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I traded too much again. I had couple of very nice entries but altogether my performance was very mediocre.
T1 Long in NQ. Valid try. I killed the positon after the market showed weakness to climb. +4 T2 Another long in NQ. This time too aggressive. -8 T3 I saw the quick short spike in NQ as a stop run. Therefore I jumped in and when I didn’t see price rejection I got off at BE+1 T4 I tweeted 15min in advance that the 4172.00 price level is going to be interresting for long trades. When the market came there I saw some trapped bears and willingness to climb so I entered. Nice trade. +11 T5 This was great lesson for me to remember not to chase the market. Always let the market come to you and join at wholesale, never join the retail mass. That is exactly what I did here and the market reacted accordingly and picked up my stop loss with 1 tick precision. -12 T6 I was frustraded from the previous trade and did reentry in YM. And again -12 T7 Market moved higher and I changed my view on it. I was looking for an opportunity for short trade. I saw that NQ as the only market (from the 4 I am watching) was able to create higher high. I entered short, but the market decided to test the MID before falling. -7 T8 Long in YM from preplanned support was a big mistake. Too hasty, without any other confirmation. -12 T9 Very nice long in Dow Jones. I saw other markets rise and desperate bears trying to push more down without any luck. Entered at excellent price and altogether I had just 1 tick heat. It is very easy to manage such a trade. When I saw the first momentum, I decided to give the market more space. +42 T10 Short in Nasdaq. Looking back, I see it as too aggressive. I missed the first momentum already and I entered too low, so I killed the position at +5 T11 Very nice long in NQ from MID. I took a quick +8 and called it a day.
Hi Pepe,
In reference to your first post, your English is excellent. One question though, when you say you have blackouts I am guessing you mean the power to your computer. If so then could you buy a backup battery power supply? I use one of these CyberPower Intelligent PFC LCD 1300VA UPS | CP1300EPFCLCD-UK so if the power goes out the backup provides power without a flicker for about 30 minutes or so. Long enough to properly close all your positions and shut down safely. The street I live in used to have some power issues and that was something I worried about.
thank you for the advice. I do have APC backup battery and I am trading on my notebook (with battery) so I am prepared for some el. shortages.
Blackout is more psychological terminus technicus. From the trading point of view it means those instances when you don't trade normally but trade like gambler or psycho (for lack of better term). Everybody experiences it littlebit differently - some may trade too much (me), some widen their stop loss (aka marry the position), some will don't care about their daily maximum stop loss and will trade until they loose substantional part of their account. Different people have also different triggers for this behaviour - some have tendency to do it when they loose too much, some do it when they miss a great trade etc.
There are blackouts also in other areas than trading. For example it happens also in poker, where it is called ''the tilt''.
This week’s results scream at me ”NOT READY YET”. Even when I ended up in positive numbers it is not that easy and effortless trading I used to have when I was achieving the best results. Partly because the markets are just coming back to normal, but mostly because hasty nervous trading.
As always, I am attaching trading log
Overall results and equity (from 7th of January, 2015):
Today's trading was tough fight for me but with happy ending. I was totally frustrated at the beginning after I was stopped 3 times in a row with market hitting my stop losses with unbelievable precision (it went just 2 ticks, 5 ticks and then 1 tick below my SL). Needless to say that in all of these cases, market shot in my direction with great volatile move. This means I was right with the entry but I didn't calculate with the volatile moves. Partly my mistake and partly simply bad luck. Very important (specially for me, since I am hot headed) was that I didn't loose my mind and didn't start to make stupid trades to reduce the loss. I waited patiently until I saw next opportunity and then I shot back with excellent precision with Trade 4, which erased my loss and I made some money on top of it. I made two quick trades later in the evening and called it a long and hard day.
T1 This was very nice setup, entry price was also ok. I could argue with myslef about not taking the first momentum target at 8-9 ticks, but according to the tape, I was expecting much bigger movement. So the market firs touched my PT at 10 ticks, I was not filled and then went 2 ticks below my stop loss, just to make sure it gets filled -12
T2 I didn't reenter on the same level but waited for pullback. I was right with the structure again and market really pulled back before it rallied up. I placed quick order after it stoped moving down and was happy about my good price until the market made yet another volatile jump down taking my SL out again. -6
T3 Another break entry. Again very nice situation on tape. I saw many hasty bears trying to push the market but they run out of breath. I entered long, market moved and touched my PT at +12 without triggering it and after that it went down just one tick below my SL. Dejavú and frustration. -8
I promised myself I won't do any hasty trades and enter just in clear setups, I kept waiting until I saw another opportunity for break in NQ.
T4 This was again excellent orderflow situation. Trapped bears in agony couldn't get out of the position. I nearly felt sorry for them. I placed my LIMIT order well before the market moved to it's price level. It is all about wholesale This allowed me to use very limited risk and I almost didn't have to manage the trade at all. After the market returned for my LMT order, it rallied up very fast. I had heat 3 ticks for approx. 3 seconds. This is perfect example of sniper trade, this is how I like to trade. I saw great volatility and strong market so I moved my PT just before the high of the day. It took the market just 2 minutes and 46 seconds before it reached it. $190 in 3 minutes, you gotta love trading sometime.+38
This is the moment when I placed my limit order in the market, waiting for the market to trigger it:
T5 I tried quick long but couldn't get out at +7. I didn't want to risk more so I got out at BE+1
T6 Another long, while feeding on hasty bears stop losses. This time in DowJones. Even when I saw the potential to move to the POC, I opted for quick +7
Nasdaq proved again that it can live it´s own life and doesn’t care for correlation with otherwise correlating markets. Not really ideal situation for me. I tried to limit my risk to minimum, resulting in lot of missed trades but the strategy proved to be correct.
T1 This is perfect example of a ”sniper” trade. I placed my limit order on very conservative price level and waited for the market. I moved the order several times even lower reacting to the orderflow. Finally I got hit with quick spike. Market moved just single tick beyond my order limit and then climbed up very fast. As a matter of fact, the move was so fast that I couldn’t move my profit target higher and got filled at basic PT. Total time in trade was 8 seconds, heat 1 tick. +10
The moment when I was entering the trade:
T2 Aggressive trade from the same price level, but the market didn’t react as expected so I opted for quick BE+1 and dodged the bullet.
T3 I waited patiently for another opportunity. I missed couple of trades where the market didn’t return for my limit order, but that is part of the game. I enterd dirrectly into trapped bulls this time and took quick +8.
Do you prepare your entry zones before the opening bell? I do. Look how nicely is Nasdaq respecting them. (I am tweeting my preparation before I start trading)
I am very sick the whole week. Yesterday I couldn't get up from bed to trade, today I was trading but I was not feeling very good yet. Markets have been pretty slow from the beginning but after first hour of trading they have been pretty much dead. I missed very nice opportunity in NQ at 16:12 and after that the volume was very low.
T1 Perfect long in Dow Jones. I took just 7 ticks but I don't see it as a mistake. +7 T2 I was lured into a trap in Nasdaq at high of the day. The market was too strong for short. I managed to cut the loss to 7 ticks. -7 T3 I saw opportunity for long because the markets have been very strong. I killed the position at BE+1 though after it kept returning back. +1 T4 Another long from the same area, this time I took quick 7 ticks after I took the low volume and volatility in to consideration. +7 T5 Not ideal trade, but it worked at the end. I don't like to enter markets with low volume like this one. It was also not ideal area in market structure to enter long. My risk was however very limited. +10
-12