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A CL Trading Journal
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Created: by Upupandaway Attachments:157

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A CL Trading Journal

  #51 (permalink)
Trading Apprentice
Nashville, TN
 
Futures Experience: Master
Platform: Ensign 10
Favorite Futures: TF, 6E, CL
 
iTrade2golf's Avatar
 
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Upupandaway View Post
Well today was bad. I was thinking about some of the trades "panda" pointed out that I missed. So when I "thought" I saw one this morning I jumped on it. That went well so I tried it again. And of course this ended up with me getting lost, "mentally" because I wasn't trading my "plan" and having a disaster lol.

Anyways...I screwed up more than half the entries anyhow. I was jumping on anything I thought was an etnry, or close to it. Whatever...back to what I did on Monday, for Wenesday.


Trade2golf, I've attempted to "define" entries precisely as I can, and it's in my orginal plan, and I admit some of those precise rules are in my head. Like in Buying or Selling at the open "sufficient momentum" to me means that the 50EMA is the right color for your intended direction. And your right, I have modifided some rules on the fly, to meet what I thought was going to happen. That's been a grave mistake. Tomorrow I'll get back to trading whats in my plan as I understand, but if something needs more clarification, point it out, and I'll do that. Thanks

You are digressing and starting to inject your thoughts into the market again. You are also letting other people influence your trading. I am not saying panda had a bad entry method, I am saying that it was not in your system, you had not did the proper due diligence of research and backtesting before trying to put a new method into your system. You are trying to jump ahead to quickly. 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.


Upupandaway View Post
Oh...I'd be interested in seeing what a precise entry rules look like. Or has in it. I mean I'm not a sucessful trader. Would you be so inclined as to tell me your precise entries for say a "long" setup? That would be most informative, and teach alot of people I think, specially me lol.

I will not put my trading methods out into the public because this is how I support my family, sorry. And I will not come up with a generic method to throw out that I have not done the research, back testing and forward test.

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. Believe me when I tell you that the big boys know themselves inside and out, and that gives them the edge they need. It is not some holy grail of trading they posses.

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  #52 (permalink)
Elite Member
Dallas/Tx
 
Futures Experience: Advanced
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Yaup...yaup...yaup..I agree with all you said Itrade2golf.. Nothing else to say, your right....thanks. Pick up my "plan" again tomorrow.

 
  #53 (permalink)
Elite Member
La Jolla, CA
 
Futures Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
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PandaWarrior View Post
And is a MACD necessary to your method? Or is price action enough seeing how the MACD is a lagging indicator? Just probing here....trying to make sure the thought process required to take a trade is not to complicated. The reason I bring it up is this.

You have a moving average system which by definition is both trend following and lagging. The MACD is both trend following and lagging. I am not sure you need a lagging indicator filtering a lagging indicator. Your thoughts?

This may come as a surprise to many but "Price Action" is also a lagging way to trade. A trade entry should come from a predetermined area that has been researched before price has even come to it. Those that are trading the price action are in fact trading from a reactionary perspective to those that are moving the markets.

The MACD is a lagging indicator but like any other indicator, it should be used as a confirmation tool once already in a position. There are other ways to use it however such as a directional bias, etc. The MACD is no better or worse than anything else out there. I've looked at and used the MACD for over 14 years and can say there are certain uses for it but to depend on it as a sole reason for a trade entry is not the best idea. Again, taking trades from a predetermined area is a smarter approach.

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  #54 (permalink)
Elite Member
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Privte banker I'd agree with that for sure.

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  #55 (permalink)
Elite Member
In the heat
 
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Private Banker View Post
This may come as a surprise to many but "Price Action" is also a lagging way to trade. A trade entry should come from a predetermined area that has been researched before price has even come to it. Those that are trading the price action are in fact trading from a reactionary perspective to those that are moving the markets.

Of the lagging indicators, its the least lagging...but I agree with this statement. As most traders are looking for confirmation, price action alone is the closest most will come to "early" confirmation.

Confirmation can come in several ways. Confirming price action with no indicators, confirming price action with indicators and then indicators alone....indicators being the last in line for confirmation. That being said, used properly, they can be of a great help. My purpose in asking the pointed question was to make sure the OP really understood what the MACD was or was not doing for him.....and I remain unconvinced that using it for timing an entry is the best use of the MACD.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #56 (permalink)
Elite Member
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UpUpUp and away today A? lol.

Ok I had 14 trades plus 616 dollars it's 10:43 looks like thats it. Anyways I just concentrated on what I "understand" to be true. My rules, and my model for trading the CL. What I've seen, again and again. So that would be my week right here today, and if I was trading real money I'd stop today.

I'll trade tomorrow and Friday, for practice. And if I get to trading real money, what I'll do is once I hit my target for the week, then I'll paper trade the rest of the week.

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  #57 (permalink)
Elite Member
Budapest Hungary
 
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Hi Upup,

Great thread!

Just a thought on the above and is only a reflection not necessarily a correct view

If you switch to papermoney after reaching some profits on the live account.....will you be taking more aggressive trades with the paper money? Will the switch from one to another not confuse you psychologically? If you do the same setups and you end up with winners on paper money but loosers on the live account will that not throw you off track?

The above approach did not work for me trading forex. I either go live with a setup on live account or I stay with paper money practicing the setup but I can not/do not mix them.....again just thoughts to consider.

Best
TL

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  #58 (permalink)
Elite Member
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Yah I understand your thought process their. Makes sense. However what I do doesn't work all week. I know though that I can get ahead, and then if I quit...and go to next week, I can stay ahead. So even if I'm paper trading, after trading real money, it wont effect me. And perhaps your right, maybe I will take it more casual or aggresive when paper trading. But it wont matter to me. I get overwhealmed when trying to trade all week.

I start thinking about all sorts of things. I get to close to it, zoom in to much, make alot of mistakes then give back everything I made previously. In my thought process I'm viewing this as a paycheck. Now yes it would be great to have a systemt that gave me "x" amount of signals, and if I just take them at weeks end I'm ahead. My stops got hit, my targets taken out..everything is great. And I suppose for someone who has statistics for their trades thats how it is. That's not what I have. I have not figured out how to imput all the variables that can go into a single trade. Their can be so much more in it, than if all your rules are meet.

What I have is this. What I do, starting on Monday, get's me ahead by 500 dollars, at some point, before it fails. Often it gets alot more than that. I use to have that number set at 1000, but pushed it back. I saw that was to mentally difficult to try and reach. But 500, in my mind, eh that's easy...I can do that. All this is based off of keeping me away from the monitor, and sane. Let's go into to the next week, and do the same thing. Cause if I can do that, then it's just a matter of trading more contracts. But I know...I know, I can't trade a week. Not Live. So that's probable a little longer of an explination than you expected, but their it is none the less.

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  #59 (permalink)
Elite Member
Budapest Hungary
 
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Upupandaway View Post
Yah I understand your thought process their. Makes sense. However what I do doesn't work all week. I know though that I can get ahead, and then if I quit...and go to next week, I can stay ahead. So even if I'm paper trading, after trading real money, it wont effect me. And perhaps your right, maybe I will take it more casual or aggresive when paper trading. But it wont matter to me. I get overwhealmed when trying to trade all week.

I start thinking about all sorts of things. I get to close to it, zoom in to much, make alot of mistakes then give back everything I made previously. In my thought process I'm viewing this as a paycheck. Now yes it would be great to have a systemt that gave me "x" amount of signals, and if I just take them at weeks end I'm ahead. My stops got hit, my targets taken out..everything is great. And I suppose for someone who has statistics for their trades thats how it is. That's not what I have. I have not figured out how to imput all the variables that can go into a single trade. Their can be so much more in it, than if all your rules are meet.

What I have is this. What I do, starting on Monday, get's me ahead by 500 dollars, at some point, before it fails. Often it gets alot more than that. I use to have that number set at 1000, but pushed it back. I saw that was to mentally difficult to try and reach. But 500, in my mind, eh that's easy...I can do that. All this is based off of keeping me away from the monitor, and sane. Let's go into to the next week, and do the same thing. Cause if I can do that, then it's just a matter of trading more contracts. But I know...I know, I can't trade a week. Not Live. So that's probable a little longer of an explination than you expected, but their it is none the less.

OK Understand. As long as it works for you and the switch does not throw you off balance it is all good!

Best

TL

 
  #60 (permalink)
Trading Apprentice
Nashville, TN
 
Futures Experience: Master
Platform: Ensign 10
Favorite Futures: TF, 6E, CL
 
iTrade2golf's Avatar
 
Posts: 38 since Jun 2011
Thanks: 5 given, 79 received



Upupandaway View Post
UpUpUp and away today A? lol.

Ok I had 14 trades plus 616 dollars it's 10:43 looks like thats it. Anyways I just concentrated on what I "understand" to be true. My rules, and my model for trading the CL. What I've seen, again and again. So that would be my week right here today, and if I was trading real money I'd stop today.

I'll trade tomorrow and Friday, for practice. And if I get to trading real money, what I'll do is once I hit my target for the week, then I'll paper trade the rest of the week.

Nice trading day. Did you only take longs on these charts. It was going up so making long money should have been your concentration.

Also I am seeing larger losses than winners often. I am wondering if you risk management is steady. Why do you have 10, 20, 60 profit and 110, 120, 160 losers. Were any of these loses from trying to trade a reversal against the strong up trend that was screaming from the chart.

Then when it got choppy, you MA's were intertwined and suggested no defined direction. At that point you could sit on your hands or if you have a method for a trading market instead of a trending market you could switch to that method.

Good Job!!!


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