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Papa's Trading Journal


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Papa's Trading Journal

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  #561 (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

The market is in a downtrend and today produced a red candle, but for most of the day it sure didn't feel like a down day. Price was up and down for about an hour, and then it took off on a bit of an upswing. It appeared to be chopping some at the higher price when it just took off for the lows of the day. Momentum built up and price pushed to new lows and pulled back slightly at the close. It was a new low close.

I had a profitable day. It was not my best trading but it was a green day. There was one loss in the mix. I did honor the stop, which is a focus I am working on. I have attached a one minute chart that I use to help manage trades. The red and blue dashes are from a super trend indicator stop available on Sierra Chart. I use this and then manually adjust stops, using the stop of 1 bar back (the first fully completed bar). So far it has been a help.

Primary focus remains on short trades, but quite honestly a move up would not surprise me much. This is options expiration week and anything can happen. Any positive news will have a big impact, and I really doubt the market will be down on Friday....the Facebook IPO will have a positive impact in the short term.

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
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  #562 (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

I have finally reached a point that I am closing this journal. It has been a most interesting 2 years of recordings. I wish this journal had recorded a path to consistent trading where I could each day write how I just followed my plan and all was well, but alas, it does not. The only thing consistent in this journal has been my inconsistency. I have modified/changed charts, changed techniques, changed instruments, etc.....but the one thing I have not been able to change has been me.

I am working on that. I am re-reading Brett Steenbarger to work on my mindset. As FT71 says in his webinars, the monkey gets out of control at times, and the monkey must be caged. I also am going to switch brokers. Optimus has been fantastic to work with. I have nothing but great respect for the operation Matt runs there. But he does not have a platform with a built in daily loss limit, and quite honestly, I am not ashamed to admit that is a feature I need. I have used one before, and it gives me a much needed backup. I had a good number of days last year and this where at the end of the day, my loss well exceeded my planned daily loss limit. Additionally, there were many days were I exceeded the limit and the market turned around and bailed me out....those days were not good trading days even if they were profitable days.

Once I get things on track, I may come back with another journal.

It has been real, it has been fun, but not all times were real fun. Trade well.

Big Mike, please close this thread.

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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  #563 (permalink)
 cory 
virginia
 
Experience: Intermediate
Platform: ninja
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Posts: 6,096 since Jun 2009
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papa15 View Post
I have finally reached a point that I am closing this journal. It has been a most interesting 2 years of recordings. I wish this journal had recorded a path to consistent trading where I could each day write how I just followed my plan and all was well, but alas, it does not. The only thing consistent in this journal has been my inconsistency. I have modified/changed charts, changed techniques, changed instruments, etc.....but the one thing I have not been able to change has been me.

...
Big Mike, please close this thread.

it just means you haven't found what you have been looking for.

 
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  #564 (permalink)
 PandaWarrior 
In the heat
 
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Posts: 3,163 since Mar 2010
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papa15 View Post
I have finally reached a point that I am closing this journal. It has been a most interesting 2 years of recordings. I wish this journal had recorded a path to consistent trading where I could each day write how I just followed my plan and all was well, but alas, it does not. The only thing consistent in this journal has been my inconsistency. I have modified/changed charts, changed techniques, changed instruments, etc.....but the one thing I have not been able to change has been me.

I am working on that. I am re-reading Brett Steenbarger to work on my mindset. As FT71 says in his webinars, the monkey gets out of control at times, and the monkey must be caged. I also am going to switch brokers. Optimus has been fantastic to work with. I have nothing but great respect for the operation Matt runs there. But he does not have a platform with a built in daily loss limit, and quite honestly, I am not ashamed to admit that is a feature I need. I have used one before, and it gives me a much needed backup. I had a good number of days last year and this where at the end of the day, my loss well exceeded my planned daily loss limit. Additionally, there were many days were I exceeded the limit and the market turned around and bailed me out....those days were not good trading days even if they were profitable days.

Once I get things on track, I may come back with another journal.

It has been real, it has been fun, but not all times were real fun. Trade well.

Big Mike, please close this thread.

Might I add that in your broker search, you look for one that might allow a trailing equity stop....say trail by 30% once you reach a threshold....that way, once that equity trail stop kicks in, you can't lose more than 30% of your equity high...say it kicks in at $500, you keep trading until you either get tired, reach a goal or you lose 30% from there.....just a thought. Not sure if anyone offers that but worth a look.

On a side note, I've enjoyed your journal, your introspection and your ability to identify the real culprit behind your lack of consistent success. One thing I have learned from the journal process is that simplicity rules, conservative exits are better if I am a scalper and to just do the same thing over and over again to the point its boring in its repetitiveness. I think you realize these same things....

Anyway, looking forward to your next thread...

Never give up....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #565 (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


PandaWarrior View Post
Might I add that in your broker search, you look for one that might allow a trailing equity stop....say trail by 30% once you reach a threshold....that way, once that equity trail stop kicks in, you can't lose more than 30% of your equity high...say it kicks in at $500, you keep trading until you either get tired, reach a goal or you lose 30% from there.....just a thought. Not sure if anyone offers that but worth a look.

On a side note, I've enjoyed your journal, your introspection and your ability to identify the real culprit behind your lack of consistent success. One thing I have learned from the journal process is that simplicity rules, conservative exits are better if I am a scalper and to just do the same thing over and over again to the point its boring in its repetitiveness. I think you realize these same things....

Anyway, looking forward to your next thread...

Never give up....


No, I am not giving up. I have decided to go with VanKar brokerage. They use the OEC platform, which allows you to set the daily stop yourself. I have been using TPO and/or volume profiles since this past December and I enjoy doing the pre trading analysis it calls for. When I looked at FT71's webinars, things started to click. His emphasis on risk and risk management seem like they will help. I am taking a short break from trading as I get accounts transferred/setup, do some reading, take a short family vacation to celebrate our 40th wedding anniversary, do a small home remodeling project, etc.

Thanks for the kind words and the support over the last 24 months.....continued success to you....

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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  #566 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
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Posts: 3,163 since Mar 2010
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papa15 View Post
No, I am not giving up. I have decided to go with VanKar brokerage. They use the OEC platform, which allows you to set the daily stop yourself. I have been using TPO and/or volume profiles since this past December and I enjoy doing the pre trading analysis it calls for. When I looked at FT71's webinars, things started to click. His emphasis on risk and risk management seem like they will help. I am taking a short break from trading as I get accounts transferred/setup, do some reading, take a short family vacation to celebrate our 40th wedding anniversary, do a small home remodeling project, etc.

Thanks for the kind words and the support over the last 24 months.....continued success to you....

I think thats an excellent plan....see if they have equity trail stops as well.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
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  #567 (permalink)
 Big Mike 
Site Administrator
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Manta, Ecuador
 
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Hi Buddy,

I will close the thread as you requested. I hope you will start a new one soon, or re-open this one at some point in the future.

Congratulations on your 40th. Such an incredible accomplishment!

Enjoy your vacation, and here is to your success!

Mike

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