Peeling The Onion - futures io
futures io



Peeling The Onion


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one timwr with 17 posts (16 thanks)
    2. looks_two mokodo with 4 posts (3 thanks)
    3. looks_3 Big Mike with 1 posts (0 thanks)
    4. looks_4 PandaWarrior with 1 posts (8 thanks)
      Best Posters
    1. looks_one PandaWarrior with 8 thanks per post
    2. looks_two NW27 with 1 thanks per post
    3. looks_3 timwr with 0.9 thanks per post
    4. looks_4 mokodo with 0.8 thanks per post
    1. trending_up 3,164 views
    2. thumb_up 28 thanks given
    3. group 4 followers
    1. forum 25 posts
    2. attach_file 3 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
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

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

 
Search this Thread
 

Peeling The Onion

(login for full post details)
  #1 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

So I've blown two trading accounts and taken some pretty heavy losses in the last couple of years. Now after a break for a few months I'm ready to delve into the depths and address

My fear of losing
My impatience
My lack of discipline
My beliefs around money

For over a year I SIM traded OIL Futures (CL) using Ninja trader and the final 6 months showed consistent profits. So I took the leap and began trading live which is a whole new ball game. I wasn't prepared for the emotional rollercoaster I found myself on, chasing losses, panicking, straying from my plan and the anger and upset this all resulted in. Now I'm here, about to make a fresh start and understanding that my system worked well but I didn't!

I'm reading "Trade your way to financial freedom" by Van Tharp at the moment. My next steps include setting goals with timelines and and starting again with testing a system which includes

Entry Signals
Exit Signals
Multiples of R
Position Sizing
Expectancy

I understand I can work on the technical aspects forever and have a perfectly working SIM trading system but insights are the best learning for me. Any assistance and guidance towards insight would be much appreciated.

Thanks Big Mike for creating the forum and community.

timwr

Visit my futures io Trade Journal Started this thread Reply With Quote
The following 8 users say Thank You to timwr for this post:

 
Best Threads (Most Thanked)
in the last 7 days on futures io
The Crude Dude Oil Trading System
89 thanks
I finally blew up an account
70 thanks
Spoo-nalysis ES e-mini futures S&P 500
67 thanks
The tiyfTradePlanFactory indicator
33 thanks
The New Micro Contract - MICRO BITCOIN coming May 2021
17 thanks
 
(login for full post details)
  #3 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,385 received



timwr View Post
So I've blown two trading accounts and taken some pretty heavy losses in the last couple of years. Now after a break for a few months I'm ready to delve into the depths and address

My fear of losing
My impatience
My lack of discipline
My beliefs around money

For over a year I SIM traded OIL Futures (CL) using Ninja trader and the final 6 months showed consistent profits. So I took the leap and began trading live which is a whole new ball game. I wasn't prepared for the emotional rollercoaster I found myself on, chasing losses, panicking, straying from my plan and the anger and upset this all resulted in. Now I'm here, about to make a fresh start and understanding that my system worked well but I didn't!

I'm reading "Trade your way to financial freedom" by Van Tharp at the moment. My next steps include setting goals with timelines and and starting again with testing a system which includes

Entry Signals
Exit Signals
Multiples of R
Position Sizing
Expectancy

I understand I can work on the technical aspects forever and have a perfectly working SIM trading system but insights are the best learning for me. Any assistance and guidance towards insight would be much appreciated.

Thanks Big Mike for creating the forum and community.

timwr

Congratulations on a public journal...its difficult to post on losing days or when you really screw up and it was not your system but you.....

Here is my two cents....

1. Stop trading crude. Its not for the faint of heart. Its a great instrument to trade but you need to conquer your emotional issues before you ever try trading this instrument live.
2. Start with micro forex. Go to OANDA - Forex Trading and Exchange Rates Services | OANDA open a SMALL account. No more than US$500.00.
3. Use your method there....get used to making your trades with tiny amounts of money at risk. Get used to losing small amounts. Control your risk with micro lots the same way you need to with larger lots....do this until you can double your small account.
4. Open a futures account with a reputable broker.... Matt at Optimus Futures has a great rep here on the forum...by the way, I am not a client.
5. Trade one futures lot of an instrument that is less than US$10.00 using the same system you doubled your micro lot forex account with. Same rules, same risk control....dont change anything.
6. Trade one lot for every $10,000 in your account. Less than 10K? Don't trade futures. Stick to forex until you can fund a futures account with at least 10K

You will need to learn to manage emotions. Not eliminate but manage. That is only possible within the context of a developed and trusted trading method. When you lose, if there is no solid plan with real numbers to back it up, you'll do stupid thing like let your losers run, you will holy grail hunt, you'll trade size you shouldn't to make up for losses which only makes it worse.....

Focus on risk control first and foremost. Remember, trading is a losers game. The one that loses least wins. Forget about how much money you can make. Focus on capital conservation. And by the way, tiny charts are NOT the way to minimize risk. Range charts with a small tick size will not help you control risk. 50 tick charts will not control risk....if you can't trade and control your emotions, these will drain your account much faster than you think. Its death by a thousand cuts....

I think the most important thing to accept is uncertainty. The market does not care about your goals, your time lines, your risk reward ratio, nothing, those are all things that manifest over time from excellent trading. Accept the fact that EVERY trade is 50/50. You may have a great win loss ratio and wonderful expectancy but the trade you just took is 50/50. And remember, in trading, close is often good enough....perfection is unattainable as a desired trading objective.

I would say focus on the mental aspects of the game 90% of the time. The technical aspects a monkey can learn and you can program a spreadsheet to figure out the rest. Learning to trade within your self and your risk profile is paramount.

I am rambling now....so to wrap it up, trade small, don't scalp, don't use to much leverage, work on the mind and emotions.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Reply With Quote
The following 8 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #4 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

Hey PandaWarrior,

Many thanks for the advice, it's really appreciated. The reason I chose to trade OIL was because I was successful with it and unsuccessful with trading euro and Aussie $ futures. OIL was the only one that gave me consistent profit, I protected myself with a tight stop loss however I found the runs could be very profitable.

I fully understand though that trading smaller amounts would be better but I'm a bit reluctant to try micro forex as it looks like learning a new instrument, new software platform and creating a system which would all need to be done again when I choose to go back to OIL. Am I being stupid or impatient about this?

timwr

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #5 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

I forgot to mention I primarily tested my system trading OIL during the Aussie market time. It's a lot more volatile during the European and US market times

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #6 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,070 since Jun 2009
Thanks: 32,539 given, 98,499 received

How are things going?

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #7 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

I'm finding it exciting to give up what I thought I knew and start afresh, learning from the experts. Looking forward to delving into my personal psychology to uncover whatever has been buried there for many years!

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to timwr for this post:
 
(login for full post details)
  #8 (permalink)
 NW27 
Newcastle, Australia
 
Experience: Intermediate
Platform: Multicharts 8 - Full Version
Broker: IB
Trading: SPI,FTSE100, 6E, 6A
 
Posts: 285 since Oct 2010
Thanks: 108 given, 186 received

Hmmm
Im also from australia, perhaps i should look at oil as well???

Good luck.

Thanks,
Neil.

(Sent from my Galaxy S2 via Tapatalk)

Reply With Quote
The following user says Thank You to NW27 for this post:
 
(login for full post details)
  #9 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

So I've set my goals and listed all system components along with actions to take over the next few months. I'm also thinking of taking PandaWarrior's advise to trade in micro forex as trading OIL with $10 per tick is just too rich for me to test a new system.

Can anyone tell me if I can trade the OANDA forex using ninja trader? Or are there any other liquid markets any could recommend which I can trade in micro amounts on NT? I'd also be interested to know what common indicators other traders use in NT.

Lots of work to do.....

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to timwr for this post:
 
(login for full post details)
  #10 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received


System is pretty mush setup and documented in my plan and starting to look into why I don't trust myself and how I handle disappointment in my life. Would like to handle it like a man rather than a wounded child!

Thanks to Big Mike and Gary for all your help and shared insights.

Visit my futures io Trade Journal Started this thread Reply With Quote
The following 2 users say Thank You to timwr for this post:
 
(login for full post details)
  #11 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

So my system is now in place and took my first paper trade this evening on CL. Made 15 ticks profit and journalled how I felt before, during and after the trade. Plenty of self-doubt and fear in the mix.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #12 (permalink)
 mokodo 
Bridgwater, UK
 
Experience: Beginner
Platform: Ninjatrader
Broker: MB Trading
Trading: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
Thanks: 525 given, 346 received


timwr View Post
I'm also thinking of taking PandaWarrior's advise to trade in micro forex as trading OIL with $10 per tick is just too rich for me to test a new system.

Hi timwr,

I'm 18 months into my learning curve and I have been trading forex with micro lots. I've found MB Trading excellent, I use their data feed too. I'm training using a 10KGBP account and typically risk between 0.125 - 0.5% of capital per trade idea and take a couple of trades a day on average.

It has helped me greatly to not have a lot of money at risk whilst I find my way.

I wish you the best.

know thyself
Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #13 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received


mokodo View Post
Hi timwr,

I'm 18 months into my learning curve and I have been trading forex with micro lots. I've found MB Trading excellent, I use their data feed too. I'm training using a 10KGBP account and typically risk between 0.125 - 0.5% of capital per trade idea and take a couple of trades a day on average.

It has helped me greatly to not have a lot of money at risk whilst I find my way.

I wish you the best.

Hi Mokodo, thanks for the info. Can you tell me what MB trading is?

timwr

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #14 (permalink)
 mokodo 
Bridgwater, UK
 
Experience: Beginner
Platform: Ninjatrader
Broker: MB Trading
Trading: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
Thanks: 525 given, 346 received

They are a broker

MB Trading - Stocks Options Futures Forex Online Discount Trading

know thyself
Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #15 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

I've been trading in Sim a couple of evenings per week since the beginning of July. Trading 1 contract on CL and have taken 8 trades to show $540 profit to date.

Observations:
I get impatient waiting for setups, this can result in me not sticking to my plan.

I always want to have winning trades and get disappointed with losing trades

As I'm trading in SIM there is a lot less emotional attachment to the outcome of a trade, comapred to trading a live account

My trading style is to take quick trades with very tight stop loss (5 ticks). Yesterday there was a 200 tick drop in OIL and I only profited from 10 of those ticks. I think my fear of loss makes me risk very little but that can result in catching the pennies and missing the pounds. Although I suppose it can also result in reduced losses if the trades were to go against me.


Greg Secker appeared in Adelaide last night looking to sign people up to his mentoring program. I thought he was very good however there did tend to be a lot of focus on winning trades, losing trades were not mentioned too much. Attending the seminar last night made me understand how I need to hang out with like-minded people who are doing the same thing as me, something I'm not doing at the moment.

Does anyone know if there's such a thing as a live webinar to hang out at? I'm not looking for a trading room, just possibly a webinar where some charts and strategies are discussed and attendees can have a chat.

Onwards and upwards.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #16 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

I can clearly see now how I enter a trade using my rational mind and a rational system however I seem to manage the trade with my emotional mind, hence the fear of loss and then doubt as to when I should close the trade.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #17 (permalink)
 mokodo 
Bridgwater, UK
 
Experience: Beginner
Platform: Ninjatrader
Broker: MB Trading
Trading: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
Thanks: 525 given, 346 received


timwr View Post
I can clearly see now how I enter a trade using my rational mind and a rational system however I seem to manage the trade with my emotional mind, hence the fear of loss and then doubt as to when I should close the trade.

Hi timwr,

For a time this was my biggest issue. In my case it came down to two things: first I was not sure if I trusted my system to actually make money and second - if I could gather some evidence that the system could be profitable, then how could I trust myself to trade it consistently and liberate that profit?

Both questions are taking some time to resolve. In the first instance I backtested my system, and had to learn to code to do that. My system has some discretionary elements so the backtesting was to provide me with an answer to the first question but not in black and white terms. I accepted that I would need to live in a shades of grey world. The backtesting, and perhaps more illuminating the Monte Carlo runs, shed some light on the likely boundaries of the 'codable' parts of my systems. Confidence level of getting more than 10 losers in a row, maximum and average draw downs, things like that. Armed with this I thought - ok, if I can trade it I know how bad things could get, and I put together a risk plan / money management approach that could keep me in the game and not totally strung out if the worse happened.

That was the easier of the two issues to deal with. Feels like the second will be a journey rather than a destination. (Trying to) trade the system within a rule set, for me at least, means reminding myself that I am living in a world of probabilities - no one trade matters. And working on the process, ignoring the outcome. I use a suite of tactical tools that help me try to achieve this.

For example, in addition to a journal I use individual trade cards which have a tick list for entries and trade management. I have recently struggled holding trades for the amount of time my system tells me to. 5x15 minute bars for one set-up, 10x15 minute bars for the other. Now I have a line on my trade card that says "5/10 bar patience Y/N, Explain." I have to note down if I have waited the 5/10 bars and if not I must explain why. Since I've added this specific thing I have kept to the rule 100% (so far!). Another element on the trade card is to calculate what errors I have made and what that has cost me.

I review the trade cards at the end of each day, week and month and these always highlight an area for improvement. I 'll then amend the card to include that issue if needed.

Not saying that this will work for anyone else except me but I've attached an example for reference (the file will ask about macros, which I can't seem to disable) - there is a further bit titled 'Trades Passed' which you can ignore . (I took the trade card idea from "A Trader's Money Management System" By Bennet A Dowell. A good introduction and can be read in an afternoon.)

know thyself
Attached Files
Register to download File Type: xls Trade_Card.xls (28.5 KB, 16 views)
Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to mokodo for this post:
 
(login for full post details)
  #18 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

Hey mokodo,

thanks for the info and insights. I thought about what you said and I think I need to clearly set myself up mentally before each trade. I'm currently so attached emotionally to the outcome of my trades.
  • Impatience - Sometimes I can't wait for a setup as they are a long time coming so I justify in my own mind that I should just take a trade that doesn't fit my plan.
  • Hope - once I'm in a trade it's like a white knuckle ride and I'm hoping it is profitable
  • Fear of loss - i just want every trade to be a winner.
  • Disappointment - when it's a loss-making trade

BUT my system is profitable and I worry unduly about situations that may never occur or are never as bad as I envision they may be.

Sometimes I feel like I'm going around in circles especially when I break my own rules and then need to mentally re-promise to myself that I'll stick to my system next time.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #19 (permalink)
 mokodo 
Bridgwater, UK
 
Experience: Beginner
Platform: Ninjatrader
Broker: MB Trading
Trading: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
Thanks: 525 given, 346 received

Trading is a mental game, but you have given yourself a great head start because you have a system that you have proved profitable in theory. That is a great platform to build on.

I am just a novice myself and I really relate to the things you are dealing with. There are other ideas that spring to mind that have helped me, in no particular order:

Rather than try to control the market (that feeling of frustration when a trade idea doesn't work out and you are willing price to turn your way) - focus only on controlling the things you can actually control, i.e. when to take a trade, how much risk you put on and how you manage it. Grade yourself on how well you do those things, not the outcome of individual trades.

Protect your mental capital (if your strategies allow you to) by setting and forgetting trades with stop and take profit orders sat in the market. This was the only way I could break the habit of intervening with my trades. Now I can monitor without feeling like I'm on a roller-coaster. Initially I would put on the trades and force myself away from the screen for an hour at a time. I'd walk the dog or attend to DIY jobs. Something that got me out of thinking about the trade. It suddenly didn't seem that important once I got some distance.

Trade ridiculously small. And I'm talking pennies - or in SIM. That way the money becomes irrelevant and you can only focus on your execution. Get a track record at this level that shows you you can do this!

Record and analyse eveything you do. I recently went through the last years journals, trade cards and work books, that in itself was a three day project. I tried to work out why I had good spells and bad spells and if patterns of behaviour had triggers. All the answers were in those scrawled notes written in the heat of battle.

Be realistic with your expectations. What is your game plan? I started out expecting to be self-supporting in 12 months. I'm sure some people achieve this, but I soon realised I wouldn't. I'm expecting a 5 year time frame and I spend full time hours on my trading business. I class break-even after costs as success at the moment. As long as I am 'progressing' I am happy to keep going. Are you depending on your trading income to live?

I try to limit a full analysis of my performance to a monthly timeframe. That way I can try to 'play the next point' not think about the match.

Become a student of trading psychology, there are many book and authors in this area that offer great advice

Sorry for the rambling response, I was clarifying my thoughts as much as answering your previous post!

And one more thing I'd like to mention. Trading is incredible tough, even with a profitable 'system' and experience counts for a great deal. There are many many very experienced traders here on futures.io (formerly BMT) and I personally treat the forum as my 'mentor' resource.

know thyself
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to mokodo for this post:
 
(login for full post details)
  #20 (permalink)
 VinceVirgil 
Toronto, Canada
 
Experience: Advanced
Platform: NT
Broker: TD Ameritrade, Dorman/Zenfire
Trading: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,222 received


timwr View Post
Hey mokodo,

thanks for the info and insights. I thought about what you said and I think I need to clearly set myself up mentally before each trade. I'm currently so attached emotionally to the outcome of my trades.
  • Impatience - Sometimes I can't wait for a setup as they are a long time coming so I justify in my own mind that I should just take a trade that doesn't fit my plan.
  • Hope - once I'm in a trade it's like a white knuckle ride and I'm hoping it is profitable
  • Fear of loss - i just want every trade to be a winner.
  • Disappointment - when it's a loss-making trade

BUT my system is profitable and I worry unduly about situations that may never occur or are never as bad as I envision they may be.

Sometimes I feel like I'm going around in circles especially when I break my own rules and then need to mentally re-promise to myself that I'll stick to my system next time.

Handling , or managing, the phsychological side of trading is the most important aspect of profitable trading. It is because we are waging a battle between the 6 inches between our ears.

It is the self management that makes it so difficult. As traders, we are accountable to ourselves, and only we know whether we stuck to our strategy. It is we, as traders, that came up with the strategy in the first place.

For myself, I have to have my startegy in place before I enter a position. Gary Dayton talks about this on one of futures.io (formerly BMT) webinars.That means price point, Stop loss, target. I have already taking the price action into account, as well as where is support or resistance. Once the trade is on, I now only manage to its completion. In fact, I attempt to visualise the entire trade from begginning to completion. Why...so that there as few surprises as possible, which gives me confidence to see the trade through to its completion, whether it is profitable or not.

A trade can do 1 of 2 things, go up or down. Outcome is random... You edge is based on probabilites of your ability to recognise market conditions of your instrument for a profitable outcome.

Here is an exmplae of my 5 minute below.One of these 2 outcomes...higher or lower, will happen today. to stay between the 2 lines is highly unlikely. My job is determine what outcome is more probable. If I can do that consitently, I will be profitable.

But I will be wrong. Every loss provides me more nformation, which I paid for with real dollars, so I better learn from it, or the money was a poor investment.

Check out the Dayton webinar...

Webinar: Trading Psychology

(The 5 minute is as of this writing) 8:00am

Hope this helps.

PS. here is teh end of the day chart...What did you do today? 3:15 PM

Attached Thumbnails
Click image for larger version

Name:	CL 09-12 (5 Min)Example  7_25_2012.jpg
Views:	49
Size:	101.4 KB
ID:	82525   Click image for larger version

Name:	CL 09-12 (5 Min)End of the day  7_25_2012.jpg
Views:	50
Size:	118.5 KB
ID:	82632  
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #21 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

Thanks Vincevirgil and mokodo for all the helpful info. I think walking away from my trades which are controlled by trailing stops will help me give up the need to "hope" the market in a particular direction.

I have my checklist of what factors need to be in place but having the discipline to stick to this is still a challenge at times. I know from many months of testing that the system I've developed will work if only I'd stick with it. And I also know that I need to finish for the day once I'm in profit and not take any more trades.

I'm continually working on psychological challenges, I suppose it's common to want to be at the destination rather than having the patience required for the journey.

Thanks again, all your help is really greatly appreciated.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #22 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

I've created a pre-entry checklist now to confirm my setups are consistent with my plan. I finished the month with 16 trades and a profit of $420 on OIL (CL). My average rate of return is 0.53R and my target is an average of 1R by the end of the year. My plan is to trade in SIM for 6 months to the end of the year.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #23 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

My goal is not only to trade in SIM to make a profit after 6 months but to stick to my plan and system for that period of time. Sticking to my system was something I didn't practice when I last traded live and this has been my biggest challenge.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #24 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

Feeling frustrated tonight, need to be patient as I'm boxed in by two variables which my system doesn't allow me to trade against. Frustrated too that I'm down 3R this month and have had quite a shitty month compared to last month. But then last month's start was incredible, too good to think it could be maintained But I was still enticed into thinking I had something a little bit special going on!

This month's reality check is what I need and teaches me that I need to take losses as part of my trading and to keep faith in what I'm doing.

Visit my futures io Trade Journal Started this thread Reply With Quote
The following 2 users say Thank You to timwr for this post:
 
(login for full post details)
  #25 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

Having a tough time at the moment. Made a loss last month and this month has started in a simliar fashion. It's made me start to doubt my system and look for new systems, ie. distractions. I think I'm primarily sturggling with my patience so don't stick resolutely to my system.

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to timwr for this post:
 
(login for full post details)
  #26 (permalink)
 timwr 
Adelaide, Australia
 
Experience: Beginner
Platform: NT7
Broker: Mirus Futures/Zen-Fire
Trading: OIL
 
timwr's Avatar
 
Posts: 22 since Jul 2011
Thanks: 5 given, 18 received

Obviously I haven't been keeping this online diary updated but I've started trading Oil futures live using ninja trader and I'm up more than $300 after commissions on a single $2500 contract after only 3 weeks. So I'm very happy with hos it's going and trading is a bit more relaxed for me. I still get upset when I take a loss but I figure it's the pain I have to experience which I don't get when trading in SIM. M

My plan is to trade the single contract for six months and then add some capital to increase the number of contracts per trade. I'm also now testing a new system for larger timeframe trades (and larger profits and stops) using FXCM's trading station.

By opening up a $50 account with FXCM I now have access to all their training videos etc. and I'm testing my new setup using a demo account.

In my diary I record at the end of each day "what did I do well?, what did I do poorly?, what improvements can I make?"

All going very nicely now and I'm a lot more patient, still a few wrinkles to iron out around discipline.

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to timwr for this post:


futures io Trading Community Trading Journals > Peeling The Onion


Last Updated on March 12, 2013


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing

The Cold Hard Truth: Maybe I Am Not Good Enough w/Chris Gray @ Earn2Trade

Elite only
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), 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