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Meku's Journal of Becoming Confident Trader
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Meku's Journal of Becoming Confident Trader

  #1 (permalink)
Trading Apprentice
Tallinn, Harjumaa, Estonia
 
Futures Experience: Intermediate
Platform: Ninja- and -MetaTrader
Favorite Futures: EUR/USD
 
Posts: 5 since Apr 2015
Thanks: 1 given, 1 received

Meku's Journal of Becoming Confident Trader

Hi!

I'm Meku I will be posting here my trades to analyse then and hopefully you can notify me if I'm doing something wrong.

Bio: Started trading 2 years ago at the age of 18. It took nearly 8 months to become profitable trader. I traded currencies, and found that most reliable for me is daily timeframe swing trading. On my first account I went from 1000$ to 1300$ in a month. Then from 1300$ to 100$ in 10 days. Then I opened another account with 100$ as I got to 250$ I started to add funds. When I got to 2000$ I began trading also the first account which had 100$ on it. After 2 months I had 6000$ on bigger account and 1800 on smaller account. I then wanted to withdraw my funds and enjoy my first fruits of trading. That didn't go quite the way I would have wanted. After pressuring my funds got freezed and I never got my funds. Lessons learned opened new account with reliable broker.

Now I am looking to get into futures. But I have one problem trading them, I don't have very much confidence. I did make last thursday and today 50 ticks, which of those 50 ticks are my daily targets, but both times my charts suggest 100-150 tick target which prices moved to there both days.

Also a funny thing is that when I get my 50 tick daily target, I kind of freeze, I'm afraid to take trades on exellent setups. And when in trade I'm afraid that trades go against me. Why would I want to trade when I meet my daily target?- I feel like it limits my improvement/development, or makes me feel that I'm gambling. Definately it's a pschyological problem, maybe it's greed. But I want to feel comfortable taking more than one trade a day.

In the images there will be 3 charts, 2 YM premarket trades and overtraded CL trade.

On the final one the CL, I must admit that I have to improve my entry criteria, usually I use fibonacci, pivots, trendlines to find the place to trade, which usually is a good place but I tend to get stopped out too many times before it goes my way. Placing to stop loss to recent swing high/low is probably the best idea but it doesn't fit my risk management because I need to have 10 tick SL but I rarely get to set it to recent swing point.

I hope if someone can suggest me to either improve my strategy or to just use swing highs.

Attached Thumbnails
Meku's Journal of Becoming Confident Trader-cl-01-16-1-min-4_12_2015.jpg   Meku's Journal of Becoming Confident Trader-futures-i.jpg   Meku's Journal of Becoming Confident Trader-futures.jpg  
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  #2 (permalink)
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  #3 (permalink)
Trading Apprentice
Tallinn, Harjumaa, Estonia
 
Futures Experience: Intermediate
Platform: Ninja- and -MetaTrader
Favorite Futures: EUR/USD
 
Posts: 5 since Apr 2015
Thanks: 1 given, 1 received


Took 3 trades today, 2 losers on gold and 1 winner on dow.

Results: Gold -12, -6 ticks Dow +54
Total for day: +36

Conclusion for the day:

Gold: Took a trade that after a breakout was retesting the support, entered trade and it failed resulting in a loss. Second trade was actually a good trade but it took too much time to move so I got scared and exited with a 6 tick loss, few minutes later gold went up 20+ ticks.

Dow: I anticipated the trade for 90 minutes, I'm proud that I was that patient It probably wasn't best entry because I would of had too wide stop but it had such momentum that it didn't matter. Because I was 16 ticks down for the day I had a 76 tick target on dow trade. But as it went my way I started to get afraid that the trade would go against me so I got out of the trade with 54 ticks. 20 minutes later price was trading nearly 150 ticks from my entry point.
Same thing as yesterday and on thursday, I get my 50 tick target, price consolidates a bit and doesn't even retrace and then moves again 100 ticks.

Nevertheless my confidence is gaining, but I'm afraid that the next time I'm waiting the price to consolidate after +50 tick move and hold it through that it would reverse

Maybe I'll just have to get into my trade set up my SL and TP and then walk away, I'll have to to some research on exits. Alexander Elder has a book on entries and exits I might have to pick that up

Attached Thumbnails
Meku's Journal of Becoming Confident Trader-gc-02-16-3-min-8_12_2015.jpg   Meku's Journal of Becoming Confident Trader-ym-12-15-1-min-8_12_2015.jpg  
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  #4 (permalink)
Trading Apprentice
Tallinn, Harjumaa, Estonia
 
Futures Experience: Intermediate
Platform: Ninja- and -MetaTrader
Favorite Futures: EUR/USD
 
Posts: 5 since Apr 2015
Thanks: 1 given, 1 received

Took 3 trades today

2 losers on CL 1 loser on YM

resulting in ~30 ticks loss for the day.

YM- Price was at the right place when its started to move up, 60 min lower line of wedge, 15 min double bottom, but I got spooked by the 5 min wedge, I would belive that it would break that soon but it didn't.

CL- price was at 15 min lower triangle line, but the crude report move the price way over upper trendline, so basically I should have known that it will probably undershoot the lower line as it overshot the upper line.
Maybe I should of stayed away from crude because it wasn't anwhere near an 60 minute support or resistance.

I also managed to observe quickly A.Elder's Entries and Exits, at first sight it seems quite useless for me because all traders are trading on daily timeframes in the book and their are full of indicators which look way to messy for me.

Attached Thumbnails
Meku's Journal of Becoming Confident Trader-ym-12-15-1-min-9_12_2015.jpg   Meku's Journal of Becoming Confident Trader-cl-01-16-1-min-9_12_2015.jpg  
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  #5 (permalink)
Trading Apprentice
Tallinn, Harjumaa, Estonia
 
Futures Experience: Intermediate
Platform: Ninja- and -MetaTrader
Favorite Futures: EUR/USD
 
Posts: 5 since Apr 2015
Thanks: 1 given, 1 received

Today I took 2 short trades on YM

-2 ticks and +24 ticks= +22 ticks for the day

Took one bad entry which resulted in good -2 tick loss and took a good entry and good exit for 24 ticks.

Afterwards there was a very good quality setup, and trendline retest reversal, which would of have resulted great profits but I hesitated due to downward momentum preceeding the bullish entry bar.

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