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Avant's Journal


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Avant's Journal

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  #1 (permalink)
Brisbane Australia
 
Experience: Intermediate
Platform: Ninjatrader
Trading: SPI and Emini futures
 
Posts: 11 since Nov 2012
Thanks: 9 given, 8 received

Hi all.

New to this game but not to trading stocks. Considering that my bent is to technical trading I thought that I would trade specific commodities and Forex. I have noted how important it is to keep a plan and a journal. No performance measure can be monitored if the plan is not written down. What I intend to do is to document my approach in developing the plan and also the trading journal on this site for all to witness if they wish. However, I am the principal beneficiary.

Overall principle: Keep it simple
Key behaviours: patience and calm
Accountability; document and keep a journal

Day 1

Instruments

Only trade a limited number of instruments, three to be precise

1. DAX - although this is big and volatile
2. SPI - I live in Australia so this is a given but less volatile than the DAX
3. Euro/US currency pair - mini

I would like to trade the US minis but unfortunately I need sleep.

Method

Trend trading only - no counter trend

1. Identify the commencement of a trend
2. Entry Signal - Need to identify but looking at Keltner channels
3. Exit Signal - Need to identify but looking at Keltner channels
4. Identify whipsaw pattern

I will also use the techniques offered by Dunnigan, the AHG material by Anek and others in attempting to capture a trend and pyramid if possible.

Money Management

1. 1% risk - do not carry losses.
2. If stopped out make another attempt at entry with a smaller stop - makes the total risk 2%
3. Attempt to capture a win loss ratio of 1.2/1
4. Use Kelly formula later but not at the start

The biggest danger is this strategy is the whipsaw - anyway let's see how it goes. The way I intend to manage this is by using a multiple timeframe for trend identification. If there is anyone with strategies to identify trends I would be grateful for advice.

Avant
This is my first post and I will keep posting as I manage the strategy.

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  #3 (permalink)
Brisbane Australia
 
Experience: Intermediate
Platform: Ninjatrader
Trading: SPI and Emini futures
 
Posts: 11 since Nov 2012
Thanks: 9 given, 8 received


Well Day 2

3 trades over the past 24 hours - the result was that I traded with the trend

1. Traded with the trend in the DAX and the EuroUSD - entered using price action and flags rather than kKeltner -successful - 50 pips on the Euro and the 50% retracement and Keltner entry led my to an entry in the DAX for a 70 point run

2. Traded the SPI this morning - gapped open trended up and tried to counter trend trade - a big mistake and against my principle of trading with the trend - could switch to price action alone. My MAs on a higher time frame did not cross to indicate a change of trend - so one BIG mistake from me and cost me - discipline, discipline and patience.

Overall positive but annoying little habit of trading beliefs.

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  #4 (permalink)
Brisbane Australia
 
Experience: Intermediate
Platform: Ninjatrader
Trading: SPI and Emini futures
 
Posts: 11 since Nov 2012
Thanks: 9 given, 8 received

Well it has been quite interesting trying to maintain a journal. I must also say that it also reflects in my trading. Up and down like a yo-yo. Sometimes good and disciplined and other times I let my emotions take over. I had a slight problem where I entered a couple of stocks and ended on the wrong side - bought at the high and tried to manage the losses. That is the emotional side. I should always look at buying at support, selling at resistance etc I know that I have some good systems but I have this real streak where I want to blow up. Anyway I took my losses today and a little more that I would have liked. I hope that I learn.

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December 17, 2012


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