Journal : Trading and training the mind - Giddy Up!!! - Trading Journals | futures io social day trading
futures io futures trading


Journal : Trading and training the mind - Giddy Up!!!
Updated: Views / Replies:3,768 / 72
Created: by Oiler Attachments:0

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

Reply
 
Thread Tools Search this Thread
 

Journal : Trading and training the mind - Giddy Up!!!

  #31 (permalink)
Elite Member
Toronto Ontario/Canada
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: ES
 
Oiler's Avatar
 
Posts: 58 since Sep 2015
Thanks: 246 given, 29 received

Objective

The past 4 trading days - 14-19th summed up Results:

17 round trips on ES
6 Long - average income 0.08 points - 67% win
11 Short - average income 0.4 points - 81 win

3 trades cost more than a point - average hold period was 75 minutes

2 trades income of 2 points - average hold was 10.5 minutes

The expense trades had oppourtunities to get out at an income level, but I was continuing to swing for fence.
To stay in the game, I need to practice good money management and time management. Know my style. At this point, I am at the last week of my first 2 months in this game and want to be around next year.

Reply With Quote
 
  #32 (permalink)
Elite Member
Toronto Ontario/Canada
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: ES
 
Oiler's Avatar
 
Posts: 58 since Sep 2015
Thanks: 246 given, 29 received

Update

Wednesdays trade was interesting in that the volumes were up versus previous days. Was not sure how this would affect market but saw that range was bigger at 11EST.

My goal Wednesday was to get on a trend late. Some support levels that I was following continued to be taken out. I wanted to go long as I thought 2030ish could be tested again.

After some heavy patience I did go L2016.25 and then saw an exit 3 pts higher as I simply wanted a percentage of the days range. I ended up closing the trade a point higher. Need to work on Loss Aversion. At the same time, spending 3+hours watching the screen just to enter a trade had wore me out. I will work on another approach to monitoring market. Will take some time.

Did not trade on Thursday - Non-trading priorities needed attention.

At end of Thursday I did check the market and just realized how biased I was to the downside....also a reminder to remain flexible and follow the trend...easier said than done.

Reply With Quote
 
  #33 (permalink)
Elite Member
Toronto Ontario/Canada
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: ES
 
Oiler's Avatar
 
Posts: 58 since Sep 2015
Thanks: 246 given, 29 received

Marathon


This is not a sprint.

I am calling it an afternoon. Started looking at the screens today from noon to 115pm then from 230-320pm.
At noon hour I was attempting to catch a bottom by going L 2063.25. Patience would have helped me hit the target of the opening level of 2065. After an hour I flattened.

Left to attend to other matters.

Upon my return was happy to see my theory made some sense.

I decided to scalp 3 trades as I saw that on the 5min the resistance at the 2072 level was creating some red bars.
These trades added 3 points to the .25 from noon hour.

My goal was 2 points and this sits well with me. The s/r levels are making more sense each week - the risk aversion is to be worked on. Holding the trades that I am making while watching the 15/30 minute charts must increase. Have have in some targets that I am expecting. Also, dig deeper into analysis to get into a trade where the upside is more than 2 points.

Reply With Quote
 
  #34 (permalink)
Elite Member
Toronto Ontario/Canada
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: ES
 
Oiler's Avatar
 
Posts: 58 since Sep 2015
Thanks: 246 given, 29 received

Wednesday Oct 28

This day felt slightly familiar to Sept 17/15 when we last had the fed.

Was going to trade this day better as the last one was full of too many trades and lots of emotion. Resulting in too much stress.

Trading went well and the idea was basically to be long into and through the minutes being release. I had a target of 3 pts for the day. I managed to get the 3 points prior to 2pm on 2 trades. I traded of the 15 minute chart and was able to hold much longer than on Sept 17 while using the 5 minute chart.

I did use 2 units at one point as my initial unit long was in a bigger range. So I went long for a little bit. Knowing some of the support and res points helped me do this without the gambling feeling of last month.

Exiting all positions prior to the announcement was based on a lack of conviction of my long. After the announcement I did scalp 3 more trades to total 7.5 pts for the day.

This was my best daily income in over one month. I did not like that I had to scalp for some of it as I am really working toward getting some 4+pt income trades. Working past this resistance of fear of loss.

Reply With Quote
 
  #35 (permalink)
Elite Member
Toronto Ontario/Canada
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: ES
 
Oiler's Avatar
 
Posts: 58 since Sep 2015
Thanks: 246 given, 29 received

Thursday, Oct 29

Today I went long 4 times.
With 3 income trades of 6.5 pts and 1 expense trade at 2.75 netting 3.75 pts. My goal was 3 points today.

Something is missing. I would like to be able to tell when a push is a good push up or down in price. It seems that I am concerned about break-outs to the down side when I am long and that I am worried about reversals also when long.

I am not using any tick data and I watch volume on the 15 minute chart. Will investigate further.

I would like to get out of the longs when the hit resistance and do not break through. Is this thinking small. Not if it is a range type day. Today was a tight range of 11 pnts.

At the end of the day I almost packed it in but on the forum there was some views that we would go higher, I went long from 330pm - 349pm for 1.5pts. That was great as it helped me reach my goal. The strong push faded at 86.5 and as it dropped I decided to take this little gift before it vanished. Sold at 84.25.

The greed comes into play whenever my income (non-realized) is on the screen and at level above my goal...it fades too often. But beginning to read that you will never make it if you do not have some big winners.

Reply With Quote
The following user says Thank You to Oiler for this post:
 
  #36 (permalink)
Elite Member
Toronto Ontario/Canada
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: ES
 
Oiler's Avatar
 
Posts: 58 since Sep 2015
Thanks: 246 given, 29 received

Fading and looking for explainations

Friday was had some interesting results prior to noon a 4 short trades that where small scalps. The trade holds ranged from a minute to an hour and the income range was 0.25 to 0.75 pts. Hardly stellar.

It is clear I need more work and discipline on S/R.

In the noon hour I went long twice, and it should have only been once. First trade was +2.25pts. Sold at 2085.75. Then noticed some bouncing hire and bought it at the same level again. This was great had I sold it when it jumped for about 10-20 minutes, then I could not see the light as it dropped.

Was looking for something to flash on the screen saying this is why this is happening. I had half a dozen alarms go off telling me to sell as resistance was being hit and breaking down. But I kept holding onto the thought of where the market was at 115pm something like 2087.

Now we have the trade on over the weekend that was never the plan.

Reply With Quote
 
  #37 (permalink)
Elite Member
Toronto Ontario/Canada
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: ES
 
Oiler's Avatar
 
Posts: 58 since Sep 2015
Thanks: 246 given, 29 received

Monday Update

Time to go rake leaves.

I closed 2 trades from Friday at total pnt expense of 5pts.
Made one trade today on the short with a tight stop for an expense of 2.5pts.

Three strikes and I am out today.

It appears the volume is very light today. My performance on these days is weaker than when the volume on the NYSE is higher in the first 30 min than today. Today it was the lowest of the past 5 days.

Reply With Quote
 
  #38 (permalink)
Elite Member
Toronto Ontario/Canada
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: ES
 
Oiler's Avatar
 
Posts: 58 since Sep 2015
Thanks: 246 given, 29 received

Monday PM

Was able to get back into the trade from 3pm to scalp 2 trades for 1.75 pts. in the 2097.75-2099.5 range.

My objective was to get a couple of winners for the momentum for the rest of the week.

Increasing size from 1 to 2 contracts during a few of my last trades has added a different risk/reward. It has opened my eyes to the scaling out of positions that can take place. This is where I feel the real learning will take place and learning about r/s will increase. Additionally, the need to allow for profit growth.

I will ease into this.

Reply With Quote
 
  #39 (permalink)
Elite Member
Murrells Inlet SC
 
Futures Experience: Advanced
Platform: Tradestation
Favorite Futures: ES, CL, ETFs
 
Inletcap's Avatar
 
Posts: 9,158 since Dec 2012
Thanks: 9,765 given, 25,670 received

Back when I first started day trading futures, I would jump out of trades at the first sign of profit or loss. I believe this was due to the fact I had so many losers as I was using tight stops that i shit my pants when I was right and felt I had to take profits " just in case". I see you traveling that dangerous path so I'll say this- the market will move and pay you when you are right but you must be in the trade to reap the rewards. You are not reducing risk by jumping out at the first sign of trouble, you are increasing it and hurting your bottom line- I think most of us go through this. I feel you are at the point where establishing some reasonable targets may be beneficial- once you start seeing larger trades work you will be more inclined to "stick it out". Consider using the average daily range as it puts targets into a reasonable perspective- look to take 25% and 50% for income targets and leave your third contract to run to seemingly rediculous levels until you believe the market will move and then you can expand on that. BTW- I am assuming you are trading a reasonably capitalized account since you are trading multiple contracts and holding overnight.


Last edited by Inletcap; November 3rd, 2015 at 08:42 PM.
Reply With Quote
The following 3 users say Thank You to Inletcap for this post:
 
  #40 (permalink)
Elite Member
Toronto Ontario/Canada
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: ES
 
Oiler's Avatar
 
Posts: 58 since Sep 2015
Thanks: 246 given, 29 received



Inletcap View Post
Back when I first started day trading futures, I would jump out of trades at the first sign of profit or loss. I believe this was due to the fact I had so many losers as I was using tight stops that i shit my pants when I was right and felt I had to take profits " just in case". I see you traveling that dangerous path so I'll say this- the market will move and pay you when you are right but you must be in the trade to reap the rewards. You are not reducing risk by jumping out at the first sign of trouble, you are increasing it and hurting your bottom line- I think most of us go through this. I feel you are at the point where establishing some reasonable targets may be beneficial- once you start seeing larger trades work you will be more inclined to "stick it out". Consider using the average daily range as it puts targets into a reasonable perspective- look to take 25% and 50% for income targets and leave your third contract to run to seemingly rediculous levels until you believe the market will move and then you can expand on that. BTW- I am assuming you are trading a reasonably capitalized account since you are trading multiple contracts and holding overnight.

@Inletcap, Good advice and it is not the first time you have provided it to me.

I would say that the point of being sick of taking small trades has been reached. On Tuesday your posts on ADR was like a pan on the head. I managed to use the targets and had a decent day with a 5 pt gain on one of the trades. As I was shooting for 2009 but find that I do back out of trades when hearing others are taking profits.

I do feel that trading more contracts will make sell decisions easier. Trading one lots seems like there is no wiggle room for entry or exit. It creates a bit of stress in the mind as greed kicks in.

thanks again

Reply With Quote
The following user says Thank You to Oiler for this post:

Reply



futures io > > > Journal : Trading and training the mind - Giddy Up!!!

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
Trading Psychology and How The Mind Works (I) George Psychology and Money Management 17 October 14th, 2015 02:32 PM
E-Day Trading Mind mihabibi Trading Reviews and Vendors 3 September 25th, 2015 10:07 PM
Free Trading Training Bilderberger Trading Reviews and Vendors 6 July 16th, 2013 06:28 PM
How to clear your mind before Trading Zenturio Psychology and Money Management 15 March 2nd, 2013 05:12 PM
MASTER THE MIND TRADING JOURNAL gparkis Trading Journals 25 January 5th, 2012 03:44 PM


All times are GMT -4. The time now is 12:35 AM.

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 19 queries on phoenix via your IP 107.20.115.174