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Lord Sidious's Trading Journal
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Lord Sidious's Trading Journal

  #11 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
Lord Sidious's Avatar
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received

Better...

Hey, guys!


Today things got better.


I made four trades. This day I looked more to price action than for indicators.


Setup/Rules to follow:

- Pay attention to price action;

- Days High and Low as the prefered zone to enter;

- Watching for Fibonacci points;

- In a considerable price change, looking to enter the rally or pullback. Do not enter if there is at least a minimum of 10 ticks of price change in the reverse price change;

- Always expect for at least two candles to hit the same "low" or "high" of the considerable price change, in order to get a confirmation;

- Go for at least 8 ticks of profit;

- Avoid choppy prices change;

- Do not pass the 2% loss rule.



Trade 1:

Contracts: 10

Market direction: Sell short

Stop loss: 8 points

Spread: 2 points

Expected profit:€80

Trade result: €90



Trade 2:

Contracts: 10

Market direction: Buy

Stop loss: 8 points

Spread: 2 points

Expected profit:€80

Trade result: €80



Trade 3:

Contracts: 12

Market direction: Buy

Stop loss: 8 points

Spread: 2 points

Expected profit:€96

[B]Trade result: €96



Trade 4:

Contracts: 10

Market direction: Buy

Stop loss: 8 points

Spread: 2 points

Expected profit:€80

[B]Trade result: €0



BALANCE OF THE DAY: €74




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Trade 3 analysis: Althoug I feel I was not lucky (the market fell only 3 points of my stop loss, and then rose 50...), I should have waited for the next clandestick formation.

Trade 4 analysis: The market didnt rise as I expected. It fell some points instead. So, I got out as soon as I could. I closed the position with €5 profit, but slippage made the trading result as €0.



Any critics and suggetions would be welcome, guys!

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  #12 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
Lord Sidious's Avatar
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received

Hey, guys!

Im done for today. Had a loss of about 2%, so no more trades today.



Trade 1: Wall Street Index (1 per contract)

Contracts: 10 (Sell Short)

Position opening: 12827

Limit: 12805

Stop: 13137

Expected profit: 200

Loss in case of stop hit: 100

Spread: 2 points (20 in this case)

Loss: 100


I followed my rules. However the market went up. Like I wrote in another thread, Im starting to see that indicators are that reliable for my day trading.

Heres the chart:


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  #13 (permalink)
 Vendor: protradered.blogspot.com 
NY + NY/USA
 
Futures Experience: Advanced
Platform: Ninja
Broker/Data: Optimus Futures- Rithmic
Favorite Futures: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,267 received

A few questions first ...


I got your buddy request.
First, my name is Ed.
What is your name?

Are you trading live cash?
How long have you been trading?

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  #14 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
Lord Sidious's Avatar
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received


Jaguar52 View Post
I got your buddy request.
First, my name is Ed.
What is your name?

Are you trading live cash?
How long have you been trading?


Hello, Ed! My names Joo!


Yes. I trade for about 18 months. So far Ive lose some money in my learning experience (trading losses and books bought). I intend to be sucessful in the future. Slowly and gradually, Ill achieve my goals!




Thanks for your post!

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  #15 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: TF
 
ThatManFromTexas's Avatar
 
Posts: 2,302 since Feb 2010
Thanks: 1,208 given, 4,293 received


Lord Sidious View Post
Hello, Ed! My names Joo!


Yes. I trade for about 18 months. So far Ive lose some money in my learning experience (trading losses and books bought). I intend to be sucessful in the future. Slowly and gradually, Ill achieve my goals!




Thanks for your post!

@Lord Sidious

"On the job" training with real money can be very expensive.

Have you considered learning in SIM and switching to real money after you become proficient at trading?

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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  #16 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
Lord Sidious's Avatar
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received


ThatManFromTexas View Post
@Lord Sidious

"On the job" training with real money can be very expensive.

Have you considered learning in SIM and switching to real money after you become proficient at trading?


Hi!

I have paper trade before. The last time I did, I had about 87,5% profit in two weeks. If my tactics worked there, they should work with real money. The thing is the pressure of risking our money and that the account I had for paper trading was almost 4 times bigger than my actual real account.

From the time I started, my trading losses are near €1700 (about 18% of the total money I invested). I was able to have 2 consecutive profitable months (the previous to this).

But I guess SIM trading would be good to test my tactics and strategies.


Thank you.

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  #17 (permalink)
Elite Member
Miami FL USA
 
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
 
Cashish's Avatar
 
Posts: 803 since May 2011
Thanks: 811 given, 2,103 received

@Lord Sidious

Portugal

Trading Experience: Beginner
Platform: None, at the moment.


Pardon my ignorance, is Portugal time the same as London? If I look at your charts it appears most of your trading is in the afternoon "your time." Was wondering if you have a "real job," and trade in the afternoon (3-7 pm) by necessity. Wondered why you don't trade one of the European indexes?

What exactly is the Wall Street Index, a CFD of the Dow? The charts you're using, are they supplied by the "broker" you use, and the data too? I assume the commission is buried in the spread. How do you enter trades, from the chart, or is there an order entry (DOM) window? How about volume data, do you have any idea of the number of participants in this market (wall street index)?

Trading is a tough task, making money is ever harder. IMO, you're running a foot race with concrete blocks tied to your feet! If you're serious about trading, and making money, I invite you to re-evaluate the Market you're trading and the Tools you're using. At the risk of being obtuse, I suggest getting a proper broker, data feed and charting program. Look at several markets, maybe the Mini Dow (YM) is a good fit, that's up to you. I'm partial to regulated exchanges.

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  #18 (permalink)
Elite Member
Bala, PA, USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Mirus, IB
Favorite Futures: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 3,276 received


Lord Sidious View Post
Hi!

I have paper trade before. The last time I did, I had about 87,5% profit in two weeks. If my tactics worked there, they should work with real money. The thing is the pressure of risking our money and that the account I had for paper trading was almost 4 times bigger than my actual real account.

From the time I started, my trading losses are near 1700 (about 18% of the total money I invested). I was able to have 2 consecutive profitable months (the previous to this).

But I guess SIM trading would be good to test my tactics and strategies.


Thank you.

Among other things, sim trading will test your strategy, live trading will test your psychology.

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  #19 (permalink)
 Vendor: protradered.blogspot.com 
NY + NY/USA
 
Futures Experience: Advanced
Platform: Ninja
Broker/Data: Optimus Futures- Rithmic
Favorite Futures: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,267 received

Realistic expectation vs Desired expectation

There is a tremendous difference between sim and cash trading. I suggest you repeat your sim with exactly the same size account size you intend to use real cash. Also, that you achieve a sustained profitable performance level in sim for at least 3 months using an approach that will be duplicatable in real cash. For example, if you are in sim and at week number 3 and decide to double up and take a loaded up trade, then will you really do this if you are down in cash? Will you double up a loser to fix it, and will you trade beyond your loss limit?
One of the most deceptive things about sim trading is that we tend to bend the rules and fudge a lot. You need to have some kind of accountability and stick to a strict approach technically while in sim. This includes strategies and money management.

Also, in sim, there is no point to trade with more than 2 contracts. Trading 2 contracts would enable you to include a runner money management. Trading 5 contracts in sim is pretty much pointless and it will paint a false picture .... one that with a 5 contract drawdown will do little to portray the real pressures of real cash loss.

Also, until you are stable in cash, I suggest you reduce your risk per trade to under 1/2% so you can weather the learning curve drawdown.

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  #20 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
Lord Sidious's Avatar
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received



Cashish View Post
@Lord Sidious

Portugal

Trading Experience: Beginner
Platform: None, at the moment.


Pardon my ignorance, is Portugal time the same as London? If I look at your charts it appears most of your trading is in the afternoon "your time." Was wondering if you have a "real job," and trade in the afternoon (3-7 pm) by necessity. Wondered why you don't trade one of the European indexes?

What exactly is the Wall Street Index, a CFD of the Dow? The charts you're using, are they supplied by the "broker" you use, and the data too? I assume the commission is buried in the spread. How do you enter trades, from the chart, or is there an order entry (DOM) window? How about volume data, do you have any idea of the number of participants in this market (wall street index)?

Trading is a tough task, making money is ever harder. IMO, you're running a foot race with concrete blocks tied to your feet! If you're serious about trading, and making money, I invite you to re-evaluate the Market you're trading and the Tools you're using. At the risk of being obtuse, I suggest getting a proper broker, data feed and charting program. Look at several markets, maybe the Mini Dow (YM) is a good fit, that's up to you. I'm partial to regulated exchanges.


Hi, Cashish!


Thank you for your post.

I trade with IGMarkets. The charts you see are from the IGMarkets platform. IGMarkets is a CFD broker. Yes, is a CFD of the Dow. The commission is a 2 point spread. And yes, Lisbon and London have the same time zone (GMT).

I enter trades from the chart. I use Level I real time data, no DOM window. Unfortunetly, my broker doenst have volume for futures, just for stocks. I can acess Level II data, but Ill have to pay for it.

From the futures markets, mini-DJI is the one I prefer, because it has a good daily range and de spread are not that high. Sometimes I trade Light Crude, but a 6 cent spread is not has good as the 2 point spread of DJI for the type of trading I do. DAX 30 and FSTE 100 is also available for 1 point spread. Mini-Nasdaq 100 and mini-S&P500 are 1 point and 0.5 spread, but the daily range is smaller than the DJI.

At the moment Im testing Ninja Trader platform. It seems to be very interesting. It would give more information than I have with my broker. However, its a bit hard to give about $1000 for the software. I know there are others more expensive.

I trade in the US market. Even the few stocks I traded were from the Nasdaq Index. Honestly, I was thinking about open an account with a US broker. I have two brokers (one for trading, other for investing). Both of them allow CFDs. For you to see, any operation for stock trading is beetweem $14 to $20 with this two brokers.


One great problem I have is my trading account. Is small (about 6000). I heard that to open an account with IB, the minimum is $10 000. Plus, commissions for stocks are way lower, from what Ive seen.

I think that my following step should be to get a good trading software. Ive seen e-Signal, CQG, Tradestation and even Metastock. All of them are two expensive for me. Its hard to have a profit each month, so how can I pay for monthly use of software? Its hard.

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