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Papa's Trading Journal
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Papa's Trading Journal

  #251 (permalink)
Elite Member
Wake Forest, NC
 
Futures Experience: Intermediate
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Back to Live Trading

First, I want to say today was a positive day money wise. That is the bottom line that really we all care about.

Looking at today's trades, I have the following observations and thoughts.
1. Too many trades. I did 6 trades with 2 contracts, and then 2 trades with 1 contract for a total of 14 contracts traded.
What I failed to properly appreciate was how overlapping the 12R bars were between 6am and around 9am. I think Al Brooks calls this barb wire, and for good reason. With hindsight, I also should have noticed how the one hour chart was showing the market was rejecting prices below 1.5990.

2. I took one full stop on the second trade and that put me in a pretty good hole as the stop needed to be 13 ticks due to price action. In the past, I would have stopped there since would have been at a daily limit, but I kept at it and worked back positive on the day.

3. I had to narrow the profit targets as price action was choppier than I have seen since I have been watching the 6B. In all honesty, the prudent course of action would have been to sit on the side lines. There was not a real defined trend during the time frame I like to trade (0830-1100).

I am very grateful to have been positive on the day.

I did not trade on the R-Trader interface but I did use it to monitor my trades and get the position details. Sierra Chart could use some improvement in that area, but R-Trader does fill in the gap nicely.

On another note, I posted on the Sierra Chart forum last night (Sunday night) asking about using Ubuntu and reporting the error I see when I try. I had an answer posted in just a few minutes. Whoa. I then sent an email to my broker, Matt at Optimus, and he answered. Double whoa. Making a long story short, there are efforts behind the scenes to work on making Sierra Charts function on Ubuntu with Rithmic data. No promises, but folks are looking at it.

Papa15

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  #252 (permalink)
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A Disappointing Day

First, I need to correct something. Yesterday's trading produced a profit from the trades, but the new software did not account for the commissions. When I factored that in after my post, I realized yesterday ended up slightly in the red.

Today, I returned from a sleep study around 8:40. I had some coffee and chatted with the wife a bit and then sat down to trade. I noticed the 6B market was about 150 ticks higher than yesterday when I quit trading. All the charts indicated an uptrend. I waited for the 4R to retrace to the ema, set a stop buy, watched it get hit, go one tick in my favor and then drop to the stop. Not good. Watched prices chop around for a bit, so what I thought was a continuation of the uptrend, entered, watched price start to chop, modified the first target and got out with a small profit on that one, and then watched the market drop to my stop to the tick making the second contract a loser. I stepped back for a bit. Decided to trade single lots. Took a couple of small winners. One was a bit frustrating. I set a sell stop at 1.6136, below a swing low, entered with a target 20 ticks below based on price action and moving average on the 12R. Price went 10 ticks my favor and then bounced, going almost to my stop before coming back down where I exited with a small profit. I sat on the sidelines for a while, market started going back up and I got on board, 2 ticks my favor and then dropped to stop. I called it quits.

Now to review and see if I can learn some lessons:
1. The big move had already occurred before I started trading. Prices were chopping around a bit as the market was sorting out whether to continue the move higher, consolidate, or reverse and go lower. Again, off to the left on the 12R were some overlapping bars around the 1.6130 area. Yes, the trend (based on price being above the ema) indicated up, but prices were not moving up. Good signs of chop; I don't trade chop well. Again, I should have stayed on the sidelines.

2. I have not followed jinhar's entry criteria as I should have. The two setups that I like are to wait for a new trend on the 12R chart, then wait for the first pullback on the 4R to the ema, put in an entry stop order to enter with the trend on the 12R. I formed the habit when sim trading of entering just about every pullback to the ema on the 4R chart. It might have worked then, but it is not working now. It is my fault for not following the proper entry criteria. The second entry I like is to wait for a pullback to the ema on the 12R chart, and then enter with a stop entry in the direction of the trend. That situation did not appear today.

3. I am as anxious as anyone to get into the market to make money; some times, no most times, that causes me to force fit an entry. It is this anxiousness (or fear of missing out) that is the enemy within that I must overcome if I am going to make it as a trader. I have recognized this for a long time, but to date I have not been able to conquer it. My process goals were chosen to help me with this, and they have helped, but have not totally cured it.

4. My process goals are valid (wait for the proper setup, control risk, trade with the trend on the 12R). They must be the most prominent thoughts in my mind when trading. No how much money I am going to make, not how or why the market is moving; no the focus has to be on the process. The process works.

I hope all had a great trading day today.
Papa15

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  #253 (permalink)
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papa15 View Post
First, I need to correct something. Yesterday's trading produced a profit from the trades, but the new software did not account for the commissions. When I factored that in after my post, I realized yesterday ended up slightly in the red.

Today, I returned from a sleep study around 8:40. I had some coffee and chatted with the wife a bit and then sat down to trade. I noticed the 6B market was about 150 ticks higher than yesterday when I quit trading. All the charts indicated an uptrend. I waited for the 4R to retrace to the ema, set a stop buy, watched it get hit, go one tick in my favor and then drop to the stop. Not good. Watched prices chop around for a bit, so what I thought was a continuation of the uptrend, entered, watched price start to chop, modified the first target and got out with a small profit on that one, and then watched the market drop to my stop to the tick making the second contract a loser. I stepped back for a bit. Decided to trade single lots. Took a couple of small winners. One was a bit frustrating. I set a sell stop at 1.6136, below a swing low, entered with a target 20 ticks below based on price action and moving average on the 12R. Price went 10 ticks my favor and then bounced, going almost to my stop before coming back down where I exited with a small profit. I sat on the sidelines for a while, market started going back up and I got on board, 2 ticks my favor and then dropped to stop. I called it quits.

Now to review and see if I can learn some lessons:
1. The big move had already occurred before I started trading. Prices were chopping around a bit as the market was sorting out whether to continue the move higher, consolidate, or reverse and go lower. Again, off to the left on the 12R were some overlapping bars around the 1.6130 area. Yes, the trend (based on price being above the ema) indicated up, but prices were not moving up. Good signs of chop; I don't trade chop well. Again, I should have stayed on the sidelines.

2. I have not followed jinhar's entry criteria as I should have. The two setups that I like are to wait for a new trend on the 12R chart, then wait for the first pullback on the 4R to the ema, put in an entry stop order to enter with the trend on the 12R. I formed the habit when sim trading of entering just about every pullback to the ema on the 4R chart. It might have worked then, but it is not working now. It is my fault for not following the proper entry criteria. The second entry I like is to wait for a pullback to the ema on the 12R chart, and then enter with a stop entry in the direction of the trend. That situation did not appear today.

3. I am as anxious as anyone to get into the market to make money; some times, no most times, that causes me to force fit an entry. It is this anxiousness (or fear of missing out) that is the enemy within that I must overcome if I am going to make it as a trader. I have recognized this for a long time, but to date I have not been able to conquer it. My process goals were chosen to help me with this, and they have helped, but have not totally cured it.

4. My process goals are valid (wait for the proper setup, control risk, trade with the trend on the 12R). They must be the most prominent thoughts in my mind when trading. No how much money I am going to make, not how or why the market is moving; no the focus has to be on the process. The process works.

I hope all had a great trading day today.
Papa15


I think you should take entrys on the smaller chart. No?

Be aware of SR levels when you trade. They slowdown / accelerate around these.

Yes, trading after big moves is very frustrating.

I would avoid putting orders too far into the future. Recognize PA, wait for a bit of pullback and place buy / sell
stop so you will Know quickly if price is with you.

Some instruments work better than others with Jinhars method. Use SR lines as well as the MA to play
pullbacks and / or breakouts.

Hope any of this helps....

PS Frustration is good!! I use it all the time to burn things into my memory


AJ
Nashville, Tennessee


"Life On The Edge of SR"
 
  #254 (permalink)
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tderrick View Post
I think you should take entrys on the smaller chart. No?

Be aware of SR levels when you trade. They slowdown / accelerate around these.

Yes, trading after big moves is very frustrating.

I would avoid putting orders too far into the future. Recognize PA, wait for a bit of pullback and place buy / sell
stop so you will Know quickly if price is with you.

Some instruments work better than others with Jinhars method. Use SR lines as well as the MA to play
pullbacks and / or breakouts.

Hope any of this helps....



PS Frustration is good!! I use it all the time to burn things into my memory

I really appreciate the feedback. My entries are from the 4R chart; where I have gone astray is in creating my own entry criteria rather than sticking to the A and D that jinhar
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
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I was putting S&R lines on charts but stopped a couple of weeks back. I think it may be a good idea to use them again until I get my eye trained properly.

The good news is this contract has a small tick value and does not explode up and down, so the losses, though they hurt, are contained.
Papa15

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  #255 (permalink)
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Folks
Just reading back over my own thread and came across this post from early October. I still believe every word. I am repeating it here for my benefit:

"We had a Sunday School teacher's seminar at church the beginning of October, and as I set through the presentation, it became crystal clear that the material was as applicable to my trading as to working in Sunday School. I think the material is worth sharing (modified to the trading environment).

Conviction + Clarity + Consistency = Certainty = Commitment

Conviction
Are you really convinced trading is right for you? Do you have the mindset to trade? Do you really believe you can trade successfully? Are you convinced your setup is one that can be successful?

Clarity
Do you have a plan to trade? What is the goal? Is it crystal clear in your mind?

Consistency
Can you do 10 times out of ten what you are supposed to do? Can you do the same thing over and over and over and be content you are making progress toward your goal?

Certainty
If you are convinced you should be a trader, have a proven setup, a clear plan and goal and have the discipline to apply it over and over, then you have an almost certainty of success. Yes, there will be losses, but the overall expectancy should be positive.

Commitment
Success increases belief in the system and helps improve the discipline to stick with it, even during periods of drawdown. The challenge is to resist the temptation to go with the latest fad, the latest indicator, the latest and greatest whatever. Once you find something that works, stick with it.

No one size fits all. The method I use may or may not work for you; what you use may or may not work for me. My goals are exactly that, my goals. I don't expect anyone else to want to accomplish my goals, or even be satisfied with what satisfies me.

I found my time in chat rooms very frustrating; I was not able to concentrate on what I wanted to do. I found myself wanting to match what others were doing (or claiming to be doing). Here on futures.io (formerly BMT) forum, that pressure is gone. Everyone is free to go their own direction. When help is needed, there are plenty of folks willing to help for the sheer pleasure of helping you. No one is mocked or put down. If you have been on other trading forums, you know what I am talking about. Thanks again Mike for putting this together."

May this help someone else as much as it does me.
Papa15

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  #256 (permalink)
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Careful changing quantities in the middle of the day, unless your plan+research calls for it. What will likely happen (mentally/psychologically) is your big lots will be losers, small lots winners, wreaking havoc on your mental state.

Better to trade smaller on all trades until you build up some consistency.

Mike

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  #257 (permalink)
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papa15 View Post
First, I need to correct something. Yesterday's trading produced a profit from the trades, but the new software did not account for the commissions. When I factored that in after my post, I realized yesterday ended up slightly in the red.

Today, I returned from a sleep study around 8:40. I had some coffee and chatted with the wife a bit and then sat down to trade. I noticed the 6B market was about 150 ticks higher than yesterday when I quit trading. All the charts indicated an uptrend. I waited for the 4R to retrace to the ema, set a stop buy, watched it get hit, go one tick in my favor and then drop to the stop. Not good. Watched prices chop around for a bit, so what I thought was a continuation of the uptrend, entered, watched price start to chop, modified the first target and got out with a small profit on that one, and then watched the market drop to my stop to the tick making the second contract a loser. I stepped back for a bit. Decided to trade single lots. Took a couple of small winners. One was a bit frustrating. I set a sell stop at 1.6136, below a swing low, entered with a target 20 ticks below based on price action and moving average on the 12R. Price went 10 ticks my favor and then bounced, going almost to my stop before coming back down where I exited with a small profit. I sat on the sidelines for a while, market started going back up and I got on board, 2 ticks my favor and then dropped to stop. I called it quits.

Now to review and see if I can learn some lessons:
1. The big move had already occurred before I started trading. Prices were chopping around a bit as the market was sorting out whether to continue the move higher, consolidate, or reverse and go lower. Again, off to the left on the 12R were some overlapping bars around the 1.6130 area. Yes, the trend (based on price being above the ema) indicated up, but prices were not moving up. Good signs of chop; I don't trade chop well. Again, I should have stayed on the sidelines.

2. I have not followed jinhar's entry criteria as I should have. The two setups that I like are to wait for a new trend on the 12R chart, then wait for the first pullback on the 4R to the ema, put in an entry stop order to enter with the trend on the 12R. I formed the habit when sim trading of entering just about every pullback to the ema on the 4R chart. It might have worked then, but it is not working now. It is my fault for not following the proper entry criteria. The second entry I like is to wait for a pullback to the ema on the 12R chart, and then enter with a stop entry in the direction of the trend. That situation did not appear today.

3. I am as anxious as anyone to get into the market to make money; some times, no most times, that causes me to force fit an entry. It is this anxiousness (or fear of missing out) that is the enemy within that I must overcome if I am going to make it as a trader. I have recognized this for a long time, but to date I have not been able to conquer it. My process goals were chosen to help me with this, and they have helped, but have not totally cured it.

4. My process goals are valid (wait for the proper setup, control risk, trade with the trend on the 12R). They must be the most prominent thoughts in my mind when trading. No how much money I am going to make, not how or why the market is moving; no the focus has to be on the process. The process works.

I hope all had a great trading day today.
Papa15

Papa,

I would love to see a chart.

 
  #258 (permalink)
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Bluemele
Sorry. I didn't capture the chart today. No real good excuses other than I was too lazy to do it or too embarrassed to publicly show how poor my entries were. I am not sure which, but probably lean more on the second one.

I will cut back to one contract for a while to control risk, while at the same time focusing on execution of the entries per plan. Can't fault the plan if you don't follow it now can you.
Papa15

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  #259 (permalink)
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papa15 View Post
Bluemele
Sorry. I didn't capture the chart today. No real good excuses other than I was too lazy to do it or too embarrassed to publicly show how poor my entries were. I am not sure which, but probably lean more on the second one.

I will cut back to one contract for a while to control risk, while at the same time focusing on execution of the entries per plan. Can't fault the plan if you don't follow it now can you.
Papa15

I've been with you on your second reason. Believe, me ... It helps burn home the mistakes if you post your
not so good charts along with your good.

Hold the line.....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #260 (permalink)
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Something is wrong. I sim-trade this method of pull backs just fine. Not every trade is successful in sim, but every day was profitable. In real life, not every trade is a failure, but no day this week has been profitable. I waited today for what I thought were good setups, but most of the trades turned into losses.

The good for today:
1. I traded one lots, so the losses were minimal.
2. I managed the stop losses so that minimized the losses also. I brought the stop loss behind the price action.
3. I waited for setups per plan.
4. I traded with the trend on the 12R.

The bad:
1. Price had dropped significantly during the London session, but appeared to be trying to do a pullback of sorts. I stuck with the 12R trend which was down.
2. I used my desktop today instead of the laptop. It was the first time trading on it in a while. I had not set up the chart DOM to allow stop entries with a left click. My first trade I entered at the wrong price as the order was not a sell stop but a sell limit order. I quickly exited the trade (for a profit) since the entry point was not valid.
3. The second trade was a pullback to the 60ema on the 4R chart with entry as the trend on the 4R went back into synch with the 12R chart. Price did not go to a lower low but went 2 ticks my favor and then reversed up. That trade was ok; not every trade works. The mistake was price went right back to the 60 ema, and I put in another sell stop. Price had gone back to make a higher high by a tick or so on this retrace, so really price action was warning not to enter, but I did anyway.
4. I waited for price on the 12R to approach its 60 ema, and put in a sell stop below thinking the down trend would resume. I was stopped in, but price essentially stalled at the entry point. I watched the buyers and sellers go back and forth for about 15 minutes. As price would go up without hitting my stop and then come back down (leaving a lower high) I would bring the stop down. Eventually, I started raising the target also. Was stopped for a few tick loss.
4. The 12R price went above the moving average, changing the trend to up. Price then came back down and back up. On the second uptrend, I entered as the trends were in sych on both charts. Price went to 1 tick below my target and reversed. I was so flustered after 3 losses, I moved the stop above the entry point by 1 tick. It was hit, and then price went on to my original target.
5. I did one trade not in this plan. I took the breakout of a double top. I was in and out in about a minute for a full winner.
6. The last trade I waited for price on the 12R to return to its moving average, entered, and watched price chop around a bit before it dropped to exactly my stop and took me out. Price then went above my original target.

For whatever the reason, and I am sure there are many, I am just not making progress on this journey. In fact, I feel as if I have regressed. Perhaps I am pressing too hard, or expecting too much of myself. I just don't know. Something just is not clicking. It is not the market, it is not the system, it is me. What really is frustrating is to see the direction price should go, set up a trade to go with it, get taken out, and then see price go your way. I am trying not to use fixed stops, but putting the stop beyond a swing high or low (on the last trade, I had the stop 1 tick too high, price double bottomed and then went up, so my bad on that one) but it just isn't working.

OK, no more trading with real money until I have made back all my losses for this year. That is a reasonable sum, and will take me quite a few successful trades to do it. When you are in a hole, you should stop digging it deeper. I have to stop digging until I sort things out.
Papa15

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