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Trade The Value Trading Journal
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Trade The Value Trading Journal

  #71 (permalink)
Trading for Fun
Boston, MA
 
Futures Experience: Intermediate
Platform: Investor/RT, NinjaTrader, TradeStation
Broker/Data: Amp/Zen-Fire, TradeStation
Favorite Futures: Gold, Crude Oil. E-mini S&P500
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Lessons for Wednesday 3/28/12

3 Trades: Only take a maximum of three trades per day per symbol. You can take (1) LTRbo (2) LTRre (3) VARet.

First Hour: No trading the first hour of the pit open of the symbol. Based on a review of performance (see screen shots), taking trades during A & B periods = 52 trades, -77.5 points. Taking trades C period and later = 88 trades +126.3 points.

Attached Thumbnails
Trade The Value Trading Journal-performance-all-periods-2012-03-28-7.06.05-pm.png   Trade The Value Trading Journal-performance-no-c-period-2012-03-28-8.00.15-pm.png  
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  #72 (permalink)
Trading for Fun
Boston, MA
 
Futures Experience: Intermediate
Platform: Investor/RT, NinjaTrader, TradeStation
Broker/Data: Amp/Zen-Fire, TradeStation
Favorite Futures: Gold, Crude Oil. E-mini S&P500
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Market Prep for Thursday 3/29/12

Attached Thumbnails
Trade The Value Trading Journal-screen-shot-2012-03-29-8.58.19-am.png   Trade The Value Trading Journal-screen-shot-2012-03-29-8.58.29-am.png  
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  #73 (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: 29,356 given, 83,237 received


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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  #74 (permalink)
Trading for Fun
Boston, MA
 
Futures Experience: Intermediate
Platform: Investor/RT, NinjaTrader, TradeStation
Broker/Data: Amp/Zen-Fire, TradeStation
Favorite Futures: Gold, Crude Oil. E-mini S&P500
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trade Screen Shots for Thursday 3/29/12 and Friday 3/30/12

Attached Thumbnails
Trade The Value Trading Journal-gc-b-shape-2012-03-30-11.53.00-am.png   Trade The Value Trading Journal-zb-2012-03-30-8.06.48-am.png   Trade The Value Trading Journal-cl-2012-03-30-8.07.16-am.png   Trade The Value Trading Journal-es-2012-03-30-8.10.32-am.png  
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  #75 (permalink)
Trading for Fun
Boston, MA
 
Futures Experience: Intermediate
Platform: Investor/RT, NinjaTrader, TradeStation
Broker/Data: Amp/Zen-Fire, TradeStation
Favorite Futures: Gold, Crude Oil. E-mini S&P500
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trading Journal and Quick Monthly Review for Thursday 3/29/12 and Friday 3/30/12

Attached Thumbnails
Trade The Value Trading Journal-screen-shot-2012-03-31-5.01.30-pm.png   Trade The Value Trading Journal-screen-shot-2012-03-31-5.09.42-pm.png  
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  #76 (permalink)
Trading for Fun
Boston, MA
 
Futures Experience: Intermediate
Platform: Investor/RT, NinjaTrader, TradeStation
Broker/Data: Amp/Zen-Fire, TradeStation
Favorite Futures: Gold, Crude Oil. E-mini S&P500
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Lessons for Thursday 3/29/12 and Friday 3/30/12

Over Trading: I watched a webinar by Tom Alexander in which he recommended following a variety of markets in order to find the best opportunities. I agree with this over philosophy, however, I think I implemented it poorly. I was taking way too many trades. 8 trades on Thursday and 13 on Friday. We need to cut down on the number of trades, therefore:

Rule Update: Only 2 trade setups:
(1)Profile.305: Based on current market condition of the 30m 5m TPO profile, enter on close market order. Minimum 3:1 reward to risk.
(2)Value Break Out: If value is rising with average volume, enter long @ DPOC limit. Vice versa for short.

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  #77 (permalink)
Trading for Fun
Boston, MA
 
Futures Experience: Intermediate
Platform: Investor/RT, NinjaTrader, TradeStation
Broker/Data: Amp/Zen-Fire, TradeStation
Favorite Futures: Gold, Crude Oil. E-mini S&P500
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 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?

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

A) What are the top five benefits you have seen as a result of regularly posting in this journal?
1) Evolution: I feel like I have evolved as a trader. I know much more about what I like and can do well versus what I don't like and don't do well. I don't like trading a lot during the day, I'd much rather take 1 or 2 ideal setups. Therefore, I don't like using tick charts or small minute charts. However, I do like getting updates on strong volume and price movement when it happens. Therefore, I like to watch the volume on a 5 minute chat to catch changes. I use a 30 minute profile (5 minute TPO) to monitor the value development. I take setups off this chart. I monitor daily and weekly charts for overall market sentiment.
2) Screen Shots: I had never taken screen shots, or annotated charts before. It has been a huge benefit. I think you become more aware of the market condition by commenting on charts as they develop.
3) Trading Journal: It been awhile since I used my excell trading journal. I had been writing in notebooks and doing rough analysis by hand. You can dig much deeper with a spreadsheet journal. I have been able to brake down my trading.
(1) I found I was not profitable trading in the first hour of the pit session.
(2) I am taking way too many trades.
(3) I have been able to increase my profits by adapting my style to better suite my strengths and minimize my weaknesses.
4) Doing the Work: I think a big part of success is showing up, doing the work. By keeping a journal, having a plan, being honest with your results, you will improve. If you don't know what your preferences are and what your strengths are you cannot adapt.
5) Confidence: I am proud of the hard work I've done and the progress I've made. If I can make this much progress every month then I will be in good shape. Trading is a marathon not a sprint.
B) What are the top five problem areas you have identified as a result of regularly posting in this journal?
1) Over Trading: I was taking way too many trades. I even felt overwhelmed trying to keep up with the signals.
2) First Hour: I was not profitable in the first hour of trading.
3) Analysis: I was monitoring and recording data that I didn't need to. I focused more on annotating charts rather then notebooks.
4) Charts: I had been using tick charts and shorter minute time frame charts for signals. However, my personality/style is better suited for longer time frame minute charts.
5) Consistency: I was more consistent with journaling and doing my home work this month than any previous month I can remember.
C) Were you initially reluctant to start this trading journal? If yes, why?
I was excited about the challenge. I think my biggest hurdle was consistency and getting back to a spreadsheet journal. I'm not sure why, but for some reason I got frustrated entering the trades into the spreadsheet. Most likely because I was losing and didn't want to "relive" the "failure" over again. Now I look at it as an opportunity to learn something about myself and therefore my trading and improve.
E) Would you recommend to others that they should also start a trading journal?
My experience as been enlightening. I have learned so much about myself and my trading. I have made huge adjustments and improvements. I hope I can make as much progress in the future as I've made this month. It has also shown me that doing the work produces results.
E) Would you recommend to others that they should also start a trading journal?
Absolutely! Every professional trader I've heard keeps a journal. If a group of people who are successful are all doing the same thing, you probably should be doing it. It produces results, it's that simple.
Lastly, I was not a member of Big Mike Trading before this challenge. I'm glad I did and I'm grateful the form is here, Thank you!

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