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Futurepilot's Topsteptrader Combine Journal


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Futurepilot's Topsteptrader Combine Journal

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  #1 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
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Well back to the drawing board....I feel so close. Anyway, I am starting another 10 day combine at Topsteptrader and this will be my forum thread for the duration. Wish me luck.

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  #3 (permalink)
 Cashish 
Miami FL USA
 
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  #4 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
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Choppy market in both CL or GC, but managed to catch a couple. Demonstrated the value of having risk/reward of at least 1:2. Was up at the open on Gold, then gave all plus back in Crude...Frustrating, but fought my way back by following my rules and not trading "scared". Took the setups as they presented themselves and managed them. Not a great day with the amount of trades taken, but any day in the BLACK is good. My trades follow.
Futurepilot's Topsteptrader Combine Journal-16-aug-2013-102032.pdf

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  #5 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
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Traded a lot of contracts today, mostly in Gold, but a few in CL. Never really caught any runners, but scalped my way to a successful day. More importantly, I did not hesitate to take trade setups as they presented themselves in accordance to my plan. I felt I was prepared for the day mentally and emotionally. I'm back in black with some cushion now, but will still only take single and double lot trades. My trade report follows.
Futurepilot's Topsteptrader Combine Journal-19-aug-2013-105148.pdf

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  #6 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
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prepped for trading with a look at charts for support and resistance levels in both CL and GC. Longer timeframes ie 30,60 240 were long in GC so was only looking to take longs. They worked out well and did catch the breakout runner I was trading for....approx 46 ticks. NICE! Did not do as well in CL. Oil was going down in the early trading and I didn't catch any trades for any real moves. The bottom was put in at the support level of 105.2 and also defined by a bull convergence in momentum. Moving averages crossed and further confirmed the move up. However, I started taking some shorts, initially....got my head out of whack and when got on board the longs didn't hold them for the run up almost 80 ticks. All in all, not a bad day $760 net, but most of it in GC. I need to take the signals in CL and let them work, might need to use a bigger stop, been getting stopped out only to see trade move in direction of trade.
Trade report follows
Futurepilot's Topsteptrader Combine Journal-20-aug-2013.pdf

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  #7 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
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Rolling along. Another decent day. Was up then pulled back in profit then got most back. Traded more successfully in CL today. I am trying to concentrate more on CL, but GC presents more trading opportunities. What to do???? Gave CL time to figure out what it wanted to do after EIA report. I have what is called a Z play where after news' initial move wait for a pullback then go with the trend of the initial move, some call it a 1,2.3 play where you go with move 3. Either way it worked out well in CL. My trades follow
Futurepilot's Topsteptrader Combine Journal-21-aug-2013.pdf

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  #8 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
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Did it again....started taking losing trades and then "rushed to make it back". only to lose more with stops and emotional trades. Anyway, stopped trading before blowing out the account and getting locked out. Showed a minuscule amount of discipline. LOL. So I lost $1900 plus, limit is 2000. This was all done by 8:22 CST. Then I turned on my live account simulator and traded by my rules and made almost 2500. Lesson learned: Wait for your setups....then take them, take the loss if that's what the market presents. Do not try and force the market to do what "you" want. It will almost always do the opposite (the market has no emotion). With all that said, going forward to complete this combine. I need to trade for a rollover (which means I don't pay for another combine). The profit objective of $8500 is out of reach with the remaining trading days available. So I will trade to make CL profitable and press on in the next combine. My trades follow:
Futurepilot's Topsteptrader Combine Journal-22-aug-2013.pdf

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  #9 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

Somewhat stuck to my plan of trading CL. However, did not wait for the setup that I am used to. Jumped right in and built a position only to close it for about flat, made a couple bucks. The reward was no where near the risk taken. I did wait for Gold to pullback to my entry level after a buy signal and made a couple bucks. Was ok only because it was in the black. My trades follow.
Futurepilot's Topsteptrader Combine Journal-23-aug-2013.pdf

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  #10 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
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Got on board GC today, traded well, following my rules. Started in CL with a trade, that stopped out, but stuck to my stop and target. Next trade in CL was a winner....not as big as I would have liked, but traded for flat. Then waited for market to open up...and never really got on board the moves in either direction. Was a positive day, which is good. Tomorrow is another day. My trades follow.
Futurepilot's Topsteptrader Combine Journal-26-aug-2013.pdf

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  #11 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

Broke the cardinal rule in trading the combine today.....Hit Loss limit, was not taking commissions into consideration. %#$^$ Oh well, back to the drawing board. Hit loss limit trading GC thinking I knew more than the market, not trading the signals on the charts. Went short in CL when the market was trending up very sharply......should have, by my own rules gone long on pullbacks. But didn't and it cost me another combine. I will trade this combine out to continue to develop my discipline and chart reading. My trades follow.
Futurepilot's Topsteptrader Combine Journal-27-aug-2013.pdf

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  #12 (permalink)
 iqgod 
Market Wizard
Mumbai, India
 
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I am sorry to hear that.

I have been in your shoes more than once.

Do not despair.

Just firmly embed the lessons learnt in your psyche and hold them close to your heart from where you can make them available when you truly need them.

Peace,
iqgod

P.S.: Share a gist of your learnings. You will be amazed when you come back to it later how much you learn from it.

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  #13 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

Don't know what happened, but lost yesterday's post.....lost my butt and hit loss limit. I will still trade the combine out and develop my discipline. My trades follow
Futurepilot's Topsteptrader Combine Journal-27-aug-2013.pdf

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  #14 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

Came back with a clear head today and traded by my rules....CL only. Was very volatile and presented nice moves to make a tick or two. Caught a decent runner after the EIA report, then seemed to chopp the account sideways. a winner a loser, etc. then stopp while I was ahead. Did about 1500 gross trading 2 lots. My trades follow.
Futurepilot's Topsteptrader Combine Journal-28-aug-2013.pdf

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  #15 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

Started out the day good in CL going long on a pullback to support, scaled out and made some money. Tried my hand at adding to a winning trade. It didn't work out. I have yet to see how adding to a winner can be profitable. At least I've never done it successfully. Then the market just chopped my up and I was done (hit loss limit). I will be starting a new combine after the Labor Day weekend. So this one is just for testing strategies. Clearly today's strategy didn't work. So far in CL, by 9am e.s.t. the Oil was flat, really no trades to be taken. I need to find a signal that keeps me out of the chop. My trades follow.
Futurepilot's Topsteptrader Combine Journal-29-aug-2013.pdf

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  #16 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
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Expected more volume and volatility in both CL an GC, but it just wasn't there. Basically traded for scratch losing a lot and then bringing it back. Today was a day to take a trade and scale out and keep one or two for a runner, which never came while I was trading. My trades follow.
Futurepilot's Topsteptrader Combine Journal-3-sep-2013.pdf

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  #17 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
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In typical fashion, I was trading counter trend in GC and lost my shirt, kept adding to loser, rather than get on board the bearish selloff. made a decent trade in CL pre pit open, then never got on board the selloff there either. Trying to figure out why my mind was stuck on bullish for both markets when the charts were screaming BEAR, BEAR, Bear! Maybe tomorrow I'll get on board.
My trades follow, Also, started a new combine, since blew this one up...Did alright there...taking about $500.
Futurepilot's Topsteptrader Combine Journal-4-sep-2013.pdf

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  #18 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

Did fairly well today. Following my rules. I did not hold winners long enough and most of my trades were scalping, but made over $1400 net in both combines. Another thing I did wrong was take a trade counter trend which was a loser and then not getting on board the direction of the market. This was in CL. I had a short signal at resistance of 108.10 took the short and was stopped almost immediately. Then a long signal fired of just as quick...I did not take it and the market subsequently ran over 40 ticks....so take a loss for 10 ticks and follow it up with a winner of at least 30. Thats how money is made in this business. My trades follow.
Futurepilot's Topsteptrader Combine Journal-5-sep-2013.pdf

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  #19 (permalink)
ElSenorMosquito
Manhattan, NY
 
 
Posts: 20 since Aug 2013
Thanks: 34 given, 23 received


futurepilot View Post
Did fairly well today. Following my rules. I did not hold winners long enough and most of my trades were scalping, but made over $1400 net in both combines. Another thing I did wrong was take a trade counter trend which was a loser and then not getting on board the direction of the market. This was in CL. I had a short signal at resistance of 108.10 took the short and was stopped almost immediately. Then a long signal fired of just as quick...I did not take it and the market subsequently ran over 40 ticks....so take a loss for 10 ticks and follow it up with a winner of at least 30. Thats how money is made in this business. My trades follow.
Attachment 122570

Nice work. Thanks for sharing.

What are your plans/methods to hold trades longer? Do you even feel that holding trades longer will be more profitable for your strategy?

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  #20 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

Traded both combines today. Did Very Well, Why? Because I was totally "Trading in the Zone". Strap yourself in this is long. "I'm giving you pearls here son." My primary trade in CL was a long at support of 109, I got in front by 5 ticks. Normally using a 10-15 tick stop, however having watched crude for some time now, I know "they" will fish for stops for all those longs there. So I moved my stop to 35 ticks and yes added to a loser. I want to be on the side of the professionals. I put my additional longs on at 108.80 (80/20 rule). and scaled out of the entire trade for about 56 ticks. I wish I had held for longer, but when I see my P/L above my daily target I usually close it out.....I need to work on that. I did a similar trade in combine 2 in GC. got a pullback to resistance and went short. Did not give enough pullback. My experience in GC is it moves in rythms. ie the professionals will wait for a 2, 3, 4 dollar move before they pounce on a trade. So again, I want to be with the pro's. Today it seemed they were using about 4 bucks. So my first short was stopped, but I added shorts at that position and scaled out holding the last one. Again seeing my P/L above my daily target it was very hard to hold, but I did and put a target in (not at support, but a nice round profit 4 bucks). All in all a Great Day in the Zone. My trades follow.
Futurepilot's Topsteptrader Combine Journal-6-sep-2013.pdf

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  #21 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

Did not fair well today. was building a position for a long in CL only to be stopped at daily loss limit and then watch it move in the direction of the trade. Oil will do that to ya if you want to play with the big dogs you have to be able to take the heat. I put too many contracts on for the amount of risk available to me and hit loss limit, less contracts would have been a profitable trade...I seem to do that quite often that is get correct on market direction but not enough to make the trade work out. GC I did not fair any better. Not sure if rollover was starting or not but markets were acting wonky not moving much in either direction. My trades follow
Futurepilot's Topsteptrader Combine Journal-9-sep-2013.pdf

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  #22 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

Getting close to the end of this combine (day 19). GC and CL were both heading down. Jumped on board....sometimes a little early and rode the wave down. Scaled out of GC on first contract, and held second, but closed position a little early (would not have hit my target), but I had the right idea of where to place target using a price extension somewhat (symmetry). Got a little emotional in CL and took some hits, but settled down and got on board the shorts....I didn't think it would extend as far as it did, but made $$$ anyway following the trend and my plan. My trades follow.
Futurepilot's Topsteptrader Combine Journal-10-sep-2013.pdf

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  #23 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
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Note I titled this trade in the singular. My plan was to only trade GC today....Gold is in a downtrend (daily, 4,1 hour, 30 min) So I was looking for a short. I started building my short position on pullbacks at 2.5, 4, 5 dollars. Price moved to my loss limit and the platform closed my position. Then what happened?? That's right, GC started its selloff and went through my first and second scale out targets. That's the breaks. We'll get em next time. My trade follows, there is also a couple of trades from my new combine for 1 contract...made a buck or two there.
Futurepilot's Topsteptrader Combine Journal-11-sep-2013.pdf

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  #24 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

Took some time off from trading to take care of business (stuff that clutters the mind and prohibits "good" trading).
My best trades: (yes plural) In GC got a short signal when it pulled back to downtrending mavg. Immediately got stopped out but placed shorts at that price as it was where I should have got short to begin with by my own rules and held for my target. Also had a good trade in CL after EIA report. Watched extension of price movement to upside and measured for a 50% retrace to go long. The market behaved exactly; got long at .25 and scaled out at .35 and .60. My worst trade was in CL where it gave a short signal with a bearish engulfing signal in both a 377 tick and 5 min bar price retraced 50% where I made my entry and tried to scale in but only got one car after price moved in my direction I moved stop to break even...which is exactly what the market did. Stopped me out and sold off to my target of 25 ticks. Next time! My trades follow.
Futurepilot's Topsteptrader Combine Journal-18-sep-2013.pdf

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futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

What I did right: took my signals initially and made some profit.
What I did wrong: Did not stop when I was up. Stopped trading my plan and the signals and started trading emotionally trying to make my losses back, which the market continued to take more from me.
What I did right: Stopped trading before I hit the daily loss limit and breaking the account. Tomorrow is another day.

Futurepilot's Topsteptrader Combine Journal-19-sep-2013.pdf

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  #26 (permalink)
futurepilot
Madison Wisconsin/USA
 
 
Posts: 25 since Aug 2013
Thanks: 0 given, 7 received

Today was an excellent day....Why I followed my rules and was extemely patient...Trades took over 45 minutes to produce my targets....Very happy with my patience to let them work out.
Did not overtrade. My trades follow:
Futurepilot's Topsteptrader Combine Journal-23-sep-2013.pdf

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