or early on pulling the trigger, but no ones perfect. So, I thought i was doing OK. In fact, i am trying to embrace my losses. Because, on average, with proper risk management, I will always be profitable. Unless we hve a fundamental shift in the orbit of the earth around the sun. Besides, if that happens, there has to be a way to trade that event as well, if it did occur.

Trade efficiently without emotion. Trade in the moment. Capitalize on the tension between buyers and sellers, and be quick to recognize the differences. Thast why it is so easy to trade in hindsight. Look at a historical chart, the setups are so easy to recognise. here is the entry, pullback dosnt hit my stop, winner...50 ticks. but try that in real time. Not so easily done.

Anyway, after the first 5 trades, i recovered on the next 6. + 39 ticks for the day.

On the day, I grade myself a B-. i kept my emotions in check on my entries and exits. Had a couple of misteps, but I am only really trading 2 setups. When i enter a trade is based on PA, and the area of the chart, and whether the price is near or approaching an area of support or resistance.

So for these last 4 days, i was up a total of 232 ticks.

And this is trading between the holidays, no less. Not a big fan of holidays, so i just choose to ignore them, mostly.

V

The following 3 users say Thank You to VinceVirgil for this post:
 
  #102 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

03.01.2012

First day back after a few days off. Worked mainly on risk and money management, and given lots of thought to position size. Been trying 2 different methods.

I am aware of total risk in each trade, in fact i find myself calculating and reavaluating every few seconds while I am in the trade. Proper trade size is based on personal preference, however, for me, having 10,000 for every contract traded is reasonable. If I set a stops of between 8 to 12 ticks, averaging 10, that is 1% risk. risk ratio is 1:2 on trade entry typically, however, I will move my stop to breakeven and then attempt to capture a percentage of the move so not to wait out till the last possible tick. if i trade at 50% efficiency, averaging 10 trades, and out of the 50%, I capture 80% of my target, that means 90 ticks. If I hit my full stop on the other 5, thats -50. Therfore, my plan is for 40 ticks a day on 10 trades. that should be average.

I know, its not scientific, and I am using a small sample, based on my personal style. But, I like simple. For me, simple is better, because, I found, that when I added to my charts, i found the noise of it confusing.

So how did I do today?

7 trades today.

-7+18+9+6+8-8+16= +43

Seems that it was close enough today.

Going to get a new journal today , as the one I have is pretty full. In addition, working on an excel spreadsheet to track all my trades at a glance. I am not very computer savy...despite the fact I minored in Computer Science in University. That was longer back then I care to remember, when IBM stated "main frames would never be replaced by the personal computer!" It was true, only 99.9% replaced.


Last edited by VinceVirgil; January 3rd, 2012 at 12:44 PM.
The following 3 users say Thank You to VinceVirgil for this post:
 
  #103 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

03.01.2012


3 more trades to total 10 for today.

Trade 8. Price at 102.41 CL and i expect it to bounce off EMA 20 to retest the high, or at least capture a portion of it. Stoped ar -8 ticks.

Trade 9. Get back in long at 102.35. Failed 2 times this time -7 ticks.

Trade 10. ok...now its a strong bear on my signal. I take the short, and i get 30 ticks.

How did I feel. Quite calm actually. I quickly recognized that I was wrong in my original assessment, and I was will ing to adjust my postiion to take what the market was willing to give. And I feel pretty good about that.

Its about keeping ones emotions in check.

43 plus 15 = 58

So I netted 15 more ticks. i am happy about that...

Out of the 10 trades, I had losers for -30 ticks. 2 hit my 8 tick SL, 2 I closed at -7 because they werent working out.

I had 6 positive trades. 88 ticks 1 for 30 ticks, 1 for 18, 1 for 16. Those had good momentum.

the other 3 stalled out 9, 7 and 8.


Last edited by VinceVirgil; January 3rd, 2012 at 12:52 PM.
The following 3 users say Thank You to VinceVirgil for this post:
 
  #104 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

04.01.2012

today was a tough day for me. Distracted? Perhaps, but I didnt feel conmfident like yesterday. I think Al Brooks refers to it as doubting oneself. (Al is a a lot more cryptic than that, if you have ever heard him speak...I think thats what he means) Trading is simple, but it isnt easy. Contradiction in terms? Nope.

Technical setups on time charts have been around for a very long time. Fidelity has a rooom in Boston that tracks every commodity, currency and index in the free world(so I have been told) Fidelity has invited me to Boston to see it, and tour their Head Office, and take in a Red Sox game . I am told the room is remakable, and the charts are hand drawn daily. Not sure how many charts there are, but it has to be a lot.

Anyway, i was a little off today, and I am trying to put my finger on why. I lmit myself to 10 trades, but some days it feels like too many, sometimes it feels like too few.

How did it go today...I have my entries written down, time, thought process, but I just put the more interesting stuff here. I have a hard copy journal that I write in, but this online journal is very helpful.

13 trades.

-7+5+9-6-10+3+10+11-8+2-7-8+29=+23

7 winners and 5 losers...

my biggest mistake was a trade I didnt take. 9:30 was looking for a good entry for a long off the EMA, but I was writing in my journal, and I missed the entry. It was there, had I been watching, I would have caught it. The deep pullback off teh 9:35 5 min on the CL led me into a state of wait and see, however, the momentum was strong, and i took my eyes off for 30 seconds, and i missed it....ran over 100 ticks from the low...oops.

I am trying to guard against the feeling that this is easy, but I do not want to feel that this is impossible to do well. i want to build confidence without being cocky, and this is a very thin and difficult line to walk.

I was a little overconfident today, and i felt I was a little lazy.

but, i learned a couple things, which i will add into my trading in the future.

V

The following 4 users say Thank You to VinceVirgil for this post:
 
  #105 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

5.1.2011

9 trades for 32 ticks.

got stopped out on 3 trades.

Yesterday, was positive days, but had it not been for the last trade, I would have been negative. So yesterday was a lousy day.

Best trade today was a short I took that I got my target at 15 ticks.

Short summary today...hit heh wronmg button on the first one, and it disapeared.
It was more detailed.

V

The following user says Thank You to VinceVirgil for this post:
 
  #106 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received


VinceVirgil View Post
Short summary today...hit heh wronmg button on the first one, and it disapeared.
It was more detailed.

V

I am guessing you are hitting preview, and then not hitting submit after viewing the preview.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #107 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

5.1.2011

Been a while since I have had a losing day. Does this mean anything? Of course, means that my system must be working well.

The biggest mistagkes traders make? ( that I have made)

1. Averaging into a losing trade. Or increasing SL. I read this from a lot of traders. I flirted with this myself, but I decided that if i was wrong, i'll take the hit. i might even close early. And I have moved my SL during a trade. But if my asseesmant is correct, I can get back in. Sure it may cost me the commission, but I have time to re-evaluate and regroup.

2. Overtrading. taking a trade right after a loser, because we want to make it back in one fell swoop, and we dont want to see red on the board, for more than 30 seconds, or for the day.

3. Lack of patience. There is always another trade. Wait for the good trades, and we all know where they are. This is very simple. I guess 2 and 3 are the same thing.

4. Poor money management. If I have 3 trades, with my SL at 8, and my target at 21, and I lose 2 out of 3, I am ahead 2 ticks. It really is that simple. (-3 commission) So even if I am only 33% efficient, I am still profitable. Once I was trading with a 24 SL and a 6 tick target. Needless to say, it was a mistake.

Anyway, these are problems, because I have done them all. Others might have a differnt list, but I am sure a couple of these are there. If you dont know where you came from, you wont know if you are heading in the right direction.

V

The following 3 users say Thank You to VinceVirgil for this post:
 
  #108 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received


Big Mike View Post
I am guessing you are hitting preview, and then not hitting submit after viewing the preview.

Mike

Thanks Mike...Of course, you are right.

Do you have an active computer within arms reach 24/7?

Your member awareness is outstanding!

V

 
  #109 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received

It's a gift.



Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #110 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

5.1.2011


OK just a note for those following my journal.

I am not a bad typist, nor am I a bad speller.

The truth is, I have a wireless Logitech keyboard, and for some unknown strange reason, the keystrikes get messed up, or they dont register, or they cut off words. ( I had to correct these sentences a few times) No probs on Outlook or Word, it has spell check.

I think i need a new keyboard mouse setup. Juts too lazy to shop around at Business Depot or Future Shop.

Any suggestions as to make and model? There are about a gazzillion of them.

Vance

The following 2 users say Thank You to VinceVirgil for this post:

Closed Thread



futures io > > > This is good advise, so I will follow it...

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
follow the professionals Silvester17 Traders Hideout 44 February 1st, 2011 12:33 AM
Small Caps Have Upside, but Market Pros Advise Caution Quick Summary News and Current Events 0 December 24th, 2010 07:40 PM
Advise or guidance needed for an alternative to enum kaywai NinjaTrader Programming 5 February 4th, 2010 05:22 AM


All times are GMT -4. The time now is 08:23 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, 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
Page generated 2017-12-17 in 0.16 seconds with 20 queries on phoenix via your IP 54.145.16.43