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GFIs1 1 DAX trade per day journal


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GFIs1 1 DAX trade per day journal

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  #111 (permalink)
 GFIs1 
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
Platform: Investor/RT
Broker: IB / DTN
Trading: Futures
 
Posts: 5,562 since Feb 2012
Thanks: 5,380 given, 11,706 received

DAX closed 12:30 @ 7096
result plus 27 points

even the smaller stop was on a safe place ;-)

The ride from my 12:30 exit to 17:30 would have been a nice short...
As I was not at the computer this afternoon - it went without me.

GFIs1

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  #112 (permalink)
 GFIs1 
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
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Broker: IB / DTN
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Posts: 5,562 since Feb 2012
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Thursday

DAX LONG from 10:30 to 13:30
attention: 13:30 US BIP numbers - must exit before numbers appear ;-)

GFIs1

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  #113 (permalink)
 GFIs1 
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
Platform: Investor/RT
Broker: IB / DTN
Trading: Futures
 
Posts: 5,562 since Feb 2012
Thanks: 5,380 given, 11,706 received


DAX long entry 10:30 @ 6990

exit 13:30 @

stopped out @ 6960

result minus 30 points

GFIs1

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  #114 (permalink)
 GFIs1 
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
Platform: Investor/RT
Broker: IB / DTN
Trading: Futures
 
Posts: 5,562 since Feb 2012
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There are some very interesting discussions on futures.io (formerly BMT) board in non journal threads. Be it hard stops, mental stops or even NOstops.
My future trading reveals some essence I want to share here:
- Stops may be essential to prevent the account AND to calculate a maximum drawdown in advance
- A stop needs to be outside of the noise zone. That zone is statistical value that only can be found by looking at the normal movements of a specific instrument as well as the desired timeframe of the trade
- In my instrument DAX future traded only during the day, open to close within some hours I have two distances I use depending on the movement of the PAST day. (the settings are 30 respective 40 points depending on the situation.

Yesterday I proposed a 20 points stop because of a faint entry signal.
Some proposals were to move the stop at break-even after the first price-movement was fast in the right direction.
I do not move stops - after I started a trade.
Here is why - the example of yesterday would have been hit at the break-even stop and my daily result would be ZERO.
Letting playing out the trade and getting to where the original goal was set - my trade went to plus 27 points plus.

What does this mean?
There is a preparation of a trade before we trigger an entry.
The exit should be defined - either by a signal, a fixed take profit or a defined time.
When we enter a trade - any movement of above previewed goals / stops are not helpful.
So letting it play out and relaxing inbetween means over long term much better trades as well as protecting blood pressure :-)

Just a little example for stops.

GFIs1

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  #115 (permalink)
 ollivermilton 
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why did you wanna go long at 6990?

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  #116 (permalink)
 GFIs1 
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
Platform: Investor/RT
Broker: IB / DTN
Trading: Futures
 
Posts: 5,562 since Feb 2012
Thanks: 5,380 given, 11,706 received

Thursday trade started the first 30min outside of the wednesday range.
My ruleset takes in this case a counter trade for a short term morning trade
to close that gap in order to follow the downtrend then.
This didn't happen yesterday as we have seen. The normal stop was hit.
Now the question today: if for the quaterly close the price moves
up again into 7000. This would close that wednesday gap too.

Good trades today

GFIs1

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  #117 (permalink)
 GFIs1 
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
Platform: Investor/RT
Broker: IB / DTN
Trading: Futures
 
Posts: 5,562 since Feb 2012
Thanks: 5,380 given, 11,706 received

This quarters final Friday trade:

DAX short from 09:30 to 14:30
attention - exit must before US numbers move

entry @ 6944

exit @ 6967

result minus 23 points

GFIs1

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  #118 (permalink)
 Big Mike 
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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

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  #119 (permalink)
 GFIs1 
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
Platform: Investor/RT
Broker: IB / DTN
Trading: Futures
 
Posts: 5,562 since Feb 2012
Thanks: 5,380 given, 11,706 received

This week five trades

Two trades positive
three trades negative (one of them hit the stop)
Total points -33

March / futures.io (formerly BMT)-Contest result plus 93 points

Twitter results since jan first 2012
Three months: plus 466 points
(plus 9 points/day)

GFIs1

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  #120 (permalink)
 GFIs1 
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
Platform: Investor/RT
Broker: IB / DTN
Trading: Futures
 
Posts: 5,562 since Feb 2012
Thanks: 5,380 given, 11,706 received



Big Mike View Post
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?

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

• Discussion with the futures.io (formerly BMT) cracks/readers on the rule sets of my trading - have appreciated every input - many thanks to all contributors
to my thread as well to all followers reading every input on the thread
• Look-back and test of the sense of every rule and the stop settings
• Being aware that "many eyes are looking over my shoulder live"
• Best exercise for self-discipline
• Testing the grounds on consistency under more difficult situation - in a live situation


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

• Had only some time restrictions with announcing / posting and reviewing the rules for a trade while taking
the trade / posting on futures.io (formerly BMT) and Twitter at the same time

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

• No

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

• As I am twittering my trades live already the journal was a surplus on discussion with many futures.io (formerly BMT) members
which gave chances to optimize my own trading style and to see how others would see it from a different angle.

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

• YES - I must recommend a trading journal from newby on sim to cracks - to test the own edge with supervision under live conditions

Many thanks to BigMike for this great platform and the possibility to get to so many great traders with a zillion of ideas.

GFIs1

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