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GruttePier's trading journal to getting profitable
Started:October 11th, 2015 (12:20 PM) by GruttePier Views / Replies:37,686 / 707
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GruttePier's trading journal to getting profitable

Old January 12th, 2016, 12:49 PM   #101 (permalink)
Market Wizard
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First 5 point mover


Inletcap View Post
I would bet that if you were trading more than 1 contracts you would let 1 ride and begin to believe that price will move once you saw it happen a few times. Being a little harsh here- the Range today was better than 36 points- there were several 10 point swings- you never made or lost 5 pts on a single trade... Think about that tonight! If you want to have the remote possibility of making serious money you must have the will to let your trades work and the will to be wrong often. If you take small profits, you will be destroyed in the long run by commissions, slippage and your losses because you are not capitalizing on your winners. It's not fun watching profits disappear but it is so much more rewarding when they begin compounding. If you are undercapitalized, switch to a non leveraged investment vehicle immediately. All that said- good job developing your own style and trading where you want to trade!

Less that 1 point profit on a 36 point range day is far from sustainable indeed.
I've made 17 trades with my new method sofar. Out of these 17 trades, there were 8 trades in which price did go into my anticipated direction for at least 5 points but I did not bank this because:
(1) I moved the stop to breakeven too early (around 3 points) and got stopped out
(2) I closed the trade too early because price action did not look good to me

I realize that I need to catch these 5+ point move in order to become profitable.
So far, I've alway's traded the small moves. So whenever I'm in profit, I either secure the profit by moving the stop to BE or close the trade (way too early). Also, price acton (T&S) or internals freak me out when these turn against me, I then close the trade.
I need to change my behaviour in order to catch the few big moves on a day.

What I will do from now on:
- Don't move the stop to breakeven
- Let the trades run and close at significant price levels only
- Don't let myself getting freaked out by price action or market internals looking bad. This is short term behaviour, while I'm there to catch the big ones.

Thank you again for pointing me in the right direction again. You have a bigger influence on my trading than you might think. While I am typing this, I just made my first 5.75 point profit :-)

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Old January 12th, 2016, 02:41 PM   #102 (permalink)
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GruttePier View Post

Thank you again for pointing me in the right direction again. You have a bigger influence on my trading than you might think. While I am typing this, I just made my first 5.75 point profit :-)

You are a quick learn and open to changes for the better even when they do not align with your former beliefs- Way to go!

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Old January 12th, 2016, 04:00 PM   #103 (permalink)
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Jan 12th


Profit: +9.25 points (!)

Significant price levels for today:
- 1940.25 Today's high + initial balance high
- 1929.00 Yesterday's high, 3 day balance point
- 1911,50. Yesterday's VWAP + pivot point

Trade 1: +5.75 points
- Pullback to previous VAH + current VAL
- Short 1 contract, risk 3 points, profit target 1915.00 (yesterday's VPOC)
- Closed at the 2 day balance point (1 point earlier) because I did not want to miss my first 5 point run. Hindsight: price went 4 points further down to my identified significant price level

Trade 2: +3.5 points
- Breakthrough significant price level 1911,25
- Short 1 contract, risk 3 points, profit target 1906.50 (yesterday's VAL)
- Decided to take profit at the initial profit target because of divergence between price and VIX

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Old January 12th, 2016, 05:05 PM   #104 (permalink)
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GruttePier View Post
Profit: +9.25 points (!)

Significant price levels for today:
- 1940.25 Today's high + initial balance high
- 1929.00 Yesterday's high, 3 day balance point
- 1911,50. Yesterday's VWAP + pivot point

Trade 1: +5.75 points
- Pullback to previous VAH + current VAL
- Short 1 contract, risk 3 points, profit target 1915.00 (yesterday's VPOC)
- Closed at the 2 day balance point (1 point earlier) because I did not want to miss my first 5 point run. Hindsight: price went 4 points further down to my identified significant price level

Trade 2: +3.5 points
- Breakthrough significant price level 1911,25
- Short 1 contract, risk 3 points, profit target 1906.50 (yesterday's VAL)
- Decided to take profit at the initial profit target because of divergence between price and VIX

Is today a personal best for you?

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Old January 12th, 2016, 05:15 PM   #105 (permalink)
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Inletcap View Post
Is today a personal best for you?

On Oct 21st I made 11 points, it's in my journal here.
I should check my log for more days like this, I guess there are 1 or 2 days at most.

Time will tell if this was just incidental luck, or something did change for the better.
I feel like I am on the right path though.

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Old January 12th, 2016, 05:36 PM   #106 (permalink)
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GruttePier View Post
On Oct 21st I made 11 points, it's in my journal here.
I should check my log for more days like this, I guess there are 1 or 2 days at most.

Time will tell if this was just incidental luck, or something did change for the better.
I feel like I am on the right path though.

Your willingness to try new things is the reason I have stayed interested in your development. I have offered advice to other struggling traders only to watch them continue their same loosing grind day in and day out.

As far as holding on, Its hard to explain, but you will get used to "ignoring" adverse price action while holding a winning trade- we can predict(right or wrong) where price is going but predicting the path it will take to get there would be impossible if you know what I mean. It's hard to get away from using internals and price action to find a trade vs using them to monitor a trade that is heading in your intended direction. Think of it this way- Progress has to have setbacks- everyone of those price setbacks that gets rejected to continue your progress is a sign of strength!

Next step (not now- in the future)- when you are trading with a bias and understanding the days structure those setbacks will eventually not even phase you.

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Old January 12th, 2016, 05:59 PM   #107 (permalink)
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Inletcap View Post
Your willingness to try new things is the reason I have stayed interested in your development. I have offered advice to other struggling traders only to watch them continue their same loosing grind day in and day out.

My sole reason of keeping a journal on a public forum is to receive feedback from experienced traders to improve my trading. Trading is about behaviour and improving it is about changing behaviour. It would be strange if I'd receive feedback from people who do make money, and not followup on their advise.

If you do what you did, you get what you got


Last edited by GruttePier; January 13th, 2016 at 02:05 PM.
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Old January 13th, 2016, 04:05 PM   #108 (permalink)
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Jan 13th

Significant price levels for today:
- 1922.00 LOD, previous VWAP, Globex open
- 1892.50 Lowest price since begin of October
Market is very weak and in a strong downtrend. No counter trends, watch out near the end of the session for profit taking and price going back up.

Trade 1: +5.50 points
- Break through significant price level (also LOD). Below S1 so is an extra sign of weakness around this price level
- 1 contract short, risk 3 points, profit target is significant price level 1892.50
- Closed at profit target

I missed an entry around 1895. Was in doubt because (inverse) TRIN was making higher lows and not in line with VIX. When price broke through 1892.50, I did not want to chase it and enter on a pullback instead.

Trade 2: +7.25 points
- Pullback (1-on-1 with previous pullback)
- 1 contracat short, risk 3 points, profit target S2
- Breakeven at 5 points in profit
- Closed at profit target

I know...I should not have closed the 1st trade.
I'll continue trading 1 contract at least during January to gain more experience with my new method and will then likely trade 2 contracts. The second contract is then used as a runner.

Ah...before I forget: 12.75 is a personal record

Hope you all had a good trading day!

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Old January 13th, 2016, 05:14 PM   #109 (permalink)
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Nice work! My trading today was way off (at best). Good to see someone following their principles!! Keep it going

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Old January 14th, 2016, 04:06 PM   #110 (permalink)
Market Wizard
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Jan 14th


Important price levels today:
- 1927 R1, previous VAH, swingpoint
- 1908 Previous VWAP + 3 day balance point
- 1878 Yesterday low

Spotted 2 opportunities, but was unable to catch these.
First is a pullback to support level where price didn't reach the exact level. The other was the first failed breakout, but I was too catious and missed the opportunity. I shorted the 2nd failed breakout.

Trade 1: -3 points
- Failed breakout at VAH, anticipating profit takings near the end of the trading session resulting in price going down
- Short 1 contract, risk 4 points, profit target 1912.50 (support level)
- Stopped out
- Exciting trade, good practice of my nerves because the 1920 level got tested a couple of times and I did not want to bail out to give the trade a chance. Too bad it finally broke. I should only trade pullbacks and price level breakthroughs until I'm profitable.

Not able to trade tomorrow and Monday is Martin Luther King day.

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