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



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


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one VinceVirgil with 299 posts (1,070 thanks)
    2. looks_two PandaWarrior with 32 posts (52 thanks)
    3. looks_3 Big Mike with 21 posts (35 thanks)
    4. looks_4 bobarian with 12 posts (16 thanks)
      Best Posters
    1. looks_one Private Banker with 5 thanks per post
    2. looks_two VinceVirgil with 3.6 thanks per post
    3. looks_3 Big Mike with 1.7 thanks per post
    4. looks_4 PandaWarrior with 1.6 thanks per post
    1. trending_up 49,416 views
    2. thumb_up 1,282 thanks given
    3. group 37 followers
    1. forum 433 posts
    2. attach_file 184 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
 

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

(login for full post details)
  #1 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Very new to Trading, in currency that is. Therefore, I felt it good to start this journal, to help me on my journey.

Briefly, I am a financial guy, but more of an investment consultant. Customer service rep really, for a financial institution. I make 6 figures, and have done for 15 years. but my work is really boring...and I have other interests, so i would like to stay in the investment business, but something different. the biggest hassle i face is compliance issues with clients, risk tolerence, is this appropriate and handholding in difficult markets. like when their portfolio shrinks in value for a few months and they have to be fully invested becusue thats the program they signed up for.

i was a rising star in the investment world...in my own little pond, youngest in the room at one time. now I am older, and not so young, and what I do stopped being interesting and enjoyable around 10 years ago...but it pays the bills.

So now...along comes futures trading, a subject i studied in university, and understood in my investment courses. Trading in futures falls into the category of Alternative Investments, and as such, are offered to retail customers only under an Offering Memorandum for accredited investors, which varies depending on your country of origin. I happen to live in Canada. not much different in the US, as such investments are considered unregulated by the SEC. So, I have some skills, but in a different branch of sport.

for actual trading, I am pretty green. have a good computer for trading, multilple screens, and NT7. Read a couple books on trading Forex. started on sim a couple weeks ago to try to piece together the procedures, and lost 42000.00. Thats a lot...good thing they were sim dollars. but now...i have a simple strategy, and trading E6 and ES, 1 contract, simple entry and exit strategy, looking for 6 ticks max with a 4 point stop when I get a simple setup.

So this is my first post...next ones wont be as wordy. Did 17 trades (i know likely too many) 1 contract at a time got carried away. 12 winners, 5 losers for a measly 70%.

made 50 bucks. Still trying to figure out how to add commission cost. If I added that, I lost today.

Try again tommorrow. BTW, journal will be way less wordy. i welcome all comments and will reply to all I can.

Looking for a mentor...anyone that can help? maybe we can start a hedgefund...i'll handle marketing. i figure I could raise 1 million in a few weeks.

Just a thought.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to VinceVirgil for this post:

Can you help answer these questions
from other members on futures io?
Multichart NET: where can i find esplanation on CustomIn …
MultiCharts
Is there a way to rename an existing trade?
MultiCharts
Thinkorswim MACD Thinkscript
ThinkOrSwim
NT8 connectivity by FXI API to unsupported brokers?
NinjaTrader
Denali Data?
Sierra Chart
 
Best Threads (Most Thanked)
in the last 7 days on futures io
I finally blew up an account
51 thanks
FIO Journal Challenge - April 2021 w/Jigsaw Trading
38 thanks
The Crude Dude Oil Trading System
36 thanks
Spoo-nalysis ES e-mini futures S&P 500
24 thanks
The tiyfTradePlanFactory indicator
21 thanks
 
(login for full post details)
  #3 (permalink)
 wldman 
Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
wldman's Avatar
 
Posts: 3,341 since Aug 2011
Thanks: 1,978 given, 8,860 received


raise 20MM?

Visit my futures io Trade Journal
The following 2 users say Thank You to wldman for this post:
 
(login for full post details)
  #4 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
Trading: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,803 given, 2,836 received

6 ticks TP and 24 tick stop.....

You may want to reevaluate that.

Visit my futures io Trade Journal
The following 3 users say Thank You to bluemele for this post:
 
(login for full post details)
  #5 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Visited Perryg webinar. Tried to set up his method. Great presentation ....good speaker. Tremendous confidence. What did you do in a previous life, Perryg. what ever it was, you must have doen it very well, because your presentaion was excellent. 4 stars.

Tried setting charts up like his. Kinda confused on how he got some of thiose indicators to work. And the significance of each one is a little foreign to me....ok a lot foreign, but this is the place to learn right? There are no lousy students, just bad teachers?

i would like a mentor, someone to help me through the mass of confusion. The best way to learn is at the foot of someone experienced and capable, and from my years of competitive sport, I know that when one teaches fundamentals, personal fundementals are reinforced. Thnis is brain training...never too old to learn something new.

Traded 1 contract following a simple strategy from some of the indicators perry talked about. 9 trades 4 winners, 5 losers. down 62.50. Not discouraged, just recognise I have a lot to learn. I have to be confident I can do it, before i do. No guessing. Create strategy, then follow strategy. Discipline, discipline, discipline. Top 3 traits.

Thanks for listening.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #6 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

12 trades 1 contract, 7 losers 5 winners. best was 11 pips when my strategy was giving me a green light.

Still, lost -275. The losers were when my strategy went against me, so I cut my losses. Shouldnt say that. On my losses, my strategy wasnt with me completely, so in hindsight, I lost on trades when i didnt follow my strategy. Didnt follow my own strategy. I wonder how many traders do that? Too many to count...not following their own strategy and losing. " If you dont know where you want to go, any road will take you there." from Alice in Wonderland

Did maybe 40% of the things I need to do right...guess what? Traded at less than 40%. Now there is a lesson in there.

VanceVirgil

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #7 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Didn't post in my journal yesterday because of technical difficulties with my computer. Nothing major, just accidentally deleted what I wrote, and dindt feel like rewriting it.

Traded 1 contract trying to get my setup. I am trading a 2 minute chart on the 6e. Using an EMA 20 And EMA 5 for setups, With a SMA 40 to determine price action.

Last night at 20 EST pm had some kinda computer lock on Sim that kept pushing then 6E higher and higher. Started to susopect something wrong after around 20 minutes, because I was letting my profits run. up and up and up. Turns out I wasnt in the right place at the right time, and I didnt make 20k on my 5k account. When I reloaded the information, my charts went to what they should have been.

I tryed remaining calm, but as the currency went higher, I kept riding up with it....but I took away 2 things.

1. I let my profits run without getting overly anxious. I remained pretty even on my emotions despite the HUGE runup. I did started adding more than 1 contract, couldnt help myself, because of the profits I was making.

2. I figured out something was off. it took me a while, but I did figure it out. Rather have a problem Simulated that live. Would the false information feed have happenned if I was live? If I had traded like I had live, I would have lost.

I need to learn a lot more before i go live.

Sat in on an Online Trading presentaion last night. They use fractal geometry for their setups to detrermine suport and resistance. They claim that in 4 to 6 weeks, using their method, you can get over 85% accuracy. Of course it was a sales pitch to buy their program.

Gonna try a few trades today, but I need to reset my Sim account because of the false runup last night.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #8 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,084 since Jun 2009
Thanks: 32,547 given, 98,541 received


VinceVirgil View Post
Gonna try a few trades today

Bear in mind today is FOMC day, I would say don't trade until after the announcement.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal
The following 3 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #9 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Thanks Big Mike. Will keep that in mind.

Seems I've been getting whipsawed a bit...for a begginer like me, any advise for viewing the Webiinars? Checked out your presentation from last year...the intro one. Very good stuff, BTW.

For now, sticking with the 6E until I get a better handle on trading mechanics, and try to work on the phsychology side of trading.

Thanks Again

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #10 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,084 since Jun 2009
Thanks: 32,547 given, 98,541 received


Most traders keep using smaller and smaller charts, and smaller and smaller stops. They do this to avoid the pain of a big losing trade.

It is not the answer. Death by a thousand cuts.

If you are getting "whipsawed", I have two pieces of advice:

- Make certain you are not reversing your direction. Don't go long, then 5 minutes later short, then 30 minutes later long.

- Increase the size of your chart and/or your stop. Set stops based on recent price action + cushion. Do not set stops based on pain threshold.

Read the Elusive Price Action thread for good examples.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal
The following 11 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #11 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Up early at my trading station this morning. Tried to prepare by going over my strategy for trading, determined to follow my own rules. And was waiting for after 8:30 on the 6E. Well, what a move! 250 ticks? Missed the whole thing.

Of course, my strategy dosnt fit a move like that, so I wait.Only a minute. And I anticipate that there is likely some more momentum to the the upside, a higher high...What am i looking for? 8 ticks on 1 contract. So i jump in, make 8 ticks, then another 8 ticks. One more for 4, becauuse it looks right. Thats it... Finished.

Now its sideways, so i am likely finished for the morning. Have errands to run.

Read BM simple strategy for trading. EMA 20, a few simple indicators....thats it. The plain and simple approach appeals to me as well. Too many things to look at is far to confusing for me. I am an auditory learner, not a visual one, so too many charts disturbs my thinking.

3 trades, 3 contracts 100%. 20 ticks. Small to be sure, but happy.

I am surprized at my sense of accomplishment!

Vince

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #12 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Trading the 6E, thats all i trade. Took Big Mikes advise and reviewed a couple of webinars about stops, and how not to place them so tight. Death by 1000 cuts, if they are too tight.

10 trades 6 winners, 5 losers. Down 50.00. Today. Maybe there is a grid for this kinda post for simplicity.

Finished for this week. Up 675.00 for the week. 68% efficiency. 50 trades, 34 winners, 16 losers. Traded 1 contract on the 6E.

The stuff i did right. had a strategy, tried to not trade emotionally. really focused on the phsychology side of trading. trading without fear, trading with confidence, embracing losses, not changing the strategy at every little turn. etc.,. Tried to cut losses when they were obvious, and tried to let my profits run. mostly small trends i was trading.

Was trading with a potential small point gain, 4 points, with a wider stop, say 12. but when it was heading down, I would shut it down, because i didnt like seeing down 10 ticks with only 4 tick potential. At that juncture, I have to gain 14 on the up just to get my target. Seem like way too much stress. So i have reevaluated. now I go for much more ticks, with longer charts and much wider stop. I feel better with that approach. And i dont feel like i am missing a potential gain. 4 tick gain and 8 tick stop was wittling my account down. The wins were depressing, the stops were irritating me.

I feel much better. Still a lot to learn. But I feel I made some significant progress this week.

Vince

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #13 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

I am a beginnner trader, so please excuse me if my terminology is not right. I am still learning, and i suspect that all traders continue to learn.

It takes time to get good at this. And like any worthwhile endeavor, you get out what you put in. This past week is and example. Must have spent 10 hours a day reading and studying, around 2 hours a day trading. Its all so new, and even tho I have spent years in teh investment business, the futures market was completely alien to me. Had to pass the securities test about options and futures, but because brokers in Canada are tightly regulated, there are no discretionary accounts, except in hedge funds. Only answered the questions to pass, never p[;laced any orders in options or futures. Canadian system not really set up for it.

So thanks to everyone here, trying to read and digest all the information oj this site. Its a lot. the webinars are very helpful.

Thanks to you Big Mike for your continued operation of this excellent forum, and as well as your messages of encouragement.

Maybe, one day, i will be able to post valuable information for other to use.

Vince

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #14 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Trading the 6E.

EMA 20 for action and SMA for volume. looking for recent risistance levels and support levels. Was determined to follow my plan for the day, only trade when my signals with me.

I am a trend trader. And I am a discresionary trader. Fits my personality. Setting stops wider as per advise from Big Mike, based on recent price action so as not to bleed to death slowly.

20 trades, looking for 4 pips, only to get the hang of it. incraesed to 8 and double to 2 contrccts when I had a stronger signal.

20 trades, 17 winners, 3 losers. up 600 dollars. Best day yet! And its only partially over. Gonna trade again tonioght from 7:00 to 9:30 EST.

Welcome any and all comments.

Vince

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #15 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

What a difference a day makes. I was a reverse indicator today. First 4 trades were losers. Entirely my fault, take full responsibility for it. Pulled the trigger too fast, didnt squeeze it slowly so as to hit the target. I yanked the trigger back, and messed up. First 4 trades were total losers. lost 10 pips + per contract. Would have lost more, as it was, if I hadnt shut them down. What can I say? Seems my head wasnt quite right.

What did I learn today?

Tried to force the trade (forced intellect) to do what i wanted it to do, instead of take what it would give me. I am reminded of the game of golf...never ever follow 1 bad shot with another bad shot. If you hit a ball into a tough spot, play the highest percentage shot to get you safe to cut your lose. you likely already lost a stroke, dont double it, or worse. Never try to hit the ball through the 12 inch square window. It wont work.

Well, today gonna review what I did wrong and forget about. I am going to spend more time on re-enforcing what i did right.

But, I cant say i am happy with my performance today.

13 trades, 5 winners, down 887.50. 4 losers at first, then traded winners vs losers...

New rule.. Stop trading after 3 losers... And if the 1st trade is a loser, no more trading that session. that way i will be more carefull of my first trade....very sure, so as not to injure my account first thing.

Had enough for this morning.

Vince

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #16 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
Trading: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,803 given, 2,836 received

Haha, I was a reverse indicator today too!!!

Visit my futures io Trade Journal
The following user says Thank You to bluemele for this post:
 
(login for full post details)
  #17 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Had a meltdown yesterday. Mostly self inflicted. Even though its paper trading, still getting too emotional, so this morning, I prepared by calming myself down. Some deep breathing exersizes, tried to mentally rehearse my setups and my trades before I took them.

It seemed to work...1st 2 trades were winners. Only took 8 pips total, but at least I saw positive numbers. Unfortunately, I wasnt 100% on my setup signal on my trading chart, but i was still successful. the old impatience gene overreacting i suppose. I am using a 2 minute, 5 minute and 15 minute chart. Trading on the 2 minute, but using the 5 and 15 to confirm my setup.

Then...tried to take another bit at the apple. instead of being happy and patien, tried to take it further...and fllunked out. Followed 2 winners with a loser, then 2 more winner with a loser.

Trading 1 contract, and only, and doubling to 2 on continued strength and momentum. But only looking for small gains. Learned my lesson yesterday for trying to take too big of bites, when i am not psyschologically ready.

The word for the day PATIENCE...there is always always always another trade. Nave to get used to the idea that i may only get a correct setup only 1 or 2 times a session. Trading is similar to being and airline pilot. Hours of mind numbing bordom, interspaced with moments of shear terror.

Vince

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #18 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Saw the replay on An Afternoon with Big Mike from March 19, 2011. Certainly gained much insight into Big Mike's trading approach as well as personal information. Mike certainly let it all out there. it was very interesting to hear him speak about trading in general.

I have to admit, hearing his journey to becoming profitable, I have to admit it seems overwhelming. Big Mike says that trading is the hardest thing he has ever done, but he will never do anything else. Could easily write 10 pages of notes.

Take away...no more than 8 trades per day, in the morning for 3 hours 5 trades and evening for 2 hours only 3 trades....hold oneself accountable on a journal...ask for help in a thread. And around 100 other good points.

So for today... Didnt follow my own rules 100% today. After yesterday, I was determine to look for smaller profits. Was only looking for 3 tick, and was determined to follow my rules 80%. but waiting for them all to line up 100% is near impossible and was too anxious.

Trade 1and 2 9:12-9:14

had everything lined up except ADX falling which can indicate chop. Was staring at my screen for 30 minutes and had missed a nice setup at 8:20, and another at 8:40 so I pulled the trigger. Go long at 1.3636. Runs down and I close out at 1.3626. Figure I was just early after the 10 pip loss, so i go long again. Chicken, and as soon as I am down 3 pips, i close it out manually.

Whipsawed on my first 2 trades.

-13 pips.

Trade 3 9:52

I again dont follow my rules. I am only looking for 3 pips...how hard can it be? Hit chop ...down 8 pips. stopped...3 trades down 21 pips.

- 21.

Trade 4 10:32

Again, not follow my rules, and I go short. Does and about face and I close out after 8 pips. -29 pips

Trade 5 10:48

...last trade for this morning, so I am determined to do this right. Go short after getting most of my signal...lack 2 on the chart for taking the trade, but it works. Get my 3 pips...barely...

-19 pips


Then I see a 90% setup...the only one since I sat down. And it runs 21 pips...But...I didnt take it...Why? I already had my 5 trades.

Gonna take baby steps from now on.

Lessons

Follow your own rules. And I need a lot more practice. Going live now completely useless, unless my goal is to lose money quickly. I have done that before, and I dont like it very much.

I felt like I was revenge trading on a couple...

After a losing trade from the get go, I felt like I needed to play catchup a little, taking trades that didnt fit my strategy, and then, when it did fit better, I wasnt able to pull the trigger.

Try again this evening...only 3 trades I have, so i will think about these more.

And I am down 325.00 for the day.

Down 537.50 the last 2 days...

Reading Van Tharp...lots of good Ideas in this book Super Traders. Put a chart up too. Shows my 5 trades

Vince

Attached Thumbnails
Click image for larger version

Name:	6E 12-11 (2 Min)  9_29_2011.jpg
Views:	213
Size:	233.5 KB
ID:	50535  
Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #19 (permalink)
 mea109 
france
 
Experience: Beginner
Platform: nt
 
mea109's Avatar
 
Posts: 201 since Oct 2009
Thanks: 1,776 given, 56 received


Big Mike View Post
Most traders keep using smaller and smaller charts, and smaller and smaller stops. They do this to avoid the pain of a big losing trade.

It is not the answer. Death by a thousand cuts.

It reminded me of this. In fact this is not better


The following user says Thank You to mea109 for this post:
 
(login for full post details)
  #20 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Ahh...a new trading day! What an opportunity to improve. Every mistake takes me one step further to profitability! So today I was determined not to repeat them.

Yesterday it not turn out as well as I expected. Didnt trade my plan, therefore, wasnt successfull. I have written in my trade journal, but to suffice to say, I am too embarrassed to type it out here. Besides, it would be a short story, and I dont type so well. If there was a verbal recording function, I might do that... the gory details

11 trades, (3 more than I planned) 2 winners, 9 losers i see, from my notes and from the chart, where every one of mistkes are. even my wins were a mistake, I just happen to win.

Reviewed a couple webinars, and tried to simplify my mind.

Trading a 5 minute chart...the 2 minute was upsetting as things were not going well. thats my one change of the 2 I have alowed myself for the next 2 weeks.. nothing else...otherwize how am I going to gain confidence in my system?

But today!

Followed my plan, determined not to shoot myself in the foot.

2 trades with 100% rules. Both winners...45 minutes later, still no signal, so I shut it down.

Made 8 ticks... Cant beleive how good i feel about this! Likely, to many of you expereinced tarders, it is a paltry amount. Alright, my name isnt exactly being submitted to the discresionary trading hall of fame comittee for consideration.

I am celebrating a tiny victory. Think I'll have a beer.

For the week, i made 53 trades, 26 winners, 27 losers Down $ 737.50 on my account.

But, today was my best day so far. Not based on profit, but based on discipline and sticking to my plan.

Maybe I'll have 2 beers.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #21 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Start of a new week...

Simplifying what I am doing...a couple of simple indicators...1 more week of of focusing on my trading strategy. Everything I have read of the advanced traders suggests that keep your own council on trading, keep it simple, plan your trade, follow your plan. Entry and exits and position sizing is more important than strategy...etc. A ton of information to take in.

Been at this for just over a month. Learned quite a bit, and I find myself more and more absorbed into trading. I am reading a couple of books, have searched the internet for some information, but I am keeping away from the financial press. I find it puts too many confusing thoughts into my head about where the dollar should be, whats happenig in Europe...etc.

Better still, I am slowly getting a grasp on the language, which is a big part of the battle. Can trading really be this easy? Or is it really very difficult, and I am making it out to be too easy? Am I naive to think that I am one of the 5% that can run a successful trading business?


trade tonight when London opens...if i can stay up that long.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #22 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Made a couple of mistakes today...well, more than a couple. trade the 6E

Studied on the weekend, reviewed a couple of webinars...big Mikes on elusive price action. Good stuff, not really ready to apply it yet.

I think I am expecting too much of myself at this very early stage. I have been paper trading for about a month, just long enough to realize how much I dont know. Last friday I applied mikes advise to only take 5 trades a day, determined to follow my strtegy 100%. Over the weekend, I gave a lot of thought to dicretionary trading, and to feel the dire tion of the market. instead of following my own rules this morning, I made a couple of changes. i already made 1 change, of the 2 I allowed myself for 2 weeks.

made a couple of order mistakes. Went short when i meant to go long...2 times. maybe I drank too much coffee this morning ...gave me the jitters.

Took 1 extra trade over the 5 I restricted myself too because I was anticipating a move off LL for the day. in fact, I was anticipating the move since 9 EST. Didnt count the 2 wrong mouse clicks, but now, i should have. After all, a trade is a trade is a trade. Too late...for today, but not for tommorrow.

want to end on a high note, so i can say that today was a positive. In fact, we all learn more from our mistakes than from our successes. Dont dwell on them, BUT, dont forget about them either.

Result for this morning

Screen time from 7:50 am to10:30 in trade mode.

8 trades including the wrong mouse clicks (2), which I will count as a trade in the future. i am not the first one to do that, for a fact. But, as Tharp says, reduce errors.

Every trade went against the SMA 40, when my rule is to never trade unless the SMA 40 in direction of my strategy.

Looking at my chart now, all my signals are to go short at 10:30....good for 50 ticks and still falling! But...no trades left for the day.

Hindsight...always 20/20. As well, those that fail to look at history are doomed to repeat it.

Score card...8 trades, 4 winning trades, 4 losing trades for 50% efficiency. Winners barely covered my 4 points, but I had to close down the 2 mistakes I made as well. One didnt cost me, except commission, the other gave me a tick, so that was winner too. but account is down 225 for the day.


Removing my 4 target. Looking for bigger gains Going to set a target for the trade based on recent daily action alone with a maximum profit and stop based on recent price action for the day. My second change for the 2 week period. No more changes till Friday.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #23 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Traded against my rules today. But hear my reasoning. trying to prove to myself that my strategy is sound...so I am fighting it. A battle of wits with myself. At my trade station before 8 am.

Trade 1 long at 8:36 looking for 6 ticks.. stopped loss at -12 ticks Maybe its going lower

Trade 2 Short at 9:05 it goes higher, close out trade down another 10 ticks.

Trade 3 9:40 thin volume, but most of my signals are long. Not real confident, so when it stalls, I bail...Down 3 ticks

Trade 4 OK, now I have everything lined up for a short at 10:00 am. take it.. hits my target in less than a minute. Its great to hear Target Filled when it works the way you anticipate.

Trade 5...now i figure it is definately going lower, so I short to take another 6 ticks...I think I am in for a run and? Stopped out. -12

A reversal at 10:10....Funny thing is, my strategy tells me now to go long....but I have my 5 trades...no more this session.

score card...5 trades, 4 losers, 1 winner on 1 contract. down 29 ticks on 1 contract.

Down 387 dollars today.

At this rate, I am going to blow up my account in less that 12 more sessions. Wont have the time to make any more changes

Are people actually successful at running a trading buisness?

Someone has to be...where is there a successful trading journal that i can read?

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #24 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

6 trades

4 winners, 1 loser 1 draw.

32-11-0=21 ticks.

1 contract on the 6E +262.50

first positive day since last Friday, so far...will see again as Asia opens.

traded last night at 2:00 EST couldnt sleep anyway....

I am more aware of my trading. Had 1 bad entry on my loss. The trend did go against me, but the bad entry cost me a few extra points. Got in to soon...without confimation. And I was not confident in the trade like the other. The losser felt wrong, same with the even trade. Trying to evaluate "was I confident going into it, or not, or am I having these feeelings only after the fact?" Going to write down my condidence level going in to the trade at that moment I hit the mouse...A B C degree of confidence.

A Very confident...no doubt

B Somewhat confident..worth the risk

C oops

I know this isnt very scientific, but how does one quantify phsycology in absolute terms? We are looking for rules, when trading is more about principles. I have read it many times, its not the indicators in absolute terms, but rather the softs of trading....entry points, areas of potential support and resistance and, most important...mind set.

Still taking these baby steps. I really dont want to be in a hurry lose my money. but its really not about P and L now is it? Charts and indicators are only___% of successful trading (insert your own number here)

It really is that simple...

HERE ARE MY CHARTS.

Attached Thumbnails
Click image for larger version

Name:	6E 12-11 (5 Min)  10_5_2011.jpg
Views:	170
Size:	210.1 KB
ID:	50992   Click image for larger version

Name:	6E 12-11 (5 Min)  10_5_2011_2.jpg
Views:	119
Size:	192.1 KB
ID:	50993  
Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #25 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Had my lunch handed to me...stopped out on 3 trades...down 30 ticks on the day. Bailled on the other 2 to break even when I thought the trend had stalled.

All in less than 15 minutes.

My technicals were sound...after all, the chart reads that I should be shorting. And downward trend it was. BUt even though the chart painted the correct direction, I am still unprofitable today.

Its my entries. Getting in at the wrong price at the wrong moment...looking for 8 to 10 ticks I am trrading not to lose as oppossed to trading to win. i am not feeling very confident, even though I did fairly well yesterday.

Need to reveiw some phsychology techniques. Need to trade in the zone.

What does efficient trading feel like? strategy, entries, exits...when it comes together...

A little more research is in order....

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #26 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received


bluemele View Post
6 ticks TP and 24 tick stop.....

You may want to reevaluate that.


Read a bunch on stops, but to my mind, instead of a large stop, I look at the recent daily action on the chart to set it. I only set it large not to leave it, but to give me room should I need to close it manually because the trend is agin me.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #27 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

5 trades this morning...

2 winners, 3 losers...down 137.50

Going for small gains, and trying to set stops big enough so that my stop dosnt get hit. i am getting more comfortable on my entries, but that isnt quite translating to profits this past 5 days.

Looking back, I had only 1 marginally successful day. The rest I feel I could have doen much better. Emotions got the better of me, if I were to say one thing about this last week.

Had a rule 5 trades max in the morning....3 trades max in the evening for max 8 trades a day.

Total trades were 36...but made a few entry errors that I didnt count...but will next week.

I am putting in a lot of work at my trading business. It is easier for me to think of this as a business. Holiday in Canada on Monday, so i dont have to work at my real job.

Definition of a real job?

A job that you get paid for, whether you are any good at it... or not.

Heard that on a sales tape... Thats proubly the main appeal of trading to me. Its all you, you cannot blame anyopne else for your failures. As it is all on you. So, man up, and take full responsibility for them.

And dont complain...there are no failures, just one more way something dosnt work.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #28 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Was Canadian holiday yesterday, therefore, I didnt spend much time at my station. But I did review some information, and i looked into a couple of things i have been doing over the last couple of weeks.

I am not being discerning with my entries. i am most often just going with the market, and I beleive that is a mistake. i want more control over my entry price, so I am going to do that.

Also, I am only going to trade a single chart...the 5 minute. It occurred to me that i really dont have a clear undcerstanding of the indicators i am useing, and their importance. In fact, I am simplifying my approach. Going to go for fewer ticks and less trades. reviewing what i have done the last 2 weeks, i was looking for bigger moves, and I seem to be more wrong than right. Smaller goals with a more diisciplined approach and lower expectations are the key for me. The advance traders here speak about many interesting concepts, however, for every hour I spend in a webinar, I gain 2 or 3 good takeaways.

Still only trading 1 contract. gonna keep that. Trading the 5 min chart in the 6E and going to look at the ES as well. Big swings in both those markets as of late.

Going to follow only the EMA 20 as my lone indicator. I only had the 5 others to make my chart look less empty anyway. I had a bunch of indicators, but I was only trading off the EMA(20). I was a envious of some of the charts I saw that look like Jackson Polloch paintings, and i wanted mine to look like abstract art as well. I'll save the art for my living room. I think I am over having my chart as art.

I was trading like this anyway. Everything wlse was giving me a signal to go, but if the EMA(20) was against me, I didnt take the trade.

I am fortunate to have found futures.io (formerly BMT) and the wonderful resourses. It is a credit to BM, and I am grateful for this excellent tool. it it trully a graduate course in trading.

What I did well was I was disciplined in my approach to trading and I was successfull in reducing my trades significantly. I didnt do everything as I had planned, but even tho I made mistakes, i wrote down everything everyday in my journal so much so that i feel i am making progress.

Want to study price action more over the next 2 week period.

Only using the 5 minute chart and 1 indicator, until i have a thourough understanding. this is a big change, but I realized that i was using PerryG method, without knowing what all the indicators really meant. And if thats the case, that I dont understand them fully, its really only a black box, and i might as well automate trade as oppossed to discretionary. And i can only discretionary trade. i am a lousey programmer (even though i minored in Comp Science) I had fellow students that could code in their sleep...my brother is like that. i am not, so why try.

Going for smaller ticks on my trend trades. 3-4 ticks only.

Only trading 1 contract. 85-90% on trades.

Better risk management to set stops. Stop will be based of recent action. But because i am only going for small ticks, to keep my risk manageable, will need to have tight stops. I beleive this will force me to only enter a trade where I am very confident in taking.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #29 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

First day trading only 5 minute chart.

Sat in the Al Brooks webinar about price action and the 5 minute chart yesterday. saw part of it few months ago, but I had no idea what he was talking about.. But I did get that there is lots of information on a 5 minute chart.

Anyway, too many concepts to fathom. I think I will get this book on price action. His information is sobering, but his approach to trading strikes a chord with me.

Also I credit Big Mike, as it seems his method focuses on price action and position sizing, with helping me come too this epiphany.

Also PerryG for emphasizing the size of a position rather than ticks. After all, 1 tick on 10 contrcts = a pretty decent part time job.

But, it isnt easy. In fact...it is very hard. Al Brooks used a golf analogy. There a big difference between knowing how to play golf, and being good enough to do it for a living. And...golf is like trading in that it takes 2 good shots (trades) to amke up for 1 bad shot (trade). And bad shots are going to happen...it is inevitable...the result of human imperfection.

But, thats what makes it interesting. After all, if you never made a mistake, ever, where would be the enjoyment in that? Lets take bowling. If you rolled game after game after game 300 everytime, how long would it take before you never wanted to bowl ever again?

So, how did I do today? 6 trades

2 + 0 + 3 - 4 + 4 +3 = 8 ticks

on trade 4 where I lost 4 ticks, made an entry error. and corrected my self in less than 5 seconds, but I lost 4 ticks

Missed some really good trades because I limited myself to 5 previous 2 weeks.

Rules for this 2 week period.

Max loss for day 8 ticks. last 2 weeks that got ahead of me.

Trading strickly on price action using EMA20.

Only enter on the market during big moves. Otherwize, 1 tick above or below previous close on the 5 minute bar.

Worked ok today. Will see how i do tommorrow.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #30 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

been fooling with paper trading today, angling for the day I go live on my account. So much to still learn, and I am digging into price action, looking at the chart to see the highest percentage of successful trades.

Trading on price action really appeals to me because the approach is simple, elegant, yet is very deep, if you become a true student. The pure simplisity of what i am looking at on the chart is a revelation.

I got a copy of Al Brooks book on the weekend, only because i sat in on his webinar. Just fooling around on the sim, trying to learn the proper technique for trading To me proper chart reading is only 40% of successful trading.
The rest is position sizing stratagies, proper entry size and risk management. I am not saying anything new here, but these words really ring true.

Need to fund an account, otherwize, a lot of the features on NT dont work. i am still on a demo account, but I will send my broker a check by the end of the week so that i can get the other features on NT, like opening a seperate account for each instrument traded so that i can track my progress.

Does anyone know of a good excel spreadsheet template for tracking trades and profits and losses with documentaion? Using the control center on NT to monitor, but i would rather have something resident on my own computer that I can keep track of, for tax purposes and such.

Was fooling with the CL and I saw anold video from ZTR talking about CL trading. It really moves quickly, and I see what everyone says it isnt for beginners. perfect place to blow up your account.

To be continued...

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #31 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
Thanks: 2,388 given, 1,727 received

Good choice of book on your early path. I wish I had heard of Al Brooks in the beginning. I'd say his book is equivalent to a reading-price-charts-101 required class that most had never heard about. It's hard reading at first. The first chapter has a bunch of his terminology and references to all over the book, but if you reread it and get familiar with his terminology, the rest of the book is easier to get through. If you're not in a hurry, I suggest you skip this book and get his new edition books which should be out next month. Al said he wrote the original book in a month rushed, and didn't have time to edit and proofread it. The new editions had another trader proof read it and it's bigger, much easier to read, with much better printed charts.

It's also very hard to trade like Al does solely on price action. www.brookspriceaction.com -> has a forum with some trade journals. Some use his ideas in combination with other indicator methods. Just a suggestion to maybe try and use part of Al's PA along with a momentum indicator, such as ESFX's CCI thread or CJBooth's use of Rsqueeze momentum indicator and/or a volume indicator such as "better volume" which is free at: https://www.ninjatrader.com/support/forum/local_links.php

Here's another site with a free video course on general trading and trading psychology. www.emini-watch.com You don't have to buy the indicators. And he does a video trading blog every other day. Great progress on your beginning journal.

Visit my futures io Trade Journal
The following user says Thank You to Cloudy for this post:
 
(login for full post details)
  #32 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Ahhh...a brand new day. Everyday starts out with so much promise...

Still looking at he old 5 minute shart with the EMA 20 as my sole indicator. read more of Brooks on price action, so I put up an indicator based on his process in his book. Very cool...puts the h's and l's right on the chart so i dont have to count the bars. These indicators are free?

Anyway, plugging away at chart reading, and trying to place smart trades. Itws working pretty well from a logistical perspective. Today i thought I can actually do this right.

Today is a learnig week...not really trading as I have too much going on this week. I HAVE A REAL JOB THAT IS SUCKING UP MY TIME.

Thanks for the tips Cloudy...I appreciate your feedback.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #33 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Everyday, I am learning something new about trading

tired today...terrible nights sleep, and up early. Parent teacher interviews.

Still interested, and I am determined to make this business work. Still, it is one of the hardest businesses I have ever had to start, because it is all on just you!

Anyway, did a few trades today. Lost 8 ticks...Account is down from last week...have to be more consistent.
Still not quite there yet. But I can see the light.

Every day I learn something new...about trading...and about myself, trading.

Will trade the 6E when Asia opens...

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #34 (permalink)
Nasdin94
Singapore, Jurong West
 
 
Posts: 128 since Oct 2011
Thanks: 11 given, 112 received

Go trade and study price action.
Trade price action bars which react to fibonacci, they are high probability trades.

The following user says Thank You to Nasdin94 for this post:
 
(login for full post details)
  #35 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

trades on the ES today

looked to be an up trend day.


1. 8:15 long at 1221.50 +9 ticks

2. 8:35 long at 1222.00 +2 ticks

took some heat...was down 3 points at 8:50 , but I was convinced it was taking a breather.

Did recover, but I felt the trend wasnt developing, so I got out with only the 2 ticks. Looking back, wasnt a good entry, I was fortunate to get out withy the small profit. But, it kept running.

3. 9:20 long at 1224.50 +4 ticks

As it turns out, it made a nice run all the way to 1235.75.

As a result, 4 ticks looks puny in comparison.

But, I chose to look at this another way. I am trading the right side of the chart, and its only in hindsight that I can see how nice a run it turned into.

Only did the 3 trades. up 15 ticks.

What did I do right? Stuck to a disciplined approach, and only stayed in the trade to get small ticks. I will expand my stratagy as I gain more competence in reading the chart over time in different markets. Either a trending up, a trending down or a sideways market.

A couple of interesting observations. When I have a chart side by side, in the ES and the 6E and even CL, the chartshave similar corelation. Dont think it really means anything, or if you can actually use that to trade.

Position sizing is important, and that the number of contracts and the stops you put on, including trailing stops, can expand your profits. For instance, in bigger trends, if I had a strategy to add contracts after i was in a breakeven or a profit positiobn, I could have let the last move in the ES run. But to place a stategy like that manually is prone to error. And to have a different strategy for different markets is also important.

I am thinking that, when i increase my contract size, I can have 3 steps in place.

Step 1 Break even trade, step 2 profitable trade and step 3 a runner with a trailing stop, once the profit target is hit.

And to have a similar strategy for either a trending or sideways market.

For now, just building consitency and comfort with my trading.

Attached Thumbnails
Click image for larger version

Name:	ES 12-11 (5 Min)  10_21_2011.jpg
Views:	156
Size:	155.9 KB
ID:	52808  
Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #36 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Discovered replay data over the weekend. Wanted to practice entries and exits and to see actual price action in faster times. What a remarkable tool. Speed up 5 minute chart, so that I can see the develpoment of trends like a 1 minute chart. What a great way to develop screen experience.

Does it matter that the information is already available. I dont think so because I am trading bar by bar, and only looking for 3 to 6 ticks in the trends. And really trying to limit my trades to highest probabitlity trades.

I am happy with what I did today. Was at my Station at 8:30. After a little work on Saturday, I was prepared to trade the ES this morning. Have things to do, so I was determiuned to restrict my time to the best possible trades.

All these on the ES.

Trade 1

long at 8:45 1235.75 Sold at 1239.00

Looked to be a break to the upside.

+ 5 ticks

Trade 2

Long at 8:49 1237.00 Sold 1237.50

+ 2 ticks

Still looked for continued high, but didnt develop as I was anticipating. Stalled a bit, so i got out with 2 tciks.

Trade 3

Long at 8:52 1237.50 Sold 1238.50

+ 4 Ticks

Trade 4

Long at 9:03 1238.00 Sold 1238.75

seemed to be stalling a bit, and expected if the trend ddint continue, there would be a slight pullback to fill the gap.

+3 ticks


Trade 5

Short at 9:20 1236.75 Closed at 1236.25

Looked to be the gap fill i expected, but really no momentum.

+2 ticks

Trade 6

Long at 9:37 1238.75 Sold at 1240.00

Nice move off previous day low.

+5 ticks

Total for the day

5+2+4+3+2+5 = +21

I am quite pleased with my performance today. Approached with discipline, and I did not rely on indicators, but rather focused on price action alone.

Is this really that simple? When I look at futures.io (formerly BMT) and the myriad of methods and indicators and such, it all seems overwhelming. But if I keep it real simple, I am way less anxious, and I am far more confident in my decisions. Just buy when it is going up, and sell when itis going down. Seems to me a simple strategy requires a simple approach.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #37 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Weird stuff happening on Ninja Trader. couldnt figure out how various acccounts are giving me eroneous readings, so I had to reload lots of my data. Going to backup from now on, so that i can recall my information.

One particular problem happen on the ES at 9:35 EST...significant downward push, and i was on the right side of the trade, however, for some reason, NT had me long, when i went short on the trade. It registered correctly on the chart, but my summary was wrong. Have no idea what caused the problem. but I reset the NT, and had to clear my executions. i wrote them down in my journal, but it is still a pain.

With trades needing to be executed imediately, i wonder what happens when such a situation is live?

Anyway, I had to calculate out my P and L by hand.

12 trades today

Trending down day, so most of my positions were shorts.

-1+2 -4-7+8 -4+6 -4 +6 +7 +7 +4 +1 =+21 ticks

Have a few more kinks to work out in my overall strategy.

i am pretty happy with how things went today. I had 4 losing trades with 8 winning trades. I felt pretty comfportable all through the trading, and i only traded for 1 and 1/2hours

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #38 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Preety good today. Off to a slow start was down 16 ticks at one point, but came back in the late morning and afternoon sessions.

Set a bigger stop based on price action and the daily range, off a 5 minute chart on the ES and caught a couple of good movers.

More than a few trades. 23, but I must have had 6 hours in front of the screen. Placed a couple of trades, set my stops and walked away from the computer, as I was confident. I counted those as screen time trades as well. I just came back to check how things were going.

Still I feel I am guessing to much, and some trades are not as confident as others.

Still this is an interesting journey i am on. Reading Brooks and I find much of his descriptions interesting to say the least.

This journal entry is a day late as i got busy, yesterday. Will do todays entries later today.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #39 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Where to begin?

Did a lot of studying and meditating on the weekend. I have seen some blogs of traders who trade a whole week at 100 %. I cant figure that out. If a trader is 100% week after week, why wouldnt one trade for an hour in the morning and take the rest of the day off? No one can trade 100% week after week live. If you have a completely elastic source of funds, I guess you could take a lot of heat and still ride out the peaks and valleys. But is that realistic? Of course not. How can one sit in a position down a significant amount of funds and still ride it out?

Dipped my toe in the CL the last couple of days after practicing on the replay market data. Did this for a couple of reasons.

1. I wanted to practice multiple contracts and postion size and stop strtegies, and the CL has big swings.

2. I used to work in the oil industry. Pipelines, ags plants, drilling and maintanance in Alberta, Canada. my brother is a petroleum engineer, so i feel I have a bit of an affiliation with the substance.

Stepped up to 4 contracts from 2 contracts.

Pretty simple 4 contracxts in , 2 with a stop of 10 ticks with a target of 15, the secong 2 with a stop of 12 and and no limit on the upside, but I set a trailing stop of 5 ticks. might be a little tight, but I figure I will learn as i go. I havnt written these in stone, but I will move the stop if it isnt moving like I anticipate.

Trading with the trend 75% of the time. Anticipating swings or retacements the other 25%.

13 trades 61.54% efficient 8 winners, 5 losers, because of my stops being hit fast.But if my stops were wider, I was pretty good on the trades. Even the losers, I was eventua;lly on the right side. (of course, you can always trade at 50%) You have a 1 in 2 chance of being right on every trade.

2190 net profit after commissions.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #40 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Wrote out my performance yesterday, but took too long to post and had some kinda timeout that lost my text. So, no post yesterday.

11 trades yesterday. 3 losers. was an up and down day. Worst trade entry hit my stop in a blink. Lost 36 ticks in a millisecond...happens.

But a had some better winners too. Still trading 4 cars with a strategy and trailing stops. That way i can limit my downside risk when the trade goes the way I antcipate.

up 190 ticks on 1 contract. Because of the various protective and trailing stops, the contracts fill at different intervals. i am trading 4 contracts because the 1 contract in and out was like watching paint dry, and I was losing interest and placing too many trades, to make it worth my time. After all, If I make more money at my real job per hour than trading, why would I trade? The issue for me isnt wether I need another career. I already have one of those.

Trading for me fuels my interest in the investment markets, an interst I have had since my teens. For years i listened to fund managers and had them show me charts, and now i , for the first time, i am getting a sense of really seeing what they are telling me about investments. This is more about understanding the investment world, and myself, if that makes any sense.

Today i think I had a bit of a breakthrough.

I succeeded in disciplining myself to only taking HPT. Still trading the 5 minute with EMA 20. i have better volume as an indicator, but only to monitor price action. not really paying attention to it.

Trade 1 Short @ 8:10 +10 ticks.

Trade 2 Short @ 8:28 + 0....trade didnt develop, so i bailed on it

Trade 3 Short @ 8:30 +82 unfolded the way I anticipated at 8:28, so i got back into the short

Trade 4 Long @ 8:52 +74 nice move from off the EMA 20

Trade 5 Long @ 9:26 +28 trend stalled, so I got manually closed

Trade 6 Long @ 9:34 +28 Started to move and then reversed and hit my trailing stops

positive 222 ticks I trade only 4 ticks with a 2 stage strategy. Average of 55.5 ticks per contract.

I am trying to keep it simple, without a lot of indicators. Got overloaded when I tried that a few weeks back, and I found I was letting the indicators do my resoning for me, instead of doing it for myself. The most complicated, and powerful compurter in the world, is the 6 inch one between your own 2 ears.

Anyway, lokking over these last few weeks has been very helpful, and I think i am making progress. It feels like progress. It certainly is not as easy as it looks...or as easy as one can explain.

Buy things that are going up, sell things that are going down.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #41 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Have finished my short experimenrt with the CL. I wasnt losing, in fact I was doing quite well. but I was trading with a sense of forboding. Too much anxiety, not comfortable with it. So i went back to the ES and the 6E in the evening.


So as to my trades.

Back to the ES today. i have been following Al Brooks method, and have tried to spot the setups, realtime, to which he refers. Been working on patience, waiting for the correct setup etc. Getting better at it, but still messing up in a couple of places.

Trade 1 +1 tick 7:58 AM

Tighten stop after I was up 4 ticks, then it pulled back and hit my stop at juts a tick over my entry. Too bad, the move had some legs.

Shorted at 1242.50 ...Ran down to 1239.25. Was really a trend reversal after a double top on the daily high to the EMA. As long as I come oput ahead is all.


Trade 2 +4 ticks 8:21

Long at 1241.50

Trade 3 +7 ticks 8:29

Long at 1242.50

Tested the daily high before it pulled back on a single 5 minute candle.

Had to take care of some things this morning, so I didnt get back till 12.30 EST

Trade 4 +9 ticks 12:53

thought it was going to be a bull trend day, but what a difference a couple hours makes.

Short at 1235.50

Trade 5 +4 ticks at 1241.50

Another short

Trade 6 and 7 1:26 and 1:36 -11 ticks on 2 trades

2 trades that hit my stop....looked to be a short setup

Not happy...however they looked to be correct, despite the fact that they hit my stop

Trade 8 1:45 still the same trend. +5 ticks

Total 10 ticks on the day..the 2 failed trades cost me 11 ticks.

Margins in this business are razor thin.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #42 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Traded ES. Some winners, some losers, but the winners were way better than losers.

Tighten stops where my setups were not unfolding as anticipated, but made a few nice entries on pull backs, and I maintained my discipline for the majority of my trades. Made couple small blunders, but they didnt cost me too much.
Trying to restrict myself to the very best trades, but thats pretty tough if you have a good setup and your stop gets hit too quick. So I looked for the very best setups. Of course, in hindsight, some of theose setups didnt develop very well, but at least I didnt get hit too hard. All in all it was a good morning.

relying on price action ala Al Brooks, and I like his methodology. He isnt saying anything different from anyone else, but as I develop my own strategy, I find his his outlook on trading very matter of fact and transparent.

A trade has a 50% chance of being a winner or a loser. Of course...the price could go up, or go down. And 40% of the time, you will be wrong. not make a mistake, but wrong.

Happenned to me today. I only had 35% of my trades were winners. But, because I let my profits run and cut my losses I came out ahead.

20 trades today...had more than a few stopped out trades that I got in because I was convivnced the trade was a good one. I moved my stops to 1 tick below my entry when i was in the green buy 4 ticks, but the pullback on the 5 minute bar hit me more than once. I tightened my stop too much on a trade or 2, and I widened it on a couple of trades. My biggest loser was down 7 ticks. I moved my stop, then took the hit when it didnt work as I had expected.

All the trades were on the ES .

Wont detail the trades...but my tick count was as follows for the trades.

0-2+3+3-5-1+15-3+2-1-5+4-2+22-7-3-2-1-3+16 = 30

just trying to be profitable every day...

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #43 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Trading the ES

Started out terrible...Small cuts, because of the lack of movement.

Looks to be a bear trend day. Monday's seem so unpredictable...well less predictable than other days.

.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #44 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

forgive my previous post. Day is first then month.

15 trades. Not a lot, in my opinion, because if I grouped them for the PA signal I observed on my 5 Min Emini, it was only 9 trades.

I think this is abetter way to evaluate my stratagy, as a multiple of trades for what I saw (or thought I saw)

Not going to post my trades, as it really is for my own benefit. Going to restrict journal to general comments, unless i have something i really feel like sending out into the world.

Had a bad run of 4 consecutive losing trades, where i was looking to short after a failed long. My long trade lost me 6 ticks, then, when I saw a short setup, I tried to enter, but got stopped becaus my stop was too tight. Lost another 2 points with that trade, down 17 ticks. Tried to get back the failed long( revenge trading, I guess you call it) Well, cost me.

45 minutes in, and I am down 12 ticks on the day. Basically on 4 trades.

The failed trades happened within 15 minutes...so now, after a loosing trade, going to wait for a HP trade, but not for at least 15 minutes. Back to back losers are killer.

Next 3 winners...20 ticks. traded well on those...waited till i was ready, and it worked well.

Shorted nest trade. Hit my stop...lost 4 ticks...but I was correct in that it ran down16 ticks, and my stop was too narrow.

Next 4 trades....all longs in the with a bull trend. +13 ticks. +17 on the day.

Strong finish after a crummy start.

Had a couple of glaring errors, but I felt I did well. Even tho I am positive for the day, I felt I may have overtraded. Gotta work on that.

Yesterday, I was up as well, tho, only 4 ticks on 16 trades. Commissions killed my profits.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #45 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Traded the ES today, as been my habit.

21 trades today. Is it too many? i dont think so for where I am. Using a tiny stop, 2 to 4 ticks, on scalps, so I get stopped out quick. Tried to increase my stop given todays tight trading range on the ES, but it wasnt big enough.

I learned a couple things today. Trying to scale in and out of trades so as to buy in an average price so that when my anticipated setup goes, I am in a better postion to profit off a smaller increase. in other words, a position sizing strategy. Still working on one that has a better rule set.

Was down 14 ticks on the day, but still wound up in the black. not much in the black for the time I spent at my station. Traded 1 contract, increased to 2 and even 3 when I felt I was in the right position. What I have learned is that traders almost never agreee on what they see, or how to trade it. It is a very personal thing, and if you are pfofitable, then you have a good system. But the most importeant part of the system is the person looking at the screen.

I made 2 terrible blunders today. 2 trades that cost me 5 points...back to back. problem is, upon review, the ES moved the way I had anticipated, but not before it hit my stop on my trend trades. Reviewing the chart, i can see clearly, in hindsight, that my stop been wider, by 2 ticks, i would have 3 or 4 points. but, alas, hindsight is always 20/20.

12 winners, vs 9 losers.

If i just eliminated the 2 ill advisable trades, I would have been much better, with a better profit margin.

I identified a couple of 10 to 20 bar trends early. Too early, as it turned out, and got stopped out. This is so much like gold. Trading, like golf, the best player is the one that minimizes mistakes, displays consistency, and is calm and confident.

Am I truly beggining to grasp this stuff? Is it really that simple? Yes, it is that simple. no need to complicate things. Efficient market theory states that in market of perfect equilibrium, or prefectly efficient markets, the ROI is always corresponds to the amount of Risk in the transaction. Of course, the reason that traders, or investors or anyone for that matter, make a ROI above the risked amount si because markets are ineffiient. Therefore, one will never create perfect sytem to operate in an imperfect market. Close is close enough.

This is an interesting quest I am on. It is very challenging, and it is enjoyable, least I find it enjoyable.

Not getting any feedback on my posts. Any way i can make them more interesting?

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #46 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,084 since Jun 2009
Thanks: 32,547 given, 98,541 received

Don't worry too much about others and feedback on the posts.

The journal is for you. To improve your own trading. And sure, it can help others as they struggle with similar things as you and you share knowledge, but the most benefit is to you directly for posting.

You might want to include charts that shows entries and exits. I always recommend everyone go back and read their last two weeks of journal entries each weekend, so they can see if there is progress being made. To me, it is helpful to see charts so you can recognize certain patterns easier.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #47 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received


Big Mike View Post
Don't worry too much about others and feedback on the posts.

The journal is for you. To improve your own trading. And sure, it can help others as they struggle with similar things as you and you share knowledge, but the most benefit is to you directly for posting.

You might want to include charts that shows entries and exits. I always recommend everyone go back and read their last two weeks of journal entries each weekend, so they can see if there is progress being made. To me, it is helpful to see charts so you can recognize certain patterns easier.

Mike

Thanks. Will keep that in mind for my future posts. I have a hardcopy book that i write all my trades in, and Print out charts so that i can mark them up. I also have printed out a number of weeks of charts, so that I can become familiar with the setups I am trading. They are the same setups everyone trades...Double tops, Double bottoms, pullbacks, reversals, with trend, or countertrend above or below the teh EMA.

Just scalp trading for now, but will attempt to trade swings and longer trends over then next week. Going to specifically look for longer stronger setups for longer trades.

Anyway, thanks Big Mike.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #48 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


VinceVirgil View Post
Up early at my trading station this morning. Tried to prepare by going over my strategy for trading, determined to follow my own rules. And was waiting for after 8:30 on the 6E. Well, what a move! 250 ticks? Missed the whole thing.

Of course, my strategy dosnt fit a move like that, so I wait.Only a minute. And I anticipate that there is likely some more momentum to the the upside, a higher high...What am i looking for? 8 ticks on 1 contract. So i jump in, make 8 ticks, then another 8 ticks. One more for 4, becauuse it looks right. Thats it... Finished.

Now its sideways, so i am likely finished for the morning. Have errands to run.

Read BM simple strategy for trading. EMA 20, a few simple indicators....thats it. The plain and simple approach appeals to me as well. Too many things to look at is far to confusing for me. I am an auditory learner, not a visual one, so too many charts disturbs my thinking.

3 trades, 3 contracts 100%. 20 ticks. Small to be sure, but happy.

I am surprized at my sense of accomplishment!

Vince

Most traders would kill to get 20 ticks every day.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
(login for full post details)
  #49 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

I'll say this about your thread. You are on the right track early. Please do not go chasing more indicators if you are having a tough time getting profitable.

There is only one way to be profitable. And that is to be patient enough to have the market structure match your trading strategy. And only trade when it does. This can be on any time frame. The beauty of moving averages is that you can have the same exact look on a daily chart or a 55 tick chart. If you take away the time frame information, the charts look the same, therefore if you master one time frame, you can scale it up to larger time frames to trade for larger targets.

A word about stops. Tiny stops are the death of a trader. Trail stops are almost as bad IF you are trying for larger moves. I like trail stops for scalps because often times the market can move faster than you can manually move it and i like to lock in profit on scalps.

Here is my chart set ups. I haven't posted charts in awhile because I got bored posting them every day when the entire battle is won between your ears. But just so you know that simpler is better. I actually trade on a one min chart and it looks identical to the 5 min but I wanted to show you the five min so all of Friday's action could fit on one chart.

On this chart, there is only one trade that meets my rules and does so in my trading session of the first three hours of the crude session. See if you can find it.



I think you have a chance to make it. We share a similar background, well other than the comp science and oil field careers. I to spent years in banking/mortage/finance and made well into the mid six figure income until the housing bust here in the southwest buried me and many others I knew. So trading is replacing that and I am in the process of moving past the break even stage of trading to daily consistency.

For me, the break throughs came when I quit chasing indicators, focused on simplicity and more importantly, recognized that we get paid to wait. Hours of boredom interspersed with periods of what appears to be frantic activity. In reality though, you sit, wait for the set up, enter, wait for your target or for price to tell you the trade is over. If you do a good job, you make money, if not, you lose. It really is that simple.

Where else can you get paid a weeks salary for sitting on your hands for an hour?

Good luck, I'll be following your progess...oh and by the way, did anyone take you up on your offer to start a hedge fund? I am always willing to be friends with someone that can raise a million bucks in a week or two!

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
The following 3 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #50 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received


PandaWarrior View Post
I'll say this about your thread. You are on the right track early. Please do not go chasing more indicators if you are having a tough time getting profitable.

There is only one way to be profitable. And that is to be patient enough to have the market structure match your trading strategy. And only trade when it does. This can be on any time frame. The beauty of moving averages is that you can have the same exact look on a daily chart or a 55 tick chart. If you take away the time frame information, the charts look the same, therefore if you master one time frame, you can scale it up to larger time frames to trade for larger targets.

A word about stops. Tiny stops are the death of a trader. Trail stops are almost as bad IF you are trying for larger moves. I like trail stops for scalps because often times the market can move faster than you can manually move it and i like to lock in profit on scalps.

Here is my chart set ups. I haven't posted charts in awhile because I got bored posting them every day when the entire battle is won between your ears. But just so you know that simpler is better. I actually trade on a one min chart and it looks identical to the 5 min but I wanted to show you the five min so all of Friday's action could fit on one chart.

On this chart, there is only one trade that meets my rules and does so in my trading session of the first three hours of the crude session. See if you can find it.



I think you have a chance to make it. We share a similar background, well other than the comp science and oil field careers. I to spent years in banking/mortage/finance and made well into the mid six figure income until the housing bust here in the southwest buried me and many others I knew. So trading is replacing that and I am in the process of moving past the break even stage of trading to daily consistency.

For me, the break throughs came when I quit chasing indicators, focused on simplicity and more importantly, recognized that we get paid to wait. Hours of boredom interspersed with periods of what appears to be frantic activity. In reality though, you sit, wait for the set up, enter, wait for your target or for price to tell you the trade is over. If you do a good job, you make money, if not, you lose. It really is that simple.

Where else can you get paid a weeks salary for sitting on your hands for an hour?

Good luck, I'll be following your progess...oh and by the way, did anyone take you up on your offer to start a hedge fund? I am always willing to be friends with someone that can raise a million bucks in a week or two!

Morning PW,

OK...I figure your entry would be around 97.15 around 12:00. Looks like a test of reversal to counter trend begining around 10 am. In fact, I would be tempted to take the trade just after 10;00 on the daily low as a reversal/ countertrend trade. Of course, this is hindsight, mucho different when the chart is being painted on the right side tick by tick.

The chart you have for me is a bear trend day, so right from the opening I would have been looking for shorts, untill 10:00 am or so.

Thanks for your comments. I am getting more comfortable with the process, and gaining experience. futures.io (formerly BMT) has been a big help for me, and it really is a help.

BTW, no one did...on the 1MM

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #51 (permalink)
 FGBL07 
Oberhausen, Germany
 
Experience: Advanced
Platform: Sierracharts
Broker: Interactive Brokers/DTN IQFeed
Trading: Bund Future
 
Posts: 278 since Aug 2011
Thanks: 100 given, 311 received


VinceVirgil View Post
..

A trade has a 50% chance of being a winner or a loser. .....

Why do you believe this? Just because this event - making a trade - has two outcomes? Then you are ill-advised. What is the probability of you still being alive ten minutes after reading this? Do you really think that is 50/50?

Look up Binomial Distribution in Wikipedia.

You don't know the probability of your trade becoming a winner or not. That's one reason why people backtest or analyze their former trades to at least get an estimate for this probability.

I remember reading a research paper by a large trading house, wherein they tried to find a measure to detect successful traders early in their career. They classified their traders into two groups: Group A had a winning rate of 80% and Group B had a winning percentage of 30%. Which group represented the traders who were successful at the end of the year and why?

Follow me on Twitter
 
(login for full post details)
  #52 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
Trading: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,803 given, 2,836 received


FGBL07 View Post
Why do you believe this? Just because this event - making a trade - has two outcomes? Then you are ill-advised. What is the probability of you still being alive ten minutes after reading this? Do you really think that is 50/50?

Look up Binomial Distribution in Wikipedia.

You don't know the probability of your trade becoming a winner or not. That's one reason why people backtest or analyze their former trades to at least get an estimate for this probability.

I remember reading a research paper by a large trading house, wherein they tried to find a measure to detect successful traders early in their career. They classified their traders into two groups: Group A had a winning rate of 80% and Group B had a winning percentage of 30%. Which group represented the traders who were successful at the end of the year and why?

The 30%, because they had a higher R:R and the ability to hold out for their profits.

80% had to be right and took lots of profits early....

Visit my futures io Trade Journal
The following 2 users say Thank You to bluemele for this post:
 
(login for full post details)
  #53 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received


FGBL07 View Post
Why do you believe this? Just because this event - making a trade - has two outcomes? Then you are ill-advised. What is the probability of you still being alive ten minutes after reading this? Do you really think that is 50/50?

Look up Binomial Distribution in Wikipedia.

You don't know the probability of your trade becoming a winner or not. That's one reason why people backtest or analyze their former trades to at least get an estimate for this probability.

I remember reading a research paper by a large trading house, wherein they tried to find a measure to detect successful traders early in their career. They classified their traders into two groups: Group A had a winning rate of 80% and Group B had a winning percentage of 30%. Which group represented the traders who were successful at the end of the year and why?

I only repeated the 50/50 win vs loss ratio because in absolute terms. Can a trader always trade without a loss? Every sucessfull trader I have read about has lost, at one time or another. Blow out an account, and learned from the experience.

As far as your question, the key here is the end of the year. I understand trading is less about the trade entry, it is important, and more about position size and risk management.

I would say the Group B, 30%, because they tried harder, realizing that they could not be right all the time, and if you were less than 50%, or 80% or 100%, you could still be a successfull trader.

Group A, thought all they had to do was be right 80% of the time, and thats it.

Was I right?

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #54 (permalink)
 FGBL07 
Oberhausen, Germany
 
Experience: Advanced
Platform: Sierracharts
Broker: Interactive Brokers/DTN IQFeed
Trading: Bund Future
 
Posts: 278 since Aug 2011
Thanks: 100 given, 311 received


VinceVirgil View Post
..

Was I right?

Almost... The answer is a bit too formal.

Group A grabbed for every little profit they could get and were killed by letting their losers grow. Group B tried to enter a trade and when it did not look/feel/whatever right exited with a small loss, keeping their losses small. But they rode their winners.

It does not imply that you need a low winning rate to be profitable - you may be successful (profitable within your chosen time interval) with 80% (or more) winners. It is a statistical view of the old saying "Cut your losses short and let your profits grow".

Follow me on Twitter
 
(login for full post details)
  #55 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received


FGBL07 View Post
Almost... The answer is a bit too formal.

Group A grabbed for every little profit they could get and were killed by letting their losers grow. Group B tried to enter a trade and when it did not look/feel/whatever right exited with a small loss, keeping their losses small. But they rode their winners.

It does not imply that you need a low winning rate to be profitable - you may be successful (profitable within your chosen time interval) with 80% (or more) winners. It is a statistical view of the old saying "Cut your losses short and let your profits grow".

The simple solution is always best! Why overcomplicate things?

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #56 (permalink)
 devdas 
Al,India
 
Experience: Advanced
Platform: NinjaTrader
Broker: Z
Trading: NiftyFuture
 
devdas's Avatar
 
Posts: 1,562 since Feb 2010
Thanks: 1,508 given, 1,701 received

I feel better for Group A. Apart from other intrinsic detail of system, 80% win might produce distributet profit as oppose to accumulated profit of 30% win of Group B.

Harvest The Moon
Nest The Market
Follow me on Twitter Visit my futures io Trade Journal
The following user says Thank You to devdas for this post:
 
(login for full post details)
  #57 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received


devdas View Post
I feel better for Group A. Apart from other intrinsic detail of system, 80% win might produce distributet profit as oppose to accumulated profit of 30% win of Group B.

The answer could be ... they were both successful, or both unsucessfull. Simply put, any answer we state may, or may not be the correct answer.

Markets are inefficient, therefore traders manage those inefficiencies for profit.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #58 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

We Are the One Per Cent, as written by The New Yorker’s John Kenney…
We, too, have mobilized.
We come from near and far, by any means necessary, some on private jets, others on extremely large private jets.
But you will not find us sleeping in a park and waiting in line at a Burger King to urinate. Have you heard of Mystique? Because that’s where we have mobilized. Don’t bother trying to Google Earth us, though, because we have proprietary military software that prevents you from doing so.
Our numbers may be smaller than those demonstrating in New York and other cities, but we are still a movement, coalesced around a cause, sleeping two and sometimes three people to a villa.
Perhaps you are wondering what our cause is. Perhaps you’re wondering why we, the richest people on the planet, have come together. Perhaps you’re curious whether what we’re undertaking couldn’t technically be called a vacation. These are all good questions.
We’re angry. We’re angry at something we’re calling “imagined frustration.” By this we mean that, except for Congress, the White House, banks, major lobbyists, and the editorial boards of Fox News and the Wall Street Journal, no one is listening to us. And we’re tired of it.
You claim to know something about us. You think we are rich beyond comprehension, that we can do anything we please at any time, go anywhere we want at a moment’s notice, wander the earth in a state of constant bliss, enjoying abundant and fabulous sex. Perhaps you do know us.
There are those in the more liberal press who have questioned whether the wealthiest one per cent truly understand how difficult life is for so many Americans right now, and to that we would say, “Oh, look, someone just brought in lobster and a Bollinger Grande Année.”
Except for money and the almost unnatural flawlessness of my skin, we are no different, you and I. I don’t know who you are or what you look like or how much money you have in the bank. Nor does it matter. Because we’re just men. Unless you are a woman. Or a child. Or a pony. But ponies don’t read magazines, do they? Unless they’re precocious ponies, like Mister Ed. And he wasn’t real. But I think you get my point.
And that is: we are the same, except for the coarseness of the skin on your elbows. Do you know that feeling, upon waking at 4 A.M., heart racing, your mind looking twenty, thirty years down the road, wondering how you are going to make ends meet? Worrying about what would happen if you lost your job, asking yourself how you’re going to pay for your kids’ college or retire? Well, I don’t. But I read a story about it once and remember thinking, I’m so glad that’s not me.
What do we want?
Here is our manifesto, still very much a work in progress, as it’s cocktail hour and several of our protesters are out at the pool:
– All wealth should be shared equally among the wealthy.
– Eradicate poverty. (Note: Maybe a clearer way to say this would be “Eradicate the poor.” Need to discuss.)
– End business as usual. (Note: Several members like the sound of this, but they don’t know what it means. A suggestion has been made to add the word “hours” after “business.”)
– Implement a rule whereby the public cannot look at us and must keep a distance of at least twenty feet at all times.
Yes, I have more things – more homes and cars and planes and art and underground passages and satellites and private militias and a person whose only job is to grow hair that is genetically identical to my own. But when you take off your pants and I take off my pants and we stand facing each other as naked as the day we were born, except for socks, all I would ask is that you feel my skin and tell me it’s not the softest skin you’ve ever felt on a man. And also realize that we are the same, except for the fact that I have four submarines.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #59 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

This ia a few days in in this post.

Friday trades. Was up 13 Ticks, as was day after US Thanksgiving. Did surprizingly well out off the hop. 13 trades in total. was up 13 ticks.
4 unfortunate trades coost me 27 ticks, as my stop was set at 8 ticks. Hit my full stop 2 times. Never had a gain more than 7 ticks. Need to examine the volatility more closely. Mybe a tighter stop on days like this?

Monday November 28

7 trades thus far. 2 winners, 5 losers. Still ahead 1 tick. Still, losses are nibling away my gains. Nothing ruins my day m,ore than losses. But, they are a fact of life.

Every day, I am gaining confidence and getting more comfortable. Still working on me, the most important part of trading.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #60 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Not a good day. had to take my daughter to the Emergency last night. Bit of a stomach virus, but because our family doctor retired a couple months ago, and because of a shortage of family physicians in this part of the city, had to go to emergency. Low prioroty, but was in there from 6:30 to midnight....fun way to spend an evening.

So, on to trading stuff. Maybe its my mind set, but I felt as if nothing i could do was right today. Its a tight traduing range day on the ES, tough slogging. Maybe I should have packed it in.

Anyway, only trading a single contrct.

13 trades...was up 9 ticks after 6 trades. Tighten stops after was in a profit, and kept getting pull backs hitting my stops.

next 5 trades....losers. Agints my own rule....after a loss...wait 15 minutes to trade again, and wait for clarity.

Then...a winning trade. Phew....+6 ticks.

Down 11 ticks on the day. Last 2 days have been brutal. Have i learned anything form the experience?

Yes...follow the 15 minute rule...stop overtrading.

Winners totaled 17 ticks...losers, well -28 ticks.

This has got to be one of the most frustrating days I have had in a while.

Have to noodle today over a bit more.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #61 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Took the day off from the ES. It was frustrating me to no end last 2 days.

So, decided on trading the CL. I bailed on it afew weeks ago because it was moving too fast, and I was trading both the ES and the CL, and I was doing too much. So I figured I would go strickly ES because of the tempo, and to refine entry and exits, and by and large, it was reasonably profitable.

But looking over my PnL, most of my gains were happening on less than 10% of my trades. Not that my strategy is bad, but that movements were taking so long to develop. Too hands on. I can make more money at my day job than I did trading, these last 2 months. The point is, i want trading to replace my day job, eventually.

So, first day on the CL in a while....did a couple of trades yesterday to afiliarize myself with it again.

Some day to pick. 200 ticks at 8:57...not a day to be short.

Burt I was, at first. Recognized the run early, captured 28 ticks. Moved my target from 21 but it moved too fast for me..

Trade 4...captured another 18 ticks. Agained moved my target, and trailed the stop manually.

Trade 5 Loser -9 Ticks got taken out

Trade 6 9:00:38 +19 Ticks

Trade 7 9:34:19 +22 Target was 16, butb I moved it up because of the momentum. came back, but it was above my target.

Trade 2 was a loser. Down 2 ticks on that. My stop was 2 tick below my entry, and it got hit, not immediately, but eventually. Thought it was developing at 7:53:50. Was a litttle early...but that lead to the nice move on trade 3.

up 76 ticks on a single contract.

Kinda unreal. Bested my good days on the ES by a big margin, with less screen time and way less anxiety. Should have know...Had some great days on the CL before, but I found the big gains too intimidating. How can someone make a mid 6 or even 7 figure income trading 2 1/2 hours a day. Thats pro athlete money. NHL pro.

Anyway, gonna try some more tommorrow.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #62 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


VinceVirgil View Post

Kinda unreal. Bested my good days on the ES by a big margin, with less screen time and way less anxiety. Should have know...Had some great days on the CL before, but I found the big gains too intimidating. How can someone make a mid 6 or even 7 figure income trading 2 1/2 hours a day. Thats pro athlete money. NHL pro.

The nice thing here is there is no chance of a career ending injury and then having to enter the workforce with no real training for anything else.

Depending on the time frame you are trading, expect on "normal" days to see 20-50 tick swings. Just decide in advance what portion of that you would expect to CONSERVATIVELY capture and go for it. You can get more if you are willing to sit through pull backs as CL works its way toward its 200-300 tick ranges. I'm not so I scalp but I follow a trader that routinely gets 50-100 ticks a day on CL with one to two contracts and normally one to three trades per day. He trades the entire session though and I don't want to do that. 20-50 a day is enough for me.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
The following 2 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #63 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

OK, switching to CL for a while... It just is more interesting to me.

So today, I exhibited more discipline than I have in some time, just never realized it. I was staring at the ES for so long, waiting for patterns to develop, that I found myself taking ill advised trades. I was overtrading.

On the CL today.
8 trades today.

Once I was in a profitable position, I moved my stop to break even. But the moves were big enough to reward me when I was right. Turns out, if I hadnt tightened to break even so quickly, would have done much better.

Trade 1 +15 ticks

Trade 2 Stopped...+1

Trade 3 +4 This was a mistake...Was moving my target higher and I didnt release the button and I sold my postiion. At least it was positive. I am proubly the first one to ever do that.

Trade 4, 5 and 6 hit my stop after I was in a break even position +6. Move my stop to +2 ticks to cover the commission.

Trade 7 +20 ticks

Trade 8 0 ticks. Lost the commission. Closed this out cause I didnt like my entry.

Was up 46 ticks on the session. Never done that on the ES.

Today was really good.

I want to thank everyone that has commented on my journal, and those who have taken the time to have read it.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #64 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

I cannot beleive it has only been less than 3 months. Reread my journal, and I am astounded at some of my observations, of only a couple of weeks ago. I am beggining to understand why most successful traders say that this is the hardest thing they have ever done. And, at the same time, the most rewarding.

Certainly, there is the financial rewards. Takes money to make money, so one has to be well capitalized. I mean, if you have 2500 dollar acount, one is going to have a very hard time making it generate a living wage yearly. One mistake and its gone.

One thing is for sure. Trading takes an astonishing amount of self discipline. Without it, one cannot be successful. And yet, it also talkes a flexible mind, to be open to new ideas, and the mental acuity to act without hesitaion, and to be comfortable.

In the insurance business, there is a concept of level of comfort, loosely based on the Peter Principle. The Peter Priciple states that an individual will rize to the level of his incompetency, and no further. in insureance, it is asking for the check. This is a few years old, but the number insurance premium dollars was 5000.00. That is the figure that both the insuance agent and the client saw a certain invisible line. (the number may be higher now) More than 5000, the the client seemed to need further confirmation what he was doing is the right thing, so that was the level the accountant, the lawyer, the comptroller...the other advisors would get involved. And, most likely, the other advisors know their job...its to say no, otherwize, they wouldnt get involved. Why no? Because, if the transaction turns out well, they get no acknowledgemnet or benefit. If it turns out badly, well, they get the blame. No upside...only downside.

Successful traders are not afraid to ask for the check, regardless of the size. Thats why they think in terms of points and not in terms of dollars. And, they are not greedy. They trade because they love their independence.

They are true entrpeneurs. They create their rules, and then they follow them. If it dosnt work out, they accept responsibilty for it, and move on, seeking to improve. They have no time to suffer fools. They share their knowledge because it enriches them, helps them to becoame a better person.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #65 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,084 since Jun 2009
Thanks: 32,547 given, 98,541 received


VinceVirgil View Post
I cannot beleive it has only been less than 3 months. Reread my journal, and I am astounded at some of my observations

Welcome to the party, nice to see you here



Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #66 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

No trades today, just observing the price movements in the CL. Just watching the action, like watching the tide roll away. Very interesting, Instead of looking for an entry, just looking for a place I might enter, and might exit. It feels a little little like role playing, faking it till you make it.

I dont watch the news. IN fact, because I am in the investment buisiness on the retail side currently, I treat all investment news like I heard it described to me. Investment Pornography. Might get me a little juiced, but, in the end, dosnt do anything for me, because , it isnt real. Real is taking your profit out of your account, and buying goods or services.

2006, oil is around 75 dollars a barrel, and we have a meeting with the big the oil analysts at this major firm.Big firm, biggest in the world. Manage over 1.5 trillion today. You should have seen the colourful charts, glossy handouts, Power Point presentation. Got nice little pens, hats, golf shirts. Nice lunch, lobster salad...real lobster, not the pollock flavoured lobster. They tell a group of us that they are pricing their models for investment are 45 dollars barrel, adjusted for inflation, for the next 10 years. Oops. bit of a miss on that one. Maybe it will come down to 45 dollars. Still have a little more than 4 years to go.

I am not cynical, but your ideas are just as valid as the analysts at &*%$ity. I have a hundred stories like that one.

Have a good weekend.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #67 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Dang, couldnt resist. Had my ES 5 minute up, so I made a couple of trades off a setup I have been working on.

Made 10 ticks on 3 trades.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #68 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Its very interesting to see the differnt methods traders use. Automated, staright discretioanry, combination of the 2.
Made 12 trades on the CL this morning.

got my stop hit on 3 trades. 2 trades -8 ticks, one for -9. One trade I closed at -4. Didnt like the feel, so I closed it out manually.

Othe 8 were profitable. 2 for +10, one for +25. one for +6. The other were around breakeven trrades, but slightly positive.

Was a buit of a tough mornnig. not anxiety really, but a little unrelaxed, so I felt like I was trading a little tight. Too many things on my mind, I suppose. Daughter isnt feeling well last couple of weeks, not sure what it is. Hoping it is just a virus. It is still unsettling.

my son is having a few problems at his work. Superior gicing him a bit of a hard time, but he is the type that takes things very personally. Hasnt had the experience to develop a thicker skin.

Tried to swith to Optimus Futures from Amp, but Optimus doe not operate in Ontario. Government regus wont allow them in.

I have a reccommendation for Sweet Futures, so gonna try there.

A thanks to Panda Warrior for his excellent suggestions. And to other futures.io (formerly BMT)ers that have taken the time to comment on my journal.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #69 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

A Tight Trading Range Day on the CL.

With such sloww movement, the CL kinda looked like the ES everyday.

12 trades today, but it was tough slugging again, almost a repeat of yesterday.

+5-6+1-4+0+3+1-13(oops)+1+10+16+15= +29

Happy I finished in the black, but if it hadnt been for the last 2 trades, I would have been down on the day.

One odd situation this morning. Lost my data feed, but did not have any positions open. Closed off manually, but when it reconnected, it showed I had a trade working. Then it looks as if it dissapeared into thin air...no record. Very strange.

Chart shows last few trades blown up, including my trade 8 -13 ticks error. I dont know what i was thinking, but it agian shows that onbe little drop in concentration can be very costly, and can wipe out a days profits. Multiply 1 error a week like that over the year, and thats a lot of penalty.

Trades 6 through 12.

Till tommorrow.

Attached Thumbnails
Click image for larger version

Name:	CL 01-12 (5 Min)  12_6_2011.jpg
Views:	114
Size:	174.0 KB
ID:	56533  
Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #70 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Very tight trading range on the CL today. Inventory report at 10:30am... Europe problems? Even Metallica...

The Wall Street Journal reports
that Metallica is shaking up its
tour schedule in reaction to the
Eurozone debt crisis.
Metallica’s long-time manager,
Cliff Burnstein, is accelerating the band’s
tour plans to avoid getting sucked into
Europe’s debt troubles. With the gloom
among investors spreading to richer countries
such as France, Burnstein is worried that the
euro will tank, making it harder for concert
promoters in the 17 countries that use the
currency to pay Metallica’s fees.
As it turns out, Metallica’s been quite active
in the F/X markets, hedging against
exchange-rate shifts, and from the looks of it,
they’ve got a pretty specific macro view.
The euro is what Burnstein fears the most.
“Over the next few years, the dollar will be
stronger and the euro weaker, and if that’s
the case, I want to take advantage of that by
playing more of these European shows now,
because they will be more profitable for us,”

he told The Journal.

Anyway, took 8 trades. Down 8 ticks for the day. It just wasn't there today, didnt have my best stuff. Have to learn how to win ugly.... Had a number of profitable days, no losses in some time.

3 unsucessfull trades. for -34 ticks.

the other 5 trades were + 26. Overly aggressive in moving my stop after I was in a profit position, that my winners dint have a chance to run. Couldnt forget the bad trades, so I was trading while looking in the review mirror, hoping not to trade to lose, rather than trading to win.

Still profitable for the week. Was marginally profitable last month, but really, working for 10 bucks an hour. Its all part of the learning curve.

Like Big Mike said..."started trading in 2007, and have been profitable since 2009, and made every mistake in the book." All profiatable traders have sinlilar stories. At least, of the few that i know

Reviewing my rules again. Its all about the psychology.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #71 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Back to the old grind.

Trade with a specific goal, take only the very best trades (Institutional grade, wahtever that means to you), recognise that the very best setups will only present themselves a few times every session, andyou have to be prpared to recognise them based on your tarding strategy.

So score card.

5 trades, no negative trades...BUT...one trade wsa really a mistke, but i was able to get out break even. in that case, was it really a mistake.

Let me reason on this for a moment. Can a profitable trade be a loser. Yes, because you made a profit, but not because of your strategy.

The opoetie si also true. but if one is always trading like that, one will have to lose. You will ahve to meltdown. The key is to trade with confidence and in a relaxed state, or one annot possibly succeed.

Cetainly was a Down Trend Day. ANd big moves down, a little unerving grab hold of the bus as it is going by. In northen Canada, in the winter, as kids we used to grab on the bunper of busses and slide on our snow boots over the snow covered streets. It was fun, but also pertty fightening at the same time. A combination of exhilaration and terror.

to my trades, only traded the reversals as i was a little unnerved of the down trnd. Looking for a swing to high so that I could grab a bull reversal. was agressive with my stops, as I didnt want to get trapped.
5 trades

+9+7+7+3+1=+27

All in all I feel pretty good today.

Attached Thumbnails
Click image for larger version

Name:	CL 01-12 (5 Min)  12_8_2011.jpg
Views:	130
Size:	168.9 KB
ID:	56751  
Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #72 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

What is the best time to trade the CL? I startt at around 7:45 most days, unless I have had a long day, then I start 1/2 later at 8:15. Really dosnt seem to make much of a difference. I dont look at the news, at all. Is this a newbie mistake? In fact, I read teh news, i only get upset.

I like the 7 habits of Highly Effective People.

1. Be Proactive. get motivated...do something

2. Start with the end in mind. have a plan, a blueprint ot follow

3. First things first. start it...get going, stop dreaming, do...make a list, do the very first thing on it.

Number 1 on the list. Be confident. Positive self talk. "I will do this. I cannot be discouraged...etc.,. the individual that dosnt give up, cannot be beat. When the going gets tough, the tough get going."

I like this show on cable called Ice Pilots about Buffalo Airways that flies these old planes in Northen Canada. Only commercial airline in North America still flying a DC3. The deliver to communities far north, land in these really remote places, delivering everything from fuel to machine parts to food. Anyway, those pilots and employees have to be the toughest , most resourceful guys I have ever seen. Of course its TV, but still, they really have to love what they are doing to do that. Trading, by comparison, from the warmth of my home office, is like a day at the beach by comparison.

Made 13 trades on the CL today.

-9+10-11+8+9+2+2+2-16+13+11+14=+35

Trades 7-9 Hit my tightened stop once I was BE....3 Times in a row. This led me to beleive that market was poised to continue its bull trend. However, it pulled back to hit my stop at -16 ticks. My stop at 97.67 was right at the low of the candle, and had it not touched, I would have had a successful trade.

DB at 97.40 was the right call. Strong bull move to the EMA. Likely the best trade of the day. I believe I recognised it early enough to make a few profitable trades.

Dont really have much to talk about. I only have a few setups that I trade, but they are not always black and white. There is a lot of grey, and so some of the trades turn out poorly. But there are just enough good ones to keep me insterested and wanting to strive to improve. Is trading like golf, where the one good hole, or shot, keeps you coming back?

I only trade in the morning, before noon. Have other pressing matters to deal with in the afternoon. I still have a business to run. It is 6 figures, but was a double that before 2008. but the hassles are double. in some respects i feel like Big Mike. 6 figure income, but really not happy with the job. After all, 20 ticks a day on the CL on 20 contracts on 200 trading days a year is double the best year I had at my real job. I dont need that much, but i know lots of people that that kinda money would help.

There are no shortcuts. I have not yet busted a futures account, but I have busted other accounts. Lost over 400000 in one investment. Money that wasnt all mine.

In fact, when I think back over the years, there have been a few bad deals. Hotel shopping center in Kitchener, hotel conference center in London, medical building in Toronto, condo projects in Toronto, Calgary, Florida. Adds up into the millions. Not all my money, of course, but it may as well been. I took a lot of heat for it, despite the fact that they were all named projects.

Of course, there have been winners too. But why are they not the ones that i think of first? its because people hate to lose more than they like to win. Like trading...you puzzle over and dissect your losers, and you should place equal or more study on winners.

A new rule " I am unafraid to trade because the joy of winning is far more satisfying than the pain of losing!"

V

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #73 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Tough day today.

Computer connection was down this morning till 9:300 EST. Late start to my morning. PLayed 3 short gigs this weekend rythym guiatr for my daughter, and I caught a cold. Coughing my eyeballs out of my head.

It was a tough slug on the CL today. Still managed 11 trades off the 5 minute chart.

Tight trading range, so looking for small trends. Moving my stop to BE aggressively.

11 trades this morning.

Had 1 loser. Closed the trade out at -5 ticks as my entry was poor, and the market moved against me immediately.

+46 ticks on the day.

Beleive i made a couple of bad trades that turned out ok. hard to argue when you still turn a profit. But it was a case of bad entry good trade. Striving for good entry and exits always.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #74 (permalink)
 rpm123 
Green Bay WI
 
Experience: Intermediate
Platform: NT
Broker: AMP/CQG
Trading: 6E
 
rpm123's Avatar
 
Posts: 321 since Apr 2010
Thanks: 337 given, 465 received


VinceVirgil View Post
I dont look at the news, at all. Is this a newbie mistake?

I'd recommend putting the weeky oil report on your radar, if not already. Wed 10:30 ET
2011 Economic Calendar

Visit my futures io Trade Journal
 
(login for full post details)
  #75 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

OK 2 days in 1 here had a computer problem that took time to solve and had a busy afternoon, as I had to see my lawyer. Have an Aunt that has been a Certificate of Incapacity issued on her behalf, so now her care and assets need a substitute guardian. Have to apply through a lawyer to ahve that process moved along, and will cost between 4 and 6 thousand. My Aunt had a power of Attorney set up to prevent this from happening, however, she changed her Will and her POA 14 months ago, while she was likely suffering from dementia. Of course the new lawyer went ahead and made the changes, collected his fee for doing so. And now we are left to undue it all, because now she is under 24 hour supervised care. nice facility, but she really dosnt understand where she is. She can never again live on her own independently. She has a fairly large estate, and she changed her will to leave it to someone she met less that 18 months ago. Keep in mind this woman is in her 70's. The person she has named in the will realizes her state of mind at the time, and has reliquished all claim to her money. Honourable thing for him to do.

Made a couple of big mistakes yesterday, the biggest one being is that I moved my SL, in the beleif that the price was going to rbound. Looking back on it, it was nothing more than a guess, and even though i was wrong, I refused to beleive I had made a mistake.

I was ahead 16 ticks on the day after 6 trades. but then took a 31 tick loss. Was very fooloish mistake.

after regrouping, made 2 more trades, for a total of 8 trades. Made up for it in the next 2 trades, but only barely to end up +5 on the day.

I beleive that I got overconfident, as I was profitable for 6 days in a row. That was in the back of my mind as I was trading. Also, I let myself rush the trades, because I had things to do, and I was rushing instead of exersizing patience and discipline.

14.12.2011

have a cold today. Ah, likely stress related. family home work...need a vacation. Strap on the boards and go skiing in Colorado.

Felt like taking the day off from staring at the screen today. Kinda distracted.

More connection problems, i wonder if its my fireall. Using the CQG through Amp, and the last few days, i am having connection problems on startup. Amp says aok their end, so It may be my comp. Going to take it in have someone go over it.

Having trouble focusing, as if I am getting stale in my activities. need to change something, jsut a small change, nothing to upset the apple cart. Going to reviw what i am doing, and come up with a more concrete plan to how i want to trade, and where i want to lead my trading activity. If you fail to plan, you plan to fail.

So I am going to noodle over my goals and such, make them more concrete as opposed to general. Right now, they are to loose. Need to firm them up.

-16 ticks on 12 trades. Should have wiped out the day, as I felt off all morning. DONT TRADE WHEN YOU ARE SICK. Thats has to be a rule.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #76 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Still trading the CL on the 5 minute chart, only with price action and a 20EMA. I like the simplicity of it, suits me, as I dont want to have over think my enties. tried other time frames, specifically shorter, but they proved to be too jumpy for me personally.

Still combating this cold, and did not sleep well last night. Didnt get ready till almost 9:00 est.

Afther the big 31 tick loss of Tuesday, and depressed pricing of CL yeasterday, I was going determined to be a little more cautious today.

First trade...hit my stop. today i am not going to move my stop once I set it at the signal bar if it moves against me. Going to take my lumps early for a poor trade, not wait around till I get hammered.

-8 on the firtst trade.

Not a good start. but then i recovered well over the next hour. 5 more trades all profitable.

No home runs, but as long as i stay in the black.

+12....biggest one of the day. +7 +7 +6 +4

+ 28. thats ok with me. Leave my desk feeling good, and not wanting to overtrade.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #77 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

No serious trading yesterday. Traded a new longer setup using a longer chart for setup for confirmation off a daily chart and a 120 minute chart. It was a horror show, felt like I was completely out of my element. Its one thing to push out of ones comfort zone, but I ventured too far.

Reviewed some of Van Tharp Super Traders then last couple of days. He really has some very fine suggeestions, and he is very encouraging. In fact, his statements about mutual fund managers not being interested in position sizing strategies, or working on the phsycological aspect of trading resonates with me. I have met many fund managerrs over the years, and the very few good ones really have a traders mentality. However, they are always managing IPO, Trust Units or Precious Metals. And the individual traders, who works on what Van Tharp suggests, has a significant advantage over fund managers.

Been trading the CL for around 5 weeks now. 5 minute chart, using the EMA 20. Limiting oneself to the very best trades is a difficult task, and I feel I am making some progress in that area. If I can take 5 to 10 good setups, and not get greedy, or over trade and limiting bad entries, it is possible to win more often than loose.

This morning has become fairly typical, except for 1 exceptional trade.

My plan was to look for an up trend day in then CL. Looking over the last few sessions, I beleive we are overdue for a rize in the CL, as the last 4 trading sessions are decidedly down.

6 trades.

1. +6 Early entry off the EMA. Mover stop agressively. + 6 ticks.

2. Off same setup, re-entered trade anticipating a strong. Stopped out at -8. Too tight on the stop as it turned out.

3. Again re-entered the trade, this time moved for +13 ticks

4. Down 9 ticks. Did not exibit patience on that trade. Stopped out.

5. +12 ticks. Same reasoning as previous move.

6. Big trade of session. Added to my position, as I expected a strong bull move, and was able to capture 35 ticks.

Plus 49 ticks on the day. would be nice to do that every day, like punching a time clock.

Attached Thumbnails
Click image for larger version

Name:	CL 02-12 (5 Min)  12_20_2011.jpg
Views:	89
Size:	153.7 KB
ID:	57755  
Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #78 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Alright, looking over my records for the last 12 days I have been trading the CL.

OUt of the 12 seesions, I had 2 loosing sessions for -8 and for -16 ticks.

Average time for trading was 3.0 hours each session, staring at 7:30 EST to 10:30 EST.

Total gain in ticks is 282. That averages out at 24 ticks per session, or 8 ticks per hour.

There was many more hours spent of reading and reviewing.

i wish I was better at Excel. Would really like a simple template to track all my trades in a simple format, maybe import imformation from Ninja Tader as oppossed to hand writing it.

Would like to examine each trade more closely, for MAE and MFE. Notice I have been having my stop hit on a nuiumber of occasssions, only to see the trade head to positive territory almost immediately. Do I need to adjust it? After all, in looking over the last weeks, my SL wasnt hit that often, around 15% of the time.

Thats the interesting thing about trading. Virtually everything about it is about your personal style. And profitability. I have seen many sites on teh web promising that anyone can become a successful trader by buying this indicator, or by sitting in that chatroom, or learning from this or that expert. however, in order to be a successful trader, you have to be someone who does things their own way, keeping your own council, but also willing to accept new concepts if it helps with your own mindset.

What do i beleive are most important in trading.

1. Psychology of trading. Break through your own barriers to success.

2. Trading trading strategy dsigend to fit your personality and needs.

3. Risk and money management.

Most traders focus on strategies alone, it seems to me. It seems like a mistake to do that, because every book or artical i have looked at fosuses on the other areas as equally important.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #79 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Thinking about SL and where to place them. I have been using a stop at 8-9 ticks usually with a 17 tick target, but it really is dependent on price action. I usually place it 1 tick below my signal bar, then move it to 8-9 ticks 80 % of the time, then move to BE + 1.

I like to further tighten my stop to around 60-80 percent of my target, 10-12 ticks. Based on what I have been doing, this seems reasonable. Tried a few different methods on market replay with various time periods, but i cant seem to get better consitancy for bigger moves. For me, I am satified if I can net 8-12 ticks a trade, and gain 30 - 50 ticks a day. Seems like a nice round number.

Every time I see the number 50, it reminds me of the scene in Cool Hand Luke when he bets he can eat 50 eggs in 1 hour.

Cool Hand Luke - No man can eat 50 eggs scene. - YouTube

10 trades

+8+8-9+11+2+15+21+3-9+11=+61

The 7 trade hit my target in blink for the 21 ticks.

It seems that 8 to 12 trades is really the limit for me going over the last few weeks. I have taken more trades, but it always seem that over 10 I get a larger amount of loosers. On average, 3 out of 10 trades will not develop, and 2 others get stopped at around break even. I get my full target 1 every 2 sessions, and the other trades are around 8 to 12 ticks.


Would like to build solid confident consistency before i add any more setups. Also, I need to get past the embarrasment of my charts. I use a 5 minute with a EMA20. I have Brooks Bars and current day and week. it just seems so sparse, when I see all the beautiful works of art charts out there.

V

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 5 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #80 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


VinceVirgil View Post
Thinking about SL and where to place them. I have been using a stop at 8-9 ticks usually with a 17 tick target, but it really is dependent on price action. I usually place it 1 tick below my signal bar, then move it to 8-9 ticks 80 % of the time, then move to BE + 1.

I like to further tighten my stop to around 60-80 percent of my target, 10-12 ticks. Based on what I have been doing, this seems reasonable. Tried a few different methods on market replay with various time periods, but i cant seem to get better consitancy for bigger moves. For me, I am satified if I can net 8-12 ticks a trade, and gain 30 - 50 ticks a day. Seems like a nice round number.

Every time I see the number 50, it reminds me of the scene in Cool Hand Luke when he bets he can eat 50 eggs in 1 hour.

Cool Hand Luke - No man can eat 50 eggs scene. - YouTube

10 trades

+8+8-9+11+2+15+21+3-9+11=+61

The 7 trade hit my target in blink for the 21 ticks.

It seems that 8 to 12 trades is really the limit for me going over the last few weeks. I have taken more trades, but it always seem that over 10 I get a larger amount of loosers. On average, 3 out of 10 trades will not develop, and 2 others get stopped at around break even. I get my full target 1 every 2 sessions, and the other trades are around 8 to 12 ticks.


Would like to build solid confident consistency before i add any more setups. Also, I need to get past the embarrasment of my charts. I use a 5 minute with a EMA20. I have Brooks Bars and current day and week. it just seems so sparse, when I see all the beautiful works of art charts out there.

V

These numbers will give you greater confidence to trade what you see. And forget about how the charts look, there are some beautiful ones out there but most are sim. Seems the profitable traders use charts that are the picture of simplicity. Almost minimalist in nature. Its something I am striving for. I'd like a totally naked chart but dont think thats gonna happen any time soon. To be blunt, charts that make you money are the most beautiful there are, regardless of what color they are.......

I too find that over ten trades, I start to see the law of diminishing returns set in. For me I think its decision fatigue.

I like your numbers, keep it up and you'll be hitting that 50 ticks a day in no time.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
The following user says Thank You to PandaWarrior for this post:
 
(login for full post details)
  #81 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Earlier today I counted 10 trades and here is my chart. There are however, 11 blue arrows for entries. Trade 5 at 9:20 I increased my position, as i expected a second entry into a bull move. Didnt develop, so I closed the trade out. 2 entries, 1 sale.

Trade 6 moved well for 15 ticks. I think I am most proud of that, as it was a straight momentum play. I will refer to it as a dynamic entry. Signal bar with teh long bear tail at 10:05 was solid red. Just before the close, it moved strongly to the EMA and closed with bull momentum. I entered at that moment it touched the EMA, and carried me for 15 ticks, It went higher, but I moveed my stop into 15 ticks with the intention of letting it run, but I got taken out on the pull back. Got in at the close a little late at 10:15, but then it moved fast and hit my target at 21 ticks.

didnt trade the move at 10:35. I let it go, I thought it would be a second entry off the 10:20 bar, but I hesitated, and it moved strong. (News driven?)

Trade 8 thought there was going to be another bull move after some consolidation around the EMA. Late in the morning, and the next 3 trades were really ill advised. I came out ahead on those 3, but they were forced, not easy. thats what I have noticed. in a good trade, its very easy, efficient, no effort. In a bad trade, immediately its like I am tangled up in the tape, uncomfortable. I like good trades better.

V

Attached Thumbnails
Click image for larger version

Name:	CL 02-12 (5 Min)  12_21_2011.jpg
Views:	131
Size:	148.8 KB
ID:	57909  
Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #82 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Still fighting this cold, but its in its final stages. Still restless nights.

Tight trading range day on the CL. Ussually its 2-3 hundered ticks, but today its only 125, so far.

Reviewing over the last few weeks has given me a little insight into trading the CL. Generally speaking, i am right more than wrong on the movement. thats a good thing. I can almost feel when its a good entry. Like when I hit a great shot in golf. i know its going to be good, becausei hit it on the screws. Dont even have to watch it, i know where its going. A good entry is almost the same. It feels right. Does this make any sense?

I have been meditating on this idea. Trading is not static, its fluid, and it has its own ebb and flow. So I am attempting to quantify what a good trade looks and feels like, to me. Intersting, but visualization is a good concept to keep in mind. See the trade before you take it. This has to come from experience. Anyway, I am focusing on my best trades, and what did I feel like right before, during and right after them. I havent read any of the books by Douglas on Zen and the Art of Trading, but my gut tells me that this is what he likely talks about.

Every high perfomance athlete I have met uses mental rehearsal. trading is no different. i have been doing that every day, attempting to mentally rehearse my trades, and it seems to be helping. Reduces anxiety and stress for me. I feel much calmer because of it, and it helps. And helps me with patience.

When I first started this back in August, despite the fact that I have been in the investment field for years, I realized how little i new about derivative investments.I did write an exam about options and futures, but it was 1 chapter in the course 20 years ago. derivatives are estimated to be 20% of ALL investments. And i knew next to nothng about them.

OK so on to my day

Stared at 9 am EST. Cold still keeping me up at night.

Trade 1. - 11 ticks. Set my stop a little wider today as it seemed like th reasonable thing to do. Though there would be a reversal off a spike down at 9:00, but my stop got hit fairly quickly.

Trade 2. Still was convinced of my setup, so I got back into the trade 2 ticks above my previous entry. ran up 21 ticks.

Trade 3. One of my best trades. 9:10 strong signal bar Broke the EMA, got in quick on close of the bar, hit my target price after +17 ticks. Wonderful.

Trade 4. Second entry off the 9:10 signal bar. Hit my stop -10.

Trade 5. Got back in. but wasnt my best trade. I added to my position to average down my cost, but I tighten my stop as i wasnt thrilled with my postioning. +7

Trade 6. 9:55 EST long at 99.53 Target at 99.70 +17 ticks. A good entry and unfolded as i had anticipated.

for the day

-11+21+17-10+7+17 = +41 Apart from the 2 down trades, things went well. No one can trade at 100%, but one can be profitable.

I have come so far in such a short time. I started this Trading Journal in September, and looking back these last few weeks, i have made a number of very important discoveries.

The number 1 discovery is the importance of a journal. The public accountabilty is likely the most powerful tool for trading improvement. I have had a few fellow traders contact me, and they have given me perspective and greater insight, particularily Panda Warrior. Thanks PW.

Following close behind is being patient. I used to make up to 50 trades a day. Now, there may be 50 setups, but how can one adequately plan, monitor, and review that many trades? Its impossible. Even more than 10 is tough. Add in research, reading and recordkeeping.

For me, keeping it simple is very important. Dont complicate the uncomplicated. my daughter has trouble with math in high school because she cant beleive its that easy. She has the abilty, but she has the wrong perspective. She lacks confidence. If you think you are going to fail, or beleive that you dont deserve it, you will fail, and , of course, you didnt deserve it after all.

So is 41 ticks good. Easy as well. Nothing to it.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #83 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Forgot my Screenshot.


Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #84 (permalink)
 vvhg 
Northern Germany
 
Experience: Intermediate
Platform: NT
Trading: FDAX, CL
 
vvhg's Avatar
 
Posts: 1,583 since Mar 2011
Thanks: 1,016 given, 2,816 received


VinceVirgil View Post
I can almost feel when its a good entry. Like when I hit a great shot in golf. i know its going to be good, becausei hit it on the screws. Dont even have to watch it, i know where its going. A good entry is almost the same. It feels right. Does this make any sense?

Makes perfect sense to me. I often feel the same. When talking to myself I refer to these entries as sweet spots in the market, just perfect entries (in context of my trading style and setups of course).

They always make me happy, even if they go straight through my stop.
Although I have to admit that I do become a sulking child if that happens several times in a row...but normally these sweet spots are few and far between so that it hardly ever comes to such extremes

vvhg

Hic Rhodos, hic salta.
The following 3 users say Thank You to vvhg for this post:
 
(login for full post details)
  #85 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

There is something in your gut most of the time that tells you if its a good trade or not. Hard to quantify that with indicators. On the other hand, sometimes the indicators are telling you to take a trade and you pass or maybe you still take the trade but your gut is telling you no.....the whole time you are in the trade you can't wait to get out.......so you either pass on it or bail asap....and it turns out your gut was right......try to build that into a mechanical system.....you can't and thats the reason an expert trader will always beat a bot.....feel.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
The following 2 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #86 (permalink)
 vvhg 
Northern Germany
 
Experience: Intermediate
Platform: NT
Trading: FDAX, CL
 
vvhg's Avatar
 
Posts: 1,583 since Mar 2011
Thanks: 1,016 given, 2,816 received


PandaWarrior View Post
There is something in your gut most of the time that tells you if its a good trade or not. Hard to quantify that with indicators. On the other hand, sometimes the indicators are telling you to take a trade and you pass or maybe you still take the trade but your gut is telling you no.....the whole time you are in the trade you can't wait to get out.......so you either pass on it or bail asap....and it turns out your gut was right......try to build that into a mechanical system.....you can't and thats the reason an expert trader will always beat a bot.....feel.

Well, you only need the gut feeling oscillator, you are only allowed to enter when above zero. But you are not going to get it


I think you nailed it! I spent quite some time trying to develop a nice strategy but I couldn't teach it common sense, let alone gut feel.
Two things I will succeed teaching myself one day.


vvhg

Hic Rhodos, hic salta.
The following 2 users say Thank You to vvhg for this post:
 
(login for full post details)
  #87 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received


PandaWarrior View Post
On the other hand, sometimes the indicators are telling you to take a trade and you pass or maybe you still take the trade but your gut is telling you no.....the whole time you are in the trade you can't wait to get out.......so you either pass on it or bail asap....and it turns out your gut was right......try to build that into a mechanical system.....you can't and thats the reason an expert trader will always beat a bot.....feel.

I like the part about being in a trade, just iching to get out. And the moment you pull the trigger to take the trade, you know, in that instant, it was a mistake. It just feels wrong...

In golf, you should never take the club back unless you know where the ball is going to go. thats after you figure the conditions, the lie of the ball, your target the landing area, the margin for error. then, its the kind of shot you want to hit...draw, fade, high, low. Then its the mechanical stff with the swing. Grip, alighnment, stance, takeaway, followthrough. rehearse as part of preshot routine. then hit the ball.

Imagine for a moment, going through such a list mentally, quickly, before placing a trade? My list isnt that long, but thats why in part, that i use a 5 minute chart. The shorter time frames dosnt give me time to reason on a potential setup or trade.

Golf is a game of misses. Ben Hogan said if 2 shots in 18 holes went exactly where he expected it to go, he was playing at the top of his game. And he was one of the greatist ball strikers to ever play the game.

Trading is about managing your misses when you are wrong. And not being afraid to be wrong, or at least admit when you are. I dont think one can succeed without that, not only in trading, but in any endeavor.

V

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #88 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Sticking with phsychology of trading theme for today. A couple of personal observations. I keep coming back to golf as a metaphor for trading, because the comparisons are close. Allow me to elaborate.

An average round of golf will take between 3 1/2 to 4 hours, depending on how slow everyone is playing. In the UK, they play way faster than that, and i like to play quickly myself, but, it is what it is...i dont live in the UK.

The actual time hitting a ball, from the entering of your pre shot routine to actually following through on a swing is likely 1 minute. Actual swing is less than 2 seconds. And of course after contact, there the consequences of the swing, but then its too late. A single digit handicap golfer, that adds up to less than 2 minutes actually hitting the ball to get it into the hole. Everything else are the things you need to do, to reduce as much anxiety as possible to get you to the point where you may hit the best possible shot. Golf, like any spot, is 99.99% mental, and so is trading.

If I compare golf to trading, or any other endeavor, and I distill the action ( hitting the ball, placing the entry) to the highest potential, lowest consequence course of action, based on relevent training and experience, then I have the highest potential for success. ( succesfully executed shot or trade). In golf, one needs to maximize strengths and minimize weaknesses. I said minimize, because one cannot eliminate weaknesses, for the simple reason is that no one is perfect.

So if everything is set up correctly for you. Knowing yourself well enough to objectivily look at you strengths and weaknesses, and work on those areas one can maximize the potential for success.

Gary Dayton defines it as high value trading actions under trader control that lead to successfull trading. He calls it the Cycle of Trading,

His steps are:

1. Trade setup identification
2. Stop location
3. Exit location
4. Risk/Reward Assessment
5. Entry
6. Manage Trade to exit

Can I explain to you in detail each of the steps for every single trade I take. And do I pass on trades for a breakdown in one or more of these steps. Notice the first 4 steps are before the you place a trade. The trade I cannot lose on, is the trade I dont take. Eliminate all possibilities and you are left with the probable.

Of course, I have really no long experience in trading, and these opinions are my own.

How did I do today? It was a tight ranging day...

10 trades, fought the tape a bit as it looked more like trading teh ES than the CL.

+15 points on the day.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #89 (permalink)
 monpere 
Bala, PA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus, IB
Trading: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 3,339 received


PandaWarrior View Post
There is something in your gut most of the time that tells you if its a good trade or not. Hard to quantify that with indicators. On the other hand, sometimes the indicators are telling you to take a trade and you pass or maybe you still take the trade but your gut is telling you no.....the whole time you are in the trade you can't wait to get out.......so you either pass on it or bail asap....and it turns out your gut was right......try to build that into a mechanical system.....you can't and thats the reason an expert trader will always beat a bot.....feel.

Your gut will be right sometimes, and your gut will be dead wrong sometimes. An 'expert' trader will beat a mediocre bot every time, but an 'expert' trader will not beat an 'expert' bot any time. The bots that we generally talk about are toys written by traders tinkling around with code trying to duplicate what they do as traders. There are good bots, and there are bad bots. The bad ones will be all over forums like this. The good ones are closely guarded commodities. Expert bots are written by teams of programmers, and generate millions of dollars for their owners. Not too many expert traders can generate the returns these bots do.

I was a programmer for many years, an I've still not been able to get my indicators to duplicate exactly what is generally very obvious to my eyes, even after several years. Then again, that just might be a commentary on my dismal programming skills

The following 4 users say Thank You to monpere for this post:
 
(login for full post details)
  #90 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


monpere View Post
Your gut will be right sometimes, and your gut will be dead wrong sometimes. An 'expert' trader will beat a mediocre bot every time, but an 'expert' trader will not beat an 'expert' bot any time. The bots that we generally talk about are toys written by traders tinkling around with code trying to duplicate what they do as traders. There are good bots, and there are bad bots. The bad ones will be all over forums like this. The good ones are closely guarded commodities. Expert bots are written by teams of programmers, and generate millions of dollars for their owners. Not too many expert traders can generate the returns these bots do.

I was a programmer for many years, an I've still not been able to get my indicators to duplicate exactly what is generally very obvious to my eyes, even after several years. Then again, that just might be a commentary on my dismal programming skills


I suppose I should have made the distinction between the "expert" bots and bots you can find on google or forums like this. You are correct in the distinction.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
The following user says Thank You to PandaWarrior for this post:
 
(login for full post details)
  #91 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received


PandaWarrior View Post
I suppose I should have made the distinction between the "expert" bots and bots you can find on google or forums like this. You are correct in the distinction.

Personally, my math or prgramming skills are not strong enough to comment on automated trading. When I hear automated trading, I only think of LTCM, and the Nobel Prize winners that cratered in the late 1990's, Scholes and Merton.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #92 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

December 27th, 2011. Today is my wedding anniversary. Married 25 years to the day. Happy after all these years.

Tight Trade range on the CL today. Might be a very slow week, as it is the Holidays in North America.

First trade hit my stop at -9.

but took 9 more trades in keeping with my plan, and it went reasonably well. Was patient with my signals, din't get anxious, and I felt I managed my trades very well. Seemed very easy today.

Ended up positive for 86 ticks.

I am making progress, as I am only averaging 1 negative day evey 5 or 6. And looking over the down days, i realized that it has nothing to do with the market, and everything to do with my attitude on those days. It is a very small sample, but for now, I am not going to make small adjustments to build consistency.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #93 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,084 since Jun 2009
Thanks: 32,547 given, 98,541 received

Congratulations, happy anniversary!

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal
 
(login for full post details)
  #94 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received


Big Mike View Post
Congratulations, happy anniversary!

Mike

Thanks Mike.

You truly must read every single post. Does anything get by you in here?

Vance

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following user says Thank You to VinceVirgil for this post:
 
(login for full post details)
  #95 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Was an up and down day for me. I wasnt trading what I saw, but rather, what I thought I should see, which is different. Had to reset Ninja Trader, as it was giving me some lip. Some kinda bug saying I had a trade Pending when i didnt have any such trade. Anyway, I fixed it without losing my records.

Had 2 questionable trades where i moved my SL, and it was a mistake, so I was down 13 and 12 ticks. In both cases, I had moved my SL, because I didn't see what I thought I saw. That is called forced intellect, or false rationalization. More like an oh oh, trade.

Embrace your losses! What a concept. If you welcome a loss, in the correct matter, it serves to clarify your objective, helping one to focus more efficiently on the goal at hand, ultimitely to achieve and remain profitable. Profitable trading is a continuing journey. Money is the byproduct of successful trading.

Even though I finished in possitive territory, I felt I wasnt successful in a couple of areas.

I took a couple of ill advised trades that were not well planned. As such, I overtraded. i intend to focus on no more than 10 trades maximum, and I traded 4 more than that.

I only trade 2 setups on and only slight variations on both. I review support and resistance levels as it pertains to volume and momentum.

I dont hold a position long, as i am only looking for 25 to 40 ticks daily. Thats on the CL. On the ES, I was looking for 12 to 25, but the CL is more volatile. As some have noted, watching a 5 minute on the ES is like watching paint dry. I think it reasonble not to swing for the fence every time you get up to the plate. Hit lots of singles, and you will score runs.

Had one real nice trade that ran for 29 ticks. I managed that trade well. But that one trade was the bulk of my gains for the day. The 2 poor ones cost me 25 ticks.

Took 14 trades, finished with +35 ticks.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #96 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

Well, traded punches with the market, as I expected a tight trading range day. and it was...up till the petroleum Report, then something happened.

Anyway, I am at my office computer, therefore, all my trade information is on my home office computer. I have 3 computers, 2 laptops and a desktop desktop is my trading computer, 3 monitor setup with a broadband connection. 150mps. Will post the details later. Later.

Am positive for the day. I let my chart speak to me...and It worked out fairly well before 11:00 am. Then I had to shovel my driveway. (6 inches of snow last night, good thing I have an all wheel drive SUV) Shovel isnt the right word. I have a snow blower.

Traded for an additional 90 minutes after 11:45 est. Garyd had posted a chart of interest with some commentary, so I looked at his assessment and I thought it was reasonable, so I trade it. Seemed to go well, nice trend that I was able to capture a part of.

i am growing fond of the routine of trading. I have my foolish moments, but all in all, I feel that I am making progress daily, a little at a time.

A few weeks ago, Mike suggested to only change 2 things every 2 weeks. At first, it seemed impossible, there was so much stuff to adapt to in trading. I come from an investment background, so i was familiar with using a computer to make trades real time. But never was price so important as with day trading.

At first, i found it difficult to stick with that suggestion, but now, I cannot think of doing anything different. After all, if it works, stick with it, why change it? Besides, charts, indicators, setups is all the mechanical aspects of trading, and while important, risk management, money management and psychology of trading are much more important.

I also get why many traders do not post their financial results. No-ones buisness, and besides, just because i make $$ a day, dosn't mean you can. And who wants that responsibility. If someone tries to trade like you, and fails, which is highly likely, who wants to live with that responsibility. Unless of course, like every webinar, you post a disclaimer before you make any comment.

i also dislike the saying that as a trader, you have to blow up and account before you will truly learn how to trade. Or, you have to learn how to lose, because if you dont know how to lose, you cannot learn how to win. How does one define loss? in day trading, i have not blown up my account, but, I have lost money investing. Quite a bit. Does this count? Or do I have to lose the money trading.

Will post my results later.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #97 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received

I am at the office, with my 5 minute chart on my laptop, talking to my assistant, and I see a second entry on my chart off a strong bull bar, so i place an entry, and I move my stop to 9 ticks, but I get stopped out on the pullback. but I am not fazed, I immediatly get back in at 2 ticks above my stop, and I get another 33 ticks.

So for the entire morning, I am bashing my keyboard for 10 ticks, and in the span of 12 minutes around lunchtime, I net 42 ticks.

Finish the day at + 52 ticks.

Follow me on Twitter Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to VinceVirgil for this post:
 
(login for full post details)
  #98 (permalink)
 Saroj 
Arcata, CA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: index futures, oil
 
Saroj's Avatar
 
Posts: 486 since Jun 2009
Thanks: 232 given, 413 received

VinceVirgil... here is a link to a spreadsheet that might be useful to you... there's another one in the same thread from someone else...

BTW, I'm really enjoying reading your posts (all of them today)... kind of a Zen and the Art of Trading monologue.

Congratulations on your anniversary... another great accomplishment!

The following user says Thank You to Saroj for this post:
 
(login for full post details)
  #99 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received


Saroj View Post
VinceVirgil... here is a link to a spreadsheet that might be useful to you... there's another one in the same thread from someone else...

BTW, I'm really enjoying reading your posts (all of them today)... kind of a Zen and the Art of Trading monologue.

Congratulations on your anniversary... another great accomplishment!

Thanks for your comments. Funny thing, never read the book, however, i am a former Judoka (practicer of the art of judo), and you cant get more Zen like than that, so that comes through in my journal.

Its pretty stream of consiousness stuff, and i try not to overcomplicate things.

Thanks Again.

V

Follow me on Twitter Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #100 (permalink)
 Saroj 
Arcata, CA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: index futures, oil
 
Saroj's Avatar
 
Posts: 486 since Jun 2009
Thanks: 232 given, 413 received


VinceVirgil View Post
Thanks for your comments. Funny thing, never read the book, however, i am a former Judoka (practicer of the art of judo), and you cant get more Zen like than that, so that comes through in my journal.

Its pretty stream of consiousness stuff, and i try not to overcomplicate things.

Thanks Again.

V

I was making an analogy to "Zen and the Art of Motorcycle Maintenance"... but same diff really... have a look at those spreadsheets and see if could be helpful... the one in my post is somewhat complicated... I borrowed and then modified it from someone much more skilled in Excel than I am.


Closed Thread

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


Last Updated on July 5, 2012


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing

HIRO Indicator by Spotgamma in Bookmap w/Brent Kochuba @ SpotGamma

Elite only

NEW BlackBird Features + FOREX Support w/Jeremy Tang @ SharkIndicators

Elite only
     



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