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Ota's Trading Journal


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Ota's Trading Journal

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  #1 (permalink)
Ota Trader
Prague/Czech/Czech Republic
 
 
Posts: 8 since Mar 2012
Thanks: 0 given, 7 received

Hi, my name is Ota and I am 23 years old university student from Prague. I am going to start this journal, because my major trading problem is execution, I just cant pull the trigger. I am quite sure that it is because I am afraid of being wrong and I do not want to lose money. I have started two months ago with 6000 Euro, now it is 5400, max was 6300. I am trying to trade FT71´s method and I want to thank this wonderful guy for everything he is doing. My main market is FESX, trading hours 09:00-11:00 Prague´s time . I always do my homework in the morning before the market opens. I was trading two contracts but now I am going to trade just one contract with RRR 1:1,the goal is just to improve my execution.
My risk is 2% of my account per day so If I lose 100 euro I stop trading. My SL is usually 50 euro or less. My daily goal is 200 euro.

Homework-FESX
We are in a balance area, which has been forming from 10.4. until now. Yesterday we tested unfair highs and I expect today little bit more short then long. The market has always three options it can go down to test unfair lows or turn and go up again or stay in the value area.

My levels where to do business
BuyZones:
2228-value area low and minor LVN
2212-major LVN from 10.4-present profile
2200-naked VPOC and who is short will probably target this number

SellZones
2265-long term and short term VPOC
2297-LVN and HoY
2311-major long term LVN

Expectaions
1)If we go UP, I will look for to go short on 2365 and I will expect the market to test 2228. If the short fails, I will not take long on 2365 and I will wait for 2297 or 2311 to short again. No long trades from these levels
2) If we go down I will take long on 2228 and I will expect test of 2365, if the short fails I will try to get short on pullback towards 2212. If the long fails on 2212 I will try to get short. Same for 2200.

When is time to trade, is not time to THINK!!!!!!!
* I tried to post my screenshots, but I need at least five posts.

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  #3 (permalink)
Ota Trader
Prague/Czech/Czech Republic
 
 
Posts: 8 since Mar 2012
Thanks: 0 given, 7 received


Today I had two trades according to my homework mentioned in the morning.
1)Short from 2265, but the level did not hold. I was stopped -5tick
2)Pullback short from 2265, SL was one tick above VWAP high, I got stopped exactly on my SL price. -4ticks

So for today it wasnt nice day for my P&L, but I executed trades without hesitation.

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  #4 (permalink)
Ota Trader
Prague/Czech/Czech Republic
 
 
Posts: 8 since Mar 2012
Thanks: 0 given, 7 received

Good morning all.
FESX yesterday tested 2228 level several times and then closed there. Yesterday I was expacting short and I was trading short hovewer too early. The market closed on its low and I little bit expect more short than long. I think that market will probably test 2171 today or on Monday, but anything can happen. If we go up, I expect test of 2262-2265 and then back to unfair lows.

Levels where to do business
Buyzones
2212-major LVN of short-term profile
2200-naked VPOC
2171-major LVN long term profile

SellZones
2228-but we need to get below this level
2262-LVN from yprofile

Expectations are on the screenshot.

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  #5 (permalink)
Ota Trader
Prague/Czech/Czech Republic
 
 
Posts: 8 since Mar 2012
Thanks: 0 given, 7 received

Today I did not have any trades, but definitely there were many opportunities.
1)I wanted to short when the market hit VPOC level (homework), but the price was really fast and I wasn’t fast enough. I usually trade just first test of VPOC so I did not enter later.
2)I wanted to short 2261-63 level but the market stopped at 2258 and turned down

Today I expected more shorts than longs and I definitely did not expect that 2228 will hold 5 tests so I didnt go long.
Have a nice weekend everyone
Ota

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  #6 (permalink)
 Big Mike 
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Congrats on starting your journal.

Mike

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  #7 (permalink)
 Anagami 
Market Wizard
Cancun, Mexico
 
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Shouts out to a fellow Czech. Preju vsechno nejlepsi.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #8 (permalink)
Ota Trader
Prague/Czech/Czech Republic
 
 
Posts: 8 since Mar 2012
Thanks: 0 given, 7 received

Hi all, sorry that I did not post my homework in the morning, but FESX gapped down and I wasn’t prepared for it and unfortunately all my supports became resistance levels. I was quite confused, because FESX likes to close gaps so I wasn’t sure if I want to short them or wait for long. After 20 minutes of thinking I decided to short 2183 and 2209 (yVPOC). For long side I prepared just 2117 (major support).

I ended up with one short trade from 2183-2177 (VWAP high).

I would really love to take at least three trades a day in order to have more samples of this probability game. My major goal is to improve my execution, because every entry is a big deal for me, I want my execution to become mechanical, just without thinking. And for it I think I need more trades, on the other hand overtrading kills. I hope it makes sense.
Have a great day
Regards Ota

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  #9 (permalink)
Ota Trader
Prague/Czech/Czech Republic
 
 
Posts: 8 since Mar 2012
Thanks: 0 given, 7 received

Good morning everyone ,
Yesterday we had strong up trend and we are back in the value area. Today I am open to everything. I will trade my levels as they are in the screenshot.

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  #10 (permalink)
Ota Trader
Prague/Czech/Czech Republic
 
 
Posts: 8 since Mar 2012
Thanks: 0 given, 7 received


Hi all,
after watching new FT´s webinar I have decided to continue with my journal. I will post my entries with comments. I am not going to post pre-market analysis because is usually the same as is presenting FT71 in his Trader bite.
The main reason for re-opening my journal is that I am still battling to make a turn in trading. And maybe I can get a good advice here. I moved from NQ to ES because I wasnt fast enought to trade it and I am much better in reading the order flow in the ES than in the NQ.

Plan for next 30 trades: 4tick SL, 4tick PT in the ES, 1 contract. I tried to exit my trades discretionary, but to be honest I am not sure if it was better in this way. After 30 trades I will have atleast some statistics.

1st. Trade
+4 ticks. MAE 1 Tick, MFE 4 Ticks.......Wanted to exit with 3 tick PT.
2nd.
-4 ticks. Trade MAE 4 ticks, MFE 3 ticks....Wanted to exit with 2 tick SL.

Can someone please explain me, what BSO (best scale out) means on an example? I am not able to understand it from a definition.

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  #11 (permalink)
 deaddog 
Legendary Market Wizard
Prince George BC Canada
 
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Ota Trader View Post
Hi all,
after watching new FT´s webinar I have decided to continue with my journal. I will post my entries with comments. I am not going to post pre-market analysis because is usually the same as is presenting FT71 in his Trader bite.
The main reason for re-opening my journal is that I am still battling to make a turn in trading. And maybe I can get a good advice here. I moved from NQ to ES because I wasnt fast enought to trade it and I am much better in reading the order flow in the ES than in the NQ.

Plan for next 30 trades: 4tick SL, 4tick PT in the ES, 1 contract. I tried to exit my trades discretionary, but to be honest I am not sure if it was better in this way. After 30 trades I will have atleast some statistics.


4 tick stop and 4 tick target: How many trades have to hit the target in order for you to be break even? Don't forget to factor in commisions and slippage.

"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
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  #12 (permalink)
Ota Trader
Prague/Czech/Czech Republic
 
 
Posts: 8 since Mar 2012
Thanks: 0 given, 7 received

I need 1,08 profitable trades to be break even.
Commisions 4 USD and there is usually no slippage in the ES.

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  #13 (permalink)
 deaddog 
Legendary Market Wizard
Prince George BC Canada
 
Experience: Advanced
Platform: IBs TWS
Broker: IB
Trading: Stocks
 
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Posts: 867 since May 2013
Thanks: 135 given, 2,338 received


Ota Trader View Post
I need 1,08 profitable trades to be break even.
Commisions 4 USD and there is usually no slippage in the ES.

Here is your situation;
Winning trades = $46 ($50 -$4 commish)
Losing trades = $54 ($50 +$4 commish)

I doubt that there is no slippage in ES.
You can close your position at target with a limit order so you won’t get any slippage there, but you can only use a stop limit or a market order to get out of a losing trade.
Stop limit is risky because you won’t get filled on a quick down move, and market orders fill at the bid. So it’s quite possible to lose a tick or more with a market order.

So in reality you will probably have a tick slippage on one out of 3 trades. (if not more)

So now your losing trades =$58 ($50 +$4 Commish + $4 slippage)

This means that you have to win 56% of the time, 17 out of the next 30 trades, to slightly break even.

"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
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