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My Yellow Brick Road -by bd92154
Started:June 30th, 2013 (08:23 PM) by bd92154 Views / Replies:36,312 / 725
Last Reply:11 Hours Ago (10:22 PM) Attachments:1,549

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My Yellow Brick Road -by bd92154

Old November 13th, 2013, 10:51 PM   #111 (permalink)
Elite Member
San Diego
 
Futures Experience: Intermediate
Platform: NinjaTrader/Think or Swim
Broker/Data: TDA/Interactive Brokers/ Data Feed TDA and Kinetick
Favorite Futures: Stocks NASDAQ
 
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Posts: 817 since May 2011
Thanks: 1,523 given, 412 received

What I did well today:
- Traded Cash Account.
In my second trade I used stop and anticipated the MACD cross-over correctly.
Closed out first trade for profit vice letting my stop get hit.

What could I have done better:
Held trades into stops.
Better placement of stops.
Better paced myself for the trading day.
Trade more.
Learn to trade core position.

What will I do tomorrow to make things better:
Sleep
Prepare
Read up more on ES trading
Start working on my own personal Play Book

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Old November 14th, 2013, 10:33 PM   #112 (permalink)
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Posts: 817 since May 2011
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What I did well today:
Stopped trading after max loss for the day.
Traded, got in front of some trades.
Noticed trend of loss day if first trade is a loser.

What could I have done better:
Cut losses better.
Used setups better.
Wait until trend established and have stops in place for long term trade.

What will I do tomorrow to make things better:
I will stay with the trade until I get paid.
I will cut my losing trades even quicker.
I will journal. I will be sure to check ZAMZAR video conversion before posting. Noticed today that the conversion was not good during the day, but better after hours. Wonder if that will be the same tomorrow.
I will journal PSYCH and track the market from 10,000' so to speak.

Also I have noticed that if my first trade is a losing trade that often times that is foretelling of my entire day. Anyone else out there run into that challenge? If so any suggestions in breaking out of it. I am really tempted to just stop trading if I don't profit on the first trade.

Thanks...
c-ya................ Bill

@bd92154 for future reference for new trading rules

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Old November 15th, 2013, 07:33 PM   #113 (permalink)
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Posts: 817 since May 2011
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Yippee.
FRIDAY... Finished the week down $40 ... Close enough to scratch week.
Made some major mistakes but am learning from them.

Well just darn lucky today. If the trade had gone much more against me
there would have been major damage to my account. Not a good thing to do.
I just watched my video for the day and I would have had to close out my trade
at close to a thousand dollar loss if it had hit my line of death.
Would have been the death of my trading account... Death by a thousand cuts so to say.

What I did well today:
- Traded Cash
- Stuck with my trade.
- Had 10,000' vision of market, however after trade.
What could I have done better:
- Not added to losing position.
- Not maxing account so as being able to trade an additional contract to work with ATR.

What will I do tomorrow to make things better:
- Sunday night full sleep/ prep for trading day.

Have a great weekend all.

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Old November 15th, 2013, 10:29 PM   #114 (permalink)
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I have a question for you.

Why would you wait for the trend to be established? Isn't it best to catch it at the pivot? Or do you have certain days you're off?

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Old November 17th, 2013, 05:02 PM   #115 (permalink)
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Futures Edge on FIO

Are you a NinjaTrader user?

 

motowater View Post
I have a question for you.

Why would you wait for the trend to be established? Isn't it best to catch it at the pivot? Or do you have certain days you're off?

First thank you so much for the question. I keep posting knowing it helps me to be accountable,
but nice to know that some are read and watched.

Second, Being a new day trader myself, I hope not to misdirect you in any way.
With that said on to your questions.

1. Waiting for the trend is statistically safer for me. I have tried pivot trading and counter trend trading
with very limited success personally. With that said I have seen people that counter trend and pivot trade very
successfully. IMHO key to counter trend and trend trading is money management and trading psychology.
Currently I am battling FEAR: False Emotions Appearing Real... Has really taken its toll from time to time.
A big part of money management is proper STOP Placement. (Still working on that as well)

2. Best to catch Pivot? Well yes the Pivot is a great point as are the Value, Support, and Resistance Areas.
The one million dollar question is where to catch them. People use several different trading styles at Pivot areas.
If you do trade the Pivots much of the time the reversal off the pivot is two to three ticks away from the pivot.
Where you decide to enter is your choice, however once that pivot is violated by more than a few ticks, well then
much of the time the ES will continue to run. I have not been successful trading at the pivot myself. Some of my
mentors will be in the trade prior to the pivot with several contracts and take some off near each of the pivot and
other areas of interest.

3. Days off? Well I should take more days off. This is like a chicken and an egg problem for me. I am planning
on taking a vacation in January, but will be taking my laptop and a spare monitor so that I can keep abreast and
maybe trade the market. Friday would have sort of been a day off if I was waiting for the market to hit the pivot
which on my chart was at 1784.50 not showing on my screen capture, and definitely probably different than other
people, but close enough for government work. Still working on getting the proper balance in my trading life.
Having this Big Mike's Trading forum has certainly helped me personally in my quest to achieve that balance.


Hope this helps.


One last thing: Still working on Proper Money Management as well as even though I ultimately won on Friday,
I risked way, way, way, to much of my capital in the trade.

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Old November 18th, 2013, 10:02 PM   #116 (permalink)
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What I did well today:
I traded cash for the first trade.
Switched to SIM for practicing trading near the close.
What could I have done better:
I could have slept more last night.
More confidence in what I am doing.
What will I do tomorrow to make things better:
More sleep and have something fun to do tonight.
Continue to pace myself in trading.

Wow every time I turn off my NT7 feed then I remember what I forgot.
First time it was my chart to print it out. This time it was for my trade...
Well I am not going to start it one more time.
SIM trading was over $200 and real cash just over $20... Enough for a good lunch. ;-)


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@motowater watch video and skip to minute 7:17 for more on yesterdays question. Six Ticks.

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Old November 19th, 2013, 08:57 PM   #117 (permalink)
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What I did well today:
Realized distracted so didn't trade.
Kept all records and followed market.
What could I have done better:
Gone to Best Buy and bought monitor directly.
What will I do tomorrow to make things better:
Prepare. Have my new monitor.

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Old November 20th, 2013, 06:28 PM   #118 (permalink)
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Posts: 817 since May 2011
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What I did well today:
Traded SIM at end of day vice CASH
Observed when felt not ready to trade.
What could I have done better:
Not second guess myself and market.
Go with the flow more.
Take calculated risks rather than huddle in corner.
Not let past adversely affect future trades.
Accept that it is odds game and get out an play more.
What will I do tomorrow to make things better:
Insure that I get more rest.
Follow up with market and clean up study to create better working environment.
Work at getting travel laptop setup so as not to distracted by not having myself ready for trading on the road.

By the way closed out SIM for Scratch as I did not want to wait and with the market closing down again couldn't count on GLOBEX POP.

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Old November 21st, 2013, 06:39 PM   #119 (permalink)
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Posts: 817 since May 2011
Thanks: 1,523 given, 412 received

What I did well today:
I followed the markets.
I spotted where to trade.
What could I have done better:
I could have taken my trade.
More sleep prior to trading.
What will I do tomorrow to make things better:
More sleep.
Work on pulling trigger and trust in statistics.

Market up/ Me Down/ Looked up on futures.io (formerly BMT) for answer to PULLING THE TRIGGER.
Actually was going to ask Big Mike since he had sent out the "Ask Big Mike" email again however I did find a post that got me to the right website then I did a quick search and added the new link
How To Overcome the Fear of "Pulling the Trigger" on a Trade | Interviews With Top Traders
to the thread... Just putting it here for me to remember later. ;-)
My heart is still pounding from today and I didn't even take any trades. Definitely have to work on my relaxing.

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Old November 24th, 2013, 04:29 PM   #120 (permalink)
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Posts: 817 since May 2011
Thanks: 1,523 given, 412 received


FOR FRIDAY 22 NOV 2013
What I did well today:

- First trade Cash for 1 pt.
- Second and following trades were SIM and overall happy with trades.
What could I have done better:
- I misread the CYCLE on 6min chart and moved my stop early and was taken out of the trade.
What will I do tomorrow to make things better:
-Prepare on SUNDAY.
-Sleep on Sunday
-Clean Study. Review prior weeks trading.
-Watch open for trades.
Thoughts for the future:
Still not taking enough trades in the day. Also not riding winners long enough.
Setting stops a hair to tight in many trades. All will come in time. It is a process for me.
Currently working on just improving a little every day and I will be on my way.



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