Worldwary's Gold Plated Journal - Trading Journals | futures io social day trading
futures io futures trading


Worldwary's Gold Plated Journal
Updated: Views / Replies:827 / 13
Created: by worldwary Attachments:6

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 6  
 
Thread Tools Search this Thread
 

Worldwary's Gold Plated Journal

  #1 (permalink)
Elite Member
Williamsburg, VA
 
Futures Experience: Intermediate
Platform: ThinkorSwim
Favorite Futures: Stocks
 
worldwary's Avatar
 
Posts: 523 since Mar 2010
Thanks: 259 given, 788 received

Worldwary's Gold Plated Journal

The October journal contest has given me the kick in the pants I needed to get my trade journal up and running again. Thank you Big Mike for putting this contest together!

A quick bit of background: I have been trading as a hobby for several years now and have experimented with various instruments and methods. About two years ago I passes the TST combine but then quickly failed the live trader prep session, so never earned a funded account. That was discouraging to me and caused me to take a break from trading for a while.

Last year I left my private law practice for a job in the public sector, which came with a hefty pay cut. This move helped me get more serious and methodical about my trading since I now have a real need for some supplemental trading income.

The major flaws in my trading that I have identified in the past have been:

1. Overtrading. I need to fight the urge to always be in the market.

2. Revenge trading. After a series of losses, I have hurt myself several times by increasing trade size in an effort to win the losses back. This is the worst flaw a trader can have, and I am aware that I can't expect to succeed if I can't get this under control.

3. Identifying targets. I am confident with my entries and stops but have always had a hard time identifying good spots to take profits.

Through the course of this journal, I hope to work on all three of these shortcomings. I hope I can provide something of value to readers in the meantime.

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

"If you must forecast, forecast often."

-- Edgar Fiedler
Reply With Quote
The following 2 users say Thank You to worldwary for this post:
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Williamsburg, VA
 
Futures Experience: Intermediate
Platform: ThinkorSwim
Favorite Futures: Stocks
 
worldwary's Avatar
 
Posts: 523 since Mar 2010
Thanks: 259 given, 788 received


A bit about my method: This is a very simple method without many frills. I am trying to capitalize on gold's tendency to make sudden moves in the direction of an established or establishing trend. Stops are kept tight so the size of the average losing trade is substantially smaller than the size of the average winning trade.

Instrument: Gold futures (/GC). Gold is my preferred instrument because it is "trendy" and is prone to sudden outsized moves.

Trading Timeframe: 5-minute chart.

Indicators: VWAP (regular trading hours only); volume.

Entry Trigger for Longs: Price trading above VWAP, with no evidence of a confirmed downtrend; enter on break of high of preceding 5-minute bar.

Entry Trigger for Shorts: Price trading below VWAP, with no evidence of a confirmed uptrend; enter on break of low of preceding 5-minute bar.

Stop Placement: Initial stop is placed just beyond the low/high of the trigger bar (the bar preceding entry); stop is then trailed to follow areas of support/resistance as the trade develops.

Profit Taking: Most exits occur through stops; trades may be exited early upon significant move in direction of trade corresponding with surge in volume.

Adding to Trades: May add to winning trades; may not add to losing trades.

Chop: Stop trading if price has passed through VWAP several times without establishing clear direction; resume trading only after trend has established and then pulled back to create a new entry signal.

Those are the basic parameters; I'm sure I am forgetting something but will supplement as necessary.

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

"If you must forecast, forecast often."

-- Edgar Fiedler
Reply With Quote
The following 2 users say Thank You to worldwary for this post:
 
  #4 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received

Nice to have you back!

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Reply With Quote
The following user says Thank You to PandaWarrior for this post:
 
  #5 (permalink)
Elite Member
Williamsburg, VA
 
Futures Experience: Intermediate
Platform: ThinkorSwim
Favorite Futures: Stocks
 
worldwary's Avatar
 
Posts: 523 since Mar 2010
Thanks: 259 given, 788 received

Thank you, sir! Good to see you again!

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

"If you must forecast, forecast often."

-- Edgar Fiedler
Reply With Quote
 
  #6 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,353 given, 83,234 received

Nice job journaling @worldwary.

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:

https://futures.io/feedback-announcements/33355-october-trading-journal-contest-w-prizes.html

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.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #7 (permalink)
Elite Member
Williamsburg, VA
 
Futures Experience: Intermediate
Platform: ThinkorSwim
Favorite Futures: Stocks
 
worldwary's Avatar
 
Posts: 523 since Mar 2010
Thanks: 259 given, 788 received

Long term gold picture

I always keep the "big picture" in mind when trading an asset like gold. While I do not trade directly from a longer-term chart, I like to know where larger areas of support and resistance may be and I also like to know if a clear longer-term directional trend is in play.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Here is a daily chart showing the past several years in gold. The all-time high of 1923.7 occured in 2010 (this is about when my father sold most of his stock investments and put his money in gold coins; good contrarian indicator!). Gold made a few attempts to bounce back and retest the high over the next year or two but got rejected at the 1800 level, and then collapsed to a multi-year low around the 1200 level in the summer of 2012.

In early 2014, after a retest of that low, it looked like price might be headed up again. But that rally failed around the 1400 level, and has managed only a lower high since then. Currently we are again trading near the multi-year lows.

Lessons I draw from this chart:

1. Price is currently near a clear support level. A bounce from these levels seems to be the likeliest scenario.

2. However, if price were to fall below the 1200 level on strong volume, longer-term stops will be triggered and that could precipitate a violent move lower.

3. This is a key time for gold, and I think other traders are aware of this as well. Does support hold or does it fail? We can probably expect a lot of churn and back-and-forth in coming days before the answer becomes clear, then a larger move upward (if support holds) or downward (if support fails).

In terms of my day-trading strategy, I am not entering the day with any directional bias. This is a battleground area and longer term direction will not be determinable until we see whether support holds.

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

"If you must forecast, forecast often."

-- Edgar Fiedler
Reply With Quote
The following user says Thank You to worldwary for this post:
 
  #8 (permalink)
Elite Member
Williamsburg, VA
 
Futures Experience: Intermediate
Platform: ThinkorSwim
Favorite Futures: Stocks
 
worldwary's Avatar
 
Posts: 523 since Mar 2010
Thanks: 259 given, 788 received

Oct. 2 trade results

To grade my performance at the end of the day, I like to look at the price action of the day as a whole and determine how a system like the one I'm trading theoretically should have performed under those conditions. Then I compare this with my actual trading results and try to determine the reasons for any underperformance.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


The method I am trading is a continuation method rather than a range-trading or reversion to the mean method. This means that I am looking for price to continue to move in one direction rather than betting on a reversal. My system works best on days when there are large moves in the same direction through the day, and works worst when price is rangebound.

Today's action, in retrospect, was rangebound. There were three places where my system generated entry signals, marked in gray rectangles in the chart above. In only one of these (number 3) did price make a substantial move in the direction of the signal before reversing. On a day like this, I would expect to come out slightly ahead, assuming that I took small losses in places where the signals quickly reversed and managed to catch the one decent move of the day for a profit.

My actual result for the day was a net loss of 3 ticks. On the positive side, I did catch the decent move of the day and added to it on the way up before taking profits as price approached the previous high of the day. On the negative side, I feel that I overtraded the other entry signals, keeping stops too tight and taking a couple of unnecessary stops before the moves had played themselves out.

Overall my performance was not terrible for a day like this; I am pleased that I offset the losing trades with a profitable trade on double size. I am also pleased that I followed my entry system well. Major lesson of the day is to keep stops a bit looser to avoid unnecessary stop-and-reenter situations during a move that is still developing.

Grade: B

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

"If you must forecast, forecast often."

-- Edgar Fiedler
Reply With Quote
The following 2 users say Thank You to worldwary for this post:
 
  #9 (permalink)
Elite Member
Williamsburg, VA
 
Futures Experience: Intermediate
Platform: ThinkorSwim
Favorite Futures: Stocks
 
worldwary's Avatar
 
Posts: 523 since Mar 2010
Thanks: 259 given, 788 received

Oct. 3 results

Today saw a signficant move in the price of gold right after the open, triggered by the non-farm payroll release.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Today was a good downward trending day with several opportunities to catch decent sized moves. There were also a few "false starts," that is, places where price briefly dipped below of the preceding bar as if the downtrend were resuming but then bounced back up again. Those places would produce some stops, but the size of the available gains should make this kind of day solidly profitable.

My actual result on the day was a net gain of 46 ticks. I traded well for the most part. I was able to catch most of the initial drop by putting in a stop below the low of the second bar. I took profits at a pretty good place, but then gave some back by trying to reenter too soon. That was my major mistake of the day: looking to jump in too soon after a big move had already happened.

Anyway, won't beat myself up about it. I traded what the market gave me, stayed on the right side of the trend, and came away with a decent profit.

Grade: A-

Weekly results (2 days):

+43 ticks

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

"If you must forecast, forecast often."

-- Edgar Fiedler
Reply With Quote
The following 5 users say Thank You to worldwary for this post:
 
  #10 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,592 received


Excellent to see you back! Interesting method, have you considered taking entries only close to the range borders pre breakout?

Trade to live. Not live to trade.
Reply With Quote
The following user says Thank You to xelaar for this post:

Reply



futures io > > > Worldwary's Gold Plated Journal

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Mini-gold vs. micro-gold vs. regular gold futures: any comments? anituchka Commodities Futures Trading 28 April 28th, 2017 11:47 PM
GLD SPDR Gold Shares and GDX Market Vectors Gold Miners ETF Big Mike Stocks and ETFs Trading 15 May 26th, 2013 06:20 PM
Gold in the precious metals markets and deviation in gold and world crude Laurus12 Commodities Futures Trading 3 April 17th, 2013 07:39 AM
worldwary's CL journal worldwary Elite Trading Journals 137 September 26th, 2011 05:13 PM
9 O'Clock Black Gold Rush. Traderjoel's CL Journal. traderjoel Elite Trading Journals 38 October 19th, 2009 10:51 AM


All times are GMT -4. The time now is 04:41 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-15 in 0.15 seconds with 20 queries on phoenix via your IP 54.234.255.29