The 22 Days: A Price Action Trader shares his Journey - Trading Journals | futures io social day trading
futures io futures trading


The 22 Days: A Price Action Trader shares his Journey
Updated: Views / Replies:18,185 / 152
Created: by iqgod Attachments:86

Welcome to futures io.

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

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

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

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

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

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 86  
 
Thread Tools Search this Thread
 

The 22 Days: A Price Action Trader shares his Journey

  #11 (permalink)
Elite Member
Mumbai, India
 
Futures Experience: Advanced
Platform: ChartNexus
Favorite Futures: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,659 since Feb 2012
Thanks: 3,312 given, 2,719 received

Day 3: An Exhausting Day: Complete Analysis and Commentary

3rd March 2012
Day "2.5": Weekend Trading!

There was a special trading session on Saturday. I observed the market but did not trade.

I did see shorting opportunity but since it was a weekend and was not on my regular scehduled trading plan I did not trade.

However the day was a trend from the open day with the bear being expected.


5th March 2012

09:15 AM: Market Open

Covered my short position by buying one ABB future contract at 814.

12:45 PM: Pinbar - went short below its low at 805.9

01:25 PM: Covered my shorts... saw price at 801.7 but managed to get filled only at 804 because I did not have a clear exit plan. Bearish followthrough expected tomorrow, but so show of bullish stength will be good to initiate shorts again.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Reply With Quote
 
  #12 (permalink)
Elite Member
Mumbai, India
 
Futures Experience: Advanced
Platform: ChartNexus
Favorite Futures: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,659 since Feb 2012
Thanks: 3,312 given, 2,719 received

Day 4: Indiscipline in trading: Why do we behave the way we do

Having prided myself for following my plan for the past week, and also because my daughter was not well, I did not really plan in the pre-market except a groggy decision to take short only trades.

My Actions Today:

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


The market opened at 738 wwhich means multiple swing highs were broken which signaled a reversal hence I executed a buy order at 793 and immediately covered at 799. However, instead of waiting for a setup to form I simply thought I would miss a short entry and went short at 799 and then the market traded higher and reached 800, 805, 810, 814 and yet I watched without a stop in the market.

The proper price to go short would have been 814 since it was a resistance level being a swing low – however the daily chart was forming a wedge and this spike in early trading was thus signaling a wedge reversal and hence I should not have initated short positions at all.

The day ended in a loss since I sold at 799 and covered at 809, though the market gave brief opportunites by ticking down to 805.

I also had no target price in mind and could have covered the short positions at 797 had I got the targets set in time and considering that this might be part of a wedge reversal or a pullback on the daily chart.

Emotional Trading and what to do about it:

Even though I was correct in my analysis I froze and would not take a loss. Mistake 1.
Inspite of great analysis I did not take action to cover my positions, mainly because I froze in the game above.

So what made me trade like this?

- Wanting to trade and make a profit without proper planning, based only on ‘the general direction of the market’. “Thought” I had a plan.
- Thinking that I will be right ‘eventually’ and will look like a fool right now if I get out. Another symptom of the first malady described above.
- Finally, panicking and then taking a loss at an inopportune moment (also note that with proper planning it is only rarely possible to get into such situations where you are deep in the water and try to get out at the deepest point when submerged).

All of the above make me an amateur again and serve as a reminder that you can allow ego to lose more than you have gained over the past many many days. It also makes me remember the precept that you can have a huge number of losing trades if they are adhering to the plan and yet be profitable because of the risk-reward ration and the probability based on your market-reading (which is the last thing I list her – it is important to be right but it is also important to be able to know when you are wrong and ash quickly for the exits in such situations).

It feels like making me read Magee's book all over again. Not ‘Technical Analysis of Stock Trends’ but his other not so well known epitome on The Semantics of Wall Street. (now known by various names).

Sigh! I have failed you, dbphoenix.

Reply With Quote
The following 2 users say Thank You to iqgod for this post:
 
  #13 (permalink)
Elite Member
Mumbai, India
 
Futures Experience: Advanced
Platform: ChartNexus
Favorite Futures: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,659 since Feb 2012
Thanks: 3,312 given, 2,719 received

Where is the EURUSD headed?


I believe it is the wrong question to ask in any type of trading.

Market direction matters, but only is 40% or so part of the big picture.

The remaining 60% is a what-if analysis.

- What do you do if price reaches here? here? and here?

- What would happen to your account if the stop loss order didn't execute? What? You don't HAVE a stop loss order?

So much for mental stops in a 24-hour Forex market.

Anyways, I am currently 'bullish' (bullish? on a pair?) on the EURUSD having placed a buy order at 1.3100 - perhaps it will go down further and trade at 1.3050 (much below which I have a stop loss order)

Here is the chart:

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Reply With Quote
The following user says Thank You to iqgod for this post:
 
  #14 (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: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received

BTW, do you know if dbphoenix is still around? I know he stopped posting on TL, but I wonder what he is up to these days.

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
 
  #15 (permalink)
Elite Member
Mumbai, India
 
Futures Experience: Advanced
Platform: ChartNexus
Favorite Futures: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,659 since Feb 2012
Thanks: 3,312 given, 2,719 received

Seeking dbphoenix

Hi Big Mike,

dbphoenix was always shrouded in intrigue that comes from having an online-only identity and became a legend. He was a phenomenon on all the boards he visited. Unfortunately he seems to have gone underground - I can picture him with his ready wit preparing for the trading day and effortlessly calling tops, bottoms and everything in between.

Perhaps we should have a thread 'The Wit and Wisdom of dbphoenix' just like dbphoenix started threads titled 'The Wit and Wisdom of Richard Wyckoff' and 'The Wit and Wisdom of Justin Mamis'.

Just like Richard Wyckoff eventually became rich enough to have a mansion besides the industrialist Alfred Sloan, maybe we might come across dbphoenix in a similar neighbourhood and recognize him as such from his style of conversation. Till then we are on our own... actually traders are always on their own, but people like dbphoenix volunteer to turn into signposts for the benefit of beginners and all those who are yet to taste success in this ruthless arena.

Why he left may be best understood by him alone, but just like some saints in India who left the material world behind at age 19, he may have stopped posting because he felt he had served his purpose of community service and imparted everything there was to impart.

Reply With Quote
 
  #16 (permalink)
Elite Member
Mumbai, India
 
Futures Experience: Advanced
Platform: ChartNexus
Favorite Futures: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,659 since Feb 2012
Thanks: 3,312 given, 2,719 received

Day 5: Disaster

I will simply say that I erred today. Mistake 1 - I froze. I tend to freeze when the market makes a quick sharp move before I enter a stop loss order and I realize that the stop loss order has already had the stop loss trigger even before I have placed it. Today it cost me a significant portion of my account. Not the usual 2% (where the stop would have been, much much more).

To cut the story short, I shorted at 02:00 PM at 814 and then price thrust upwards. The market moved. I did not move. I stood still, grew roots and froze. I let the market grow over me. A little voice in my head (but belonging to John Maynard Keynes) whispered at the market close (where I dumped my shorts and covered at 826): "Markets can remain irrational for more time than you can remain solvent."

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Reply With Quote
 
  #17 (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: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received

He may very well be among us already, with a different identity to lose the previous baggage...

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
 
  #18 (permalink)
Elite Member
Mumbai, India
 
Futures Experience: Advanced
Platform: ChartNexus
Favorite Futures: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,659 since Feb 2012
Thanks: 3,312 given, 2,719 received

Day 6: Sweet Profits in Forex: EURUSD - a correct forecast, but getting profit-itchy

I entered hurriedly on the day I had "forecasted" EURUSD about to begin a bull trend and got filled at 1.3150.

It has paid off very nicely, and serves as a reminder that making money in trading is partly about entering on pullbacks having good R:R

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


From the daily chart it seems that EURUSD is headed all the way up to 1.4200, which is my "long term" target.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


But I must confess that I AM getting ITCHY leaving all those profits exposed to the market to gobble up. My stop is still a bit below 1.3050 and I haven't yet moved it to breakeven and have not yet found a logical place other than breakeven. Never EVER allow a profitable trade to become a loss.

Reply With Quote
 
  #19 (permalink)
Elite Member
Milan Italy
 
Futures Experience: Intermediate
Platform: Ninjatrader, Sierra Chart
Favorite Futures: ES
 
Posts: 523 since Feb 2010
Thanks: 470 given, 629 received


Big Mike View Post
BTW, do you know if dbphoenix is still around? I know he stopped posting on TL, but I wonder what he is up to these days.

Mike

Amazon.com: Profile For dbphoenix: Reviews

Seems to have shifted focus....

Reply With Quote
The following user says Thank You to futuretrader for this post:
 
  #20 (permalink)
Elite Member
Linz / Austria
 
Futures Experience: Intermediate
Platform: Ninja Trader
Favorite Futures: TF, ES, Currency Futures
 
Posts: 106 since Oct 2011
Thanks: 131 given, 76 received



iqgod View Post
To master Price Action trading countless hours of effort - both studying and screentime - are of paramount importance.

The following place on internet is a fountain of knowledge, so to say.



(S)/He seems to be a disciple who has attained a great level of mastery over this method who posts at:

ninetrans.blogspot.com

wow! thx... very good source...

Reply With Quote

Reply



futures io > > > The 22 Days: A Price Action Trader shares his Journey

Thread Tools Search this Thread
Search this Thread:

Advanced Search



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

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
YTC Price Action Trader (www.ytcpriceactiontrader.com) Adamus Trading Reviews and Vendors 94 September 8th, 2015 02:01 AM
Price Action Adamus Traders and Trading Methods 6 February 20th, 2013 08:56 AM
My Journey From a Poker Pro to a Trader rounder8 Elite Trading Journals 63 June 2nd, 2012 12:57 PM
New Beginnings: The Journal of a Trader's Journey to Equanimity plethora Trading Journals 122 March 5th, 2011 11:13 PM
Nielsen IPO Likely to Price at $20-22; Road Show Starts Quick Summary News and Current Events 0 January 10th, 2011 11:20 AM


All times are GMT -4. The time now is 05:22 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.16 seconds with 20 queries on phoenix via your IP 54.92.194.75