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ES Trading Journal July2013 - I can do this!
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ES Trading Journal July2013 - I can do this!

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

ES Trading Journal July2013 - I can do this!

As the title suggests, this is my new ES trading journal. My last ES trading journal went over 6 months old. I've learnt alot in that time, honed my trading skills and most importantly my psychology management skills. I've come to the point where I can pretty much be profitable each month, but I still need to keep a close watch to make sure things go well.

Here are my goals for the month:

1. Limit to 2 trades a day
-------------------------
As well as I can read the market at times, I've pretty much come to the conclusion that I can mentally handle 2 trades a day MAX! 1 trade is better, but 2 if need be. There are a combination of factors. Firstly, decision fatigue is a real phenomenon for me, more decisions I make during trading day, the worse the decisions get. The evidence in my trading speaks for itself, my 1st trade can be perfectly planned, and my 4th trade can be an impulse trade. I trade best on a one-shot-one-kill basis and be done for the day.

Second factor is the moves in the day, which are only a limited of good moves in a day.

2. Limit to 3point loss a day
----------------------------
Daily profit expectancy is about 4-6points, take 4points as a conservative number. If I take 1 max loss of 3pt a week over the course of 4 weeks, I can still be profitable.

3. Trade with the trend
-----------------------
As much as I like to think I'm smart and quick enough to trade against the trend, or pick tops an bottoms... I'm not. Overall, it's a losing strategy for me. I'm not saying it wouldn't work for others, but from my experience it just not a strength of mine.

4. Don't freak out and change strategies if things aren't going well
-----------------------------------------------------------------------
Having looked back at my trading for past few months, I can say that my strategy does work. Problem I've had is in freaking out and changing it. I need to just lick my wounds, and allow the maths to win over the market. Rather than hoping to get it right all the time.

5. Trade in sample sizes
------------------------
This is where this journal comes in handy. Coming here and journalling my trades each day, looking at my current sample size really helps me keep things in perspective. Trading in sample size really helps me not freak out when things aren't going well.

Well, that's it for now. Feel free to ask any questions.

quantum27

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


Here's the current sample for the month of July. I need to really plan out these trades, despite having a good feel of the market, I cannot say that I miss a thing or two when the heat of the action comes along. Hence, it's important for me to be focused on the setup criterias, otherwise there would be nothing objective for me to look at to measure my performance.

I did a better job on Wednesday, eventhough the trade was stopped out. I would take that trade again! These are the kinds of losses I love, because these are the kind of trades that eventhough they don't work out this time, they usually work out 80% of the other times. Lets not stress out about it, the month is still young


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

First trade of the day went 2 ticks away from my profit target. Oh well, but good thing was I didn't get locked into the trade and move my BE stop. It's going to happen, market is not going to do everything you want.

Second trade I probably should have been more patient and waited for more confirmation. But ended up with a small loss.

Third trade I reversed the second trade, made a small profit. Not a good idea, because it could have easily gone against me.

So Trade#1 was good trade, Trade#2 was a lesson, Trade#3 was a bad trade. Should have kept it at 2 trades.

Keep focused on the trade sample, lets not get sucked into the result of individual trades. Currently still in "have to make it everyday mode". Slowly working on, "lets trade good each day" mode and "daily results don't mean a thing" mode. It's a process.


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Great job with the notes you are keeping.
Are you also keeping a record of your trades and the reason why you did or did not enter the trade?

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
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  #6 (permalink)
Trading for Fun
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Posts: 137 since Aug 2009
Thanks: 2 given, 64 received


Patrick S View Post
Great job with the notes you are keeping.
Are you also keeping a record of your trades and the reason why you did or did not enter the trade?

Yes, I got a separate trading journal with my own notes.

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  #7 (permalink)
Trading for Fun
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Futures Experience: Intermediate
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Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Tuesday 9th July 2013

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Took 3 trades today. Yes, it's 1 too many again. I need to have the intention of trading my plan, rather than getting mixed into the market movements.

Hit my daily loss today. Looking back, it was a good loss, because the market never looked back. Market was not easy to trade for my method.

As much as I like it to be different, I have to remember that my priority is to control risk. Getting caught up analysing the market is just a bad way to go, think I'm smarter than the market. Need to let everyday unfold as it is, and not get bogged down about the results.

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

Wednesday 10th July 2013

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I took 5 trades yesterday, too much trading. Have to keep an eye on this. Volatility has been pretty poor lately, with little or no followthrough.

Pretty much took 4 scratches and 1 trade profitable. I've been alot better with holding my BE stops and not moving them. I always get in trouble with moving them, because I start trying to "figure out the market", rather than letting the trade play out and let the probability take care of things.

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Elite Member
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quantum27 View Post
Tuesday 9th July 2013

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Took 3 trades today. Yes, it's 1 too many again. I need to have the intention of trading my plan, rather than getting mixed into the market movements.

Hit my daily loss today. Looking back, it was a good loss, because the market never looked back. Market was not easy to trade for my method.

As much as I like it to be different, I have to remember that my priority is to control risk. Getting caught up analysing the market is just a bad way to go, think I'm smarter than the market. Need to let everyday unfold as it is, and not get bogged down about the results.


In regards to your statement of not getting bogged down with the results..... Something New I just started in conjunction with my Journal is I write the Date on a sticky note along with how I did and post it above my desk. I do not post how many I won or lost.
For Me... I like to see it posted on the wall in front of my face. It is more visual.

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
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  #10 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received


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Haven't had the chance to update this journal for couple of days. Past few days has been really low in volatility, and I almost thought about packing it up and finishing till summer ends. Until yesterday which gave us a nice down move.

Few things I need to work on include double checking my trades before I jump in, don't be afraid to miss the move. Being more patient for setups to occur. And being in a mindset of not needing to trade unless something good comes along.

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