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Papa's Trading Journal
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Papa's Trading Journal

  #471 (permalink)
Elite Member
Tucson AZ/USA
 
Futures Experience: Beginner
Platform: TradeNavigator
Favorite Futures: ES
 
casey44's Avatar
 
Posts: 133 since Jan 2010
Thanks: 1,923 given, 124 received

Sorry to hear of your misfortune. May there be some blessing in disguise in all that.
And thanks for the reminder tip.

 
  #472 (permalink)
Elite Member
Paradise, USA
 
Futures Experience: Beginner
Platform: Big Charts
Favorite Futures: E-mini, Forex, Futures, Equities, Options
 
rtrade's Avatar
 
Posts: 502 since Nov 2010
Thanks: 578 given, 375 received


papa15 View Post
I was the stupid one....

Good trading to all

No papa, you're not the stupid one...you were just having fun. Now get back into your tradin groove.

"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
 
  #473 (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


Thanks for the kind words....it was a lot of fun.....but in one sense it does mirror trading....at all times you need to be focused on risk management. In the midst of having my fun, I did not take the proper precautions. I could have 1). taken only my debit card with me or 2) used one of the water tight compartments on the jet ski to hold whatever I took. I did not do either of those.

I should not use the word stupid (but it did fit the old saying), but always looking at risk mitigation is a good thing. One of the discipline issues I have to work on is to check the risk/reward ratio before a trade...in this case, the jet ski's needed gas...my thoughts should have been on what is the least risky way to accomplish that.....

But also, don't lose sight of the other point...how difficult would it be to replace your cards, etc if something happened to your wallet/purse?

I did make my monthly goal in June for trading even with all the distractions. I think the longest I spent looking at the market continually was 2 hours. All the trades were for 5-7 ticks.....done for the week and month.....

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
The following 6 users say Thank You to papa15 for this post:
 
  #474 (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

My daughter and her family left yesterday. I am having a hard time getting used to a quiet house again. I did not trade cash yesterday but spent some time doing some sim trading. Today I went back to cash. Did 3 quick trades in CL using the better Renko method; all were successful. I went back to sim after that just to continue building my screen time and get back into my routine.

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:
 
  #475 (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

Getting back to my normal routine.....had a glitch with Sierra Charts but it is straighten out now. House is quiet (almost too quiet after the last 5-6 weeks). Back on Ubuntu (needed to be on Windows while grandson was here so we could play Age of Empires) but now that he is gone, I can stay on Ubuntu....so trading back on SC instead of NinjaTrader.

Today I did 3 quick betterRenko trades on CL before 9:30, all were successful....and I met my weekly goal, so I went back to sim trading.

Yes, my weekly goal is low but for a reason. I have been making money but giving it back. That needs to stop. So, I determined to set a goal that is reasonable and attainable, and one I am happy with, and once that goal is met, no more cash trades. I am then free to sim trade to increase experience, try different instruments or ideas, or do something totally non-trade related. It has done wonders for me. Achieving goals is good. Once I have done it over and over, then I will increase the goal, but that is for another day.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
The following 7 users say Thank You to papa15 for this post:
 
  #476 (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: 29,352 given, 83,230 received

Hope you enjoyed your weekend

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.

The following user says Thank You to Big Mike for this post:
 
  #477 (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

So far, it has been a rough week for me. Everyday my first trade has gone against me and I started off in a hole. I was able to climb out of it Monday but Tuesday and today, I did not. June was a successful month for me. I had little time to devote to trading, but I really focused on proper execution, taking a small slice of the profit, and being done. I did the same last week and made over half of this month's goal. I quit trading early last week and thought I would be ready to hit the ground running this week, but as I said above, I tripped over my shoelaces.

Part of the issue has been a tendency to jump in before the setup is complete. Part has been trading my bias of what the market should do rather than trading what I see. And part has been me just being plain dumb sometimes.

The method I use to find my entries has been as good as any I have seen or used in the past. I just have to follow it. A summary of the method is:

1. For a long, on the 4 better Renko, the CCI must be green, above 0, and above its signal line; the signal line must be green.

2. For a short, on the 4 better Renko, the CCI must be red, below 0, and below its signal line; the signal line must be red.

3. A key thing to look for are divergences of the CCI as it gives hints the trend may be changing.

Very simple and straightforward system. I use SC in order to color the CCI and signal line to support the rules.

Just wanted to lay it out here for my benefit. Tomorrow is another day.

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:
 
  #478 (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

My better Renko method works. I have proven that to myself over time. However, using a 4 betterRenko bar it is possible to get the entry direction correct but still suffer a loss on the trade if you use too small a stop loss. I have proven that over and over, especially this week.

Trying to step back and analyze why this happens, it is easy to think that I should use a smaller profit target and thus increase the probability of winning, while keeping the stop loss the same. I actually found myself doing just that several times this week. Getting away from the market and thinking about it shows me just how poor an idea that is. Carried to the extreme, you could enter with a one tick profit target and provided you did not enter at the exact high or low of the day, you could build your account over time.....but who wants to trade like that. It would take an enormous amount of trades to make anything.....and this is where I found myself spiraling down to this week.

I can not identify right now why the 4 betterRenko did not work as well this week as it has in the past for me. I really believe the biggest reason is operator error; I just can't put my finger on the error. Some of it relates to the self discipline issues I have been working on for several months now. Some of it is most likely related to the fact that not all trades work out. Not really sure. What I do know for sure is I have spent way too much time this week in a hole. Monday and today, I got out of the hole but just barely. Tuesday and Wednesday, well let's just say I kept digging deeper and deeper.....

I have said all the above just to say I think I might be looking at too small a time frame at the moment. I think I will step back a bit and look at bigger charts. I want to see if I can go for fewer trades but make each one a little more substantial. I just have felt this week as if things were moving a bit too fast for me and I think I need to slow it down a bit....I will use Mike Winfrey's 5 min odyssey indicator on a 5 min chart for starters and perhaps a 2-5 min chart on the TF as well.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades

Last edited by papa15; July 14th, 2011 at 09:25 PM.
The following 3 users say Thank You to papa15 for this post:
 
  #479 (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

4 for 4 today. Used a 5 min trade on CL, an inside bar on CL, a 4 betterRenko on CL, and a discretionary trade on TF using some of Bugs Bunny's numbers. All worked. Done by 10 am and quit.

Not a great week but it ended well. Hope everyone has a great weekend.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
The following 2 users say Thank You to papa15 for this post:
 
  #480 (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: 29,352 given, 83,230 received



papa15 View Post
trade on TF using some of Bugs Bunny's numbers

Just to clarify, regarding item #5 in your signature --- your trading plan calls for you to use numbers provided by this member?



Have a good weekend.

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.


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