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Psych Journal of an ES Trader
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Psych Journal of an ES Trader

  #81 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Wow! What a terrible day trading day for me. Was an absolute shocker. Took 7 trades, when I should have been done on the first winner.

My mental monkey came out and got the best of me, and looking back it was really stupid! I pretty much got taken for my daily loss and then some.

I was shooting for an outcome, a PnL. I had a number in my head that I wanted to achieve. What I should have done was give myself one more trade and be done whatever happens.

Took a really stupid last trade, which was against the trend. For some reason, executing well had gone out the window. I had lost focus on what the next step was. Should have caught myself when I broke the rule first time, anticipate and take time out to refocus.

I was letting trades test back against me too much, and being too biased with my direction.

I need to keep writing and staying focused on what the next step is, and not let myself get sucked into the market.

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  #82 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Weekly Review
----------------

Despite my bad day on Thursday, I feel like Iíve turned my trading around quite a bit, and I have to feel good about it. Itís a process, where I feel my trading methodology is viable and profitable on a weekly basis. Now I need to focus on my psychology even more. Even in the past Iíve focused on my psychology, I need to step it up even further.

Things to work on:
1. Being deliberate. Take time out and refocus if not. Pomorodo 25-5◊4. Recap and review.
2. Moving BE stop, hoping for retrace. Need to scratch more, rather miss out.
3. Wait for 1min support
4. Focus on finishing the week strong!
5. Have to stay within risk!

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  #83 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received


Took two trades today. Got stopped out on second trade. Should have stayed out and traded with the trend.

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  #84 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Another day where I hit my daily risk limit. Looking back, I really need to sit on my hands for the first half hour for something obvious to come up. Market conditions are changing, and cannot be as aggressive as before. Need to really pick my spots.

Iím not happy having had 3 days hitting my loss limit. I just have to move forward and stay positive.

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  #85 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Monthly Review
------------------

Despite being profitable for the month, I'm not quite happy with my trading results.

Taking big losses is really killing my profitability. I do have a big stop which allows the trade to work itself out, but a lot of times I could have probably gotten out a lot earlier and reentered when the conditions show itself to be right. If I can get those losses smaller.

Here are a few things I'm going to be looking at doing.
1. Scaling into trades half and then half. Second half of entry can be up to 1pt away from first half, which shouldn't matter if I'm looking for 4+ points on the trade. Most important part is that the market is moving.
2. Be proactively scratching trades within first 5min around entry.
3. Look for that counter trend move within first 45min, which should be the test and reverse. Usually good for 4 points.

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  #86 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Ok, tried out trading the new way, and it didnít work out for me. Main reason being, scaling in doesnít work for me because I take suboptimal trades on first half. As nice as counter trend trading could be, Iím missing out on potential trend trading opportunities, as I see trades as reversal rather than retrace.

From my analysis of the past week. 2 things screwing me up!
1. Trading against the trend
2. Not listening to market when itís about to reverse. Take the small loss.

Iíve done well trading with the trend, took some losses and thought it would be good to change. Bad mistake! I need to keep trading with the trend, but make sure I listen to the market and get out when itís showing signs of reversing.

Trend trading works, I just need to be able to accept losses and overall it would be profitable.

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  #87 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Got chopped up in the congestion after the first big move. Iím deciding to wait first half hour for my entries. My first half hour are usually quite poor performing.

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  #88 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Took 7 trades today, had a good trend going. I followed through with my plan in staying away for first half hour and seeing what is going on with the market first. Eventhough first move could be profitable, itís also very volatile and quick reactions are required. Right now, Iím trying for higher consistency and higher probability by waiting for the obvious trades to take.

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The following user says Thank You to quantum27 for this post:
 
  #89 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Took 5 trades today. I wanted to limit to 4 trades, and I should have quit after my first two trades. I guess itís just a matter of making progress, and getting better each day.

Starting to focus more on one chart for execution. I still use my other charts for analysis, but when it comes to getting in and out Iím using only the 1min chart. This helps me focus down, and not have too much to think about.

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