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Trading when I can, a trading tradesman
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Trading when I can, a trading tradesman

  #1 (permalink)
Elite Member
milwaukee,wi, usa
 
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Trading when I can, a trading tradesman

I've been meaning to start a journal here for a long time. For some reason today is the day I actually do it. I'm calling the journal what I am because, I trade when I can, and I'm in the trades, a self employed plumber.
I don't know how often I will post, but I'm polishing up my day trading techniques as well as looking at other longer time frame trades for when I have work, and can't daytrade. I also hope to inspire any other "non educated types" that this game can be played succesfully.

I currently don't have the urge to grow my business substantially and have employee's. I would rather trade a little and plumb a little. When I can't do one, the other will fill the financial void. Every time I open my calendar to a new month and only a few days are scheduled, I wonder how the month will go. The month closes, and the whole thing is scribbled full of appointments and jobs.

Anyway, having been self employed for about 2 years now and in the trades about 16, I've grown use to up and down periods regarding income, and I believe this relates to trading. When I had a job, as well as now, I only got paid for working, no vacation pay, holidays, etc. So one week would be a 40 hr check, then there was a long weekend and you got paid for 24. If I took a week long spring break vacation with my wife, I got no pay the following week. I've also been laid off and out of work for months at a time. Same thing in trading, some weeks you might not make as much as the next and vise versa.

But then I went into business, I'm now used to weeks where you feel you lost money as opposed to made. I'm also more acclimated to handling larger sums of money.

The final point I want to make, is that you don't need some pedigree of fancy degree to make a living, or even a little extra cash playing the trading game, you just need a solid plan and even sounder money management and psychology.

After alot of practice and sim trading as well as education, I've settled on using market profile and a delta for guaging the market. I then look at a 4 range or 1 min for entries. Charts may change as I move forward, but for now this is what I look at.

One more thing,

Thanks to the following futures.io (formerly BMT) members that have influenced my trading style.
@Big Mike for his video "an afternoon with big mike" as well as his overall comments about risk, psychology and money mangement. @mfbreakout for his no nonsense journal "day trading crude with out indicators" it has been very inspiring. @Private Banker and @greenr for there postings in @bobarian CL Light Crude Analysis TPO/MP/VWAP/VPOC thread


Last edited by lrfsdad; August 19th, 2013 at 06:43 PM. Reason: trying to get member mentions right
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  #2 (permalink)
Quick Summary
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9-13 Results: Sim CL day trades -2312.5
Sim Stock option spreads 1157.26
Live IRA


Last edited by lrfsdad; September 30th, 2013 at 05:34 PM.
 
  #3 (permalink)
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8/19


After a couple weeks from the screen, was able to trade the first hour or so of CL.
I'm happy with how I managed risk and was able to ride out a decent winner before having to leave for the day.
I also used Qm to hedge a trade in order to reduse risk.

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The first trade was a try short against a previous swing low on the 5 min.
The second was a long based on the recent trading trange
and the 3rd was a long entry again based on a previous swing high and a setup I've noticed on the delta

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Had the opportunity to have screens on from 7am till now. Sat it out and didn't take any trades. There was one setup I missed (elipses) and probably would have passed on as it was just after the open. As I type this, I was thinking a short using ACD time filter, but didn't want to mismanage a trade or put one on just to trade right when I have to leave for the day. Regardless the short would have been a good trade.

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lrfsdad View Post

After alot of practice and sim trading as well as education, I've settled on using market profile and a delta for guaging the market. I then look at a 4 range or 1 min for entries.

I am looking forward to reading what you have to say.

Also, I have always enjoyed the idea of Market Profile but I have never put it into trading practice. Therefore, I am also looking forward to seeing what you have to say about MP.

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completed bell curve

a quick read through what you are doing has re-ignited me to look into Market Profile again. I will not be putting it into any immediate trading, but just kind of looking at it again to see how I might implement something in a few months, if ever.

In re-looking at this again, it did lead me to a question that you may be able to help me with. What constitutes a "completed bell curve"? Is there a particular criteria that defines that?

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JGSmith View Post
a quick read through what you are doing has re-ignited me to look into Market Profile again. I will not be putting it into any immediate trading, but just kind of looking at it again to see how I might implement something in a few months, if ever.

In re-looking at this again, it did lead me to a question that you may be able to help me with. What constitutes a "completed bell curve"? Is there a particular criteria that defines that?

Thanks. MP is something I watch to help me figure out where we've been and where we might be headed. That being said, I am by no means an expert. I would highly recommend searching all you can on this forum and for sure read this thread through: https://futures.io/commodities-futures-trading/24896-cl-crude-oil-futures-contra...-average-price-vpoc.html

I also know that many people here are fond of books by Jim Dalton, which I have not read.

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Hey nice to see the journal. I also am a trading tradesman. I been a mason or about 22 years now and have always struggle looking for money (work) i the winters until ingot into trading about five years ago. I trade rain days and winters.it is harder to get in tune with markets like that but it also could be y I could hang around the early years without blowing up. Well good luck in both you're endeavors.

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So far only a few trades. After SOH for the first 1 1/2 hrs, I realized we were making lower highs and lower lows on the higher timeframes, although shorter term we seemed to be sideways. I decided to take a short against previous swing highs. The entry was a little late as far as where my stop was, but did make some money. I decided to stay in the short targeting the bottom of yesterdays VAL as we had spent alot of today in yesterdays VA with a slight down ward bias. The r:r was better than 2:1. I slowly did get stopped out. I reevaluated, and suspected stop hunting based on how the mkt reacted. I may or may not have been wrong on that, but I decided to short again, but then the 930 am news hit (of which I was not aware BIG MISTAKE) I did not have a stop in place, but do to the speed of the rally (i've seen it many times) I suspected something had happened. I hit the reverse button and rode the trade for about 50 ticks. I realized something was happening that I didn't understand and hit flatten. I want to point out that this was kind of lucky as my mind new what I was down on the day and I just so happened to be able to flatten at BE for the day. Below are charts. Funny how one can be patient for so long, then just react.

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Not too often the mkt runs 1.50 in ten minutes time and I shouldn't necessarily be happy I'm currently at BE for the day based on how I managed my risk in first trade.

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8/26/13


Took the first long anticipating trend continuing, got some ticks, but am trying to focus on larger targets. Took second long when price bounced off of the high from about 9:24. Took first one off when price appeared to be struggling to make a new high. Didn't wait too much longer to
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