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TS' Trading Journal (Since 2014/9/8)


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TS' Trading Journal (Since 2014/9/8)

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  #1 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
Thanks: 306 given, 165 received

Hello Everyone,

I would like to start this trading journal in order to improve my trading skills. At the same time I hope others could learn from my mistakes and good trades.

My setup:
  • Trading Security: stock (FB)
  • Time frame: 5 min bar
  • Indicators: EMA(20), CurrentDayOHL

Guide: Price Action Trading (Please search for Al Brooks)

Management:
  1. Size: 100 Shares of stocks between $50-$200, more than 100 shares for stocks <$50
  2. Stop Loss: Price Action Stop
  3. Max Daily Loss: $100
  4. OverTrading: 10 entries & exits per stock / day.

Objective:
Sept 2014 - Oct 2014: Trainning self-discipline (daily loss, max trading, patience)
Nov 2014 - Dec 2014: Daily profitable (Increase profit ticks)
Jan 2015 - Feb 2015: Daily profitable (Increase trading size)

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  #3 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
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1st trade: Get in too early. Should wait for the signal
2nd trade: Should scalpe in a trading range or trending trading range day
3rd trade: bold guess, emotional decision
4th trade: should scalpe, or at least exit at break even
5th trade: scalpe, should not enter even it has a positive result

I need to be patient, wait for the right signal to enter and make reasonable profit target.

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  #4 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
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More Trades last day, more loss...Still too emotional and eager to trade


FB:

1st trade: short @77.82, target @77.60 (move down to touch open), stop @78.04, lost
After the moving up from last day final hour, I though the beginning moving up is the buy climax. Generally I was not wrong, but I was too reckless. The moving up from first half hour of this day is strong, according to Al Brooks, I should wait a second signal to enter, which should be around trade 2. So I got stoped out at the height of first moving up.

2nd trade: long @78.07, target @78.30 (measured move up from first 2 bar trading range), stop @77.95, lost
Since my idea about FB going down was right, I should have shortedI was convinced by my hope or imagination that the moving up bull is strong. I expected a measured move up based on the first 2 bear bar trading range. This is unlikely to achieve since the bear controls the first 2 bar of the day, and the entry bar was actually hit the hight of yesterday. So they formed a double top and led to a moving down.

3rd trade: long @77.99, target @78.30, stop @77.82, lost
still got traped in a bull imagination, totally unaware of double top pattern. Since the entry bar was changing from big bear bar to hammer shape, I expected a strong bull to reverse near the MA, so I put my stop there. Got a loss.

4th trade: short @77.71, target @77.40, stop @77.90, lost
As I remembered, I was really a bit mad after 3 consecutive loss. Since the entry bar broke down the MA, I shorted to chase the bear trend. But the next bar move up, I was really over reaced to move down my stop from 77.90 to exit asap with a lost, and actually I reversed to get into long side. I messed up and left FB with whatever the loss.



QQQ:

5th trade: Short@99.88, target @99.76, stop @99.95, win
this trade was taking place with the 4th FB trade. QQQ showed a clear shrinking wedge, the down side was relatively strong. I though it was not too late to profit from the pattern. I shorted at the MA and wanted to get out at the horizontal bottom, a little higher to be safer.



SPY:

6th trade: short @199.79, target @199.65, stop@199.92, lost
SPY was showing the same pattern as QQQ, but I got there too late, the downward wedge was at its ending part. After my entry, the price droped a bit but never triggered my target order. I get stoped out at the prior high.

7th trade: long @200.05, target 200.17, stop199.93, win
After breaking from the up side of the wedge, QQQ was also moving up, so this gave me confidence about the bull strength. I chased the SPY moving up, but I though the 200.20 is a round number, which would not be touched since bear strength was strong this day. So I got out with a smaller but safter profit.


AAPL:

8th trade: long @99.19, target @99.38, exit@99.22, even
I cannot remember why I rushed out before the 5min bar finished....Probably, I was somehow expecting a failed reversal.

9th trade: long @99.25, target @99.38, stop@99.11, lost
after the bar of 8th trade formed a bull bar, I entered again, but unfortunately too early. I put my stop 2 tickets below the entry bar low, and got kicked out of the moving up trend with a loss.

10th trade: long @99.27, target @99.38, stop@99.08, win
Not a good trader equation, but I was pretty sure about the moving up trend. Target was hit soon.

11th trade: Short @99.43, target @99.30, exit@99.42, even
I was expecting a drop to touch the MA, but once I saw the entry bar became a doji bar with bigger tails on the down side, I lost my confidence and get out at even.

Total P/L = -81, not in the mood, still cannot control my emotion

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  #5 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
Thanks: 306 given, 165 received


FB:

1st trade: long @77.21, target @77.35, stop @77.06, win
There was bull stength shown at the open of this day, and the higher low at around the 2nd half hour of this day had not broken the bull trend line draw from yesterdays final half hour. I was confident that a long should be alright. I increased my trading size to 500, and put my stop at the low of entry bar. Profit got. [WIKIIMAGE


SPY:

1st trade: short @199.20, target @199.05, stop@199.30, win
with a sloping down MA, doji bar after big bull bar which formed a lower high touching the MA, it is a good signal of down side move. I entered at the low of doji signal bar, put my target at about the high of bear bar which was just 2nd before my doji signal bar. It was quite clear to me that a down side move should have touched the high of that bear bar to close the gap made by the big bull bar.

2nd trade: shorted @199.09, target@198.95, stop @199.18, lost
I was trying to short again before the down side wedge finished, at least for a scalp. The price didn't reach my target 2 bars after my entry, the third bar did, but it stoped me out before going down. should have put my stop at 199.20.

3rd trade: shorted @198.87, add @199.08, target @198.70, stop@199.24, lost
Biggest lost, and should be avoid! first, I shorted on the down side of the moving down wedge, chasing the market down. It's dangerous, emotional. second I added where I should stoped.
Frankly it is not the first time I have done this kind of stupid thing...just feel can't help..sometime~ Still need to working on that! Anyone could share how to control this kind of impulsion?

4th trade: long @199.31, target @ 199.50, stop @199.20, lost
Buying at the top of the big bull bar is not a perfect change, should have waited a second chance. Should buy at the same price at the bar I got stoped out.


QQQ:

1st trade: short stp@99.27, target 99.13, stop @99.40, win
same as fist trade of SPY.

2nd trade: short @99.30, target @99.15, stop @99.47, lost
still believed in bear side, the 2 good look bear bar (entry bar and the one before it) was persuasive to me...Should waited at last to see if the price could stay below the MA or not, should have left at the top of the doji bar...

3rd trade: long @99.52, target @???, stop @99.45, lost
I was not quite sure how much the price will move up, but since the price was moving up above a up trending MA, I though that it would at least tested the open high, formed a higher high before turned down again. got stoped out in next 5min. Should not enter... or put stop at the bottom of the big bull bar just before my entry bar, and waiting for a bigger profit...anyway, enter at the big bull bar where it broke from the up side of the doji bar before it should be the perfect point! How I wish............Learned!

Total P/L = -15

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  #6 (permalink)
 tturner86 
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
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Posts: 6,172 since Sep 2013
Thanks: 10,456 given, 12,608 received


tshunhu View Post
Hello Everyone,

I would like to start this trading journal in order to improve my trading skills. At the same time I hope others could learn from my mistakes and good trades.

My setup:
  • Trading Security: stock (FB)
  • Time frame: 5 min bar
  • Indicators: EMA(20), CurrentDayOHL

Guide: Price Action Trading (Please search for Al Brooks)

Management:
  1. Size: 100 Shares of stocks between $50-$200, more than 100 shares for stocks <$50
  2. Stop Loss: Price Action Stop
  3. Max Daily Loss: $100
  4. OverTrading: 10 entries & exits per stock / day.

Objective:
Sept 2014 - Oct 2014: Trainning self-discipline (daily loss, max trading, patience)
Nov 2014 - Dec 2014: Daily profitable (Increase profit ticks)
Jan 2015 - Feb 2015: Daily profitable (Increase trading size)

Congrats on the journal!

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  #7 (permalink)
 tturner86 
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
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Posts: 6,172 since Sep 2013
Thanks: 10,456 given, 12,608 received


tshunhu View Post

Just notice your charts. Please include the price ladder on the right. Charts without price and time are hard to gauge what is really happening.

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  #8 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
Thanks: 306 given, 165 received


tturner86 View Post
Just notice your charts. Please include the price ladder on the right. Charts without price and time are hard to gauge what is really happening.

Ah! Thank you I have not noticed that~~~

---------------------------------------------------

Chart updated with time and price. But ninja trader gives the local time... I'll work on improving the chart in order to show everything simpler and clearer~ Good trade!

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  #9 (permalink)
 tturner86 
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
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Posts: 6,172 since Sep 2013
Thanks: 10,456 given, 12,608 received


tshunhu View Post
Ah! Thank you I have not noticed that~~~

---------------------------------------------------

Chart updated with time and price. But ninja trader gives the local time... I'll work on improving the chart in order to show everything simpler and clearer~ Good trade!

So 4 AM is the time of the open for you? Looks good, I have subscribed to your journal.

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  #10 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
Thanks: 306 given, 165 received



tturner86 View Post
So 4 AM is the time of the open for you? Looks good, I have subscribed to your journal.

Here it begins at 21:30, ends 04:00, or one hour later in winter.

Since I have a full time job, I could only trade the first 2-4 hours. I'm going to my job and starting my own business, I'll be able to trade more hours~

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  #11 (permalink)
 Scalpingtrader 
Hanover, Germany
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
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Good Luck on your trading & Good that You Journal now, I know you've been around for a while.

P.S.: allow yourself more time for your goals. I wouldn't be surprised if it doesn't take a month but a year to get yourself straight as under control. Not that I don't believe you can do it but normally it takes time. A lot.

I don't do stocks but will lurk around anyways

ST

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  #12 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
Thanks: 306 given, 165 received


Scalpingtrader View Post
Good Luck on your trading & Good that You Journal now, I know you've been around for a while.

P.S.: allow yourself more time for your goals. I wouldn't be surprised if it doesn't take a month but a year to get yourself straight as under control. Not that I don't believe you can do it but normally it takes time. A lot.

I don't do stocks but will lurk around anyways

ST

Thank you, Scalpingtrader! I'll give myself time to learn and practice actively

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  #13 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
Thanks: 306 given, 165 received

Monday: -51
Tuesday: -81
Wednesday: -15
Thursday: No trade
Friday: No trade
Total: -147.
Three consecutive lose days, still too emotional when put trade. Should always trade it like fishing, patient to enter and exit.
Anyway small lose, keep trainning and learning~

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  #14 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
Thanks: 306 given, 165 received


SPY:
  • 1st trade: short @198.50, target @??, stop @??, loss
Frankly speaking, I cannot remember what exactly I was thinking. when I saw 4 consecutive bear bar since the open, I asserted that the bear must go deeper before bull to show up. I must do not have a clear plan back then and entered the trade by emotional and hope.
  • 2nd trade: short @198.61, target @198.41, stop @198.70, win
Now when I look back this trade, I feel lucky. My entry bar merely touched the bear trend line, I assume the the price will go down, at least to touch the prior low. I put my target around the prior low and got filled.

----------------------------------------------------------------



FB:
  • 1st trade: short @76.50, target @76.18 (exit @76.45), stop @76.71, win/even
I really felt the down side momentum. I placed this trade when my entry bar was in a upside down hammer shape. But I didn't stick to my plan, when my entry bar finished with this healthy bull shape, I lost confidence and got out around even.
  • 2nd trade: short @76.12, target @75.74 (exit @76.09), stop @76.34, win/even
My entry was below the trading range after the first 4 bars moving down from the beginning. I was expecting a measured move down at least the size of the trading range. I don't know why I exit so early, it just stupid...maybe the doji bar after my entrance reduced my confidence. I should really stick to my origin plan.
  • 3rd trade: long @75.24, target @ 75.54 (exit @75.28), stop @74.84, win/even
The good shape bull bar just before my entry formed a 2 bar reversal with the bear bar just before it. I was expecting a move up the touch the MA. Again did not stick to my plan, got out at around even. Although it is not a bad idea to get out early, and may actually avoid further loss, still not good to form a good habit. Should not enter this trade, because the bear was so strong, bull normally would not come directly without any trading range.
  • 4th trade: long @75.32, target 75.74, stop 75.10, loss
  • 5th tarde: long @74.18, target 74.47, stop 74.80, loss
I must get stuck to the long idea, after the moving down from the open, I was not willing to believe the price could go lower...should not place the trade, because the market was still in a tarding range, actually the 4th trade has shown me that the bull was not in control yet. A touch to the MA and failed break out must followed by continuous move down...

Total P/L: -48

Little summary: the first 2 trades show my weakness clearly, I cannot hold the winning position. If I hold either of these 2 trades longer, I would not place the following 3 ones. In the 5th trade, I actually should get out earlier. but I held losing position longer.

I think it is normal to beginner !? and should be overcome by developing a good habit, even by loss. Am I right? @tturner86 @Big Mike Thank you~

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  #15 (permalink)
 ratfink 
Birmingham UK
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
 
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Posts: 3,651 since Dec 2012
Thanks: 17,422 given, 8,403 received

Good trading habits will only help your results if you have an edge, and until your chart or method contains useful information you have no edge. At the moment I see no information, so no edge.

At this stage your habits have to be about life routines, hard work and learning.

There is a mountain of great trading information in the forum from which you can start to build an edge, one that you personally feel comfortable with and can see working time and time again. Do not underestimate the screen hours and life years needed for this phase.

Only then do you also need to think about developing habits to help with the emotional jungle that follows.

Have a great journey. One step at a time.

Travel Well
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 tturner86 
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
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Posts: 6,172 since Sep 2013
Thanks: 10,456 given, 12,608 received

@ratfink is correct. Trading is actually quite simple. Buy at support and sell at resistance.

First thing I would do is learn how to find horizontal S/R lines from previous price action. Also learn how to draw channel and trend lines (like you had with your first trade).

I would do this without trade at all. Just draw the lines and follow price. Note areas where price pivots off of S/R. Learn to see it as it forms. That way when you are trading and we are nearing S/R you can see it a head of time. As you gain more experience you will learn what S/R will matter more.

Looking at your first trade you shorted quite a bit away from the TL. Typically you would want to short the touch of the TL to get the best entry, give more room for profit, and lessen your risk.

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 ratfink 
Birmingham UK
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
 
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tturner86 View Post
Trading is actually quite simple. Buy at support and sell at resistance.

Yeah, dead simple. Couple of decades and I've nearly got it sorted.

Travel Well
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  #18 (permalink)
 tturner86 
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
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Posts: 6,172 since Sep 2013
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ratfink View Post
Yeah, dead simple. Couple of decades and I've nearly got it sorted.

LOL. Dead simple, just not easy.

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  #19 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
Thanks: 306 given, 165 received


FB:

1st trade: short @ 75.88, target @75.62 (exit @75.73), stop @ 75.97, win
2nd trade: short @ 75.79, target @75.59, stop @ 75.97, win
The moving down trend line made me safe about short to a touch to the previous low. The first trade sacred me out as the entry bar was forming a doji bar, I got out earlier with partial profit.

3rd trade: short @78.80, target @75.57, stop @75.97, lost
4th trade: short @75.91, target @75.57, stop @75.97 (exit @75.92), lost/even
Ignoring the big bull shape of the entry bar, I was waiting for a touch of TL or MA and then a down side break out. Tried 2 times both failed

5th-7th trade: purely emotional nothing to say...

8th trade: short @76.05, target @75.92, stop @76.25, lost
3 bear bar with long tails on the top of each one, I was convinced that the bear should return. The bull doji bar actually told me that the bear may not return to take the price down...should move down the stop to the red dash line once the bull doji bar finished.

9th-12th trade: got emotional again...fear to lose and anger to win back...


FB:
13th trade: Short @76.12, target @??, stop @76.42, lost
Actually an accidental entry...should get out early

14th trade: long @76.42, target @76.51, stop @76.36, lost
I reversed my position after 13th trade, hoping for a up side breakout. I was right, but the tight stop gave the market the chance to throw me out before moving up. The big stop in 13th trade made me terrified to lose by loose stop, the very next trade gave me the lessen about tight stop...

15th-17th trade: scalped a bit during the FOMC news...it's dangerous...

Little summary to FB: I personally find FB more difficult to trade than QQQ, SPY. The volatility is large and fast, and chart is complicated for me to interpret, easier to get emotional...definately overtrade today on FB, I will trade sim on it, and trade smaller size if I see opportunities.


QQQ:
1st trade: short @99.46, target @99.34, stop @99.50, win
Short near the TL, stop was a bit higher than previous high, target at open low. Got filled.

2nd trade: short @ 99.33, target @99.24, stop @99.37, lost
Two bars just before my entry made me believe that it is a false upside break out of the TL, so I was expecting a touch to the previous low. stopped out.


SPY:
1st trade: short @200.61, target @200.47 (exit @200.52), stop @200.68, win
setup as micro double top, two touches to MA, one touch to TL, shorted for the test to previous low. Scared out, afraid of a double bottom with previous low. Should not, better move stop to even, if necessary. Aversion of lost casued by trades on FB.

2nd trade: short @200.51, target @200.32, stop @200.55, win
Almost same setup as 1st trade. Got filled

Total: P/L +67 (increased size)

Little summary: Messed up on FB, totally lost control...Did better on SPY and QQQ.


ratfink View Post
Good trading habits will only help your results if you have an edge, and until your chart or method contains useful information you have no edge. At the moment I see no information, so no edge.

At this stage your habits have to be about life routines, hard work and learning.

There is a mountain of great trading information in the forum from which you can start to build an edge, one that you personally feel comfortable with and can see working time and time again. Do not underestimate the screen hours and life years needed for this phase.

Only then do you also need to think about developing habits to help with the emotional jungle that follows.

Have a great journey. One step at a time.

Thanks to @ratfink and @tturner86! I will develop a written trading plan. I'm reading as many threads as I can and watching archived webiner while taking note. No rush, just little progress everyday~

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  #20 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
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Enough for today, I still have not gotten an "edge" to trade, feel fear and emotional when trading. It would be a waste of time and money to continue.


QQQ:

1st trade: short @99.98, target @99.84, stop @100.13 (exit @100.00), lost
My entry was below the bull TL(not shown), hope the price move further down, at least touch the MA, better the open. But it was risky since the MA was climbing. Should have waited for the entry bar to close and then decide if enter or not. Again trading against MA direction is not good for me...

2nd trade: long @100.19, target @??, stop @100.10, lost
Really regret by missing the 3 consecutive bull bars. Thinking the bull spike just would not stop very soon, at least for a scalp. But actuall it does turn into a spike down...

3rd trade: long @100.09, target @100.19, stop @100.07, lost
Tried again for long side...stopped out where price break the TL

4th trade: short @100.06, target @99.98 (exit @100.03), stop @100.09, win
Scalp for a touch to MA, since it did not, got out earlier.

5th trade: long @100.06, target 100.12, stop @100.00, lost
My entry bar formed a 2 bar reversal with the bear bar before it. I was hope a break out pull back of previous bull TL, but failed.

6th trade: short @100.00, target @99.92, stop @100.10 (exit @100.06), lost
Reversed the 5th trade, really emotional unstable.


FB:

1st trade: short @76.92, target 76.85, stop @76.99, lost
Expecting a scalp for the touch of previous lower low. Actually a stupid idea, it's difficult, and not worthy.

2nd trade: short @76.96, target 76.85, stop @77.00 (exit @76.95), even
I got greed once the price really dipped to 76.85, I wanted a deeper move down to test the open. Failed and ran away at even.

3rd trade: short @76.92, target @76.85 , stop @76.99, lost
These bull bars before my entry all have tails on top, and touching MA, I think is some kinds of strength by bear side, but wrong.

4th & 5th trade: Finally get convince the bulls are taking control. Still the same problem, I just cannot let the winning trade to grow. After get out of the 4th trade, I find the bulls are still stong, so got into for a scalp. It's just not worth the risk to enter again....I'll pay attention to this problem when contructing my trading plan, and let the winning trade to run further.

Total P/L = 5

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  #21 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
Thanks: 306 given, 165 received

Still contructing my trading plan, nothing detailed decided, so I'll not explain every trade as I did. Other reasons to skip some trades are because that I overtraded, not be able to let my winning trade run further...

I have the feeling that I'm working for the broker to get lots of commision dilivered to their account but few profit lasted for myself

I'll go through all the documents and stuff about trading plan this weekend and try to make a quick review to Al Brook's Price Action books that I have read to build a draft trading plan get it posted. Hope that could be done in the next two days.


QQQ:

1st trade: short @100.23, target @100.10, stop @100.29, lost
The entry was a bit rush, I though that the price would not stay above MA for long, when my entry bar was red, I expected it to be the breakout bar. I was afraid to miss the down side move.

2nd trade: short @100.26, target @100.18, stop @100.33, win
Entered on the down side break out to previous downside hammer bull bar. My target was too close, I actually can put my target some where around 100.10. Now, I'm thinking back, unless using a trailing stop, I cannot figure out how further the price will go down. The MA was not bending too much at that time...Need to learn from others and exp.


FB:

I post 1min chart, but I was trading on 5min one. I was just scalping. Fear is my primary issue, which stops me to grow my winning trades and leave too soon.

1st trade: short @76.99, traget @76.88(resistance not shown in 1min chart), stop @77.04, win
Scalpe to a move down to resistence.

2nd-7th trade: I find I'm always doing this kind of trade since the end of august. Just cannot get rid of it. I think it is because of low confidence in managing the trade, which comes from emotional entry and exit, which often lead to lost, which knock down my confidence. A vicious circle! I'll confront it after establishing my written trading plan + strategy, maybe by sim trading.




8th-12th trade: Scapling in 5min chart, when I look into 1min chart, it makes more sense...

Total P/L = 1

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  #22 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
Thanks: 306 given, 165 received

Monday: -48
Tuesday: No Trade
Wednesday: +67
Thursday: +5
Friday: +1
Total P/L = 25

The P/L is meanless to me now, as long as it not a big loss. After 2 weeks keep posting every trade, my problems have been shown clearly.

Thanks to @ratfink to stated my primary issue directly. Frankly speaking, I was denying what you said at first. I have read some books, watched video and traded for several months, and gotten all my previous losses back and even some profit. Even though I do not have a sound, tested written plan, I was definitely not considering myself having no 'EDGE'.

BUT @ratfink, you are no undoubtedly right about that!

I looked back all the trading records since the first trade I have made. I do not have an edge, all my losses and wins are showing this point. My losses and wins are too spontaneous, I was getting better than the very beginning by having more trading hours and exp, but never develop something original.

I was focusing on the psycho part of my trading skill by hand writting notes everyday to record my feelings, which is important, but I just realized that the psycho part could be inforced by owning a sound trading plan, which is inseparable. The more wins I get, the more confidence I establish, and more exp I get to improve my trading plan, so a virtuous circle should replace the vicious circle which is taking place now.

And thanks to all others reading or following my journal~

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  #23 (permalink)
 Scalpingtrader 
Hanover, Germany
 
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The main thing I realized over time about plans/edges/methodology or whatever you want to call it is this:

If you look back at a trade you took 6 month ago - can you explain why you did take and should take that trade?
It doesn't have to make sense to wveryone, but YOU have to know why you were doing what you were doing.

If that is not possible, then what you did back then just wasn't trading.

Don't know if my point comes across... I think it is about your thought process being repeatable in the end..
Where else would confidence come from, if you can't know yourself if you would take this or that winning trade again?!

Anyways, enjoy your weekend.

ST

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  #24 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Scalpingtrader View Post
The main thing I realized over time about plans/edges/methodology or whatever you want to call it is this:

If you look back at a trade you took 6 month ago - can you explain why you did take and should take that trade?
It doesn't have to make sense to wveryone, but YOU have to know why you were doing what you were doing.

If that is not possible, then what you did back then just wasn't trading.

Don't know if my point comes across... I think it is about your thought process being repeatable in the end..
Where else would confidence come from, if you can't know yourself if you would take this or that winning trade again?!

Anyways, enjoy your weekend.

ST

Thank you @Scalpingtrader! I think I understand your point, it mkes sense~ Good weekend to you !

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 tshunhu 
Wuhan, Hubei, China
 
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TS’ Trading Plan
2014-09-22


General Part

1. General Info
This trading plan is the first writting one fo my own. It is based on the trading plan template from futures.io (formerly BMT)(orignated from trade2win). After nearly 10 months of day trading, now I’m confronting several psychological and technical obstacles. This trading plan is the first detailed strategy to deal with these issues, I’ll keep the trading records and review this trading plan every week, adjustment should take place every 2 weeks or monthly.

2.Facing Issues
Psychological:
  • Fear of trading: afraid of losing, even very small ones, exit too early with small profit because of fear.
  • Revange trade: try to cover back daily losses and achieve an even for the day, exit trade base on account balance rather than market condition.
  • Greedy: want to achieve a certain number of profit without considering market condition.
  • Perfectionism: want to get all possible profit, and price to move in expected direction once entered.

Technical:
  • Entry: no specific entry rules, easy to put one an emtional trade, overtrade.
  • Exit: no specific exit rules, profit target is always not achieved but exit with little profit too early.
  • Complementary indicators: only 2 indicators, EMA and priordayOHL, may need 1 or 2 more, if necessary.

3.Why to be a trader
Trading fits my personality and personal interests. This activity includes many parts that I’m interested in, like maths, computors promgramming, psychology etc,.
The first goal of trading is the discover mental weaknesses and imprvoing myself. Trading reveals the shortcoming of my personality very directly and trains me to be a self-decipline, humble persone. If not getting better, eventually I’ll be thrown out of the business. Indifference to losses and wins, learning forever, acceptance of changing and flexibility are all excellent qualites that needed to be sucessful in trading as well in any other aspect of life. Among all kinds of options, trading provides the most direct and efficient way to train these characteristics, also maybe the most expensive.
The second goal of trading is to achieve financial freedom. With the financial support from trading and later investment, I would have more time and energy focusing on learning about human society and the nature.
I believe that I can achieve what I expected because I already have several basic qualities to begin with. First, I can always admit my weaknesses and faults, I’m always alert to detect my ego about denying faults and making up excuses to protect itself. Second, I believe in myself rather than depending on others’ help, only can myself overcome my own weaknesses. Myself is the only choice, no one else can do that for me.

4.What sort of trader
I’m a discretional day trader, focusing on daily price movement of my target instruments. I want to be able to handle both trending and trading range market. I can devote all necessay time, energy and conviction in studying, learning and solving problems, in order to be a better trader. I cannot control the market, but I can control myself. I’ll be able to control myself by believing in myself and stick to my plan.

5.Strengths and weaknesses to trading
Strength: Courage to admit weaknesses and faults / ability to study and learn
Weaknesses: Emotion control is weak / still lack of experience in trading

6.In right frame of mind to trade?
I’ll only trade when I’m feeling normal and peace, not when I’m down, distracted or excited. I’ll try to maintain a good physical and mental health by doing sports / being humble to every aspect in life.

7.Incoming target
It should be progressing, for now, I want to be daily even or profitable, I’ll keep the daily loss under my max tolerance level, once arrived or exceded, STOP TRADING NOT REVENGE.

8.Annual Traing Goal
The annual goal till the end of 2014 is to develop my own trading ‘edge’, and develop a good trading habit. This goal will be achieved by:
a)Keep learning things from futures.io (formerly BMT) and other sources on a daily base. Taking notes when reading articals and watching webinars. Review the stuff I have studied from time to time, practice some if possible.
b)Building my own trading plan and writting my trading journal every that I traded. Reviewing, analysing and improving.
The achievement will be evaluated by number of overtrading days per week/month, number of emotional trades per day/week, fluctuation of sucess trades based on trading plan, number of watching/trading market days per week/monty, number of artical/book/webinar read/watched per week/month.

9.Monthly Goal (September 2014)
Build a trading plan and stick to it, test it and monitor the result. Keep doing daily/weekly routine.

10.Weekly Goal (W38 2014)
Same as month goal since it’s almost the last in September.

11.Market / Instruments / Timeframe
1st Step: I’ll trade US stock market, focusing on suitable DT instruments like FB/AAPL/QQQ/SPY etc,. I’ll trade mainly 5min chart.
2nd Step: Extent my trading to China stock market, HongKong stock market, be a position trader, on daily base. (forseen in 2nd half 2015)
3rd Step: US futures, options. China / HongKong futures. (2016)

12.Brokers / Data / Software
I’m using Interactive Broker, Ninja Trader to trade. Data from IB. Considering kinetick , and Tradestation as future combination.

13.Daily pre-market routine
a)Re-reading yesterday’s trading journal and daily goal, setting new daily goal.
b)Getting rest and storing energy for market hours (open hour is night 9:30/10:30pm, close in the early morning 4:00/5:00am in China).
c)Reading ‘Daily Reading on the Principals and Psychology of Day Trading’ by George Slezak.

14.Ananlysis of trading journal
a)Mark the chart with every entry and exit.
b)Recall the entry, target and stop of every trade, mark the emotional ones.
c)Mark the good and bad ones, analyse from emotional and technical aspects. (detail development needed)
d)Compare the result to trading plan and daily goal
e)Upload result and analysis on futures.io (formerly BMT)

15.Risk management
a)5% account risk forever / 1% per trade (not exceding daily max loss), if violated, stop trading for 5 trading days.
b)5 consecutive lossing trades should end a day (if not emotional then review strategy).

16.Stop orders and Stop trading
a)Put stop order based on price action and max loss, if too large to bear, then let it go.
b)Stop trading:
i.Daily max loss hit
ii.Daily goal achieved
iii.Physical / mental unstable
iv.Inevitable outside distraction


Technical Part

Goal: cut losses short anb let profit run

1.Risk-Reward ration
Should at least be 1:1 with high possiblilty trades, try to achieve 1.5 - 3:1 recently (daily/weekly analysis).

2.Overall guildling strategy
Al Brooks’ Price Action: Buy Low Sell High and Scalp in trading range / Swing in trend.

3.Setup / Entry
  • Enter near or at the close of a 5min bar.
  • Breakout (with TL, wait for 2nd entry if flat TL)
  • ii / iii breakout.
  • Wedge/Flag breakout.
  • R/S breakout (wait for a 2nd entry, in case of false breakout)
  • Reversal
  • Two / Three bar reversal
  • Touch/Through of TL or S/R then back in previous trend direction
  • Any second failed breakout with valid signal bar
  • Trading Range (scalping)
  • Fade previsou S/R line
  • Fade breakout (no previous strong trends, or very beginning of trading range)

4.Target
Caution of perfectionism, winning is better than losing, need more exp to catch whole move.
  • Measured move (half position out when strong trends)
  • Previous R/S or H/L
  • Trendline

5.Stop
  • Other side of signal / entry bar
  • Previsou R/S or H/L
  • Trendline
  • Max loss per trade (let it go if too large)

6.Exit
  • Target filled or Stop triggered
  • Break of trendline, R/S, HL (Stop)
  • Sale/Buy climax (away from MA, 3rd or 4th consecutive one direction move)
  • Emotional entry (exit at little P/L once detected before stop triggered)
  • Outside environment urgence
  • Feel any emotional or physical unstablility

7.Emotion control (market is always there, patience preserves capital)
  • Stop 5-10 mins without entry after emtional trade exit (let it go if chances occur during break)
  • Stop 30 mins after 3 consecutive losing trade (I must be emotional then)
  • Stop 5-10 mins after winning trades
  • Pay attention to body reaction to stress/fear
-------------------------------------------------------------------------

That's it for now, I'm posting it because I hope this can help me constrain myself trading according to it. Any idea/recommendation would be highly appreciated!

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  #26 (permalink)
 tturner86 
Portland, Oregon
 
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tshunhu View Post
TSí Trading Plan
2014-09-22


General Part

1. General Info
This trading plan is the first writting one fo my own. It is based on the trading plan template from futures.io (formerly BMT)(orignated from trade2win). After nearly 10 months of day trading, now Iím confronting several psychological and technical obstacles. This trading plan is the first detailed strategy to deal with these issues, Iíll keep the trading records and review this trading plan every week, adjustment should take place every 2 weeks or monthly.

2.Facing Issues
Psychological:
  • Fear of trading: afraid of losing, even very small ones, exit too early with small profit because of fear.
  • Revange trade: try to cover back daily losses and achieve an even for the day, exit trade base on account balance rather than market condition.
  • Greedy: want to achieve a certain number of profit without considering market condition.
  • Perfectionism: want to get all possible profit, and price to move in expected direction once entered.

Technical:
  • Entry: no specific entry rules, easy to put one an emtional trade, overtrade.
  • Exit: no specific exit rules, profit target is always not achieved but exit with little profit too early.
  • Complementary indicators: only 2 indicators, EMA and priordayOHL, may need 1 or 2 more, if necessary.

3.Why to be a trader
Trading fits my personality and personal interests. This activity includes many parts that Iím interested in, like maths, computors promgramming, psychology etc,.
The first goal of trading is the discover mental weaknesses and imprvoing myself. Trading reveals the shortcoming of my personality very directly and trains me to be a self-decipline, humble persone. If not getting better, eventually Iíll be thrown out of the business. Indifference to losses and wins, learning forever, acceptance of changing and flexibility are all excellent qualites that needed to be sucessful in trading as well in any other aspect of life. Among all kinds of options, trading provides the most direct and efficient way to train these characteristics, also maybe the most expensive.
The second goal of trading is to achieve financial freedom. With the financial support from trading and later investment, I would have more time and energy focusing on learning about human society and the nature.
I believe that I can achieve what I expected because I already have several basic qualities to begin with. First, I can always admit my weaknesses and faults, Iím always alert to detect my ego about denying faults and making up excuses to protect itself. Second, I believe in myself rather than depending on othersí help, only can myself overcome my own weaknesses. Myself is the only choice, no one else can do that for me.

4.What sort of trader
Iím a discretional day trader, focusing on daily price movement of my target instruments. I want to be able to handle both trending and trading range market. I can devote all necessay time, energy and conviction in studying, learning and solving problems, in order to be a better trader. I cannot control the market, but I can control myself. Iíll be able to control myself by believing in myself and stick to my plan.

5.Strengths and weaknesses to trading
Strength: Courage to admit weaknesses and faults / ability to study and learn
Weaknesses: Emotion control is weak / still lack of experience in trading

6.In right frame of mind to trade?
Iíll only trade when Iím feeling normal and peace, not when Iím down, distracted or excited. Iíll try to maintain a good physical and mental health by doing sports / being humble to every aspect in life.

7.Incoming target
It should be progressing, for now, I want to be daily even or profitable, Iíll keep the daily loss under my max tolerance level, once arrived or exceded, STOP TRADING NOT REVENGE.

8.Annual Traing Goal
The annual goal till the end of 2014 is to develop my own trading Ďedgeí, and develop a good trading habit. This goal will be achieved by:
a)Keep learning things from futures.io (formerly BMT) and other sources on a daily base. Taking notes when reading articals and watching webinars. Review the stuff I have studied from time to time, practice some if possible.
b)Building my own trading plan and writting my trading journal every that I traded. Reviewing, analysing and improving.
The achievement will be evaluated by number of overtrading days per week/month, number of emotional trades per day/week, fluctuation of sucess trades based on trading plan, number of watching/trading market days per week/monty, number of artical/book/webinar read/watched per week/month.

9.Monthly Goal (September 2014)
Build a trading plan and stick to it, test it and monitor the result. Keep doing daily/weekly routine.

10.Weekly Goal (W38 2014)
Same as month goal since itís almost the last in September.

11.Market / Instruments / Timeframe
1st Step: Iíll trade US stock market, focusing on suitable DT instruments like FB/AAPL/QQQ/SPY etc,. Iíll trade mainly 5min chart.
2nd Step: Extent my trading to China stock market, HongKong stock market, be a position trader, on daily base. (forseen in 2nd half 2015)
3rd Step: US futures, options. China / HongKong futures. (2016)

12.Brokers / Data / Software
Iím using Interactive Broker, Ninja Trader to trade. Data from IB. Considering kinetick , and Tradestation as future combination.

13.Daily pre-market routine
a)Re-reading yesterdayís trading journal and daily goal, setting new daily goal.
b)Getting rest and storing energy for market hours (open hour is night 9:30/10:30pm, close in the early morning 4:00/5:00am in China).
c)Reading ĎDaily Reading on the Principals and Psychology of Day Tradingí by George Slezak.

14.Ananlysis of trading journal
a)Mark the chart with every entry and exit.
b)Recall the entry, target and stop of every trade, mark the emotional ones.
c)Mark the good and bad ones, analyse from emotional and technical aspects. (detail development needed)
d)Compare the result to trading plan and daily goal
e)Upload result and analysis on futures.io (formerly BMT)

15.Risk management
a)5% account risk forever / 1% per trade (not exceding daily max loss), if violated, stop trading for 5 trading days.
b)5 consecutive lossing trades should end a day (if not emotional then review strategy).

16.Stop orders and Stop trading
a)Put stop order based on price action and max loss, if too large to bear, then let it go.
b)Stop trading:
i.Daily max loss hit
ii.Daily goal achieved
iii.Physical / mental unstable
iv.Inevitable outside distraction


Technical Part

Goal: cut losses short anb let profit run

1.Risk-Reward ration
Should at least be 1:1 with high possiblilty trades, try to achieve 1.5 - 3:1 recently (daily/weekly analysis).

2.Overall guildling strategy
Al Brooksí Price Action: Buy Low Sell High and Scalp in trading range / Swing in trend.

3.Setup / Entry
  • Enter near or at the close of a 5min bar.
  • Breakout (with TL, wait for 2nd entry if flat TL)
  • ii / iii breakout.
  • Wedge/Flag breakout.
  • R/S breakout (wait for a 2nd entry, in case of false breakout)
  • Reversal
  • Two / Three bar reversal
  • Touch/Through of TL or S/R then back in previous trend direction
  • Any second failed breakout with valid signal bar
  • Trading Range (scalping)
  • Fade previsou S/R line
  • Fade breakout (no previous strong trends, or very beginning of trading range)

4.Target
Caution of perfectionism, winning is better than losing, need more exp to catch whole move.
  • Measured move (half position out when strong trends)
  • Previous R/S or H/L
  • Trendline

5.Stop
  • Other side of signal / entry bar
  • Previsou R/S or H/L
  • Trendline
  • Max loss per trade (let it go if too large)

6.Exit
  • Target filled or Stop triggered
  • Break of trendline, R/S, HL (Stop)
  • Sale/Buy climax (away from MA, 3rd or 4th consecutive one direction move)
  • Emotional entry (exit at little P/L once detected before stop triggered)
  • Outside environment urgence
  • Feel any emotional or physical unstablility

7.Emotion control (market is always there, patience preserves capital)
  • Stop 5-10 mins without entry after emtional trade exit (let it go if chances occur during break)
  • Stop 30 mins after 3 consecutive losing trade (I must be emotional then)
  • Stop 5-10 mins after winning trades
  • Pay attention to body reaction to stress/fear
-------------------------------------------------------------------------

That's it for now, I'm posting it because I hope this can help me constrain myself trading according to it. Any idea/recommendation would be highly appreciated!

Nice and organized!

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  #27 (permalink)
 ratfink 
Birmingham UK
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
 
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Puts me and mine to shame! Good job.

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  #28 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
Thanks: 306 given, 165 received

Summary

Instruments: FB (11 trades), SPY (1 trade)
12 Trades:
2 wins, 9 losses, 1 even
7 emotional trades. 4 logical trades.
Overtrading: Yes
Stick to trading plan: No
Daily P/L = 0


QQQ:
One trade: short @199.83, target @199.35, stop @200.02, lost
My entry was a downside break out of previous low. The 4th bull bar was the fisrt and only bull bar of all the beginning 6 bars. I put my entry as stop sell order below the previous low, exprected the price to break there (it did), and go down for a measured movedown based on the openning range. Got stopped out early. I think it is normal, my though was right, and should enter again 3rd bars after this entry.


FB:

1st trade: long @77.35, target @77.60, stop @77.29, lost
2nd trade: long(add) @77.48, target @77.60, stop @77.29, lost
My first entry was the second time upside break out of openning trading range. The first brreakout was failed, but price has not droped to the bottom of the trading range and followed by a second breakout which has succeeded. I added when the price broke up the previous high. I was expecting at least a touch of the low of last trading day's last bar (I now realized I have made a mistake ! I was expecting a close of openning gap! But the open price of today was still in last Friday's range! So my expectation was wrong!). If I have not made this mistake, I would not add

3rd trade & 4th trade: emotional trades. Seen from 1 min chart, 3 was not a good entry, but in 5min chart my entry was a down side breakout of open price. My entry was not perfect, but a with trend entry should not be too badm especially when the trend is strong. But I got scared of losing more, once the price moved up a bit, I panicked and just wanted to escape. So got out with a loss.

5th trade: Actually another emotional trade. Downside breakout to a lower low, but My stop was previous 5min low, so I got stopped out.

6th trade-8th trade: since the 5th trade, there was actually a trending trading range. The price moved down in a narrow channel. Now I can not find any reliable reason why I entered I was just seeking any possible reasons to trade. When I'm writting this, I still sense a bit of eager to trade.

9th trade: long @76.72, target @76.85, stop @76.60, win
Entry bar is a two bar reversal in 5 min chart, on 5min chart the price has been away from MA and bull bars have appeared before, a move up to the low of openning trading range was reasonable target.

10th trade: long @76.72, target @76.82, stop @76.60, win
Just a scalp to fade the down side move. The 5 min bar was moving down side and strongly reversed up. I sense some urgence of bull side. I was not watching 1min chart, now I realized the I bought near the 1min MA.

11th trade: Emotional trade. Trying to get one more dollar to be even. Lucky, but extrem emotional and dangerous. Should take a note of this trade, should never do it again.

-----------------------------------------------------

With different trading size, I managed to be even, but simultaneously, I was also trading sim on FB.
SIM TRADING FB

I was fading a move to MA, normally I should have been stopped out, since the upside breakout was too far to place stop. Normally should enter some where near the end of 3rd or beginning of 4th bear bar. I was dealing was my long postion stopped out loss and scared by the large size of bear bar. Scared not to enter...2nd to 4th trade was reversed from one to another. 5th I was writting this journal, so no management, otherwise should stopped out early.

I can actually do better without pressure from dealing with real mony.

Two problems revealed today, need to search for information and deal with:
  1. Eager to trade. The impulsion to trade let me enter many bad trades.
  2. Pressure to deal with real money greatly influenced my decision making process.

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  #29 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
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Today's Object
1. Control Overtrading (No more than 6 trades per, accept whatever the result is after 6 trades) -- Failed 11 Trades in Total
2. Control Emotional Trading (Enter with clear setup + target + stop / Don't predict the market) -- Failed, Several Emotional Enteries and Exits
3. Appropriate Pause Between Trades -- Generally No
4. Stay as long as possible in winning trades (Monitering feeling of being in a winning trade reaching for target) -- Succeed Once, the last trades (actually was thinking about covering loss)

Ok, that's for today, good luck to everyone and myself!
--------------------------------------------- Wait the market to open-------------------------------------

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 tshunhu 
Wuhan, Hubei, China
 
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Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Summary:
1. Failed to achieve most daily objects

2. Total 11 Trades
6 wins, 5 losses
6 Logical entries, 5 emotional entries
1 target filled exit, 7 fear exits, 3 stopped exits
3. P/L = +39

----------------------------------------------------

SPY:

One trade: short @199.03, target @198.73 (exited @198.93), stop@199.17, win
Seeing a double top formed, entered at down side break out of previous bull bar. Originally expecting the price to touch yesterday's low. But I was terribly afraid that the price would not punch through the support around 190.90 (around my exit). So got out earlier. Extremly fear~~~


FB:

1st & 2nd trade: same situation as SPY trade, FEAR.

3rd trade: short @77.34, target @77.10, stop @77.53, lost
Expected a move down to touch the MA. Too early, should wait till 2 bars later.

4th trade: Scared by the bull shape of entry bar, reversed 3rd position, stop out during the down side break out of bull bar which just before entry.

5th-8th trades: Emotional trades, now I'm looking at the chart, feel I was like a prey caught in hunter's trap, struggled desperately to get out, but actually wasting energy and leading to a quicker death...

9th trade: long @77.14, target @77.28, stop @77.08, win
Finally a touch of MA, buy in down side of descending channel, would not be too wrong. And the natural stop is not far. Get target filled

10th trade: long @77.32, target @77.65, stop @77.10, win
A upside breakout of descending channel. After the strong bull movement from the 2nd bar of today, I believed that the pull back was about to finish, and a test of preivous high is possible. More important, the target is just a bit higher than the price I can get even....

--------------------------------------------------------------------
I'm always very nervous about winning trades turn into losing one. As I posted in the thread of 'Get nervous after earning money'. The same feeling of overall trading account profit and paper profit of every trade.

because of this , the first 2 trades and 9th trade on FB, the trade on SPY all exited too early. As many suggested, trading smaller size. I was actually trading only 50 shares (really small, compared to 1000 shares I was trading before starting this journal). I think the key point for me, personally, is not about how much money I win or lose. It about the fear of loss. I'll search for info and help about this point.

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 bobwest 
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tshunhu View Post
I'm always very nervous about winning trades turn into losing one. As I posted in the thread of 'Get nervous after earning money'. The same feeling of overall trading account profit and paper profit of every trade.

because of this , the first 2 trades and 9th trade on FB, the trade on SPY all exited too early. As many suggested, trading smaller size. I was actually trading only 50 shares (really small, compared to 1000 shares I was trading before starting this journal). I think the key point for me, personally, is not about how much money I win or lose. It about the fear of loss. I'll search for info and help about this point.

An observation is that, when you keep a clear head, you do well. When you don't, you jump around one way and the other reacting purely to whatever price just did. (Just like me, by the way.... )

I would say that having very clear (and simple) criteria for taking a trade, and always taking it when that is present, and only when it is present, may provide a bit of steadiness.... a reference point amid the (perceived) chaos. (I understand that this is much easier said than done. )

Psychologically, it's important to not care whether you win or lose (also not so easy!), but only about whether you executed as planned. (Also not so easy....) Trading small size is one part of that: being able to take a loss without worry about the consequences.

Good luck. You're doing very well in your journal, bringing the things that you need to change into focus.

Bob.

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 tturner86 
Portland, Oregon
 
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bobwest View Post
An observation is that, when you keep a clear head, you do well. When you don't, you jump around one way and the other reacting purely to whatever price just did. (Just like me, by the way.... )

I would say that having very clear (and simple) criteria for taking a trade, and always taking it when that is present, and only when it is present, may provide a bit of steadiness.... a reference point amid the (perceived) chaos. (I understand that this is much easier said than done. )

Psychologically, it's important to not care whether you win or lose (also not so easy!), but only about whether you executed as planned. (Also not so easy....) Trading small size is one part of that: being able to take a loss without worry about the consequences.

Good luck. You're doing very well in your journal, bringing the things that you need to change into focus.

Bob.

I agree with Bob. Whether you win or lose you need to wash your mind mentally between trades. Try not to carry any residual over from the previous trade to the next. Now that is harder said then done, but it is something that I work to do. I wash my mind premarket of previous sessions and then again between trades.

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 tshunhu 
Wuhan, Hubei, China
 
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Pre-Open Objective

Almost same as Tuesday, since I have not achieved any...
------------------------------------------Result---------------------------------------

Summary

Instruments: FB (3 trades), SPY (5 trades)
8 Trades:

3 wins, 3 losses, 2 even
5 emotional trades. 3 logical trades.
Overtrading: Yes, but better
Stick to trading plan: No, but better
Daily P/L = 3




SPY:

1st trade: short @197.95, target @197.55(low of yesterday), stop @198.22(exit @198.08), lost
Shorted the downside breakdown of prior low (on 1min chart) Scared when the price moved up and turned my entry bear bar to a doji bull bar. Exited with fear.

2nd trade: short @197.85, target @197.55, stop @198.14 (exited @198.04), lost
When exited the first trade, the price moved down (seemed just to mock me of my idiot fear...). So I entered again on the downside break of previous bear bar(on 5min chart). Again the market succeed in making fun of me...And again I have been scared out...

The exit of these 2 trades are emotional, normally the strong trend like this would not just reverse without any trading range. It's all because of myself, I scared myself (what a talent...).

3rd trade is totally emotional with both entry and exit. In and out @198.04, lost (commision)

4th trade: long @196.94, target @197.14 (exit @197.05), stop @197.85(low of previous bar in a ii partern on 1min chart), win
Entered with stop order on the top of ii partern. I was targeting a pull back to MA on 5min chart, but in 1min chart, the price could not reach 1min MA. So I exited earlier with a little profit.

5th trade: long @197.22, target @197.60 (exit @197.25), stop @196.80, even
Long again after the 4th trade, The good shape of entry bar makes me believe that a touch of MA would be soon. Honestly speaking, I have not place my entry just after I entered. A mental stop was there, but I should not do this again!!! Two legged move down on 1min chart just after my entry, I was nearly to exit with a loss. Ran away around entry price.



FB:

1st and 2nd trade: the first 2 trades were exactly the same as those two on Tuesday. 'Let the winning trade run', easy to say, but difficult to do.

I was fighting extrem fear and greed between the first 2 trades and between 2nd and 3nd trade. Wanted to entry immediately to catch some profit, but fear that teh price move up after my entry...

3rd trade: shorted @77.59, target@?? (exit @77.32), stop @77.76, win
Shorted a downside breakout, failed pull back to MA on 1min chart. I was not sure where the price would heading. So I get out once there was a sign of pull back.


SIM on FB

Only the first trade was a loss. Still a better performance on sim account. Fear really significantly limites my ability to judge the price action. This shows me that I could do much better if I could take this issue nicely~ Time and study needed!

---------------------------------------------------------------------
Actually feel better today than Tuesday, fewer trades (12 -> 8), less pressure (but still...), fewer emotional trade, longer pause between trades.


tturner86 View Post
I agree with Bob. Whether you win or lose you need to wash your mind mentally between trades. Try not to carry any residual over from the previous trade to the next. Now that is harder said then done, but it is something that I work to do. I wash my mind premarket of previous sessions and then again between trades.

@tturner86, @bobwest, thank you both, I'm trying to feel the feeling when I'm stressed and fear, and let the lossing trade go, so I would not just follow the price to do a lots of emotional trades. I'll keep working on that!

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  #34 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
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Weekly Summary
Monday: 0
Tuesday: +39
Wednesday: No Trade
Thursday: +3
Friday: No trade
Total P/L = +42

Still distance to stick to my trading plan. Feel difficult to control emotion. After watching the webinar with Linda Bradford Raschke about the trading habits, I learned that a trading plan should have 3 features which makes it easier to be executed: simple/catchy/long-term positive influence to life.

I'll redact several simple and easy rules to help me control emotion and place trade during the weekend.

I'm also reading the book 'The Disciplined Trader' by Mark Douglas. I just begin to read and find it very interesting.

That's all~ Good weekend to everybody!

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 Big Mike 
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Nice job journaling @tshunhu.

I want to let you and all your readers know that in October futures.io (formerly BMT) has a Trading Journal contest w/prizes. The contest runs October 1 to October 31, and the three best journals (as decided by futures.io (formerly BMT) members) will receive a 150K combine from TopstepTrader.

The contest thread is here:



That thread will be open for posting starting Wednesday, October 1. As the author of your journal, you need to make a post in that thread linking to your journal, and then ask users to press the "Thanks" button on that post if they want to vote for your journal to win the contest.

Members can vote for as many different journals as they want. Votes are cast in the Contest thread only, and only on the first post made by the author of the journal that contains a link to their journal. This is done so I can easily count the "Thanks Received" by author/journal, and award the three prizes.

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  #36 (permalink)
JTurner77
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Great stuff, Tshunhu! Looking forward to watching you grow as a trader.

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  #37 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
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Pre-Open Objective

Same as last Thursday. Generally failed to achieve. Overtraded / Several Emotional Trades.
Positive side: better pause between trades, less stressful than before (still stress).

---------------------------------------------------------------------------------------------------------

Summary:
1. Failed to achieve most daily objects

2. Total 13 Trades

3 wins, 8 losses, 2 even
5 Logical entries, 8 emotional entries

3. P/L = +22 (with changed postion size)

----------------------------------------------------------------------------------------------------------

FB:

1st trade: short @78.78, target @78.50, stop @78.91, stopped out
Shorted the down side breakout of prior low. After the previous 2 highs, I was expecting a double top which leads to trace back to the beginning of up trend.

2nd-6th trade: Got emotional, just following price movement but generally in wrong direction or got out too soon. Exact same behavior pattern as last 2 trading days. Tried to control, but failed. I'm working on it by taking note and reading books. Just more time needed...


SPY:

1st trade: short @197.00, target @196.80, stop @197.12, stopped out
The doji bar just before my entry was a good signal for short, but now I realize that it's also a tempting bear trap! I hypnotized myself to believe that the big green bar before the doji bar was a buy climax. Still a reasonable entry with logical stop. Even not succeeded.

2nd trade: long @197.21, target @197.60, stop @197.13 (exited @197.23), lost
After the 1st trade, I switched to the long side, but the very next bar shows strong bear strength. Got scared and ran away at even.

3rd-5th trade: Emotional entries and exits. Entered 3rd trade expecting that a down side breakout of MA would lead to further move down. Scared and got out, just about 40 seconds later, tried again the short side with 4th trade. Reversed to long side in next 5min bar. Still emotional so got out long position very soom.

6th trade: shorted @197.62, target @197.42 (exited @197.53), stop @197.76, win
Price was too far from the MA, shorted a downside breakout of the bar before my entry. Looking for a pull back to touch the previous lower high. Exited too early.



QQQ:

Same as the 1st in SPY. Took short and stopped out.

----------------------------------------------------------------------------------------------------------

Occupied during the weekend, had little time to redact trading strategy. Cannot control emotion without a detailed and easy to carry plan/strategy. I'll focus on working it out tomorrow, even just a simple draft.

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  #38 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Broker
Trading: Stocks
 
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Posts: 272 since Jun 2014
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Pre-Open Objective

1. Not Overtrade (Better)
2. Sense the body and emotional reaction when I'm in fear with holding winning position and afraid to enter a trade (Yes)
3. Abide by my trading plan (Not yet)

-------------------------------------------------

Summary

1. Clearer feeling of fear, I noticed it when holding a winning trade, and did some reaction to control it (like counting numbers, watching another stock).
2. Feel confused when holding a position without clear winning or losing sign. Kind of forgetting why I entered it and just hope to get out at even. Stronger feeling when the trades don't move in my direction. It must be caused by emotional entry!!!

Total 10 trades
6 winning trades, 4 losing trades
6 Logical entries, 4 eomotional entries
P/L = +2

-------------------------------------------------


QQQ:

1st trade: short @98.56, target @98.35, stop @98.68 near MA (reversed to long @98.63), loss
The doji bar before my entry was a perfect bear signal. As it promised, the price moved down sharply. But I was expecting a touch down to yesterday's resistance level. My target was just a little deeper than what the price dipped. When my entry bar formed a bull bar with very long tail, I thought the bull must have taken control. So I switched to long.

2nd trade: long @98.63, target @98.90, stop @98.55 (exited @98.57), loss
Soon after entering this trade, I felt that I was a little impulsive to enter this trade. since the price have not breakout the MA, I sacred to get out.

3rd trade: short @98.55, target @98.41, stop @98.64, win
Shorted the down side break out of 2nd trade entry bar. Since the bull bar before has not moved above the MA, it suggested that the bulls were not strong enough, and few bulls are ready to jump in. So a down side break out must scared out many newbies who entered long side (like what I did in my 2nd trade). But I was very conservative about the profit target. I put it 2 ticks above previous low, and about 98.40 the round number for safty.


FB:

1st trade: long @79.55, target @??, stop @79.50, scalping win.
My entry bar and the bull bar before it both have long tail at their bottom. It suggested relatively strong bull are lifting the price. I assume that a breakout of prior high must be a reasonable move. But I really don't know if the price may stay above it or not. Got out with a scalp profit.



SPY:

1st trade: Same as the 1st trade in QQQ, I was watching SPY when the price bounced back from the bottom, So I got out with tiny profit. I placed the my stop around the high of my entry bar. But it is a bit too large, So I got out earlier.

2nd trade: Long @197.22, target @197.36, stop @197.13 (reversed to short @197.14), loss
3rd trade: short @197.14, target @196.93, stop @197.25, win
The 2nd and 3rd trade are same as what I did with QQQ.

4th trade: short @197.25, target @197.90, stop @197.53 (exited @197.51), loss
I was expecting a two-bar reversal + downside movement, so I shorted the downside breakout of previous bear bar. I placed my stop above the high of my signal bar. Reversed to long just 2 ticks before stop get hit.

5th trade: long @197.51, target @197.81, stop @197.35 (exited @197.59), win
Got out too soon. Once I saw the price moved down, I really fear that the winning trade can turn into a losing one, like the first trade in QQQ and SPY (must be psychologically damaged ). The moment I hit the close buttom, market jumped up like I was a such heavy burden holding it from moving up . I know, I was just holding myself, my fear is imprisoning myself! "You sould let yourself go, dude"!!!

6th trade: scalped to get my account balance. Buying the breakout of openning.

-------------------------------------------------

Still effort to make, another busy day slow myself from preparing the redacted trading strategy, which may help me reducing emotional trades. But I'm fealing less stressful than before, as I sense my fear and eagerness. Good trade to everyone!

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 Scalpingtrader 
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Keep it up that detailed - it will take time but this should help a lot with getting where you want to be as a trader

ST

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  #40 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
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Posts: 272 since Jun 2014
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Pre-Open Object

1. Not Overtrade (Yes)
2. Sense the body and emotional reaction when I'm in fear with holding winning position and afraid to enter a trade (Yes)
3. Abide by my trading plan (Half yes, did not enter any other trades by emotion)

--------------------------------------------------------------------------------------------------------------------

Summary

Only one trade today. Better feeling of fear in winning trade, stay out in doubt (actually I did some sim trades)

--------------------------------------------------------------------------------------------------------------------


FB:

Only trade today: Short @78.14, target @77.82 (exited @77.90), stop @78.36, win
Short the downside breakout of openning range. I targeted around Monday's low, since the price hanging around my exit point(77.83) and traced back a little, I exited early. After my exit, the price moved down sharply...I am not surprise that my target got hit and broken throungh. What I concern more is that I always leave too early F.E.A.R, I'm not eager to the reenter with an revengeful emotion (I used to think the market makes a mock at me, and I will come back to get what I missed). Now, I understand that it just my lack of exp and skill to emotion control ~~

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  #41 (permalink)
 tshunhu 
Wuhan, Hubei, China
 
Experience: Beginner
Platform: NinjaTrader
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Trading: Stocks
 
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Posts: 272 since Jun 2014
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Pre-Open Object

1. Not Overtrade (Completely lost mind)
2. Sense the body and emotional reaction when I'm in fear with holding winning position and afraid to enter a trade (Yes)
3. Abide by my trading plan (Not at all!!!)

------------------------------------------------------------------------
Summary:

Total 20 trades

17 losses, 2 win, 1 even
4 logical entries, 16 emotional entries
P/L = +67

------------------------------------------------------------------------

SPY:

Only one trade: emotional entry, Isensed the move down pressure, and entered with impulsion, I was quite sure that the price will move down sharply like yesterday. Failed, stopped out at the high of signal bar.


QQQ:

Totally disaster, 10 trades from 9:45am to 10:22am, 3.5min per trades, 9 losing trades, 1 at even. I have not marked all the entries and exits on the chart. It just useless. Talk about it later after the FB chart


FB:

9 trades (7 losing ones and 2 winning ones) from 9:50am to 10:34.
The last two shorts, I increased position so as to cover my lossed and resulted in a little profit.

------------------------------------------------------------------------

Some thoughts about today

It is not the first time I do such a mess, actually, I was not feeling fear, angery, frustration (if yes, but very slightly). When I was bearing 18 consecutive small losses, I was not discouraged or had a revengeful feeling. Just a little numb, anaesthetized. Don't know why, ate or drank sth wrong? Too much starbuck coffee to stay during the night?

Actually at the very beginning, I had a thought that the fact that I was not able to keep my winning trade run further is caused somehow by the fact I'm not willing to take any large risk. And today, I'll try to correct that by taking all necessary losses. The idea just flashed a for few seconds and disapeared, but I think it has set my mind to a die hard model....

The 2 winning trades I took at last covered all my losses and left me small profit. But when I took them, I was feeling much secured and more conscious. Even though I still got out too early....I really think that I'm working better with a lossing account (wired???).

Now I realized more clearly about my problem: there are actually 2 of them
  • 1st is about holding the winning position, my old 'friend' who always help me turn down money from market.
  • 2nd is about the feeling of taking a trade, it really teaches me to generously and anonymously donate my money to the market.
Ascribing both problems to FEAR and GREEDY is simple but not very helpful way to deal with them. What's my emotional status with a losing account balance? Normally what I always feel is a bit mix of anger, frustration, shame. I'm not happy about lossing money, and unhappier about knowing my judgement was wrong. When this happens to my first 1 or 2 trades, like the first one on both FB and QQQ today, and same as yesterday, I develop an urgence to prove myself right. I want to tell myself that I'm able to predict the price movement and make money, along with an eagerness to cover losses and making profit.

The very next trade taken by this kind of mind is usually a losing one. Now, as I remembered, I was definitely feeling more pressure to trade than trying to wait a correct moment to enter a trade. When the market simple (under my understanding), I may enter a trade and exit with some profit (scalp or whatsoever). Then I may cover my previous loss, at least partial. Next, greedy mind step to the stage and claim more profit. The best situation is at last, I stay in the deep night before screen, and most of time work for my broker, end with little profit.

If the very next trade fails again, I really get confused. The logical mind tells me that I should stop and clear my mind to start over later. The emotional mind begins to doubt my ability to be a trader and worries about the losses: 'I do NOT want to go to bed with a lossing account'. As I did today and most of days way back to last week/month, I got into an emotional zone, several emotional entries/reverses/exits. Sarcastically, I was perfect at doing what exactly opposite of what I should do (Seems all the same for recreation/beginning traders, for example, many chinese individual trading this way on chineses market, buying high and selling low, even with T+1 no daytrading environment).

After several small losses, the total loss is no longer a small one (paper cut hurt!). The fear of taking any more losing trades conquered the eagerness to continuing put emotional trades. That's usually when I stopped taking trade and focusing on covering losses.

With a relative big loss, I know that I should do it properly, no mess up can be tolerated if I want to sleep with beakeven or little proft. Otherwise, I shall blame myself when later I'm laying on my bed hearing consolation from my wife who must have been waken up by me. NO, that should not be the end of story! Bizarrely, after all these thoughts going on in my mind, I see the market movement more clearly and take the trade more firmly. At last, I always succeed to covering my losses and sleep with little profit.

Ok, that's generally the psychological movement during my trading. Typing it out really helped me to catch main stream of my mind. Recently, nearly a month, after starting this journal, I see a clearly a behavior pattern in my trading. I mainly contributed it to fear, but never take a chance to look with patience like this. Overcoming a general problem, like FEAR in trading, may take really long time. I do have an idea that if there is something wrong (or could be improved) in one mind, the change actually could be quick. It's not some thing physical, like someone broke his leg, in which situation we can't do anything but wait the bone to grow back. I think mind is sth quite different, an opinion can be easily changed in few seconds (look at thoes great salesmen or lobbist, like in the movie 'thank you for smoking'). The specical part of mind is that it can be changed quickly by someone's own willing. The willing may ususally caused by the change of outside environment (like persuasion from other). Once the willing formed, the changing is taking place. I guess, in the other situation, when the willing is not formed, or the willing of opposite mind is strong, people may try hard to escape the problem (stop trading forever and build a lifetime fear), or get completely lost mind ending at lunatic asylum.

Sorry, run too far from trading..., can't help as mind flowing. I should blame starbuck coffee gets me sleepless in the midnight...

Good trade to all !

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 bobwest 
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A lot of great insights here.

Here's something that may or may not help. I have a few absolutely mechanical rules that I do not ever let myself break. For instance, after 3 losses in a row I stop trading for the day. After I have lost a certain amount of money I stop for the day. After a certain number of trades (5, for me), I stop if I am not profitable at that point.

These may not be good ideas for you. I picked them up from other people and adapted them to fit what I thought would work for me. A number of people have some kind of rule based on how many losing trades they have in a row. My rule is that I just stop -- either the market is not my kind of market today, or there is something that is not working for me mentally today, and in either case I want to protect myself from more of the same. But I have also seen people who do something like take a half-hour break after a certain number of losses or a certain loss figure, to give their minds time to recover and to not do something impulsive.

Everyone is different, and you might not benefit from this kind of thing at all. But it has stopped my tendency to just go crazy to try to get back to a profit, so you might want to have something like it. The key, if you do, is to make the rules absolutely mechanical and unbreakable by you.

When trading losses (or just the frenzy of making many trades ) have made you off-balance, your decision-making may not be trustworthy. The idea is to take it out of your hands until your mental balance is back.

If you find this idea worthwhile, I hope it helps you get control over your issues.

Very good journal. Keep it going.

Bob.

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 tshunhu 
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Pre-Open Object

1. Not Overtrade (Tes)
2. Sense the body and emotional reaction when I'm in fear with holding winning position and afraid to enter a trade (Yes)
3. Abide by my trading plan (Partially)

-----------------------------------------------------------------------------------------

Summary

Total 8 trades

4 winning trades, 2 losing trades, 2 even
3 emotional entries, 5 logical entries
P/L = +69

-----------------------------------------------------------------------------------------


FB:

1st trade: long @77.68, target @77.80 (exited @77.71), stop @77.58, even
Missed the 3rd bar entry, entered on the upside breakout of the 3rd bar. The price nearly touched openning high and pulled back. The next bear bar scared me, I was afraid of a lower high and at least a move back to MA. I got out around my entry. On the opposite, after my exit, the price broke from the upside.

2nd trade: long @78.00, target @78.30, stop @78.85, lost
After missing another 3 consecutive bull bar upside movement, I entered at the upside breakout of the bar before my entry bar. I was thinking that the doji shape bull bar before my entry shows strength from the bull side, if the price break upside, many bears have to be stopped out. The price would have a measured move up based on the range formed by 2 first bar of the day. Unfortunately, the price did break the upside just the next bar of my entry bar, but the price pulled back immediately and stopped me out.

3rd trade: short @77.61, target @77.48 (exited @77.58), stop @77.70, even
Faded the pull back to MA and to bear TL. My entry was too early, should have waited at least 2 bars later, where I exited. Again, just can't hold missed profitable part of the trade.

4th & 5th trade: at that moment, a downside movement was strong. I was not scalping on purpose, but just cannot hold. A scapling profit and fluctuating price really successfully scared me out of a trade EVERY TIME (but no in SIM)


SPY:

1st trade: long @196.06, target @196.40 (exited @196.16), stop @195.88, win
It's an emotional entry and exit, an ascending MA let me believe that bulls were in charge, shoud have waited till the formation of bull trend line, and enter somewhere near teh TL.

2nd trade: long @196.21, target @196.40, stop @196.33, stopped out
The 1st trade, I exited too early, so I enter again and the price turned back and stopped me out. Quite fair! Another quite clear behavior pattern of mine~

3rd trade: short @196.14, target @195.95 (exited @196.08), stop @196.20, win
Again got out too early with a scalping profit. should exit somewhere near the MA.

-----------------------------------------------------------------------------------------

After posting the journal of Thursday, I though a lot about how to change my bahavior pattern and the psychological mechanism behind it. I do not have a clear idea, but I soemhow feel that it cannot be change very quickly and firmly. Like a trending market, the price will move up and down from time to time, and keep going up in a big picture. Cannot expect a sharp movement, which may suggest a strong pullback!

Ok, that's for today. Good weekend everyone!

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 tshunhu 
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Weekly Summary (4th)
Monday: +22
Tuesday: +2
Wednesday: +22
Thursday: +67
Friday: +69
Total P/L = +182

Lager profit is not suggesting that I was doing better than last week. The current problems are still untouched. As the journal keeps growing day by day, I do have a better view of my trading behavior pattern. I shall keep monitoring all subtle feelings during my trades and improve.

keep sharp~

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 tshunhu 
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Chart of Oct 6th 2014. I won't go to the detail as I'm really not in the mood.

Last night I totally completely messed up and made a serie of terrible horrible mistakes. It cost me $2.4k, biggest loss since I trade.

I was not honest about myself and got greedy. I managed to keep a positive balance everyday by increasing my position in several trades. As people use to say, those who play with fire get burned, here is my result. Once the large position trades lost, I wanted to cover, and as predicted, more loss! I knew that I was not capable to trade 1000 shares of any stock, but I abused my luck!

I was impatient about the progress I made, I wanted something quick and direct. This huge loss warns me that I should always be humble and make steady progress. Really disappointed about myself I won't trade for the rest of this week. I'll use this amount of time to finish reading books and do more introspection.

badly wounded, but not dead! I'll do better!

Good trade to everyone!

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 tshunhu 
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Monday: +77
Tuesday: -2.4k
Wednesday: No Trade
Thursday: No Trade
Friday: No Trade
Total: -2.4k

Disasterous Tuesday for me. It is not something accidentally! I always increase trading size to cover previous lost to get daily profitable, got lucky for the last 4 weeks. At last this kind of suicide behavior hit me so hard.

After suffering this loss on Tuesday, I had a great eager to cover it back with even larger trading size. I really wanted to trades some stocks under $10, with 10k or even more shares, just 10-20 cents of movement would cover all my loss!

I didn't do it, I knew it would be the beginning to blow off my account. This kind of revengeful idea/mind is very destructive, not only in trading but also in other aspects of life!

Greedy, cowardly and vindictive, I really do not know who I am.

I said to myself during this week, I will not seek any other method to cover back my loss rather than trading 100 shares in every trade to accumulate my profit.

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tshunhu View Post
I said to myself during this week, I will not seek any other method to cover back my loss rather than trading 100 shares in every trade to accumulate my profit.

Excellent decision.

You never can "get it back." You can only trade again, as well as you can, without reference to the past.

Good job, really.

Bob.

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 tshunhu 
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Pre-Market Object
1. Limit trading size to 100. Failed (200 some trades)
2. Limit number of trade. (Over over trade)

Summary

Still cannot get out of the previous behavior pattern.


Not useful information on the chart, three word would be more than enough to describe: Fear, anxiety, vindictiveness.

Nobody can help me but myself, right? My wife was sitting beside me at the beginning, she said that I was not willing to change, staying in a mental comfort zone has higher priority than trading according to my plan, although it definately lead to loss.

Long way to go~ Just find it to be a nice song!
Alan Jackson - Long Way To Go - YouTube

Good trade to everyone else but me ~

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 tshunhu 
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Pre-Market Object
1. Limit trading size to 100. DONE
2. Limit number of trade. DONE

Summary

3 trades
2 logic entry, 1 little hurry
2 wins, 1 loss


FB:

1st trade: short @73.24, target @72.56, stop @73.74, target filled, +68 ticks
Shorted the downside movement after a failed MA touch. My target was the low of yesterday.

2nd trade: short @73.40, target @73.13, stop @73.49 (exited @73.47), loss, -7 ticks
Shoted a doji bar downside move to touch the MA. My price was hitted, but trade has not been triggered... Got out near my stop.

3rd trade: long @73.52, target @73.96, stop @73.13 (exited @73.86), win, +37 ticks
I was a little imprudent when placing this trade. Should have waited till the 4th bar after my entry. I was a little upset about the 2nd trade which is a losing one. My target was 2 ticks below the high of the 2nd bar of today. I though it would be safer, but it has not been broken through when I'm writting the journal (just did).

---------------------------------------------------------------------------
I'm trading 10 shares, the win and loss are finnancially nothing compared to 100 or 1000 shares I used to trade. I just want to trade according to my trading plan, nothing else. I was able to keep calm and stay sharp. Of course, still upset after the 2nd trade, especailly when my target price got hit but my trade has not been triggered. This leads to the early entry of 3rd trade.

I just realized that one difficult part for me is to stay mentally focus and clear during trades. That may be why I can have several trades at the beginning or end of my trading day, but usually mess up those ones in the middle.

That's for today~ Good trade to every one!

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 tshunhu 
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Pre-Market Object
1. Limit num of trades (No, 9 trades, several emotional trades)
2. Limit position size (Yes)

-------------------------------------------
Summary

Total 9 Trades
5 wins, 4 losses
6 Logical entry, 3 emotional trades
-------------------------------------------

QQQ:

One trade: Short @92.16, target @91.83, stop @92.50 (target filled) +33 ticks
Shorted the touching of MA, at the down side breakout of the bull bar bottom. Targeted at the area of previous low.


FB:

1st trade: short @72.12, target @71.05, stop @72.78 (stopped out) -67 ticks
The problem is that my target is too far, the touch of today's open should be perfect, I was a little greedy, thought that the price may move to the opening low area. Stop could be the high of entry bar, better~

2nd trade: short @72.67, target @71.75, stop @73.00 (exited @72.97) -30 ticks
Now I realized that I had the idea that today could be a sharp bear day. So my mind was pre setted to expect a big down side movement. I shorted the bear bar after it touched the MA, got out near my original stop.


SPY:

When I began to trade SPY, I switched back to 100 shares instead of 10, because the commision weighted too much in the P/L. With 100 shares it would be better

The first 2 trades was Logical, be the 3rd one was emotional. When I got out of the 2nd trade, at the very beginning of the entry bar of 3rd trade, I was disappointed to see the price continuung to move up after my exit. So I entered again without hesitation, and stopped out. The 2nd trade, I was doing well by exiting just at the MA area.

Appearantly, my mind was influenced by the incrument of trading size, and working under pressure of lossing account. It is easy to stay focus and detacthed for a few winning trades, but it gets harder with big position size and negative P/L.

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 tshunhu 
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Pre-Market Object
1. Limit num of trades (Yes)
2. Limit position size (Yes)

-------------------------------------------
Summary

Total 5 Trades
4 wins, 1 loss
4 Logical entry, 1 emotional trades
-------------------------------------------


SPY:

1st trade: short @188.17, target @188.80, stop @188.52 (exit @188.11), +6 ticks
I was fading the break out of openning high. Even though the MA was climbing, considering the first 3 bear bars, I expected a touch to MA. I knew it is not a high probability trade, so I got out once I do not feel very confident.

2nd trade: long @188.53, target @188.68, stop @188.42, target filled, +15 ticks
I entered breakout of opnenning high, but I was not sure about how much the price will move up excatly, so I scalped for 15 ticks.

3rd trade: short @188.50, target @188.20, stop @188.75 (exited @188.67), -18 ticks
I still held the idea that the price may go down to the open level or even today's low. Once I sas a bear bar forming and the price came back to the openning range, I shorted there expecting further downside movement, at least to the level of trendling. But my entry bar still closed above the openning high, I lost half of my confidence. When the next bar failed to break the low of my entry bar I exited the trade.

4th trade: long@188.68, target @??, stop @188.45 (exited @188.86), +18 ticks
The 4th trade was caused an emotional entry, I reversed to long from the 3rd short trade. I was thinking that with a climbing MA and previous good size bull bar a long trade could not be too wrong. I doubted that if the price could make a measured movement to the area of 189.42 or not, so I got out with scalping profit.

5th trade: long @188.90, target @189.10, stop @188.68, target filled, +20 ticks
The bear bar before my entry bar is a failed downside breakout, so I got in at the high of the bear bar. Got out early.


But now I am not upset about missing profit, it just reflect my ability of trading. When I am not enough exprienced and skillful, I am just not be able to catch as much profit as I want. By holding this idea, I will not get frustrated and enter many emotional trades.

Good Weekend to everyone!

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 tshunhu 
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Monday: +/-0
Tuesday: +98 ticks
Wednesday: -32 ticks
Thursday: No trade
Friday: +41 ticks

I'll keep trading no more than 100 shares in October to cultivate a good habit of trading size and number of trade. The key for me is to have a peace mental environment, never get emotaional about missing profit, missing enter opportunities, lossing trade, positive daily P/L etc,.

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 tshunhu 
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Another catastrophic day, totally numb~ Lost several hundreds $.

The most painful part is the failure of myself, overtrade and oversize. I dreamt of high school math exam again~

Now I realize that the self-discipline is something we see behind a glass wall. It seems so clear and easy, and sometime I can achieve it, but it is not yet something I've gain totally control.


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tshunhu View Post
Another catastrophic day, totally numb~ Lost several hundreds $.

The most painful part is the failure of myself, overtrade and oversize. I dreamt of high school math exam again~

Now I realize that the self-discipline is something we see behind a glass wall. It seems so clear and easy, and sometime I can achieve it, but it is not yet something I've gain totally control.


Identify one or two very specific problems, then focus on those items every day and forget everything else.

Grade yourself daily on how well you accomplished those goals, not profit.

Spend as much time as needed to refine these one or two problems into strengths before moving on.

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 tshunhu 
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Big Mike View Post
Identify one or two very specific problems, then focus on those items every day and forget everything else.

Grade yourself daily on how well you accomplished those goals, not profit.

Spend as much time as needed to refine these one or two problems into strengths before moving on.

Sent from my LG Optimus G Pro

Thank you Mike!

I shall stop trading for a while, at least for the rest of this week. I was not doing well since October, something in my mind is not right. I do not have the original learning attitude any more. I feel unbalanced, confused. After last huge loss of the Tuesday two weeks before, I tried to clear my mind. I did better last week, gained some confidence. But once I think I can control something, I lose the control.

I think mindset is the most important step toward constant profitablity, than comes the technics and so on. Now I just find that the seesaw match with myself to win self-discipline is very painful. It was the same way when I learn to put stop order, get hurt, learn, forget, hurt again, learn harder, at last it becomes a habit, a rule for myself.

I think it is the way of learning for myself, the main issues for now is to make sure that I'm progressing and do not lose too much. I feel that limiting the number of trade, trading position is more difficult than placing stop order. I'll keep working on this, hope that I can gain self control as early as possible.

I discuss this issue with my wife and we thought a lot about trading. We found that a successful trader must have many qualities that can actually lead to sucess in many other aspects of life, such as humble/honest/calm/focus. I'm doing better than the very beginning by learning all these stuff.

Please wish me good luck, and good trades to every one

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 bobwest 
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tshunhu View Post
Please wish me good luck, and good trades to every one

Certainly, good luck!

This stuff is hard. I think you are working with what's most important now.

Again, good luck.

Bob.

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 tshunhu 
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Monday: great lost
Tuesday: great win
Wednesday - Friday: No trade

Tuesday I covered all the loss of monday and stopped trading for the rest of this week. I've thought a lot about my trading bahavior and mental status.

I found that I was totally constrained by the idea of trading plan and discipline. I had the idea that all trades should be managed exactly according to my trading plan or strategy. The plan/strategy will get thicker and more detailed as experience and skills learned. But this is not a good way, at least not for me. It brings a lot of pressure to myself, as I'm always under the wareness that the number of trade and singal of entry are limited.

The main point of trading plan is to provide oneself a explicit outline to guide trading behavior and contrain any possible catastropic losing mind behavior. But it should remain a guide, not a detailed regulations to control every aspect of trading. Holding the idea that I should behave according to my trading plan brings me a lot of pressure, and heavily influenced my decision making, the result is a very unstable mental environment. Once I have a losing trade, I suffer more from it and place more unwise trades.

I'm not suggesting that trading plan/strategy is useless or has a lot of side effect. If I remember well, there was a speech about the code of pirates in the movie 'Pirates of the Caribbean'. The idea is that the code of pirates is to providing all sailors a guide to survive in the sea, but not a rule that requires anyone to mimic the words.

I think that giving myself a detailed plan and obligate myself to behave strictly according to it is not a self-confident way to manage trades. The idea of trusting oneself or anyone else is to provide a suitable space for them to perform and a explicit/strict ontline to prevent any serious consequence. If the boundry has been drawn too close and impedes the perform of normal behavior, then it could be broken easily.

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20141027


20141028


I do not have time to go through every trade, but in general I still cannot hold a winning trade. But when I place a trade, I do feel better as I keep telling myself that the logic of every entry is sound to my current judgement skill.

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I have not done anything wrong On Monday and Tuesday, Wednesday I digged a deep hole to bury myself by thinking I'm ready to trade bigger size than 100 shares.

I was not doing well since the beginning of September. And I keep comtemplating the reason for the last few weeks. Actually, there are some clues suggesting that changes in my life must influenced my mental environment in trading.

I shall not focus on making money from trading, as I stated in my trading plan, I have lost my mind in account balance and dailty profit.

The only way out is to make progress and accumulating step by step~

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 tshunhu 
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Hi Everyone, I just came back from a trip to the west of china~ Long trip~

I used this period of time to take a rest and free myself from focusing on trading~

Hope I will be able to trade without thinking to much on lose and gain, but more on the process as a journey to exploring the market and inner mental world~

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 tshunhu 
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I was trading since I came back, still felt easy to get into my old behavior pattern. The problem is that I cannot always behave as I planed. All the stuff I see from books and webinar are not translated into my actual trading strategy. It's like knowing what to do but act otherwise.

I found in the psycho part of futures.io (formerly BMT) that many others have the same problem of following one's own trading plan. I believe that one article mentioned in the thread gives me a really good hint. The problem may lay on the trust issue of trading plan. According to my own experience, I build my trading plan base on information from books, webinars and my personal exp. But the part from my own exp is small compared to the whole plan.

Once I have built my trading plan, I'm eager to use it to make money. So there is many emotion issue at the very beginning of executing my plan. The more important issue is that as the bigger part of my plan comes from others rather than my own idea or exp. So actually, I do have trust issue to this plan, even I consider it my own. The essential problem is that I have not really tested it yet.

Consequently and subconsciously I would rather trust my intuition and passion rather than my trading plan. So even the content in my trading plan seems logical and reasonable, it will not get practiced.

Once I noticed this problem, I began to comtemplate the possible solutions. I need to reconstrut my trading plan, not to bring the whole plan at once, but build all action guide one by one. During my real time trading or sim trading, I will practice the listed items once the market offers the proper opportunities. The trading plan would be building while testing, with the conscious awearnesss of what I'm doing and to achieve, the trading plan will not only be written on paper but also in my trading habbit~

Hope this works~

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 tshunhu 
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How time flies, it's has been a quater since my last post. For some unknow reason my connection to futures.io (formerly BMT) is not stable and I have just bought a VPN to get here.

I will put some some trades that I made in recent days.
------

20150202 TWTR 5min
1st trade(blue arrow): spike down since the open, a standard bear flag to touch MA. But the bear flag turns into a bull flag and break upside, stopped out.

According to the trendline I have drawn there, my entry could be considered as a false downside breakout. Once the price came up from the downside breakout, it should go higher, as it eventually did, but the tricky part is that it hasn't jumped up directly but made another down bar before going up.

My setup was valid and reasonable, lesson learned.
------
2nd trade(blue arrow): misguided by the green hammer just before my entry bar. The hammer shows bull strength that I expected so I entered. There were almost bull bars all the ways up since previous low. I though the price should stand above the MA, and make another move up. Stopped out.

Actually, the moving up trend was not strong enough to continue. reasons: big downside trend just before(lower high to a higher low); bull bars were not in good shape in the recent bull trend, hint for weakness; entry price may form a double top with preivous lower high. Not a good entry.

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 tshunhu 
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Entry, Stop, Target
First entry was just below a bear trendline. Not a good entry at all.

Just after my first entry, price moved down. But I was still pretty sure about the upside movement. The second entry was near the MA. As this chart shows, after 2 entries on the long side, I had a clear stop and target.


Exit
I was scared that the downside trendline could be the resistent area, so I got out. The price eventually got my target before hitting my stop. But I am not regret as my entry was not very sound.

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 tshunhu 
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1st trade: stopped out. Bad entry, I cannot remember a reason to enter.


3rd trade: exited earlier. After my entry, the price moved down just 2 point above my target, but retured to upside, so I got out early. Not good entry at all.


SIM 1st trade: stopped out. Chased price movement.


SIM 3rd trade: My target was too far, the price moved down again after a lower high. Got out after the two bar reversal bear setup.


SIM result

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 tshunhu 
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Progress I made since last post (October 29 2014)
  1. Now I take much less trade than I used to.
  2. I learned to take losses, not revange (still a little afraid of loss).
  3. Much calmer when dealing with a losing postion.

Entry:
I found that the entry of a trade is very important. A good entry can provide more profit, less risk and brings less stress when managing the trade. The key, besides techniques part, is to maintain a stable mental status. I was and am still a little unstable. Any price movement can easily get me into a trade without any good reason. That's why I usually use the word like 'expect', 'hope', 'think' in my trading journal. It is really hard to tell the different from what I want to see based on greed and what I want to see based on logic reason. Especially the results of the two different directions are not garanted. Sometimes eagerness to win can be satisfied, and logic analysis is proven wrong.But at last, the logic analysis way is the only one to constant profitability, the other way is to blown up an account.



Target:
The target is also important, I'm always afraid that the price gets really close to my target but doesn't fill the order and come back to entry price or even stop. Sometimes I make a safe choice, the price exceeds the target, others times, it missed my target.

I can deal with loss, and deal with missing chance to make more profit as I accept these as a part of nature of trading. Buy low sale high is always relative. No one can sell the highest ticks and buy the lowest. I think that admitting this is the prerequisite of making any progress.

----
Now I'm also reading books about meditation and zen to help me reach a peaceful mind in life and trading. Some ideas are really inspiring.

Anyway, still long way to go~


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 tshunhu 
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1st entry, stop @top of signal bar.


3rd entry, reverse from the failure of 2nd entry(short @ the breakout of low)


Adding to the losing position of 3rd trade, at last, stopped out

Kind of missed mental peace. The first entry was classic, downside trend, short at a short start. After my entry, there was not enough momentum to the downside, so I exited.

The 2nd entry was a short below the previous lower low, got trapped immediately after my entry. A bad choice, the trend was downside, but there was enough sign of bull strength. My expectation of a downside spike (I think mainly generated by missing the target of 1st trade) blind my eye.

After the 2nd trade went wrong, I reversed to the long side(shall not do that, old bad habit, stopped out is much better), as the market took a choppy slow downside trend, I kept adding to my lossing position, stopp out at last.

--------
  • Should be very careful after a failed trade (eixted without target being reached), the desire of proving previous trade/the judgement to be right will seriously influence my judgement and motivation of entrying the very next trade.

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TWTR entry reason:
1.Downside trend
2.Two bar reversal @ MA
Target reason:
near but higher than the today's low for safty
Stop reason:
Entry setup high


Micro double top formed after my entry, price contunued moving downside. It is usually my weakest moment when facing a situation like this. Many times, I close my position with little profit as soon as I saw any price movement to my entry point. It's hard for me to look at a shrinking profit and keep calm. Always, as soons as I exited my trade with little profit, the price began to move in my favorable direction and lured me to enter again in a worse position. Sometimes I exited again with little profit but usually get traped and payed back previous profit and lost more. Actually, my reasonable mind knows that patience pays.


Result: I'm satisfied. I take this trade as a good trial to help me develop the skill needed for swing trade.

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 tshunhu 
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SIM Trade:

Entry reasons:
1. Trading range sign from the beginning of today
2. Price bounced up from yestarday's support level
3. Early sign of bull strength
I placed two targets, one for 10 ticks scalp, one for a bull trend reaching the top of today's open (potential double top 40-50% chance, or even breakout--little chance like 10%)

Scalp target reached but not sign of continuation of upside movement.

Really Trade

Entry reasons:
1.Downside trend
2.Micro double top
3.Failure of previous bull setup

Target 1:Market traded downside, just 3 tickes above my target but recoiled, formed a hammer with long shadow downside. I adjust my target for a 10 ticks scalp:

Target 2: Target reached


Over all movement of TWTR 5min chart. The bull trend after my trade was very good, but really difficult to catch at early stage.

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 tshunhu 
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The open of today suggested a trading range day. I wanted to take a longside trade around the openning low for a scalp.
Entry reason:
1. Trading range day / Sign of bull strength
2. Entry area is near the previous day low

The market went down very soon after my entry. I realized that the market was trending downside. By then I was taking a countertrend trade, the odd of break even was very low. But I was still confident about the trading range day judgement. Bull bars and bear bars have equal size, the downside movement shows a lot of resistance from bull side and has no hurry.
I added another 100 shares and exited at break even.

Later, the bull spike was strong, I watched it form and go up but missed the good entry point.

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 tshunhu 
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First short entry:
1.Double top with yesterday openning high
2.Building selling pressure all the way down from today high
3.Failed to stand above MA

2nd trade: The first trade got stopped out, just 1 tick above my stop. Re-entered again once the two bar reversal developed. Expecting an extended move down to the yesterday support area.

But there was not enough momentum driving the market down, still bouncing up and down just below the MA. I adjusted my target, put half above the previous low, expected another half get filled at my original target.

First target filled, price moved up, second target missed

Stopped out, second trade was break even.
I was not calm after my second trade, very regret that I should have exited all position at a better price. I took another two trades on the long side, there was not enough sign of bull strength, got out both trade at nearly break even.

One trade at FB, an emotional trade which I took after the failure of my second trade at TWTR. Got out once the price came back above my entry.

----------------------------
Lesson learned:
Tails at the top of bear bars may not suggesting a building selling pressure. When there was an early bull strength(trend or spike) and then the price moved down, the up side tails may be caused by bulls taking profit but not bears initiate short.

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 tshunhu 
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One sim trade in FB, entry reasons:
1. Strong bull spike at the beginning of day, evidence of bull strength
2. Channel down from first high with a lot of bull bars, again sign of bull
3. Touching MA in 15min chart, expecting at least a double top for target, and may break previous high for a measured move(even low chance)

Price moved down after my entry, as the selling pressure remained, but didn't touch my stop. In 30mins (5 bars after my entry), it formed a double bottom and soon broke the bear channel.

I think it is a good trade.

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 tshunhu 
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SIM trade in FB reasons:
1. Strong bull spike since the beginning of day
2. Strong reversal from bear correction (only one bar, a doji bar, after the large bear bar which break below the trading range at top)
3. Breakout of bear trend line, good sign of bull continuation
4. Price bounced from R1 level (potential risk: R1 is a good level of support but since the price has not touched MA, there is a chance of price forming a low high and continue another leg down to the MA)
Since this is a SIM trade, I placed two target, one is exact of privous high, the other is planned for a swing(if the price do trade above previous high and since it turned up from bear leg without touching MA, I would like to consider the bulls very strong, so there may be another leg up)


*** 1st SIM trade in TWTR
This trade entered a little early, but the result was not bad, reasons:
1. Already 3 pushes up after breaking out of openning range
2. First lower low after 3 push
3. Huge volue at the potential top suggesting a selling off (very subjective)
Set target above R2, little far from MA. Since this is a countertrend trade, play safe is important (Target filled)


*** 2nd SIM trade in TWTR, entry reasons:
1. After a strong bull spike before, a double top or higher/lower high is quite necessary
2. 3 pushed down in the bear correction trend
3. Sign of continuation after two bar reversal at low and breakout of bear trendline

Trade management of 2nd SIM trade
Sign of sideway around MA area, finally target get hit. Still not a bad trade~


Real trade TWTR:
*** 1st trade (first blue circle) reason:
1. Selling pressure at the first two bars of openning (potential for a double top with yesterday high --> very subjective)
2. Bear trend line breakout, expecting a pull back for a scalp
Very risky trade, actually, today open above yesterday's close, even price got lowe low still sign of bull strength. A 10c scalp is a just right profit. This trade makes me missed the good entry of the huge bull spike.

*** 2nd trade (second blue circle) reason:
This trade was take just before the 2nd SIM trade, same reasons to enter, but I was really not quite sure about this trade (actually it's not about certainty, it's about fear of lossing), I entered later in SIM trade.

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 tshunhu 
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Real trade in FB:
1st trade (first blue oval) entry reasons:
1. Big selling spike from the 3rd bar of today showing great bear strength
2. the high of today at my entry (also the high of whole day) is near the high of yesterday, just few ticks below R1 level. Another sign of bear strength
3. The bull bar(the 6th bar), a inside bar and the first bull bar after 3 big bear bars, has no follow through, my signal bar(the 7th bar) close blow the close of bull bar, near its own low and the low of bull bar.

Selling the close of my signal bar, expecting a scalp profit. I did not dare to hole for a swing or any bigger profit
--First, the price was approaching S1 level (potential resistance)
--Second, price has broken the low of yesterday, a bull correction (may be big one) should not be a surprise
I was very sure about the down side trend, but I was always expecting a bull correction. This idea makes me a bit nervous when shorting and a bit eagerness for a long.

2nd trade (second blue oval) entry reason:
--Without any chance in the big picture, after my first trade, there has been 2 failed bull signal (first is 3 bar before my entry, a failed up side breakout, my signal bar is the second). Another scalp for 15 ticks.


SIM trade in FB:
I was quite certain about a bull pull back, since the moving down is sharp and protracted for more than half of the day. Not a single higher high has been formed till 1:30 (time label in my chart = 12:30 NY time --> none until near 4:30 in my chart 3:30 NY time).

->First entry in SIM trade I bought the breakout of first bar standing above MA. I knew that the best case is a scalp in this trade, but I just can't help to think about a pull back. If the price moves higher, I'll do a scalp near the S1 level, if it continues down, I'll add more.
->Unwanted but anticipated, another move down followed my entry. I added more at the second entry, I bought a failed downside breakout of the bull bar, which is just after the selling off after my first entry (hope anyone understand this phrase...). There was just a 10 ticks scalp profit in this entry, but I held for a bigger bull leg which can provide a higher high.
->The third entry is not very logical...

The purpose of doing this SIM trade is to tell myself when the pull back will happen, actually it never happened till very late and left no time and room for covering up all previous lose in long trades.

Lesson learned:
--> Countertrend is risky, during one day you may never cover it back by adding to your position, like this SIM trade
--> Don't be greedy in countertrend trade, a scalp is enough, do not expect more
--> In countertrend trade, stop should be placed quickly and affirmatively, a quick drop may make stop loss even harder

Good weekend!

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 tshunhu 
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First entry in TWTR, reasons:
1. Strong trend down from last Friday, price moved downside since the openning of today
2. Moving back to MA but failed to close above it, good size upside wick in the last bull bar of pull back to MA
3. No upside movement in my entry bar suggesting a strong bear strength
I'm not very good at placing target. The bear trending seemed strong, but I was afraid of a double bottom since the first bull back has good shape and size bull bars. And the quick downside movement may be a final bear spike followed by at least a large bull correction(it seems like seeing from 15min chart at the end of day) Adjust target from 47.61 to 47.64, target reached.


Second entry in TWTR, reasons:
1. After my first trade, the price reached a LL and a LH, suggesting a strongger bear side
2. Potential two-bar reversal in the 15min chart
3. Double top downside movement
The price form a doji bar(hammer like) after my entry bar and went up directly, stopped out. There are several facts that I missed to take into consideration:
1. Bear trend line break
2. Relatively strong bull trend towards to MA compared to the bear leg to my entry
3. The high of doji bar after my entry should be used as stop target to reduce loss
4. My entry was still too early even considering the two bar reversal setup in 15min chart
After the big bear day of last Fridays, the price should have transformed into a trading range zone or trending trading range model. Further strong trend movement is possible but should not be a high possibility event.


3rd trade in TWTR, reasons:
1. Two times of bear trendline break (blue line) suggesting a bear trend is fading
2. MA is climing up, bars closed above MA
It is not a good entry, even my judgement about the general uptrend is right. I was a little upset about the 2nd trade. Should have bought any point around the bull trendline but not at the top.


SIM trades in TWTR
--First trade (blue circle):
Shorted a failed upside breakout and added in a ber breakout, target placed a few ticks above S1, target reached
--Second trade
Since the bull trend was not very strong, I wanted to fade possible failed upside breakout and enter bear breakout. I did not have the trending trading range idea, otherwise I would never enter the short side.

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 tshunhu 
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Only SIM trades today:
First trade reasons:
1. sharp downside movement at the first 20mins of today shows bearish
2. previous selling pressure at my entry area
My entry was too early, I was expecting the MA pullback to fail and another leg down, just like I have seen last week. But I was not patient. I did not wait for the down side breakout of signal bar to enter. I entered few ticks above the close of signal bar. Soon after my entry, the price moved up quickly and above the hight of my signal bar, forced my out. Actually, there has been evidence of bull strength, the moving up to MA (3 bull bars before my signal bar) was in good shape. The price fall back eventually, unfortunately, by then I was on the long side.

I was thinking that the downside breakout has been failed (but the truth is that the breakout has never happened, by taking this trade, I was too confident that I have convinced my self that it had failed). Very tricky mental activity!!! If this was a real trade instead of a SIM one, with the more anxiety and pressure, I may not be able to detect the mental process.

The second trade was a process of adding position. I would and should never take it if it's not a SIM trade, even it is a winning one.

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 tshunhu 
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Real trads in TWTR

First trade (first blue circle) enter reasons:
1. Bear has been in charge since the beginning of today (downside MA / only one HH in first 10 bars, it's a failed one)
2. My entry bar was a failed upside breakout
This trade was too late, the best entry should be 3 bars before, shorting the at the beginning of this leg down.I can only expect a scalpe profit about 15 ticks, because my entry was too late, the distance to MA was long, and there was previous sign of bulls. The price has not given me 15 ticks profit, exited as soon as I see some bull strength (no immediate follow through to make a LL)
The other reason of this trade to be a risky one is that, the new leg down has been a acceleration of downside movement, it created a slopier trend line, and break downside of of the deseceding wedge. Take previous bull strength into consideration, a failed downside breakout and upside movement is quite possible.

After my first trade, the price moved up, broke 3 bear trend lines (last one is the micro one near the MA).

Second entry reasons:
1. Distance to MA, a pullback to MA has been done, but the price shows no hurry to form another leg down.
2. Breakout of 3 bear trendline.
3. My signal bar was also the signal of failure of downside breakout
Should have entered early, I uderestimated the bull strength. The trending trading range has taken the price to a higher level.


In SIM trade, I re-entered where I have exited in my second trade. My judgement was right, I just do not have that kinds of confidence and patience yet. I'll work this out!

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 tshunhu 
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No trade today, get drunk during dinner~~

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 tshunhu 
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First entry in TWTR, reasons:
1. Selling pressure was building since the 2nd bar of today
2. My signal bar was a failed upside breakout followed by downside breakout
I ignored 3 facts at that moment:
*first, there are more bull bars than bear bar, the bull bars are bigger than bear bars, suggesting some bull strength
*second, price was ascending in the first 25-30mins, MA was moving up
*third, my entry was still above previous HL (low of 4th bar today)
I was not patient, should spend more time thinking before acting.


The first trade stopped me out. I re-entered on the long side as the price broke upside the bear trend line. I was right this time but too cautious about target price



One trade in FB, reasons:
1. Bear strength at the beginning of today, sign pressure along the bull bars to the high of today
2. Bull trend line has been broken (by large size bear bar), possibly means a double top is not favorable, trading range may be the best case for bulls.
3. My signal bar was a failed upside breakout, suggesting a further movement

Good Weekend!

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 tshunhu 
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Really rough day for me! Missed beginning spike, struggled in trading range. Enough for today!
First entry in SPY, reasons:
1. Breakout of trading range at the very beginning of taday.
2. Moving up MA
I was expecting a further move up to some measured area based on the openning trading range, but the market was actually in a trending trading range.
-------------------

Based on my performance of last few weeks, I thought I could try holding a winning position longer, not just aiming at 10 or 15 ticks profit target. With this idea in mind, I try to find tradable breakout pattern. But during the hours where I was trading, there was absolute no swing for me...

A lots of emotional trades have been taken...I was pretty sure I would not do sth like this anymore, but again lost my temper...I managed to calm down and leave my desk without taking more loss.


All trades in TWTR

All trades in SPY

Lesson learned, it's not a fault to swing, but should not be obssessed with this idea. Should look at the market condition, if it does not fit, just some scalps is fine.

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 tshunhu 
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First entry TWTR, reasons:
1. spike down since opening
2. building sell pressure
3. failed upside beakout (not yet in this chart, I got in earlier as I was pretty sure about further downside movement)


Got out way too early as the downside movement protracted so long...little regret, once the price entered the trading range, I got mad...just cannot trade this market condition, especially when the market evolved from trends to trading range. Should step away.


3 trades in FB, the first was done in the same time as the first trade in TWTR. The last 2 were in bad mental condition as I was also struggling with TWTR.

After trades in TWTR and FB, the result of today was $-27, I took a walk outside to rest and reset my mind.
Then comes the trade in SPY


Good entry should be more brave to hold longer.

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 tshunhu 
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5 trades in TWTR, few more than I took recently, not very good day.

**Entry reason for 1st trade:
1. Potential double with yeasterday final LH
2. Big drop since yesterday, expecting a continuation of move down
I should not ignore the large bull bars which driving the price, with such strong bull movement, taking a oppo trade is doomed.

**2nd trade
Since the down side breakout have failed, a up side one is quite possible, I entered with LMT and STOP around the breakout area. I close half position with scalp profit, hope the other half could get better price, but failed, stopped out.

**3rd trade
Even it's a winning trade, but just a lucky one. Now, it is clear the market was in a downside trending trading range, which is a bull flag. I was not aware of this at that moment, I got a little emotional as the second trade was not profitable at last.

**4th trade
I was too eager the short again, even when the bull always-in situation is so clear. Even worse, I entered too early, a short signal has not been developped yet!!! Just a stupid trade, feels like a hunted animal find its way to the kitchen of hunter...!!!

**5th trade
Unfortunately, the market entered a trading range zone, and I bought at the top!!! This kind of market condition is not new to me, there has been 3 pushes up since the beginning. The pull back was not weak, so any further move up should be low possibility event.

I need to be more patient! I feel that because of better feeling in trading in recent weeks, I built some confidence. But my control of mental stability and experience in reading chart is still weak and not enough.

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 tshunhu 
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No trades Thrusday + Friday~

Good weekend !

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 tshunhu 
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Just one trade today, in TWTR, entry reason:
My first entry is not logical, it is more of what I hope than the reality. I saw many bear bars going down from the lower high with prominent wick at top. I assumed that the selling pressure was strong. Si I entered at the top of a bull bar wanted to catch a pullback to a lower low.

Soon after my entry, the price moved up. I added more above the MA wandering that a MA pull back was possible. The good part about the first two entries was that I'm now not panic any more with a lossing position. I will not reverse my position or close it once I see some big movement in opposite direction. For example, today TWTR is falling, the uptrend is strong but never had a chance to flip the always-in short situation. I'm holding only 200 shares in short, not a big deal.

The bulls were stopped at 46.70, created a micro double top, then became a triple. I added more as I see this trading range just above MA in a bear day. But I exited too early. Once my account balance got green, I exited. Of course I was somehow under pressure, even it is a loss I can afford. Actually, I was staring at 1min chart, when the upside wick was developing in my entry bar. When the price come down I did not aware that my entry bar had formed a failed upside breakout. If I did, I would definately hold it longer.

But the result is already not bad since my initial entry was not logical.

----------------------------------------------gorgeous split line---------------------------------------------------------

Before today's opening, I was thinking about how to imporve my trading by holding my winning position longer. I think a fixed ratio profit target strategy is worth trying. I get this idea from the trading journal of @jitasb. He (please tell me if I'm wrong) is using a fix profit target 50c and 100c. If I want to progress faster, I should also have a fix profit target rather than try to win evey trade, or just covering every lossing position.

I think a 1:1 stop-profit ratio should be my first objective. I should only enter a trade once I can convince myself that the profit target is possible and equal to the stop loss. I'll force myself to be more patient regarding entering and exiting a trade. I'll leave at least half of my position at 1:1 target, and take note if market offers more, even if I have exited all position. I'll try this idea a bit in SIM trades and then in real one.
Here is the 1:1 trade in SIM in TWTR, target reached!

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Luisfsz
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I am paper trading bonds. Wanting to learn and testing a couple of strategies. Thanks for sharing.

Luis.

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 tshunhu 
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One trade in FB, entry reasons:
1, Gap up and big bull bars set the market in always-in long situation
2, Three push-down before breakout the high of first hour, which is a bull wedge pull back in a bull day
3, Good continuation after upside breakout (the bull bar before my entry bar)

Stopped out, 2 important facts I missed:
1, My entry area was a potential double top with yesterday's high, and not far from R2. This may cause at least a pull back or even reversal(although unlikely)
2, The leg up that breaks the 1st hour top is made of 4 bull bars. Each one is larger than the previous one, which suggests a climax.

I could hold my losing position and add more as price moving downside, but I have a relatively weak mind today, I prefer a small loss.


TWTR entry reasons:
1, trendline break with strong continuation(the bar before my entry)
2, failed bear breakout (doji bear bar 2 bars before my entry)
3, Upside breakout of a trending trading range (a downside moving one, bull flag) in 15min after a bounce from MA

My initial targets was 2 ticks below R1, but the breakout of previous high has a lot of momentum, I assume that with this momentum there must be a chance of making a double top with yeasterday's high. Then the price broke the yeasterday's high quickly in the next bar, I exited the the profit covered my losing trade in FB.

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 tshunhu 
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May not be able to trade in the following days bacause my wife is about to give birth of our first BABY!!!

Good luck and good trade to every one!!!

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May not be able to trade in the following days bacause my wife is about to give birth of our first BABY!!!

Congratulations @tshunhu!



Mike

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May not be able to trade in the following days bacause my wife is about to give birth of our first BABY!!!
Good luck and good trade to every one!!!

祝好运 "good luck"

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 tshunhu 
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Big boy born on the 19th Mars 2015, big one of 4.27kg!!!

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Congratulations. I hope mom and baby are ok and in good health.

Luis.

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 tshunhu 
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No trade Today~~

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 tshunhu 
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Real Trade in TWTR, entry reasons:
1. Market is always-in long, should be low risk in long side
2. Breakout of bear trendline, which formed by pullback
Target reached, actually should have placed target higher.


Sim trade in FB:
Trading range at the first 3 5min bars, hoping a double top with yesterday's high. But my hope is stronger than the reality in my mind. Price soared after my first entry.

Switched to long side, at a range area, anticipating a pullback, adding to long as the price stepped down. First adding area is the bottom of trading range area, the other is near the R1. Exited near 85.80 area.

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 tshunhu 
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No trade today, too tired to dealing with my crying baby...

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 tshunhu 
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Real trade in FB, entry reasons:
1. Strong bear market yesterday, MA trending down today.
2. Strong bull bar and bear bar before my entry, two bar reversal pattern and failed trendline break.

Since there was sign of support at 82.20 area, I assume the down side movement was likely going to happen but the main power came from the momentum of preivous two-bar reversal. The chance of break through the support was not high, so I took a scalpe of 15 cents.

Sim trade in FB,
First trade reason:
1. Support at 82.20 area has been tested and held, time for a upside movement
2. Breakout of bear trendline after the two-bar reversal

My target was around the yesterday low area, price failed to approach and showed some bear strength. I was afraid of another two bar reversal at MA area and another test of support, so I flipped to short side, and placed the target at 82.20 area, or even S3 if there was sign of strong bear.

Second trade failed, the bull bar after my entry setup a trap for bears, fliped again to long side as the bull bar broke to bear trendline. A HL has been formed just before my entry, there has been sign of bull (big bull bars, long wick at bottom of bars near support area, double bottom, MA stopped declining). I swing this long trade till there was sign of double top developing.

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 tshunhu 
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One trade in FB with 3 entries. I was traped to the longside while the price plunged just after my first entry. Entry reasons:
1. Bull strength at the first 2 bars
2. Pullback to MA and bounced up again (2 bars before my entry)
There was quite a good sign of continuation of bull market, but my entry area was a good trap, it turned into a doji bar, and the next bar went down sharp. I should have stopped out as soon as it broke the bottom of doji bar. But I hesitated, and cancelled my stop order.

As the price continued to move downside, the bull strength waned. But I was not too afraid about today turning into a bear day, as the opening bull strength was good. Added at the MA area, should have added more on yesterday's low area. The big bull bar showed up too quickly, didn't catch it. Add more as it broke upside of the trading range at MA area, and exited as soon as account showed a little profit. I was pretty sure that it is a trading range day, I doubt the strength of bull to make at least a double top. So I exited quickly.

Good weekend to every one!!!

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 tshunhu