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Pete's Schweaty Journal


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Updated October 17th 2013 by Pete Schweaty
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Pete's Schweaty Journal

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  #1 (permalink)
Baltimore MD
 
 
Posts: 54 since Jun 2013
Thanks: 12 given, 13 received

Pete's Schweaty Journal

So for a while now I have been trying to put a journal online. I finally found time today. Just a little background about me first: I have been tinkering in the markets for about 3 years now. I would say that I have only been serious about it for about 6 months though. Before that I was in the "I am going to be so rich" phase. I lost some money, not a ton, but enough for me to realize that what everyone else was saying was true. The markets are tough.

I had my epiphany about 4 months ago. I had done well for about a month adding 10% to my account basically by being lucky. I gave it all back and some more in one blow up day. That day I vowed "never again." I set some ground rules, and started doing some researching. At the beginning of August I went live again. For the first 2 weeks it was the same story . . . I lost my butt by taking stupid risks, chasing the market, and ignoring my rules. I was pretty good at figuring out when and where I should be trading. I was just abysmal at following my rules. It was then that I realized that the only reason I had yet to be successful was me.

I went on vacation with my family for a week in August I decided that I would take the first hour of the day looking at the market while my kids were eating breakfast and we were getting ready for the day. I vowed that there would be no trading (not even Sim), just watching and observing. I made lines on my chart where I would have entered and exited. The results shocked me. If I had just traded like I knew I should have, without any pressure or second guessing, honoring my stops and TP's, I would have had my best week ever.

When I got back I started trading with the understanding that I could never break my rules. August was my first profitable month ever. I will start to add my journal entries for August and September soon. I plan to update daily with trade results and a grade of A through F on the trading day.

Sorry for the long post.

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  #3 (permalink)
Baltimore MD
 
 
Posts: 54 since Jun 2013
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So here is my trading log for August. Like I said, the first 2 weeks were sloppy. After that I stuck to my rules and did pretty well.

August Summary
9 total trading days
15 trades
Win % 53.3
Average winner $366
Average Loser $ 167
Expectancy in points 1.63
Profit Factor 2.5

Attached Files
Register to download File Type: xls Trading Progress August 2013.xls (20.5 KB, 12 views)
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  #4 (permalink)
Baltimore MD
 
 
Posts: 54 since Jun 2013
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At the beginning of September I got a little sloppy. I started chasing again and began thinking that I couldn't lose. I also had a bad day near the end of August. I gave back almost 40% of my monthly winnings in one day. After that I implemented a 2 loss rule. Two full losers and I am done.

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Baltimore MD
 
 
Posts: 54 since Jun 2013
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Here are my journal entries from the past few days.

9/16/2013
C on the day. Good job coming up with trade ideas. Your execution was poor. You didn't take the ideas as they came and wound up chasing. If you had taken your ideas you would have netted over 10 points on the day. Remember why you are doing this. Control what you can and don't worry about what you cant.

9/18/2013
C on the day. Good job planning your trades. You did a horrible job in execution. You entered too early in reaction to fear of missing a trade. Good job handling the drawdown and not closing early. You can look for an opportunity to scale-in in the future for very low risk on the second position. Dont worry about missing trades. If you didn't plan it . . . don't trade it. You were lucky to get out with a +1 point.

9/19/2013
B+ on the day. Good job planning and executing your first trade of the day. Clearly defined profit target and risk. Calm yourself. Once you are in a trade, you cant control anything. Let the market work itself out. Watch for trend lines and gap fades. The gap doesn't seem to mean much in this market. Watch for opportunities to get into consolidation in the direction of the prevailing market.

9/23/2013
C for the day. You got scared and exited early. You know this market very well. The worst that happens is you lose 200. you gave up 225 by closing early. You are the only thing stopping you. Set it and forget it.

9/25/2013
B on the day. You did a good job of sticking to your plan. You were wrong on the first trade. No big deal. On your second trade you came to within 2 ticks of your TP and took a full loser. You should start to look at managing your trades a little more actively. Don't just close them when you get scared. Remember the difference between fear and analysis.

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  #6 (permalink)
Baltimore MD
 
 
Posts: 54 since Jun 2013
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9/25/2013
Took 2 full losers on the day. After that I closed up shop.

B on the day. You did a good job of sticking to your plan. You were wrong on the first trade. No big deal. On your second trade you came to within 2 ticks of your TP and took a full loser. You should start to look at managing your trades a little more actively. Don't just close them when you get scared. Remember the difference between fear and analysis.


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Baltimore MD
 
 
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9/26/2013
A on the day. Did a good job of waiting for price to reach your predetermined point and sold as planned. Held your position through your TP without moving it when price stalled a little halfway there.



Stats Through 9/26

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  #8 (permalink)
Baltimore MD
 
 
Posts: 54 since Jun 2013
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Stats through 9/26

Total trading days: 11
Total Trades: 21
Win %: 48%
Avg Winner: $283
Avg Loser : 200
Expectancy in Points: 0.6
Profit Factor 1.3

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  #9 (permalink)
Baltimore MD
 
 
Posts: 54 since Jun 2013
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Final performance September 2013


Total trading days: 11
Total Trades: 21
Win %: 48%
Avg Winner: $283
Avg Loser : 200
Expectancy in Points: 0.6
Profit Factor 1.3

Attached Files
Register to download File Type: xls Trading Progress Sept 2013.xls (24.0 KB, 9 views)
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  #10 (permalink)
Baltimore MD
 
 
Posts: 54 since Jun 2013
Thanks: 12 given, 13 received


D
Three trades today. The first one you chased. The results were predictable. Your SL was larger than it should have been. You then refused to change your attitude and kept trying to short in an uptrend. On your third trade you got nervous and moved your SL to BE. If you held your initial SL and Target you would have made up for the previous 2 losers and been up on the day. The only positive aspect of todays trading was you pulled the trigger when your ideas presented themselves.


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October 17, 2013


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