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Turning Point
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Turning Point

  #1 (permalink)
Error-prone
Bundeburg
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: Fx
 
Posts: 76 since Mar 2012
Thanks: 24 given, 42 received

Turning Point

I join a long line of day traders who discovered that something very simple was not.

Although I'd been profitable swing trading when I stepped up in 2010 to day trading I found a much more difficult challenge. Initially I had issues with method. In fact my method probably generated the more recent issues with doing what I plan. Or intend before the session begins.

I started with a bunch of indicators and great expectations. With the expectations the indicators dropped away and I now find that I am supported by only a view of different timeframes and a single moving average.

Mid 2011 I set the objective of having a solid trading method based on trading lower level support and resistance in the direction of higher level trend. I did this because I discovered by error and trial that longer time frame price action is more reliable than short term but I wanted the frequency that short term would give me. My application of support and resistance is a little different to some. Whereas many see the edge of the swing as key, I see that in a trend buying starts again not at the edge but at some point inside the edge. It seems to vary with market and time frame so it's probably determined by the interaction of players that make up this market and are involved in trades with this sort of time period.

I think I achieved the objective but my killer has been bad habits built up over the last 2 years. This is a journal more about this aspect than any other.

In recent times I have been profitable without commissions but unprofitable without. So I on the cusp of this thing. I hope to move forward and that the journal will assist. At the least I plan to record each trade with points gained for initial risk and some comment on my effectiveness and anything I should learn.

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  #2 (permalink)
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  #3 (permalink)
Error-prone
Bundeburg
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: Fx
 
Posts: 76 since Mar 2012
Thanks: 24 given, 42 received


Tough day without many setups ... basically trendless on my timeframe. I first look for clarity of trend before seeking a setup.

My main demon is trading when there is either a conflicted trend reading or a near (read not quite qualified) set up. So I scored 100% by taking no bad trades. I took one qualified trade in the late afternoon, stopped it correctly, followed my processes almost correctly and after getting to 1 tick off target exited at be+.

risk 17, target 40, exit be+ 0

Disappointing but not wrong.

So, unprofitable but at this point building good habits and consistency is my number one objective.

I chased a lot of approaches to removing bad habits, nlp, hypnosis, trying to use Steenbarger's information from his books. I liked Steenbarger's stuff but couldn't seem to translate it into results. This turned around (and is improving a day at a time) when I read a book on poker. Poker is a game I don't even play but now I admire pro-poker players. What they do is even harder than trading and they have many very similar psych issues.

I'd recommend "The Mental Game of Poker" by Jared Tendler to anyone. Someone like Mark Douglas does a good job of describing where traders go wrong but Jared's set of tools resonated for me and I've been improving a little each week since I started working with them. No mumbo-jumbo, no freud, no jungian archetypes, no magical nlp, just good cognitive-behavioural stuff translated for poker. And cheap for your Kindle or Kindle for PC software from Amazon.

Perhaps breaking that out might be the value this journal offers for others.

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  #4 (permalink)
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ThatManFromTexas's Avatar
 
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If Swing Trading was working for you... why did you switch to day trading....


Ya leave the dance with the one what brung ya...

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #5 (permalink)
Membership Revoked
los angeles
 
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Sunil P's Avatar
 
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things only work sometimes TMFT...no guarantees in life on this planet.

one helleva a dance...got to keep changing partners...


Last edited by Sunil P; March 22nd, 2012 at 07:07 PM.
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  #6 (permalink)
Error-prone
Bundeburg
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: Fx
 
Posts: 76 since Mar 2012
Thanks: 24 given, 42 received

Its a good question.

The answer is frequency. My market offers an average of just over 4 fully qualified trades per day. Thats based on my chosen and practiced entries and exits. If my expectancy equals my risk then I can return four times my risk per day. In theory my expectancy is greater than my risk but delivery is the challenge.

Compare that with returning my risk a few times a week or a month when swing trading. My trading capital isn't big enough to make a go at once or twice a week.

But day trading is much harder than swing trading as I'm sure you know.


Note: Can't trade Friday so back on Monday


Last edited by cusp; March 23rd, 2012 at 07:37 AM.
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  #7 (permalink)
Error-prone
Bundeburg
 
Futures Experience: Intermediate
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Posts: 76 since Mar 2012
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No trades on Monday. None available so points for not trying to create one.

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  #8 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
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cusp View Post
...

But day trading is much harder than swing trading as I'm sure you know.
...

Just saying it's the reverse for many of us. Swing trading was harder for me in that I eventually gave it up. I'm sure a lot of us went to day trading so as not to worry about gaps turning swing trades into losers overnight. If you don't mind recommending an effective swing trading education book I would sure be interested.

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  #9 (permalink)
Error-prone
Bundeburg
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: Fx
 
Posts: 76 since Mar 2012
Thanks: 24 given, 42 received

One trade. Good entry, stop and target. Poor management let a 2x winner become a loser, so going to use the motivation of this and a few other such trades to update my capture phase and do some rehearsals.

Regarding swing trading, most of what I learned I got from a course: Trend Dynamics. I think John Hill's book "The Ultimate Trading Guide" would also give you the basis for developing a good swing trading strategy in its early chapters.

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  #10 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
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Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
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Thanks for the recommendations Cusp. Some resources and ideas for daytrading if case you haven't seen these before. Brook's price action books. Brooks Price Action - Home, PATs trading. Free videos here: PATsTrading - YouTube. YTC Your Trading Coach | Home ; lots of free videos there.
Perry's thread on elite of his method continuation has some nice moving average indicators.
Fattail's webinar and his numerous indicators for vwap, IB, daily high/low/mid and fib ranges, pivots etc.
Futurestrader71's webinars here on futures.io (formerly BMT). Thanks, good trading on your journal.

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