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David_R's Trading Journey Journal (Pls comment)


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David_R's Trading Journey Journal (Pls comment)

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  #131 (permalink)
 Big Mike 
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David,

If you track your success rate on each target, then over time these stats will help to give you the confidence you need to trade your system to its best potential.

I'm working on a new spreadsheet (see Trading Metrics thread), and you could setup a per-target entry method so you could see stats and breakdowns on a per-target basis. Something to consider for your own spreadsheet.

Mike

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  #132 (permalink)
 David_R 
Market Wizard
San Jose, Ca
 
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Big Mike View Post
David,

If you track your success rate on each target, then over time these stats will help to give you the confidence you need to trade your system to its best potential.

I'm working on a new spreadsheet (see Trading Metrics thread), and you could setup a per-target entry method so you could see stats and breakdowns on a per-target basis. Something to consider for your own spreadsheet.

Mike


Thanks, Mike. That makes good sense. So when you say a per target entry would it be like a yes/no thing. Target 1 hit target 2 not hit or hit. If it gets hit more often then not I know to sit tight.

How about moving stops? What is a good way to determine stop adjustment and how much adjustment?

David

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  #133 (permalink)
 Big Mike 
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David_R View Post
Thanks, Mike. That makes good sense. So when you say a per target entry would it be like a yes/no thing. Target 1 hit target 2 not hit or hit. If it gets hit more often then not I know to sit tight.

How about moving stops? What is a good way to determine stop adjustment and how much adjustment?

David

On my spreadsheet there is a 'Method' column for entry. You can input as many methods as you want for the drop-down list. You could append "T1" and "T2" and "T3" for example, to indicate target 1/2/3.

Then in the spreadsheet overview section, you can breakout stats per method, so you could see the win percentage, profit, SQN, all the stats on the overview --- viewed on a per-target basis (per method).

As for stop, I track MAE per trade. So if my initial stop is far higher than the MAE average over a large sample, then my initial stop could be reduced conceivably.

Mike

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  #134 (permalink)
 David_R 
Market Wizard
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Morning is over. I am either done for the day or at least till the afternoon. I'm leaning towards done.

I am moving tomorrow so need to get going with the rest of packing etc. Unfortunately no internet until late next week, but that's okay.

Today an okay day, but the action in ES the first hour was a bit choppy. I missed a signal and had some conflicting signals. Probably best to wait, but I forced it a little and ended up with two small losers by closing the positions. Poor entries on my part and lack of patience is what go me.

I then took a look at CL. The fast and furious monster. A very nice clean setup presented itself with good confirmation and I don't just mean indicator wise. Price action had looked to confirm to me as well. I tool about 7 tics of heat, but in CL I guess that is not heat. Ended up with +10 on one and +39 on number 2. I admit that I did not want to give back profit and trailed number two tightly, but was targeting the swing high which was hit.

Grades:

ES Trades:
Patience: D
Psychology: C
Trade Management/execution: D
Following Plan: D

Overall: D

CL Trade:

Patience: B
Psychology: B- (It was a bit tense. this thing moves in an instant)
Trade management: A-
Following Plan: A

Overall: B

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  #135 (permalink)
 benharrell 
Pittsburgh, Pa
 
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Hi David,

I've always liked volume when looking at price. What made you decide to use volume on CL? Furthermore, why did you choose the settings you have in place 1000 and 3000. Do you still trade on 500? Just curious more than anything. I continue to get your updates to this thread and enjoy hearing about your journey. All the best moving forward!

Thanks,
Ben

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  #136 (permalink)
 David_R 
Market Wizard
San Jose, Ca
 
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Platform: Ninja
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benharrell View Post
Hi David,

I've always liked volume when looking at price. What made you decide to use volume on CL? Furthermore, why did you choose the settings you have in place 1000 and 3000. Do you still trade on 500? Just curious more than anything. I continue to get your updates to this thread and enjoy hearing about your journey. All the best moving forward!

Thanks,
Ben

Hi Ben,

Thanks for stopping by.

I use tick and volume charts and look at minute charts too. I think they can show different things and set ups show up on some, but not others. Nothing really scientific about the settings. I've seen ZTR use something 1048 on CL as well as 2048 or something like that. I prefer the even number. I also didn't want anything too fast, but I will look at maybe a 300 volume sometimes. My method now is to have multiple time frame 3X apart, so I will use 1000, 3000 and 9000 volume charts as well as 300, 900 and 2700 tick charts. For some of the settings I got recommendations from the site efuturevision.com.

I hope everything is going well with trading and otherwise. I know you have a baby, so sleep when you can.

David

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  #137 (permalink)
 rassi 
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great to see you strung a nice profitable week together david, first week back with the new system.

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  #138 (permalink)
 David_R 
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rassi View Post
great to see you strung a nice profitable week together david, first week back with the new system.


Rassi,

Thanks, I appreciate it. I can't remember the last time I've had this many positive days in a row. It may be that I never have. I'm doing my best to stay very stoic about all of it because I know it can change in an instant. If I'm patient and allow good trades to come along and follow the rules I think I can be consistent.

David

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  #139 (permalink)
 Big Mike 
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David_R View Post
If I'm patient and allow good trades to come along and follow the rules I think I can be consistent.

I know you will!

Mike

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  #140 (permalink)
 David_R 
Market Wizard
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Posts: 1,559 since Nov 2009
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No trades today, unfortunately. My house is sold and I was moving today. I won't have internet until late next week, but looking forward to picking up from where I left off.
had to do this from iPhone at starbucks. :-)
Good trading to all,

David

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