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Papa's Trading Journal

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  #481 (permalink)
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
 
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Posts: 527 since Sep 2009
Thanks: 583 given, 1,246 received


Big Mike View Post
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

No, use of his numbers is not in my trading plan....but I use his numbers as a target area using the methods that are in my plan.....I have never been able to use just numbers/prices in trading, whether Fibs, S&R from prior price action, Murray Math, or anything else since I don't know which number will or will not work. But if I can get a signal from one of the methods I do use, then I can target an area......

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Visit my futures io Trade Journal Started this thread
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  #482 (permalink)
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 583 given, 1,246 received

It was a good week, the best trading week I have had in a very long, long time. My focus was on process goals on each trade. By that I mean I focused on proper execution per plan. I used a combination of betterRenko chart entries, 5 min chart odyssey entries per mwinfrey's thread, and 15 min chart inside bar breakouts. I added a couple of discretionary trades along the way. I can't say all entries were exactly correct, and I had to cut a few trades early, but all trades were profitable.

I had a serious equipment issue on Wednesday. I had just entered a trade via a buy-stop and my computer just rebooted. My desktop was on Windows and I was trading using NinjaTrader. Fortunately I had my laptop running with SC on it, although it was in sim-trade mode. I switched it to cash trading to manage the trade. My profit target and stop was were not in effect. I took a lot of heat on this trade, but the CCI and signal line gave indications I was just in a pull back, so I put in a wider than normal stop and managed the trade until it came back to a profit and then I cut it. I have no idea why the desktop rebooted (just the typical "Windows recovered from a serious error" or something like that. Then last night, as I was shutting down another program, the desktop again rebooted out of the blue. This computer is about 5 years old and is running XP. I am not quite in a position to upgrade the computer, but it certainly needs it. I think I am going to switch it to running Ubuntu and trading on SC until the upgrade. I have my setups on both SC and NT, so the switch is not as drastic as it may sound. The charts look remarkably similar so it does not throw my brain into a fit when I switch back and forth.

Have a great week end everyone....and try to stay cool...

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Visit my futures io Trade Journal Started this thread
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  #483 (permalink)
 Big Mike 
Site Administrator
Swing Trader
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Manta, Ecuador
 
Experience: Advanced
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Trading: Futures & Crypto
 
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Out of the blue reboots, if you haven't installed any new software lately, could be heat related. Might want to crack it open and make sure the heat sink and all the fans are clear of dust.

Mike

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  #484 (permalink)
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 583 given, 1,246 received


Big Mike View Post
Out of the blue reboots, if you haven't installed any new software lately, could be heat related. Might want to crack it open and make sure the heat sink and all the fans are clear of dust.

Mike

Thanks. Had not thought of that. Will check it out.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Visit my futures io Trade Journal Started this thread
 
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  #485 (permalink)
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 583 given, 1,246 received

Had a good week and it allowed me to make the monthly goal a day early. The month started off well but then I ran into 2 consecutive days where I let my guard down and it put me in a pretty decent hole. I basically stepped back and realized I was pressing and trying to force fit trades. I found the 4-10betterRenko charts were just too fast for me, so I fell back to the 5 and 15 minute charts. I pretty much defaulted to the 5 min odyssey and 15 min inside bar breakout trades and worked my way out of the hole and over the goal line. I am thankful for that.

I would love to say I handled all the trades perfectly but then I would be lying. I am still struggling with some of the discipline issues I have discussed before, but I am making progress. To make my monthly goal two months in a row is a huge accomplishment for me. I am a long, long way from being an accomplished, totally confident trader, but I am certainly better than I was 6 months ago.

I plan on taking tomorrow off.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Visit my futures io Trade Journal Started this thread
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  #486 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
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Trading: Futures & Crypto
 
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Posts: 50,182 since Jun 2009
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papa15 View Post
I plan on taking tomorrow off.

Enjoy your long weekend!



Mike

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  #487 (permalink)
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 583 given, 1,246 received

Folks
It has been a while since I posted. I decided to stop daily postings; too many times I found myself wondering what I would write/how I would explain the trade I took while I was in the trade. Other times I would state my trade criteria, but pass on a particular trade and feel somewhat guilty about it. Trading should not be done for the sake of the journal; the journal is to help with trading. I just felt I had put the cart before the horse, so I backed off.

August has been a good month overall. My discipline fell by the wayside early on, resulting in a big down day. I had come off of 2 profitable months and got over confident. I found myself just trading my preconceived notions of how price should respond around certain numbers while the market was in a big trend up, and I paid for it. Had I done the reasonable thing and just followed my normal setups, instead of a big down day, it would have been a very profitable day. Talk about losing sight of the forest for focusing on one tree......but one thing very, very positive came out of that day. I finally woke up to the fact I can not handle very small time frame charts. I had been using tick charts early in the spring and then switched to betterRenko charts (usually a 4 and a 10 bR chart). I would do well for several days and then give it back. Analyzing my big down day, I saw how I fooled myself with the short time frames. So, I removed them. Since then I have only looked at 5 and 15 minute charts (in tandem). My main trading is done off of a 15 minute chart, and I expect to do away with the 5 min chart soon. There are very few indicators on the charts (an 8 period SMA, high/low bar indicator, and a count down timer) and the entry is off of breakouts and breakdowns. I go for small scalps and quit when I reach a daily goal. This sort of trading fits me; I doubt very seriously anyone else would like what I do. But that is ok by me. I am not looking to emulate anyone else, nor do I expect anyone to emulate me. Each of us has to find what fits and suits us individually, and I have found mine.

I have met my monthly goal in August, so that is 3 months in a row. I raised the goal slightly for September.

I have continued to trade this month after making goal, with the intention of being ultra conservative. Good plan, but poor execution both Wednesday and today. On both days I entered trades that were valid setups but saw excessive heat. One of my self-discipline issues is not cutting losers early, and another is not honoring stops. Both of those came into play on those days. On both days I was able to get out profitably, but I sure did not feel good about it. In order to survive long term I must overcome these issues. This is a matter of deep soul searching and prayer with me. These are deep rooted issues that I can not overcome by my sheer will power alone.

Hope all continue to do well. Have a great week end.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Visit my futures io Trade Journal Started this thread
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  #488 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
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Posts: 50,182 since Jun 2009
Thanks: 32,681 given, 99,579 received

Good job, and two more items crossed off your list from your signature



Mike

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  #489 (permalink)
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
 
papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 583 given, 1,246 received

Well, after 3 months of good success, I thought I had figured things out and had my self discipline issues under control. But just like the Red Sox and Braves choked in September, I slipped. My discipline wavered early in the month....I held a losing trade to an excessive loss rather than honoring the stop. That one trade violated my anxiousness to be in the market in that I took a trade outside my plan, it violated my honoring the stop loss, it violated cutting losses early, and it violated a daily stop loss limit. It was a total slip up on my part. It was not a failure of the system, any indicator, or market....it was a failure to adhere to a well thought out plan...the failure was me. There were other days that I had issues with my self discipline, but that early day in the month dictated the month. I recovered most of the loss (the month loss is about 3% of the account).

I have done a review of the month and find there really are no new lessons to learn. It did point out that I added other techniques to a system that was successful, and the best course of action is to drop back and concentrate on the one instrument with the one technique that has been successful. So, I am doing that.

I also have had some computer issues recently (BSOD on both laptop and desktop, SC does run on Ubuntu but it is not the native OS for the program and there are some issues with it....my desktop was running Ubuntu this past Monday and just as a trade triggered, SC froze for about 10-15 seconds....for a scalper that can be a painfully long time in the CL market), so this morning I ordered a new computer and intend to trade on just that one machine. It is a Windows 7 machine, so Redmond will get some of my money...boo hiss.....and I know Windows 8 will be out in a year or so.....oh well, the cost of doing business....

Anyway, I hope the Red Sox do a good analysis of their choke and fix their problems (I am a fan). I am doing the same...instead of the "there's next year" refrain they use in baseball, I use the "there's next month" for my trading. I do know what I did wrong, I just have to continuously work on it....cause it can rise up and bite you when you least expect it.....

Oh, I am writing this a day early because my daughter and grandkids from Tennessee surprised me with an unexpected visit for my birthday and some things are more important than trading....

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
Visit my futures io Trade Journal Started this thread
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  #490 (permalink)
 trs3042 
Holland, Michigan
 
Experience: None
Platform: ninjatrader
Broker: CQG
Trading: Acoustic Guitar
 
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Posts: 1,617 since Jun 2009
Thanks: 23,764 given, 5,615 received


Glad to hear your gaining on your trading conflicts. Always enjoy reading your comments. Keep up the good work.

Enjoy the time with your family. You are right, some things are more important than trading!!!

To your success,

Rick

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