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A Cowboy's Trading Journal
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A Cowboy's Trading Journal

  #321 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,744 since Mar 2013
Thanks: 2,825 given, 1,960 received
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One thing I noticed is I am loosing my focus and attention during trading day because of my urge to finish tweaking the method etc. so this week my focus would be just concentrating on entries. Anyway I was able to put alerts on server side in TOS this weekend I have to see now if I get proper alerts to my email/text.

Also, I noticed all my intra-day calls are spot on but couldn't act on them because of fear because previously that's what got me in trouble i.e acting on my intra-day calls and couldn't reverse quick enough and ending up the holding a much bigger loosing position.

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  #322 (permalink)
Elite Member
Sarasota FL
 
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bmtrading9 View Post
Also, I noticed all my intra-day calls are spot on but couldn't act on them because of fear because previously that's what got me in trouble i.e acting on my intra-day calls and couldn't reverse quick enough and ending up the holding a much bigger loosing position.

I definitely understand that issue.

But as I understand it, you've got a fairly formal, rule-based trend-following system. That may or may not work out (I hope it does), but it does oblige you to set your feelings aside and pull the trigger.

What would happen if you put in place a fixed loss-control rule-set (maybe, "I stop for the day if I am down "x" amount" or "if I have "y" number of losing trades" or something else that is very mechanical), and then let your method rip?

Basically, trend-following works all the time, except when it doesn't. So one of the things to do is find a way to handle the whipsaws, the non-trending times. Perhaps in the method itself, perhaps with external loss-control rules, perhaps both.

Just a suggestion. I am not at all making light of the emotional issues that can arise in taking the risks of trading, but the more we can minimize the consequences of possible losses, the better -- and the more control we can have, emotionally.

I'm following your journal with interest, hope it works out well for you.

Bob.

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  #323 (permalink)
Market Wizard
Dallas, TX, USA
 
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Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
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bobwest View Post
I definitely understand that issue.

But as I understand it, you've got a fairly formal, rule-based trend-following system. That may or may not work out (I hope it does), but it does oblige you to set your feelings aside and pull the trigger.

What would happen if you put in place a fixed loss-control rule-set (maybe, "I stop for the day if I am down "x" amount" or "if I have "y" number of losing trades" or something else that is very mechanical), and then let your method rip?

Basically, trend-following works all the time, except when it doesn't. So one of the things to do is find a way to handle the whipsaws, the non-trending times. Perhaps in the method itself, perhaps with external loss-control rules, perhaps both.

Just a suggestion. I am not at all making light of the emotional issues that can arise in taking the risks of trading, but the more we can minimize the consequences of possible losses, the better -- and the more control we can have, emotionally.

I'm following your journal with interest, hope it works out well for you.

Bob.

@bobwest Thanks for your suggestion, yes you are right trend following system is the next best to imaginary holygrail indicator/system but it doesn't work when it doesn't and emotions will go thru roof for worse if you are using leverage. In volatile times like this one has to adjust the method, time frame and stops. Emotions, I cannot avoid but what I can do as suggested in mindfulness just notice and let them go and concentrate on method and what's going right now instead of thinking too much about what will be happening next.

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  #324 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,744 since Mar 2013
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Not a good start to the week

Trade - 1

Sold YM at 16116

Initial Trailing stop of 100

Clearly didn't wait for signal, but previously when I waited I never got entry

Trade - 2

Sold YM at 16145

Again pulled the trigger early

Now average is 16130 so full 100 point stop on two contracts would be at 16180

Stop hit took full 100 point loss on 2 contracts

Loss = 100 points

Trade - 3

Sold YM 16179

Covered at 16144

Profit = 35

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  #325 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
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bmtrading9 View Post

Trade - 1
Sold YM ...... Clearly didn't wait for signal, but previously when I waited I never got entry

Trade - 2
Sold YM ...... Again pulled the trigger early

Loss = 100 points

Trade - 3
Sold YM

Profit = 35


Thanks for sharing your P&L.

Would you be willing to describe some aspects of entry and exit signal so that we can learn the logic and improve our execution?

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  #326 (permalink)
Market Wizard
Dallas, TX, USA
 
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Narcissus View Post
Thanks for sharing your P&L.

Would you be willing to describe some aspects of entry and exit signal so that we can learn the logic and improve our execution?

Sure, I realized that volatility increased and we are in a clear controlled selling mode so I kept my 2 hr trend system aside for now not that it doesn't work but too much of volatility so we have to adjust so current method/trend I was observing was

Sell at ADR high's and buy at ADR low's

What I noticed is first entry always works but If I miss some how then wait for divergence (take any momentum divergence, I am using SMI) and put entry and exit (stop or profit) at 100 points on YM (i.e $500)

Let's say we breach ADR high's and low's then based on conditions I have to exit for small loss and evaluate....

If we are in deep oversold/over bought then I will try to enter at 1.5 or 1.618 or 1.786 ADR_H/ADR_L but we need to get divergence

this is only temporary method I am looking at but trend following is the best methods....I am also looking at round number method which is called "The Program" in this forum...that seems to be working very well.

Bottom line is we have to adjust....

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  #327 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,744 since Mar 2013
Thanks: 2,825 given, 1,960 received
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bmtrading9 View Post
Not a good start to the week

Trade - 1

Sold YM at 16116

Initial Trailing stop of 100

Clearly didn't wait for signal, but previously when I waited I never got entry

Trade - 2

Sold YM at 16145

Again pulled the trigger early

Now average is 16130 so full 100 point stop on two contracts would be at 16180

Stop hit took full 100 point loss on 2 contracts

Loss = 100 points

Trade - 3

Sold YM 16179

Covered at 16144

Profit = 35

This got to be kidding me, I pulled trigger on my first trade thinking that I already missed the move instead of waiting a little and put limit order I pulled trigger and sold at market...Hindsight original trailing stop of 100 points would have worked or better entry would be at 16160 - 16170...

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  #328 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,744 since Mar 2013
Thanks: 2,825 given, 1,960 received
Forum Reputation: Legendary

After initial setback looks like my mind is not in control so taking a break here. VOLSPD are at high so no shorting unless we reach extreme levels, I am leaning towards buying weakness but it looks like for me just stay out and be calm might help.

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  #329 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,744 since Mar 2013
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CTICK hugging lows but VOLSPD's are not at lows price is churning inside OR and looks Y-HVN is acting as a support for now. One thing I learned hardway is don't go against VOLSPD's.

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  #330 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,744 since Mar 2013
Thanks: 2,825 given, 1,960 received
Forum Reputation: Legendary



bmtrading9 View Post
Not a good start to the week

Trade - 1

Sold YM at 16116

Initial Trailing stop of 100

Clearly didn't wait for signal, but previously when I waited I never got entry

Trade - 2

Sold YM at 16145

Again pulled the trigger early

Now average is 16130 so full 100 point stop on two contracts would be at 16180

Stop hit took full 100 point loss on 2 contracts

Loss = 100 points

Trade - 3

Sold YM 16179

Covered at 16144

Profit = 35

Good plan crappy execution

Sent from my SAMSUNG-SM-G900A using Tapatalk

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