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Learning the ES
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Learning the ES

  #1 (permalink)
One day...
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Learning the ES

Starting this journal for the October 2014 futures.io (formerly BMT) Journaling contest. Started reading books in June 2014, paper trading in July, and live trading at the end of August. I've essentially blown up a 5k account trading the ES using TS. It taught me a lot of lessons, with many more lessons to go I fear. Reloaded 10K with IB and starting again. I've experimented with trading CL, M6E, and Wheat. The CL is probably my favorite, but I'm going to concentrate on ES and try to become profitable.

For whatever reason, my general sentiment is bearish, which gets me in trouble on up days. Trying to fix that, as well as all the other beginner mistakes I've read about, including chasing, panicking, and tilting (overtrading). I'm a gambler at heart, and feel at home day trading. However, since nearly blowing up my first account, I've become much more risk averse. Oh well. My most immediate goal is to be profitable on a daily basis, no matter how small the profit (including commissions).

Trading methods include a combination of moving averages, which gets me chopped up, and market profile to help with the choppiness. I also follow emini-watch. I find Barry calming to listen to and inspirational. I'll probably buy his indicators at some point, if I end up sticking with this.


Last edited by jackbravo; October 1st, 2014 at 05:26 AM.
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  #3 (permalink)
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10/1

1. Long 1965.75 @ 4am Chicago
Out 1962 for -3.75 points @ 7am

After some chopiness between 3a-4a, it looked like it was breaking up higher. I don't love this trade since it's not clean, previous swing high was 1967, which it hasn't cleared yet. I have a weakness to try to get in early if it looks like a trend, which gets me in trouble.
--Well, about 30 minutes later, it's down to 1964. Hurts me. I have a stop at 1962.75, and I won't allow myself to get out of the trade until stop is hit, since I have a tendency to panick.
--Arggh....dropped to 1963, and I almost got out, but made myself wait for it to hit the stop. Came back up to 1964, and thought about getting out there. Argghhh...I'm such a freaking amateur.
--Well, it dropped to 62.75, but my stop didn't fill on IB. I think it's because of their strange "SMART Routing" thing (I hope). Still in it! I hate not knowing which way it's going. I prefer trades where the direction is more obvious. Choppy choppety.
--Almost 2hrs later, still in the trade, floating in the low 63s. Sheesh, I must love that feeling of anxiety. Like Seykota says, "everybody gets what they want out of the market."
--2.5hrs later, stop hasn't been hit. Not sure why since dropped to 62.50. Anyway, it's hovering in high 62s now. I moved the stop to 62.50. Gonna get out manually if it keeps dropping and my stop doesn't activate
--Well, the thing dropped to 62, and my stop still didn't activate. Not sure why. I exited manually at 61.75 for a loss of 4points.


2. Long 1960.75 @ 745am
Out at 1955.25 for -5.50 points @ 840am

Looked like it hit lows of 57.75 and started back up.
--And...it immediately drops to 59. Mother Father!
--Alright, started climbing a bit over 61. There may be a pullback at 62. Need to not get out.
--Up to 63, back down to 61. And it's almost 830....ahhhh...hate having an open position at the opening bell. Should I get out?? I don't want to give up my position!
--aaahhhh ....hate opening bell. back into the 57s!
--Stopped out!!


3. Long 1953.50 @ 858am
Out at 1948.25 for -5.25 points @ 905am

Actually got a long signal this time at 53, so it I took it after some hesitation. I feel like it's probably going to test back down to 48.
--And, it's just went back down under 50. Why don't I listen to myself??
--Damn you Tony Laporta for influencing me!!


4. Long 1949.50 @ 915am
Out at 1950.25 for +0.75 points @ 932am

Got another long signal. Decided to take it again. Yeesh.
--got up to 52.75 then headed back down


5. Long 1950.25 @ 944am
Out at 1951.25 for +1 points @ 1001am

No signal this time, but it made a double bottom. Am I crazy? maybe.
--got a sell signal and I took even though I didn't think I should. Argggh.


6. Long 1954.25 @ 1002am
Out at 1955.50 for +1.25 points @ 1010am


Tried to get back in at 53.25, but IB wasn't letting me!! bastards! This what happens when I start the day 15points down. I just can't think clearly!
--I just can't stomach any hint at retracements at the moment

7. Short 1949
Out at 1949.50 for -0.5 (technical error)

8. Short 1948.50
Out at 1948.75 for -0.25 (technical error)

9. Short 1948.25
Out at 1948.50 for -0.25 (technical error)

10. Short 1947.75
Out at 1945.75 for +2

11. Short 1946.50
Out at 1945.25 for +1.25

12. Short 1945.50
Out at 1943.25 for +2.25

13. Short 1943
Out at 1944.50 for -1.50

14. Short 1943.25
Out at 1940.25 for +3

15. Short 1938.75
Out at 1941.25 for -2.5

16. Long 1942.75
Out at 1941.25 for -1.50

17. Short 1940.75
Out at 1942 for -1.25

18. Short 1939.50
Out at 1936.75 for +2.75

19. Short 1934.50
Out at 1938 for -3.50

20. Long 1938.50
Out at 1936.25 for -2.25

21. Short 1935.50
Out at 1937 for -1.50

22. Long 1938.25
Out at 1938.75 for +0.50

23. Long 1940
Out at 1940.50 for +0.50

24. Long 1941.25
Out at 1940.25 for -1

25. Long 1941.75
Out at 1973.75 for +2





Yikes. 15.5 pts down. i was back to 6.5 pts at some point. Got stopped out a bunch of times due to moving stops too tight, since i didn't want to lose again. so bad. Classic rookie mistakes:
Overtrading: check
Tight stops: check
User errors: check
Cutting profits and Running losses: check
Lack of confidence: check
Not following your own rules: check
Let yourself get chopped up: check


Last edited by jackbravo; October 2nd, 2014 at 05:06 AM.
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Nice job journaling @jackbravo.

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Thanks, Mike.

10/2

1. Long 1943.25 @ 1am
Out at 1940 for -3.25

Looked like it was going to bounce back a bit. I hope I'm not crazy for trading again so quickly after a disaster yesterday. I'm going to have to go back and document the rest of the trades.
--went down about 2.5pts right after I bought it, which I should have known it would do, and gotten myself a much better position. I'm always trying to buy breakouts, and it never works. there's always a retracement before the actual breakout (at least more often than just breaking out). i hate doing that and yet i keep doing it.
--I went out, and it came back up. I suck.

2. Short 1940
Didn't fill ! And I don't want to chase. Argh!

3. Short 1937
Out at 1937.75 for -0.75

Hate myself for chasing.
--went down to 36 twice and came back up. Decided to get out.

4. Short 1937.75
Out at 1938.75 for -1

Because I like pain.
--don't judge me

5. Short 1939
Out at 39.50 for -0.50

Because if I don't trade, from whom else are the pros going to make money.

6. Long 1940.75
Out at 43.25 for +2.5

Because you can't stop the music. Got a clean signal. Though now I'm even doubtful of those.
--I just couldn't keep holding on. Not with all the recent trauma.

7. Long 1943.75
Out at 43.50 for -0.25

Signal refresh though not as clean. I'll be even more antsy to get out, if that's possible.
--crap. false signal refresh. didn't wait until bar close.
--after a bunch of jibberjabber b/w 43.25 and 44, I had to get out. Just couldn't take it.

8. Short 1937.75
Out at 1935.25 for +2.50

9. Long 1938.25
Out at 1937.25 for -1

Dropped two points before heading back to close gap. Stop too tight.

10. Long 1939.50
Out 1939.75 for +0.25

Should have gotten out at 41, like my original plan.

11. Long 1940.50
Out at 1938 for -2.5

Has been uptrending from opening bell on volume profile.
--damn you volume profile

12. Short 1936.75
Out at 1939.75 for -3

Got a sell signal at 38.25, took it late. was fake anyway.


13. Short 1937.50
Out 40.25 for -2.75

Looks like a lot of selling pressure. Got a signal short and 30 min is diving. Just looking for 2.5.
--Mother father! went down about 1.25pts and came back. bastard
--Immediately went down to 35.5 after it hit my stop. i've gotta widen my stops again.

14. Short 1933
Out 1931.75 for +1.25

Man, it hit my 2.5pt target but I moved it! i'm such a bastard.

15. Short 29.75
Out 29.75 for Commision

I lost my stomach, right before it went to hit my target. blehh

16. Short 28.75
Out 31 for -2.25

Looking to get back in after short rally. It's so embarassing to keep writing down losses. geez. i'm not sure who i'm embarassed from.

17. Short 27
Out 25.75 for +1.25

Mother Father! Went out on just a slight retracement. Then went down to target. When will I learn???? I don't know.
Got another sell signal at 22.25. Just couldn't take it. Just couldn't. Argh.

18. Long 23.50
Out 24 for +0.50

Got a buy signal, looked clean. Just didn't trust it, but it kept going up. I don't think I'm cut out for trading.

19. Long 24.50
Out at 27 for +2.5

Funny, it retraced down a couple of points after the buy signal. I'm kind of glad I didn't take it. When it came back up, my fingers were working again.

Well, down 8.5pts today with commissions. That's 24 points in the last 2 days. I'm a flippin' idiot. I feel like I'm so close yet so far away.

20. Short 25
Out at 26.50 for -1.5

went my way for a min, then retraced until i couldn't stand it.

21. Long 30
Out 32.50 for +2.5

I guess it was I got out on #20. Missed my signal here at 28.

22. Short 36
Out 35.75 for +0.25

23. Short 35
Out 35.75 for -0.75


Last edited by jackbravo; October 2nd, 2014 at 02:48 PM.
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  #6 (permalink)
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Hi @jackbravo,

I trade like you always ES. In that instrument you don't need to use a 3 points stop o bigger than that, with 6 tics, it's 1.5 you can have enough space for your trade to know if you are wrong or not. This kind of stops, 3 points or more, if you are day trading are to big, because you need to live with the noise. And the noise can be confused. If you are swing trades maybe you need to have a bigger stop, but focus on losing less and winning more, positive expectancy, rather than the other side.

One of the big problems that one trader can have is not accepting losses, but it's somenthing inherent in this job. If you need to accept losses, try to find a point where you don't receive damage for it. For example, is losing 75 dollars somenthing that you can support for trading with you mind clearly. Losing 300 dollars keep inside of your mind fear? Think in that and find your sand in the line.

Think in yesterday's action, in a way down you don't take short trades. Analize if you were trading what you wanted or what the market was telling you.


Good luck in your trading!

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Thanks for the advice, OfaTrader

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Looks like I'm giving away money hand over fist. Really, I'm contributing a valuable service. I'm providing "liquidity." I feel like I'm so close, yet....very very far away.

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10/2

Today, we learn discipline.

1. Long 46.50
Out 46.50 for commission

Was trying to get out at 47.25 but order wasn't transmitted. User error. Boo.

2. Long 46.25
Out 46 for -0.25

Argh. Jumped in again out of frustration and immediately jumped out when it dropped.


3. Long 46
Out 47.50 for +1.5

Good trade. Held on through a bunch of retracements. Felt good about myself. Had targeted 51. Never got above 1949.75. Then started falling. Had a stop at 48 ,which didn't trigger. Not user error! Not sure what happened there IB!

4. Long 48
Out 47 for -1

Geebus. I can't keep taking trades based on ticks! Where's that discipline I'm supposed to learn today??

[5. NO TRADE: Almost take another trade at 48.25 due to uptick but reminded myself of the recent pain. I'm not a complete jackass after all!)

5. Long 49.5
Out 51.25 for +1.75

Got a signal here. A bit risky since it hasn't been able to break through 50, but I'm trying to stick with the plan.

Well, it hit 51. I coud've been out with my 5 points. Instead, I'm left here trying to get it again, with greater market exposure. Funny, I did a sim trade on TS at the same time as the real trade, and the SIM trading is up close to 6 points, while my real trade is down 1 round of commissions. Lol.

Wow, I don't know what just happened. The ticks were freaking flying. IB's booktrader is so confusing. I set a limit at 54, which it didn't hit (got up to 53.75). And I tried to set a stop at 46, which took me out at 51.25. Anywway, probably for the best. I can't handle this much crazy.

[NO TRADE: skipped a sell signal at 50, went down to 47. Really want to go long again at 50 after it's turned around, but i hate having a position at opening bell).

6. Short 56.75
Out 56.25 for +0.5

Trying to put a sell stop at 56 and put it in a limit, filled on IB, gosh darn it.
Man, went down to 52, target was 51. Didn't realize VWAP was 51.5. Went back up to 54. SHould've just settled for 4 points.
On the plus side, I got a sell signal at 57.


Last edited by jackbravo; October 3rd, 2014 at 12:14 PM.
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Posts: 71 since Dec 2013
Thanks: 427 given, 131 received



jackbravo View Post
10/2

Today, we learn discipline.

1. Long 46.50
Out 46.50 for commission

Was trying to get out at 47.25 but order wasn't transmitted. User error. Boo.

2. Long 46.25
Out 46 for -0.25

Argh. Jumped in again out of frustration and immediately jumped out when it dropped.

3. Long 46
Out 47.50 for +1.5

Good trade. Held on through a bunch of retracements. Felt good about myself. Had targeted 51. Never got above 1949.75. Then started falling. Had a stop at 48 ,which didn't trigger. Not user error! Not sure what happened there IB!

REALLY NICE!! @jacbravo

keeping losses small is more easy to walk up

Great trading

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