Get In, Get up and Leave - trading style

October 16th, 2015, 11:59 AM

First bad location in the last 2 weeks. Not terribly happy about it but decided to stick to my execution.

Short - 2018

Why is it bad - Friday's ranges are usually small and hence fading better strategy. Not shorting the lows!

Why it may work out - Heavy volume at open and then market drifted down and hence Big players are potentially short or covered their longs.

If new highs are made, i.e 2024 after European close, then my trade likely to be a flop.

Very small range so far. I was too eager to get enough trades to get meaningful trading data.

I will remember this in the future.

LOCATION, EMOTION AND EXECUTION.

October 16th, 2015, 03:51 PM

I am proud of myself today.

Yes, it was an ugly entry. Shorting VAL on expected range day doesn't make me look smart.

My goal is to NOT to care about looking smart or stupid but to learn in the short term, not to loose in the medium term and gain in the long term.

Why am I happy today?

1. I posted my silly trade.
2. Still able to execute and not close.
3. After 1st profit target hit, didn't get excited.
4. When taking heat, didn't feel like closing it or change the plan.

Of course I may change my plan, like moving stops after 1st target hit etc but only after weekend analysis. Not impulsively whilst I have active positions.

I have come a long way in improving my discipline.

OK Narcissus, that's enough. Just remember the reasons for your avatar name.

October 16th, 2015, 06:02 PM

Stops NOT hit. Position closed 5 minutes before close.

October 17th, 2015, 12:20 PM

Traded only 3 days this week. Monday was such a small range, it was simply not worth it. Wednesday was a hesitation day and missed the train.

Let's see the equity curve for the last 2 weeks first.

Please note I trade SPY and not ES but using points for better reading clarity. After a good start last week, I had a breakeven week but positive trend continues.

Let's have a look at the individual trades.

I took short every day. It's pretty clear that my preferred style is FADING and hence don't do well on Trend UP days.

My 2 stops were hit on Thursday after my 1st target was achieved. It was a reversal day i.e after European close, market turned around. I am considering moving my stops to HOD after my 1st target reached but will wait for more data. I am also considering taking a Second trade if my 1st trade reaches all 3 targets. This is to ensure I have enough trades to do meaningful analysis. I am hoping to get about 100 trades in 3 months.

In summary, pretty good start. Dull 2nd week. No new changes in execution.

October 18th, 2015, 08:03 PM

ES is trying to break out of the range from 1860 to 2020. I suspect formidable resistance above but NO sign of big sellers yet.

It looked like rolling over mid week but it reversed on Thursday with a retest and consolidation on Friday. Since it was Options expiration day, I am not sure whether it's a genuine breakout. Also note average volumes of just over 1 million on those 2 days.

I will wait for confirmation of breakout. NO LONGS CONSIDERED YET as we may be in the process of false breakout.

I will consider SHORTS if 2012 is taken out.

If we gap up, then I may fade but will be cautious and look for weakness in internals before doing that. If we gap down, then I will wait for the gap to fill first.

--------

I watched more of Mark Douglas' videos over the weekend. Great Guy. Every aspiring trader should read his book. Very entertaining but concise speaker too. I want to pay my sincere tribute and respect to Mark.

October 18th, 2015, 10:24 PM

Narcissus

OK Narcissus, that's enough. Just remember the reasons for your avatar name.

i would consider changing your moniker to @Sisyphus

October 18th, 2015, 10:50 PM

tigertrader

i would consider changing your moniker to @Sisyphus

It's probably time to let Narcissus go. He has probably learnt some humility in the last 12 months of being a spectator of the market and futures.io.

Sisyphus seems more apt now (except the physical strength).

October 19th, 2015, 08:07 AM

.

Narcissus

It's probably time to let Narcissus go. He has probably learnt some humility in the last 12 months of being a spectator of the market and futures.io.

Sisyphus seems more apt now (except the physical strength).

trading does not require physical strength, it requires an inner strength. as @Big Mike alluded to another post, a trader must accept responsibility for his actions. the notion of choice implies that we must accept the consequences of our choices, even when they are undeserved since consequences cannot be foreseen.

October 19th, 2015, 04:32 PM

Location - 2021 short - I wanted to wait for 2012/2025 to be taken out before entry. Hence premature entry.

Emotion - Restless before trading, impatient as I have to leave for day job and hence squeezed a trade.

Execution - Pretty good. 1st target hit 4 points. Then choppy whole day. Tight range and hence my other 2 targets/stops were NOT hit. Closed at the end for 4 pts cost.

Another data to consider tightening stops if Market stalls after my 1st target hit. No change in execution until weekend.

October 20th, 2015, 10:12 AM

Location. Pretty bad. Short 2021. Reason its a poor location is bcas my stop at 2029 is right at the obvious location. My goal is to place stops where only OTF can reach me. Misguided by initial flurry of sellers.

Emotion- Actually I was pretty calm and focussed.

Execution. So far so good but likely to be stopped out.

Get In, Get up and Leave - trading style

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Get In, Get up and Leave - trading style