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The following user says Thank You to Big Mike for this post:
Well I won all my trades today. So that's good. More so I did what I'd hoped I'd do once going "live". And that is pay way more attention to what I was doing, and not make silly mistakes, and read the market "well". I placed a yellow circle on the chart I'm talking about below. It really sold off pretty good in here. Their was a gap below, and you would think if it was going to hold it wouldn't sell off like that. Of course anything is possible, but once it got all over the MA's and starting closing below them, I thought short was right.
So three "pull backs"
and two "BTMAT"
So for today I'm done. I'm done for the "week" if I want to. I'll judge that based on where it opens tomorrow.
Oh one more thing. The last trade their, I picked it pretty good. What happened was this. I was already up good, and very content. The first hour of trading wasn't over yet so the IB wasn't in yet. I was willing to wait to see what would happen. If it made the gap without me, then it just did. I didn't think it would continue down today, so I thought if I missed that, I might get a long later on. But it happened that it went right when the IB was in. Anyways....helped to wait to the IB was in
Last edited by Upupandaway; June 12th, 2012 at 11:01 AM.
Reason: spelling errors
The following 3 users say Thank You to Upupandaway for this post:
I'm very tired, this was a little war here today. I did good though, I had the same results as when i paper trade. It was unfourtunate that I didn't get alot of that big move up. At that point I had 3 contracts long, I was down -440 dollars. It was like 9:05 and the oil inventory would be coming out at 9:30. I've seen it act goofy before about that time and took what I had. Which was almost back to break even. I didn't go long any of that big move up, because it all happened to close to the Oil inventory. Was just to damn risky to do.
So thats all for this week. My account will read tomorrow 7810.4. I'm not sure exactly why, but for some reason the account balance is off until after they send out the nightly reports. It was yesterday, and corrected itself (like my broker said it would). So whatever, long as it corrects itself. I worked it up with commisions and all and it should read tomorrow 7810.4
I will type more later, this was draining a bit today, no alot.
The following 2 users say Thank You to Upupandaway for this post:
Well since going live looks like everyones' gone away lol. Oh well.
Ok I worked up what I did today Wednesday June 13 2012.
(See first picture and second picture)
So for the first picture you can see my mistakes. That second trade should not of happened. The third trade was to soon, I've drawn a little yellow line to where it should of been, as well as the third and fourth. I'd of still been knocked out of that third trade their. However had I entered correctly on the fourth trade the fifth would of never happened. So that's two trades that wouldn't of been, one of which cost 150 dollars. Now all of this is happening because of picture 2.
I'm trying to trade back to the white moving average on the 5 minute chart. I thought it would go further than the moving average. Because their was support below, and if it was going to be going down and through it...well...it should be doing it. But it wasn't. So that's that.
The following 3 users say Thank You to Upupandaway for this post:
Can you identify EXACTLY why the trades should not have happened. Being very specific will help you to mentally focus and remove some of the ambiguities over time.
I still see some trades in your day that are not in your system you described and are definitely counter trend trades. CL gaped down on the open and it looks as if you went long as you thought it was trying to fill the gap. Are you working to be a trend trader or a counter trend trader or both. I would DEFINITELY tell you to pick one and perfect it first before trying the other.
The following 2 users say Thank You to iTrade2golf for this post:
Right I figured if anyone would point this out you would. I need to better describe what I have in my head. I have new rules typed up, but I've not posted them here. Not new trades, even not new rules. I've not changed my trades. I have gone back in and explained my ruless better I think. And yes I know exactly what I did wrong, and exactly what I should of done. I was too early on the entries, which casued an unnecesary loss.
Since it's late now I wont go in depth about why I did what I did, and how it is in my plan. But I will tomorrow. Thanks for the question. I didn't really bother with explaining it to much, I dont think many are following this. But it's not for them, it's for me...so yes I'll do that tomorrow...explain better. Thanks
I am trying to keep you on point to reach your goal of becoming a trader. You do not have to put it down in this journal but you should have your rules written down exactly along with some screenshots. So when you make a mistake you can annotate it and write that trade down to also refer to later. I don't have to understand it, but you should know it without hesitation and it should be exact.
I follow this each day that I have time, trying to pass on the help that was passed to me many years ago from my mentor.
The following 5 users say Thank You to iTrade2golf for this post:
Ok I traded today, which is tomorrow when I type this up. 2:58 in the morning, and of course I'm looking at charts lol. I thought because of the ETH which got up to 84.80 it might go go go, but was not to be. I'm proud of what I did this week, it was good. I'm also proud that I'm not jumping up and down, like a kid that just won the lottery.
I did lose today 97.40. I had five trades. You can see from the pictures what happened. I consider this very, very, very, very good. Very good....excellent. Didn't try and make it back, or anything, just stopped. I beat my goal of making 500 a week on 1 contracts, by about 347 dollars.
This week I believe would of been better, but their where always the problems with getting it up and running. I didn't get all of Monday, because I was getting it setup. So the major move I missed out on. Paper traded it and did fine. So... thats good.
Looking foward to next week.
Oh on my pictures the P stands for paper trade. All the rest are live trades. Also I have MP up, and I only have two pictures showing the same thing because I want people to know, that I do use it. So if someone is trying to find their way in all this mess, they might be helped. I really dont think you can do without it. It can be done without it of course. But I do believe it's far better. I mean they cant manipulate that. It's not ever gonna "read wrong". Its by far the best tool I have, that I must understand more about.
The following user says Thank You to Upupandaway for this post: