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FESX Trading Journal Using GOM Indicators
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FESX Trading Journal Using GOM Indicators

  #51 (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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  #52 (permalink)
MATrader
Prague Czech Republic
 
Futures Experience: Beginner
Platform: S5 Trader, Jigsaw, SeasonAlgo, Sierra Chart
Broker/Data: IB/OEC
Favorite Futures: Eurex Futures
 
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Posts: 489 since Nov 2011
Thanks: 860 given, 391 received

WEEK 4 SUMMARY

Losers: 2
B/E: 1
Winners: 2

Week result: +17 ticks

MAJOR LESSONS LEARNED:
Caught myself being scared of the first trade of the day. Will focus on it every trading day to be able to work on it.

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  #53 (permalink)
MATrader
Prague Czech Republic
 
Futures Experience: Beginner
Platform: S5 Trader, Jigsaw, SeasonAlgo, Sierra Chart
Broker/Data: IB/OEC
Favorite Futures: Eurex Futures
 
hadamkov's Avatar
 
Posts: 489 since Nov 2011
Thanks: 860 given, 391 received

MARCH SUMMARY


Below is my account statement for the month of March, assuming I would start with 10,000 EUR. Attached is the equity curve.

Beginning equity: € 10 000
Net profit/loss: -€ 550,00
Final balance: € 9 450,00
Trades total: 36
Winners: 16
Losers: 17
BE: 3
% Win: 44,44%
Largest gain: € 160,00
Largest loss: -€ 160,00
Average gain: € 70,63
Average loss: -€ 98,82
Average trade: -€ 15,28
Max. Drawdown: -€ 1 070,00
Max. Drawdown %: -10,70%

Lessons learned will be posted together with answers to Mike's questions.

Attached Thumbnails
FESX Trading Journal Using GOM Indicators-equity_march.png  

Last edited by hadamkov; April 1st, 2012 at 04:38 AM.
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  #54 (permalink)
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Answers


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?

I am a real beginner. I knew a lot of theory but I have never traded during the real trading hours with real data (if I forgot the occasional clicks, about 5 of them during the last four years). This was the first consistent experience of trying to trade. Based on that my list could be endless and it is really hard to find the TOP five + and five -. But I will give it a try. Here they are, not in order of importance. Just the five TOP of them.

1. First of all, I had to get ready. I had to finish a few things that were still pending. You know, procrastination... A few small tasks that took me ages to finish. So, I had to put my excel sheet for calculating ratios of my trades into an "order". I finally shaped my Trading Journal in OneNote (similar to the one here on futures.io (formerly BMT) but in more neat and better accessible way, with attachements, links, recordings) next to my OneNote Strategy and Trading Plan.

2. I am a discretionary trader. Because of my need to be in control, I am unable to trade mechanically. I tried but I have never understood why some indicator would tell me that the market is o/bought or o/sold or why a particular pattern meant what it was supposed to mean according to others who use it. That is why I use footprint charts and delta as at least I seem to understand what participants are in the market and where. Having said that, my backtesting was rather short and as I realized during the first trading week that I did not have a clear idea of what my edge really is, what the initial RRR of my trades should be. With more trades noted in my trading journal it has become more obvious and I made adjustments. I cannot say that my trading system is up and ready to be traded. But I have a solid base on which I want to build during the following months. For me that is quite a big achievement.

3. Funnily enough, when I started my journal, I felt sort of secretive about my trading system. Here, I could see that some of my fellow traders share what they do without any problem, I know real live traders who have no problem telling me what exactly they are doing, internet is full of similar ones willing to share what they do. After the first three weeks of trading I realized that since all is in my head, I do not need to be secretive at all. I have realized that no matter how precisely I can describe my trading system, the others will not be able to trade it my way.

4. Psychologically, I had my ups and downs. I can see that my fear of first trade has been with me since the very beginning. I knew about it as I mentioned it in my first post about my very first trade. Only after three weeks of attempting to trade I got into a "phase 2" - I caught myself feeling the fear (I did not realize it afterwards, I realized it during the "process" of feeling it). I hope I will be able to repeat the experience since as soon as I realized it, I was able to consciously shake it off for the first time.

5. I somehow feel that I have become a part of a community. Though I am an extrovert, I like my time on my own. Untill now I did not feel the need to share my thoughts about trading with anyone. Suddenly, with the journal I became aware of a ship full of people trying to succeed in what they have started. First I started to go through other journals, just to check on how others are doing. Then I started to read other threads and mainly about psychology, though the journal section is also full of psychology. I learned new stuff there, too.



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

First of all I must say that despite all I learned about myself and trading during that month, keeping a journal for just one month means almost nothing.

1. My first point is closely related to the point no. 2 above. My problem area right now is the proper definition of my edge. I have already made a list of what needs to be done and set aside some time in April and on.

2. Psychologically I found out the recurring issues that I have during trading: fear of pulling the first trigger, fear of missing out, being disappointed when I am not right (even if I am not in trade, I keep on trying to predict what the market will do), inability to shift smoothly from being short oriented to being long oriented and vice versa.

3. I have realized that I am able to process much less information when watching the market than I previously thought. Before that I planned to watch this and that and suddently, it is not possible. I seem to be fascinated by price movement. In my opinion, it is inexperience but I will see in April after more practicing if I am able to "detach" myself from the price.

4. My trading was limited during this month by work. Also, I have my own limit - to trade only till noon as I do not need to be slave to the market. Only thanks to the work that I had to concentrate on most of the days I did not overtrade on winning days. Also my fear of losing what I won prevented me. I did overtrade on losing days. First it is because of fear of missing out, second because of unclear setups, third because of need to be right, fourth because I feel disappointed and want to recover and probably some more. This is something I need to focus on since it seems that there are many emotions attached to my overtrading caused by losing.

5. I learnt not to trade different systems. I was influenced by a seminar which I liked a lot, however even after "telling myself" to go back to my system, I stopped only after a couple more losing trades. Stick to my system and learn it property. Backtest the new stuff.

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

On the contrary, I jumped at the opportunity. This is something that I really needed.

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

It made me feel I am finally making some real steps towards what I have planned. It made me START with hands on experience. I am more in touch with myself then I have been in a long time.

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

Definitely. There are fellow traders who could help by asking, by giving advice. It also makes a person committed. After a while it becomes such a natural part of everyday tasks that one would not think of ending it. After some time it just becomes a habit, something that it should be.


Thanks Big Mike and all others.

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  #55 (permalink)
MATrader
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Platform: S5 Trader, Jigsaw, SeasonAlgo, Sierra Chart
Broker/Data: IB/OEC
Favorite Futures: Eurex Futures
 
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Posts: 489 since Nov 2011
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My prep for April 2nd

We nicely bounced off the low of the range.

Attached Thumbnails
FESX Trading Journal Using GOM Indicators-pre_market_for_02042012.png  
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  #56 (permalink)
MATrader
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Platform: S5 Trader, Jigsaw, SeasonAlgo, Sierra Chart
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Favorite Futures: Eurex Futures
 
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Posts: 489 since Nov 2011
Thanks: 860 given, 391 received

No trading today

Am sick. Have flu. Fell asleep in front of my charts... Completely unable to read them.

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  #57 (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: 29,355 given, 83,237 received

Feel better soon.



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:
 
  #58 (permalink)
MATrader
Prague Czech Republic
 
Futures Experience: Beginner
Platform: S5 Trader, Jigsaw, SeasonAlgo, Sierra Chart
Broker/Data: IB/OEC
Favorite Futures: Eurex Futures
 
hadamkov's Avatar
 
Posts: 489 since Nov 2011
Thanks: 860 given, 391 received

My Holy Grail from April 2, my birthday.

I just must share.
After waking up, I spotted something in the market that I do not see as often as I would love to.
Attached is my Holy Grail. The setup that met ALL criteria...

Attached Thumbnails
FESX Trading Journal Using GOM Indicators-perfect-setup.png  
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  #59 (permalink)
MATrader
Prague Czech Republic
 
Futures Experience: Beginner
Platform: S5 Trader, Jigsaw, SeasonAlgo, Sierra Chart
Broker/Data: IB/OEC
Favorite Futures: Eurex Futures
 
hadamkov's Avatar
 
Posts: 489 since Nov 2011
Thanks: 860 given, 391 received

My prep for April 3rd

Pre-market analysis. We have rejected the low for the third time.

Attached Thumbnails
FESX Trading Journal Using GOM Indicators-pre_market_for_03042012.png  
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  #60 (permalink)
MATrader
Prague Czech Republic
 
Futures Experience: Beginner
Platform: S5 Trader, Jigsaw, SeasonAlgo, Sierra Chart
Broker/Data: IB/OEC
Favorite Futures: Eurex Futures
 
hadamkov's Avatar
 
Posts: 489 since Nov 2011
Thanks: 860 given, 391 received

No trading today


Flu.
Don't know if it is the effect of it but probably not.

I placed two orders today, too late. I knew it was too late.
I am horribly afraid of not being right.
Why is that so? Rhetorical question.
My everlasting life "problem". The way I was raised. I am the other extreme of those who often heard how unworthy they were. I heard the opposite.

I am a stubborn, selfish and greedy creature (hopefully not as much as I was when I was 20, life has taught me a few lessons but apparently not enough for trading) that has no fear. Except of one thing. Of not being right.

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