Papa's Trading Journal - Trading Journals | futures io social day trading
futures io futures trading


Papa's Trading Journal
Updated: Views / Replies:47,180 / 566
Created: by papa15 Attachments:174

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

Closed Thread
 174  
 
Thread Tools Search this Thread
 

Papa's Trading Journal

  #431 (permalink)
Elite Member
Wake Forest, NC
 
Futures Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker/Data: VanKar
Favorite Futures: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 586 given, 1,244 received

This week started off good, well great actually. I did 11 trades this morning. Ten were winners and the eleventh was breakeven. Gross was 85 ticks. I used the 4 RenkoEnhanced and 10 RenkoEnhanced charts on Sierra Charts today. My intention was not necessarily to trade this many times, but things were clicking so I kept going. To be honest, it was on simulation but the trades were by my rules.

I do like NT, no doubt about it. But if you happened to see my post on the thread "Anyone Running Ubuntu" you know that Rithmic worked with me last week to figure out why the Rithmic data feed would not connect with Sierra Charts running on Ubuntu (under WINE). Late Friday, a diagnostic program from Rithmic was able to connect to their servers, and the programmer told me he would incorporate the lessons learned/fix into the next API from Rithmic to Sierra Charts, probably this week.....so I may be able to run Sierra Charts on Ubuntu soon.....I am not sure if anyone else cares about that, but for me, it is very exciting to see alternatives developed in the trading world....any way for the rest of this week I plan on using the Sierra Charts setup just in case....

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
The following 5 users say Thank You to papa15 for this post:
 
  #432 (permalink)
Elite Member
Wake Forest, NC
 
Futures Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker/Data: VanKar
Favorite Futures: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 586 given, 1,244 received

I considered going back to cash today but decided to hold off a bit longer.....I didn't sleep real well last night. I woke up well before my usual time and just could not go back to sleep. I started looking at the pre-market and did a few "practice trades" to "warm up"....it is a good thing I don't trade pre-market with real money....

During the morning hours I continued working on my dual chart setup. The 10 BR gives me the direction and then I look for entries on the 4 BR. I was 16 for 19 for 84 ticks gross. I feel more comfortable with this method each day. I am not sure when I will go back to cash but it will not be too long.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
The following 3 users say Thank You to papa15 for this post:
 
  #433 (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: 46,238 since Jun 2009
Thanks: 29,350 given, 83,218 received


Do you have a specific goal in mind before you are 'allowed' to go back to cash? To prove to yourself that your methodology does in deed work --- so that if you begin to lose money on cash, you won't be tempted to change methodologies but instead focus on psychology and execution?

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.

 
  #434 (permalink)
Elite Member
Wake Forest, NC
 
Futures Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker/Data: VanKar
Favorite Futures: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 586 given, 1,244 received


Big Mike View Post
Do you have a specific goal in mind before you are 'allowed' to go back to cash? To prove to yourself that your methodology does in deed work --- so that if you begin to lose money on cash, you won't be tempted to change methodologies but instead focus on psychology and execution?

Mike

Mike
I have already met the goal I had set...Last night I was asking myself if I was ready and I just did not feel like it was the right time, so when I woke early this morning, it just re-enforced my decision to wait another day. I am not in a rush this time. Too often in the past I felt that if I was not trading, I was missing out, so I jumped in and paid the consequences.

My method is sound. My application of it works, for me. The setup is something that I have tweaked to fit me and my style of trading and I am very comfortable and confident with it.

But I know success is not found in a setup, a method, or an indicator. It is mainly between the ears, or in the heart. I have worked on that, and continue to work on it and I am sure I will have to for as long as I trade.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
The following 4 users say Thank You to papa15 for this post:
 
  #435 (permalink)
Elite Member
Wake Forest, NC
 
Futures Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker/Data: VanKar
Favorite Futures: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 586 given, 1,244 received

I did trade cash today. I was very cautious, but am pleased with the results. I ended up 12 ticks gross on 6 trades. Four were winners, 1 loser, and 1 breakeven. I did not like price action on a couple of the winners and cut the trades short, but subsequently they did go on to full profit targets. I still am happy. I made the decision based on what I saw and took action. Hindsight may appear better than real time, but money goes in and out of your account based on real time actions and if my judgment at the time was to get on the sidelines, so be it.

Part of the reasons for the extra caution today was 1. first day back to cash in a while 2. Was trading before the oil inventory report and market action was a little more back and forth than normal 3. On one of my trades, the SC chart trader left the profit target and stop loss lines on the chart and I was not able to clear them. They did say pending cancellation, but I was a bit concerned about what would happen if price reached those levels and I just let trading cease for a bit. The lines did go away eventually.

I will continue to work on trade management and execution.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
The following 8 users say Thank You to papa15 for this post:
 
  #436 (permalink)
Elite Member
Wake Forest, NC
 
Futures Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker/Data: VanKar
Favorite Futures: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 586 given, 1,244 received

Was able to trade this morning. The speed/movement of the market really was outside my comfort zone, but I trusted the setups and they worked. Had 1 loser, 1 b/e, and 5 winners of various sizes....when all said and done was up over 15 ticks, so I am happy.

The 10 better Renko did a good job of keeping out of the worst of the chop and with the trend. It did its job today.

The day has to be short as I am off to the chiropractor again.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
The following 4 users say Thank You to papa15 for this post:
 
  #437 (permalink)
Elite Member
Dallas, TX
 
Futures Experience: Beginner
Platform: Ninjatrader
Broker/Data: Zen-Fire
Favorite Futures: ZN, 6E
 
gulabv's Avatar
 
Posts: 284 since May 2010
Thanks: 159 given, 155 received

Good trading papa15! I am a visual person would you please consider sharing a chart or two if time permits??

 
  #438 (permalink)
Elite Member
Wake Forest, NC
 
Futures Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker/Data: VanKar
Favorite Futures: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 586 given, 1,244 received


gulabv View Post
Good trading papa15! I am a visual person would you please consider sharing a chart or two if time permits??

Charts are attached. The use of the 4 better Renko has been covered previously. The way I use the 10 better Renko is I look at the green line in the bottom panel. It is the difference between the CCI and the CCI average in panel 2. If the difference is greater than 0, look for longs on the 4 bR. If the difference is negative, look for shorts.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Attached Thumbnails
Papa's Trading Journal-cl512.png  
The following 5 users say Thank You to papa15 for this post:
 
  #439 (permalink)
Elite Member
Wake Forest, NC
 
Futures Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker/Data: VanKar
Favorite Futures: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 586 given, 1,244 received

Have you ever felt you had taken one step forward, only to take two steps backwards? That is sort of how I feel today. I came into today feeling confident in the trading method and setup and sure that if I just stuck with the plan all would be ok come the end of the day.

I don't trade the pre-market (usually), but I do watch the market to get a "read" on it. Just at the open, it appeared to me the market was ripe for a short, and sure enough it did drop right at the open. I felt a little more confident. I let the selling subside, waited for my indicators to indicate a long setup on the retrace, entered and was promptly stopped out. Given the market's behavior the past few days, this did not worry me too much. I saw another long, entered and promptly adjusted the price target in order to recoup the previous loss; this was the beginning of a series of errors I committed. I should have just stuck to my plan, taken my normal profit and pressed ahead. As it was, the market showed me 11 ticks profit, my stop automatically adjusted to breakeven, and the market promptly hit it and then started back up. I was out of the market, but I was not going to miss this move, so I re-entered but much higher than I should have. Market teased me by one tick, then rolled over. I was not going to take a full loss on this little retracement, so I gave it a little more room, and then a little more,....I finally threw in the towel. In the past, I would have walked away then, and a good case could be made I should have, but I took a little break, caught my breath, and went to work. I stuck to the gameplan, did a bunch of trades, and significantly recouped my prior losses. With the market as fast as it was, I was very quick to exit with profits, so the size of the winners was small. I did take one more full stop out and a couple of breakevens, but overall made up a good bit of the loss.

In reviewing the morning, the fundamental error was moving the profit target on the second trade. I was in a mindset of recouping the loss as quickly as possible, and was going to do it on that move. When the second trade stopped out at breakeven, I just jumped in without really reviewing things. My trade management from that point on was absolutely abysmal and something that I don't want to repeat. I really thought I had gotten past this point, but the proof is in the pudding, not in what I think.

After that, things were a bit better but really, the market was too fast for my tastes. I did look at 6E some today and I think I may give that instrument a go as long as oil stays in its current mode.

I also found myself looking too much at the CCI-CCI average difference and reading divergence off of it; the divergence that I should use is on the CCI itself. I removed the CCI-CCI average from the 10 renko chart to prevent this from happening again.

I am posting the charts of the open, but that is all I am going to make public.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Attached Thumbnails
Papa's Trading Journal-cl513.png  
The following 4 users say Thank You to papa15 for this post:
 
  #440 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received



papa15 View Post
I was out of the market, but I was not going to miss this move, so I re-entered but much higher than I should have. Market teased me by one tick, then rolled over. I was not going to take a full loss on this little retracement, so I gave it a little more room, and then a little more,....I finally threw in the towel.

Papa,

This may seem harsh, but I see you falling back on some 'tendencies'. The 2 steps backward to me seem to be not sticking to your PT's and Stops. That is it!

I got some good advice from Mike and Co. and I wonder if when you hit the entry, you turn your chair around and meditate or stare at the wall until you hear Profit Target Hit or Stop hit or whatever?

You moving your stops is the bigger concern to me as that has been your main issue for some time.

Just trying to help.

The following user says Thank You to bluemele for this post:

Closed Thread



futures io > > > Papa's Trading Journal

Thread Tools Search this Thread
Search this Thread:

Advanced Search



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

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Koonan's Trading Journal nanook77 Trading Journals 4 May 28th, 2011 03:55 PM
Alex5000 Trading Journal alex5000 Elite Trading Journals 21 July 18th, 2010 09:25 AM
J's Trading Journal jinhar Trading Journals 43 April 23rd, 2010 08:15 AM
AR01 Price Area Journal (Not a trading journal) AR01 Emini Index Futures Trading 69 April 2nd, 2010 09:01 PM
Frostbyte Trading Journal frostbyte Trading Journals 5 December 8th, 2009 03:55 AM


All times are GMT -4. The time now is 07:15 PM.

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 2017-12-11 in 0.16 seconds with 20 queries on phoenix via your IP 54.92.194.75