Get In, Get up and Leave - trading style - Trading Journals | futures io social day trading
futures io futures trading


Get In, Get up and Leave - trading style
Updated: Views / Replies:8,214 / 149
Created: by Narcissus Attachments:35

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

Closed Thread
 35  
 
Thread Tools Search this Thread
 

Get In, Get up and Leave - trading style

  #141 (permalink)
Elite Member
Philly, Pa
 
Futures Experience: Master
Platform: NinjaTrader
Favorite Futures: ES, ZB
 
tigertrader's Avatar
 
Posts: 5,948 since Jul 2010
Thanks: 6,314 given, 31,870 received


Narcissus View Post
Weekly price action is still bullish but daily price action was bearish on Friday. I am trying to remind me of the Current winner in the market and know who was in control prior to me starting day-trading.

I will probably clip a star on the left upper corner of my monitor for weekly winner and the right corner for daily winner. This habit may reduce my counter-trend trading.

I couldn't shake off my bearish bias today and initiate a short at 2080.

Reasoning - I Expected friday's vPOC/VAH to provide resistance and friday's high to hold. Relative volume is still fairly low suggesting no participation from OTF and hence range day likely. Hence fading with the expectation of revisit to overnight low..

However, I was pre-mature b'cas internals did NOT show weakness at the time of my entry. e.g TICK was still hugging zero but staying +ve with no buying exhaustion and net volume was creeping up.

If I had waited for 2083, when I noticed weakness in internals, my stop would have been at a safer location and above the noise and local stop hunting above last week's high. Sellers hadn't shown up yet and hence I could be stopped out soon. However, range day is still a possibility unless there is a significant pick up in volume.

You are your own worst enemy...

The following 2 users say Thank You to tigertrader for this post:
 
  #142 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received


tigertrader View Post
You are your own worst enemy...

Agree. That's why I try to reduce my own influence in my trade execution.

I had 2 choices today but opted for the 3rd less profitable strategy.

1. I had bullish bias on Friday. Hence I could have initiated long at open as Internals were mildly positive and hunted the stops above friday's value high.

2. I could have waited for weakness to appear and then shorted friday's value high. (which is possibly happening at 11.35 now CT with price at 2086)

3. Instead I was impatient and settled for a low probability and high risk location and paid the price.

I am ok with that, currently, b'cas I know that I made a risky bet, what my better options are and what I could have done differently.

I think I have moved on from the 'lack of awareness' stage to 'mindful of my idiocy' stage. The next step is 'placing smarter bets' stage. I aim to reach that in weeks not years. However, if I keep doing the same mistake then there is no bigger fool here.


Last edited by Narcissus; November 2nd, 2015 at 12:47 PM.
 
  #143 (permalink)
Elite Member
Philly, Pa
 
Futures Experience: Master
Platform: NinjaTrader
Favorite Futures: ES, ZB
 
tigertrader's Avatar
 
Posts: 5,948 since Jul 2010
Thanks: 6,314 given, 31,870 received



Narcissus View Post
Agree. That's why I try to reduce my own influence in my trade execution.

I had 2 choices today but opted for the 3rd less profitable strategy.

1. I had bullish bias on Friday. Hence I could have initiated long at open as Internals were mildly positive and hunted the stops above friday's value high.

2. I could have waited for weakness to appear and then shorted friday's value high. (which is possibly happening at 11.35 now CT with price at 2086)

3. Instead I was impatient and settled for a low probability and high risk location and paid the price.

I am ok with that, currently, b'cas I know that I made a risky bet, what my better options are and what I could have done differently.

I think I have moved on from the 'lack of awareness' stage to 'mindful of my idiocy' stage. The next step is 'placing smarter bets' stage. I aim to reach that in weeks not years. However, if I keep doing the same mistake then there is no bigger fool here.

To use your medical analogy, before you can make a diagnosis you need more than a cursory knowledge of medicine. The same is true of formulating a thesis about the market. If you don't have a thorough knowledge of the market, you are simply going to be making guesses based on some misguided bias.

The following 2 users say Thank You to tigertrader for this post:
 
  #144 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received

Let's do it in a better way - Full time


tigertrader View Post
To use your medical analogy, before you can make a diagnosis you need more than a cursory knowledge of medicine. The same is true of formulating a thesis about the market. If you don't have a thorough knowledge of the market, you are simply going to be making guesses based on some misguided bias.

I appreciate your effort to guide me towards success.

I have realised that I have to increase my effort and commitment too.

Instead of using my day-job and time restriction as an excuse to pick bad locations, I have decided to dive in full time, albeit for a small period of 2 months. Luckily, my personal and job situation allows me to do that from mid November. i.e 2 weeks from now. I will be as transparent as possible and will take any criticism, from successful and/or well respected traders, in a positive spirit.

Even if I fail at the end of 2 months, I will hopefully learn more about my abilities and personality and then decide on my suitability to become a trader. Even if the next 2 months become a disaster, I will likely continue with part time trading again for few more months to try and rectify my deficits and carry on with my regular job for another 6 to 8 months before going full time from October 2016.

I will likely close this thread in the next week or so as it won't be Get up and leave but rather active monitoring and management of my trades

The following 5 users say Thank You to Narcissus for this post:
 
  #145 (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: 1,789 since Mar 2013
Thanks: 2,909 given, 2,011 received
Forum Reputation: Legendary


Narcissus View Post
I appreciate your effort to guide me towards success.

I have realised that I have to increase my effort and commitment too.

Instead of using my day-job and time restriction as an excuse to pick bad locations, I have decided to dive in full time, albeit for a small period of 2 months. Luckily, my personal and job situation allows me to do that from mid November. i.e 2 weeks from now. I will be as transparent as possible and will take any criticism, from successful and/or well respected traders, in a positive spirit.

Even if I fail at the end of 2 months, I will hopefully learn more about my abilities and personality and then decide on my suitability to become a trader. Even if the next 2 months become a disaster, I will likely continue with part time trading again for few more months to try and rectify my deficits and carry on with my regular job for another 6 to 8 months before going full time from October 2016.

I will likely close this thread in the next week or so as it won't be Get up and leave but rather active monitoring and management of my trades


That's good news and I am happy for you as you are taking a step closer to your goal but I am confused though, you want to be a day trader or swing trader? more screen time will definitely help in understanding day to day nuances of market but I feel it will also add to the confusion what I mean is as @tigertrader mentioned in previous post we are going to make more and more guesses based on misguided bias....Last few weeks I missed a huge rally because I was dwelling in what happened in previous 3 weeks, clearly market has changed in last three weeks but I am not sure how new traders will recognize these changes one we able to recognize this we should be able to control misguided bias effectively....for example in one of not so recent post's @tigertrader mentioned market has been stretched so much after moving up mere some 40-60 points so he is short but now he doesn't think it's not stretched enough so we have to find how can we learn these things..

The following 2 users say Thank You to bmtrading9 for this post:
 
  #146 (permalink)
Elite Member
milpitas, ca, usa
 
Futures Experience: Intermediate
Platform: Tradestation
Broker/Data: Tradestation, Ameritrade
Favorite Futures: ES, Gold, 10 Yr
 
rahulgopi's Avatar
 
Posts: 1,583 since Feb 2014
Thanks: 1,144 given, 3,525 received


Narcissus View Post
I appreciate your effort to guide me towards success.

I have realised that I have to increase my effort and commitment too.

Instead of using my day-job and time restriction as an excuse to pick bad locations, I have decided to dive in full time, albeit for a small period of 2 months. Luckily, my personal and job situation allows me to do that from mid November. i.e 2 weeks from now. I will be as transparent as possible and will take any criticism, from successful and/or well respected traders, in a positive spirit.

Even if I fail at the end of 2 months, I will hopefully learn more about my abilities and personality and then decide on my suitability to become a trader. Even if the next 2 months become a disaster, I will likely continue with part time trading again for few more months to try and rectify my deficits and carry on with my regular job for another 6 to 8 months before going full time from October 2016.

I will likely close this thread in the next week or so as it won't be Get up and leave but rather active monitoring and management of my trades

I did the same when we had our second kid. I took 3 months paternity leave and wanted to test full-time trading. Since I advertised it to my family and friends as the trial run for my full time trading career, put a lot of pressure on the deadline and I made many mistakes, forcing trades and trading outside the plan. Eventually I managed to break even but picked up some bad habits. It took a while for me to let go of the deadlines and focus on executing the trade as per the plan and focus on the process itself and not the outcome on a daily basis.

In your case you seem to have more clarity on what you want out of this 2 months time. Having that clarity is important as unrealistic expectations may cause some psychological setbacks as in my case.

The following 7 users say Thank You to rahulgopi for this post:
 
  #147 (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


bmtrading9 View Post
That's good news and I am happy for you as you are taking a step closer to your goal but I am confused though, you want to be a day trader or swing trader? more screen time will definitely help in understanding day to day nuances of market but I feel it will also add to the confusion what I mean is as @tigertrader mentioned in previous post we are going to make more and more guesses based on misguided bias....Last few weeks I missed a huge rally because I was dwelling in what happened in previous 3 weeks, clearly market has changed in last three weeks but I am not sure how new traders will recognize these changes one we able to recognize this we should be able to control misguided bias effectively....for example in one of not so recent post's @tigertrader mentioned market has been stretched so much after moving up mere some 40-60 points so he is short but now he doesn't think it's not stretched enough so we have to find how can we learn these things..

You are always going to have the higher timeframe traders "laughing" at the LTF guys. Yesterday, long term guys watched 20+ pts evaporate from thier position and you didn't hear them giving any shit to those who were taking range day type profits or shorting at the highs or shorting VWAP late day. Same goes for the day before. ( In no way is that directed towards @tigertrader- just a general statement from a guy who trades multiple timeframes) There is no way to control misguided bias if you believe in your process as you can't be right all the time. You can control risk and you can adjust your bias but if you have a long term consistently profitable bias building system for your timeframe I would not be looking to capitalize on other timeframes- it's the nature of the beast- the longer your horizon, the less often you will be misguided simply because you have fewer decision points. @Narcissus was a little early but I believe 10s of thousands of contracts were traded just above that area in sideways fashion telling you a lot of traders felt the same way and saw an opportunity to short in that area- the trade did not work- it happens. Had the ass fallen out and we went back to test the 200DMA his bias would not have been misguided at all and he'd look like a genius. Not being able to watch the day hurts as it does not afford one the opportunity to change their bias when the weight of the evidence suggests action.

The following 6 users say Thank You to Inletcap for this post:
 
  #148 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: F-16CM-50
Favorite Futures: JDAM
 
tturner86's Avatar
 
Posts: 5,784 since Sep 2013
Thanks: 9,849 given, 11,160 received
Forum Reputation: Legendary


bmtrading9 View Post
you want to be a day trader or swing trader?

Why choose? Why not trade what is available? Too many people (myself included) try to box themselves into trading a certain timeframe.

The following 7 users say Thank You to tturner86 for this post:
 
  #149 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received

Final thoughts

I expected to use this thread for about 3 months but decided to close it sooner as I will NO longer use this execution method due to my decision to go full-time soon, possibly from November 16 Monday.

The most important benefit of this method is my acceptance of random outcome of my trading and willingness to take the loss i.e stops being hit. I also learnt that trading can be stress-free once I develop the habit of objectively watching the market despite my active trade position. Finally, even a mediocre location can be made profitable by position sizing and planned execution methods.

The most important drawback is that I often pick counter-trend trades partly because of my inability to monitor my trade but mostly due to my fading personality. I thank many experienced traders who shared their opinions that this behavior may lead to bad habits which can be hard to undo/change.

I have decided to take my trading business seriously and do it full-time, without the distraction of my day job for 2 months. I am going to spend the next week thinking about how to approach it and will lay-out my process in flowcharts and try and have some clarity in my head. It's very scary as I have hidden behind the convenience of 'discretionary trader' which usually means trading with NO rules Now I have to come up with few.

I am very encouraged by the enthusiasm and support I received from several experienced members here and hope to repay it back to newer members by contributing more in my main journal.

May this helpful thread rest in peace.

The following 8 users say Thank You to Narcissus for this post:
 
  #150 (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, 83,231 received


Moderator Note


Thread closed by request.




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.


Closed Thread



futures io > > > Get In, Get up and Leave - trading style

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
How do I find someone trading a similar style as mine. Patrick S Traders Hideout 5 March 2nd, 2016 02:50 PM
Trading Forex With Nial Fuller style Ali Huzaifa Trading Journals 2 January 6th, 2016 07:51 PM
Day Trading the ES PATS style- 1 point at a time welly192 Elite Trading Journals 1505 April 12th, 2015 03:17 PM
TF journal (Market Profile trading style) scaffrey1 Elite Trading Journals 16 July 21st, 2014 11:19 PM
Elite Members: Need input on new Trading Training Room, BMT style Big Mike The Elite Circle 40 September 3rd, 2011 06:24 PM


All times are GMT -4. The time now is 09:41 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 2017-12-14 in 0.18 seconds with 20 queries on phoenix via your IP 54.82.56.95