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Lord Sidious's Trading Journal


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Lord Sidious's Trading Journal

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  #1 (permalink)
Lord Sidious
Portugal
 
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received

Hi, Guys!


Ill open my Trading Journal sharing with my last 2 trades of yesterday. Id like to ask for opinions.


Trade 1:



Trade 1: Wall Street Index (1 per contract)

Contracts: 5

Position opening: 13179

Limit: 13260

Initial Stop: 13170

Final Stop: 13182

Expected profit: 405

Loss in case of stop hit: 50

Spread: 2 points (10 in this case)

Profit: 15


Well, I bought 5 contracts near the days low. Stochastics were near 0, MACD Hist were diminushing, MACD lines were about to cross, MA 5 was starting to reversal and pointing up. My target was 13260. I enter the position at 7:15 pm (GMT). I knew Id have to let this position to go to the folloing day, as Id have to pay for it (I trade CFD).

By 8:25 pm, price rose to 13217. At that point my profit was 190. However I didnt close the position, as I expected the price to rise during the following day (today). At this time I move my stop to 13182, to cover spread. My idea was to give some space for the price to fluctuate. Well, 13217 would turn to be todays high. During the night, the price fell and my stop was reached. From 190 I could get, I got 15. I didnt lose money and that is key for me.

Heres the 5 min chart:




And here you have the 30 min chart:





Trade 2:



Trade 2: Light Crude June (1 per contract)

Contracts: 3

Position opening: 102.57

Limit: 103.57

Stop: 102.37

Expected profit: 300

Loss in case of stop hit: 60

Spread: 6 cents (18 in this case)

Loss: 60


Light Crude fell almost 400 points yesterday. At the point I open the position, like the previous trade, Light Crude was near the days low (after that great price fell). There was a MACD divergency with price. MACD lines were rising and MACD hist also, keeping above 0. All MA lines went flat starting to point up. I open the position at 102.57 and put my target at 100 point higher. Once again, day trading was not possible, as I enter the position by 7:25 pm (GMT). The market rose to 102.72. My stop was 102.37, has I allowed the price to be a little lower than the days low (102.43). Well, the price fell until 98.36!


5 min chart:




30 min chart:






CONCLUSION:



If I could give a rate to me trades, I would give a C- to Trade 1 and D to Trade 2. My strategy was not totally wrong. I just should have predicted the price would hit or be close the Fibonacci point and fell again (thats what almost happen). As for trade 2, I confess I didnt expected for the price to rise more than 400, again.

I day trade! I rarely do swing trade. In any other situation I would have taken those 190. However I pointed for that target price...



So, guys, opinions? How do you acess my trades? Sugestions?



Thanks a lot!

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  #3 (permalink)
 the1target 
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cleared

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  #5 (permalink)
 ThatManFromTexas 
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  #6 (permalink)
 mrmuggins 
manchester, england
 
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Whatever your reason for getting in a trade, the best reason for getting out was that it was wrong. So, losing a trade because your stop loss was hit is is always good, because you do not run the risk of blowing out your account and you can make another trade based on your strategy.

Do not be too hard on yourself.

Believe me when I say that having a losing trade is not as bad as you may think.

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  #7 (permalink)
Lord Sidious
Portugal
 
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received


Big Mike View Post
Congrats on starting your journal.

Mike


ThatManFromTexas View Post

Thanks, guys!



mrmuggins View Post
Whatever your reason for getting in a trade, the best reason for getting out was that it was wrong. So, losing a trade because your stop loss was hit is is always good, because you do not run the risk of blowing out your account and you can make another trade based on your strategy.

Do not be too hard on yourself.

Believe me when I say that having a losing trade is not as bad as you may think.

Yes, I agree. For me not to lose money is always essential. Thank you for your input.

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  #8 (permalink)
 Cloudy 
desert CA
 
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Hi Sidious. Nice to see your new journal!

Looks good to get some trades down. Later on you can discover new setups and ways to improve your stop and money management. 1 euro ($1.3) per tick sounds pretty good to start out with. Good trading.

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  #9 (permalink)
Lord Sidious
Portugal
 
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received


Cloudy View Post
Hi Sidious. Nice to see your new journal!

Looks good to get some trades down. Later on you can discover new setups and ways to improve your stop and money management. 1 euro ($1.3) per tick sounds pretty good to start out with. Good trading.


Thanks, buddy!


Good trading!

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  #10 (permalink)
Lord Sidious
Portugal
 
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received


Hi, guys!


Yesterday things went bad.

As usual, I sold DJI near the days high. Greed led me to trade 10 contracts.

So:

Contracts: 10 (1 per point)

Stop loss: 12 points (about 2%)

Target/limit: 25 points

Possible loss: 120

Expected profit: 250


Loss: 120



Positives aspects:

- I was right once again, at the moment of my entry. The market fell 11.5 points, as I was profiting 115.


Negative aspects:

-Greed won again. I could have closed the position and have a 115 profit. However, I didnt close, expecting a higher profit. So the market rose first to my opening price. Then, hit my stop loss.




Conclusion: - Should have taken 115 or event any profit smaller than that. However, I must accept the risk of losing money on any trade I enter.


One more lesson.

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