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A CL Trading Journal
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A CL Trading Journal

  #161 (permalink)
Elite Member
Dallas/Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Favorite Futures: CL Crude Oil
 
Posts: 281 since Sep 2011
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Also VinceVirgil

I'd like to also point out, that since I've said I'm going to trade live...I've only heard from two people, one of which was his very first post, you. This is the first time I've heard from you, you say you have been helped by these guys, I believe you. How about spreading around what you know....I guess thats my view point on that. I mean it is my account, my money, and this is my decision. I think if other members choose not to help me because I'm trading " my money"....that, that is.....not cool. But to each his own. But like I said in the last post, I heard from very few people when I was doing good. Then it like stoped all together, posts I mean, when I was winning, and doing good...why would that be? You would think that would be when a person would want to encourage someone. " Hey your doing good, or Hey I see this, correct it"....right? No....? Who knows. But I appreciate every bit of advice I've been given.....

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  #162 (permalink)
Elite Member
Saint Louis Missouri
 
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Number of contracts

Upupandaway,

I am by no means a trading expert. But I learned to trade the least number of contracts till my excecutions, exits and money risk management are NEAR PERFECT.

With your account size, and trading style, you SHOULD NOT trade more than ONE contract at a time, EVEN if your account size reaches $10,000. Why would you put a $ number at which you will add a contract ?? and you trading is not perfected yet. Your losses will be 1/2 of what you are experiencing at the present moment. That extra money that you will be saving will carry you longer and keep you in the trading career longer


Now, if you want to add contracts, do it by adding a contract to an existing PROFITABLE position (called pillaring not pyramiding) , only after securing the first position with a profitable stop loss. This may have a tremendous effect on your emotions.

Upupandaway, trading is about making money, WITH the CORRECT WAY to make money, that is suitable to your personality.

Again, this what I learned in over fifteen years.

Amin

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  #163 (permalink)
Elite Member
In the heat
 
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Upupandaway View Post
1. I'm going to risk 400 a day at most.
2. I'm going to risk at the start of the trade 17 ticks, which will be moved to 12 ticks after the first bar from entry closes.
3. 10 at most, max number of trades
4. I'm not willing to lose anymore than 150 dollars once I'm up for the day. If that happens I'll stop
5. I'll add another contract at 10,000, or possible sonner. This will depend soley on my performace more than my account size. I should win, "IF" I do what I know is right. So if I can prove to myself that I can becomed disciplined enough to do what is "right"...then I would trade 2 contracts at 8000.


I want to ditch the MACD. But I'm not going to change anything while I'm trading live. I agree with you about all the points you have made, and it does need to find it's way off my charts. I do not think that should be while I trade live. I've proven to myself I can make money with what I got, also that I can destroy it if I mess it up. If I got rid of the MACD now, I wouldn't know what to use to enter trades with. But I hear you...and I'm working on it. Any suggestions.

The only way it will come off is to just take it off. Like a band aid on a hairy arm. Just rip it off. It only hurts for a minute. Then just pay attention to what price is doing around your MA's. You'll be fine.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #164 (permalink)
Trading Apprentice
Nashville, TN
 
Futures Experience: Master
Platform: Ensign 10
Favorite Futures: TF, 6E, CL
 
iTrade2golf's Avatar
 
Posts: 38 since Jun 2011
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You welcome any advice


Upupandaway View Post
Thanks for the posts.

I hope though I've decided to continue to trade, against advice that I will continue to recieve, much needed encouragment and advice from other members. I hope those members will continue to point out whatever they deem neccesary, to help me improve.


Upupandaway View Post

I welcome any advice...any!

Thank you


iTrade2golf View Post

I would say to you to reevaluate your methods and money management along with your discipline.

So you have to decide right now if you can do the things that have to be done to last in this business or if you think you can fly above it all and do it anyway you want.

I can give you advice, however you will not like what I have to say because I will say what you need to hear not what you want to hear.

This is a point in your trading life where you have to decide right now if you can make the changes that will make you a trader


iTrade2golf View 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.

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.


iTrade2golf View Post

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.


iTrade2golf View Post

I am saying that you are trying to trade a very fast chart and you are having to use bad risk management to accomplish. This is from using a chart that is too fast.

You also stated that you get so overwhelmed that you can't trade everyday. I was trying to introduce a larger time frame as a first step to help you with these problems that I noticed.


iTrade2golf View Post

You are digressing and starting to inject your thoughts into the market again. You are also letting other people influence your trading.

you had not did the proper due diligence of research and backtesting before trying to put a new method into your system.

You need to slow down and get YOUR methods defined EXACTLY, and never trade a method without the due diligence. This brings me to the point that trading is more the trader than the system. You MUST work on your mental flaws that allow you to make those big mistakes.

I will however help you focus on defining your methods for yourself by asking questions that will get you to hopefully focus on the proper aspects of your system. I will keep pushing you to work on the psychology of trading to include first learning all you can learn about your own personality.


iTrade2golf View Post

I would ask that you DEFINE EXACTLY your Setups, Signal, Entry, Exits and Risk Management. I am not sure of them as this thread progressed you changed somewhat. A TRADER NEVER enters a trade that is not defined in their system.

I am a little fuzzy about your current methods within your system. I am not here to analyze whether your system is correct, only that you have a complete system and will be disciplined with entries and exits and you have the correct mental approach to trading.


iTrade2golf View Post

Take what I am saying as constructive criticism in an effort to help you focus on certain aspects.

I read your posts and I can say to you that most traders that struggle are doing exactly what you are doing.

You have changed your rules often and then you don't follow them. You inject your thoughts into the market, when you should be letting the market point you in the direction that price is moving.

Your thinking is monetary and not execution based. Judge your trading days on the exact execution of your rules. The money will follow the traders who execute their system with precision and discipline.

You need to get a "DIRECTIONAL BIAS" and never trade against it for no reason. The fear of price reversing and leaving you behind is why people are afraid to only trade a market in one direction. This will also help you NOT OVER TRADE.

Another reason people can't trade with a bias is that they are trying to inject their thoughts into the market ie. "I think" that it's about to bounce here or one of my all time favorite "it looks top heavy". This comes from people not having a defined entry point and then them jumping into a market after it has moved up significantly just before the market turns for a correction or pullback. After this happening to them many times they get so afraid to trade a market moving up or down and constantly trying to pick the reversal level. To get slaughtered on a strong trend day when veteran traders are making big profits that help secure their week.


Up you have been given plenty of advice to this point. It is up to you to listen and do the hard work. I am not here to say what you want to hear only what you need to hear as I stated.

My Pastor always says "There is nothing new under the sun."

The mistakes you made yesterday, you will make today, and tomorrow. You are looking for a trading method that will make you profitable. The problem with that is that you are the problem. Self discipline is the first step. You have to become disciplined, focused, precise, and patient. Then coupled with the hard work of researching and developing your system you will possibly have a chance to be a successful trader. The Market owes you nothing, everything is earned.


Last edited by iTrade2golf; June 27th, 2012 at 02:37 AM.
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  #165 (permalink)
Elite Member
Dallas/Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Favorite Futures: CL Crude Oil
 
Posts: 281 since Sep 2011
Thanks: 168 given, 166 received

Yesterday Monday I lost another thousdan so dollars. Didn't do what I knew I should. Was scared to do what I know I should. Like afraid as soon as I entered it'd go against me...wouldn't of, had I entered right.

Anyways today I started with my account at 2875. I made a trade in the morning, and it went up 30 ticks, took that, that was good. Looked over at P n L and noticed I had it on "sim"...great... Took it off sim, and aways I went. I quickly had the account down to 2400 in two trades. So...thought well crap...ok.

So as it started selling off and looking like it might hit yesterdays "VPOC". I was "mentally" against selling it, but everything said sell it. So I made myself do that. Those VPOCS do get hit, and I atleast had a chance for it. If it did work out, I'd make back some much needed mental relief, capatial relief that is. Went my way... and my account now reads "3805" dollars. I made about 930 or so.

I can say this, that the only thing from now on that I'm doing, or "not doing I guess" is trading against the 5 minute chart. I get burned almost always trying to trade "BTMAT". I think it's a valid trade, but it's to muddy, like muddy water I guess.

Attached Thumbnails
A CL Trading Journal-cl-08-12-150-tick-6_26_2012.jpg   A CL Trading Journal-cl-08-12-150-tick-6_26_2012-1.jpg   A CL Trading Journal-account.jpg   A CL Trading Journal-account-balance.jpg   A CL Trading Journal-cl-08-12-5-min-6_26_2012.jpg  

Last edited by Upupandaway; June 27th, 2012 at 01:17 AM.
 
  #166 (permalink)
Elite Member
In the heat
 
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PandaWarrior's Avatar
 
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Couple of questions on the charts.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


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How many contracts you trade today?

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #167 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
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Upupandaway View Post
I'd like to also point out, that since I've said I'm going to trade live...I've only heard from two people, one of which was his very first post, you. This is the first time I've heard from you, you say you have been helped by these guys, I believe you. How about spreading around what you know....I guess thats my view point on that. I mean it is my account, my money, and this is my decision. I think if other members choose not to help me because I'm trading " my money"....that, that is.....not cool. But to each his own. But like I said in the last post, I heard from very few people when I was doing good. Then it like stoped all together, posts I mean, when I was winning, and doing good...why would that be? You would think that would be when a person would want to encourage someone. " Hey your doing good, or Hey I see this, correct it"....right? No....? Who knows. But I appreciate every bit of advice I've been given.....

Fair enough.

Just a couple of thoughts. Last November or so, I was musing out loud that there were few traders commenting on my journal. I guess I wanted more attention.

Big Mike wrote me back saying that the journal was to benefit me, and that reguardless of the commenting is an aid to my trading. He was right...like usual.

Mike has the benefit of seeing thousands of traders. I mean thousands. He has seen every mistake in the book, and he can spot them from 35000 feet away.

And he has access to the very best traders. Think webinars, think telephone conversations with these guys, friendships. He likely knows more profitable traders than the average bear.

So when he speaks, I, for one, listen. I have had over 15,000 visits to my journal. And Mike has commented on my thread less than 10 times. He has never been wrong.

So, I dont know what to say, except to reiterate what I said before. I cannot add anymore advise over what you have already received. If you dont accept what you have been given, which, BTW, you havnt from what you are continuing to post, you are not getting the point.

Likewise from the advise from Private Banker and Panda Warrior. And more recently, Itradetogolf. I have to admit, I dont review his thread very often, but his reccomendations are spot on, from what I read.

You see, there isnt any secret to trading. Just like there isnt any secret to playing the game of golf. Anyone can figure it out in a few days.

But there is a big difference between playing a game of casual golf and playing the game to earn a living wage.

So what are you doing? Are you playing a game of casual golf here, or do you want to be a pro? If you want to be a pro, you have to do the things that pros do...first. ( by pro I mean a full time trader, or majority of income derived from trading)

Mike is a pro, Pandawarrior, PrivateBanker, a few more.

I want to be one.

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  #168 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,231 received


VinceVirgil View Post
You see, there isnt any secret to trading. Just like there isnt any secret to playing the game of golf. Anyone can figure it out in a few days.

Worth repeating, too many don't fully understand this Just because you know how to play and what mistakes to avoid, doesn't mean you know how to play well.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #169 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received


VinceVirgil View Post
Mike is a pro, Pandawarrior, PrivateBanker, a few more.

I want to be one.

Once again, I fear you are stretching the truth a tad here. You, @Big Mike and @Private Banker are the pros in the list you mentioned.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #170 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,231 received



PandaWarrior View Post
Once again, I fear you are stretching the truth a tad here. You, @Big Mike and @Private Banker are the pros in the list you mentioned.....

I list myself as "advanced", not "master". I still make a lot of mistakes

Maybe you could include @tigertrader in that short list, because he is definitely in-tune with the market, it whispers to him in his sleep. You can find his fine advice scattered throughout the forum, but mainly concentrated within the SP500 main thread.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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