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Trading Momentum Waves
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Trading Momentum Waves

  #11 (permalink)
Elite Member
Pune, India
 
Futures Experience: Advanced
Platform: TradeTiger
Favorite Futures: Silver
 
Placebo's Avatar
 
Posts: 37 since Mar 2011
Thanks: 38 given, 34 received

Assets in play today

Silver - Sell
Crude Oil - Buy
Copper - Buy
Nickel - Sell
Natural Gas - Sell

Already opened a short position in Natural Gas @ 120.8 Ideally this should have been opened at 121.3 but woke up late again but i'm happy with the price that i got considering the circumstances. Stop is @ 121.7

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Cheers

If you can visualize, it will materialize

Last edited by Placebo; February 16th, 2012 at 02:35 AM.
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  #12 (permalink)
Elite Member
Pune, India
 
Futures Experience: Advanced
Platform: TradeTiger
Favorite Futures: Silver
 
Placebo's Avatar
 
Posts: 37 since Mar 2011
Thanks: 38 given, 34 received

Stop triggered in Natural Gas @ 121.7 and the price immediately moved down to 121.5 which became my exit point.

My stop should have been placed at 122.7 but in a hurry to open a position and compensate for the 2 hour late start i made another mistake and miscalculated the stop. After exiting the position i was doing a hindsight analysis and realized my mistakes. I need to work on some key variables as of now.

1. Stop staying outside till late night and wake up early.
2. Enter only at desired entry points and not improvise in real time
3. Next time use a calculator/excel sheet for doing the most basic calculations and not do it mentally.

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Cheers

If you can visualize, it will materialize
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  #13 (permalink)
Elite Member
Pune, India
 
Futures Experience: Advanced
Platform: TradeTiger
Favorite Futures: Silver
 
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Posts: 37 since Mar 2011
Thanks: 38 given, 34 received


Hi. Its been a while since i have updated the journal. In the last 30-40 days i have made some changes to my trading. I still take aggressive trades with wide initial stops and still do not calculate potential reward. The reason i had stopped writing here for a while was because my trading was showing little nominal profits and it seemed too much of work to update that little detail. For the majority part of it , i was breaking even. This has been going on for a couple of months prior to i started this journal. With some renewed energy and enthusiasm i will try to keep this journal updated.

During one of the weekends i had decided to go through some of the losing trades that i had made. And luckily i found something common in most of the losing trades. 75% of my losing trades were attributed to one single setup. So i have made some changes to my entry criteria's and have decided to be very cautious while trading it.

On the flip side i also reviewed my winning trades and have learnt to identify setups where my intial lot size should be twice the size of my normal lots.

So far i had read about stop hunting and drastic price movement. Last week for the first time in my trading career i experienced it. It wasn't particularly the best of feelings that one should experience but i was proud of the fact that i stuck to my game plan and did not do anything erratic. Price exactly touched my level of SL and then reversed 45 pips in favor. Overall an intial loss of 18 pips including all costs.

As i said earlier i will update this journal as often as possible.

Cheers

If you can visualize, it will materialize
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  #14 (permalink)
Site Administrator
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Congratulations on your journal!



In the spirit of our March Trading Journal contest, I am asking everyone to spend a few minutes and share their journaling experience.

A) What are the top five benefits you have seen as a result of regularly posting in this journal?

B) What are the top five problem areas you have identified as a result of regularly posting in this journal?

C) Were you initially reluctant to start this trading journal? If yes, why?

D) How do you feel, overall, about your journaling experience?

E) Would you recommend to others that they should also start a trading journal?

Thank you for taking the time to answer my questions. I appreciate your posts, and I hope you have benefited from your journal. I also know that others will benefit as well, just by reading about your own experiences.

Enjoy your weekend,
Mike

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

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

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

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  #15 (permalink)
Elite Member
Pune, India
 
Futures Experience: Advanced
Platform: TradeTiger
Favorite Futures: Silver
 
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Posts: 37 since Mar 2011
Thanks: 38 given, 34 received

Assets in Play

Silver - I am quite bullish and expect price to move high in this week

Crude Oil - This is one of the assets which has lately been making a lot of noise on TV and financial news. I don't see any upside yet. I expect price to move down on high volatility since all the signs of weakness are present.

Copper - This is another asset where i do not see any upside in the near future. Price seems to be moving in a zone of resistance and price should move down

Nickel - I am a little confused about this asset. In isolation if i only look at my parameters then this asset is turning Bullish and gathering momentum. But since Copper and Nickel have a tendency to move in tandem it is creating some doubt. However if the opportunity presents itself i am going to Buy this asset and refrain from short selling it since co-relations often change and maybe i did not pay attention to it when it changed.

Now all i have to do is sit and wait for my criteria's to meet.

Cheers

If you can visualize, it will materialize
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  #16 (permalink)
Elite Member
Pune, India
 
Futures Experience: Advanced
Platform: TradeTiger
Favorite Futures: Silver
 
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Posts: 37 since Mar 2011
Thanks: 38 given, 34 received

Took a long position in Silver at 56239. For a while the trade was in profit of around 50 pips . My stop was placed at 56170 and didn't get a fill so i closed the position at the next best place at 56165. A loss of 74 pips.

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Cheers

If you can visualize, it will materialize
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  #17 (permalink)
Elite Member
Pune, India
 
Futures Experience: Advanced
Platform: TradeTiger
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Placebo's Avatar
 
Posts: 37 since Mar 2011
Thanks: 38 given, 34 received

Assets In Play :

Copper looks very bearish to me as of now. Waiting for my criteria's to meet so that i can take a short position.

On a separate note : I have increased my position size in Silver by 6 times than what i used to enter at earlier. I figured that since i am breaking even most times i might as well do it on a bigger contract. Surely the monetary costs associated with trading have increased with increase in contract size but it makes more sense since a profitable trade with volatility and momentum will help me withdraw some decent amount of money from the account and spend it. My aim is to increase it to the maximum that the exchange allows i.e 20 times more than what i am trading but like everything else its a step by step process and by the end of this financial quarter i will achieve it.

Cheers

If you can visualize, it will materialize
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  #18 (permalink)
Elite Member
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Futures Experience: Advanced
Platform: TradeTiger
Favorite Futures: Silver
 
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Posts: 37 since Mar 2011
Thanks: 38 given, 34 received

Within the last 11 trading sessions i have lost 5k. Out of which 2.1k was lost yesterday on Crude Oil. I went long at 5437 and stop was placed at 5420 but price moved quickly and my SL got triggered at 5617. A loss of 20 pips. I wanted to test a theory that i had developed over the last few months. I still think it holds a lot of validity and will put money once again if the opportunity arises as i made a fundamental mistake this time and i won't be repeating it again.

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Cheers

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

Money in $$ is not really useful to measure.

Better to put things in perspective by saying you risked 1% of your account on that trade, and lost. Or you risk 50% of your account on that trade and lost.

Generally accepted risk principals say not to risk more than 1-2% per trade. I hope this loss falls into that category.

Mike

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

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

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

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #20 (permalink)
Elite Member
Pune, India
 
Futures Experience: Advanced
Platform: TradeTiger
Favorite Futures: Silver
 
Placebo's Avatar
 
Posts: 37 since Mar 2011
Thanks: 38 given, 34 received



Big Mike View Post
Money in $$ is not really useful to measure.

Better to put things in perspective by saying you risked 1% of your account on that trade, and lost. Or you risk 50% of your account on that trade and lost.

Generally accepted risk principals say not to risk more than 1-2% per trade. I hope this loss falls into that category.

Mike

Thanks Mike

I don't think of risk in terms of % of my account capital although i should since its the smart way of doing things. My last trade i had risked 1.7% of my account and the one prior to that was 2.5%.

My stop is a function of the current intraday volatility and since that keeps changing my risk per trade also varies. But if i were to come up with a money management rule , i'd allow a maximum risk of 5%

Cheers

If you can visualize, it will materialize
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