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Gladiator Trading Journal - Profit or Bust
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Gladiator Trading Journal - Profit or Bust

  #1 (permalink)
Independent News Watchman
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Gladiator Trading Journal - Profit or Bust

It was recommended that I start a journal here to get a better grip on my trading. I'm taking a TST practice combine right now. I've gone through a few combines to learn what I need to do to tighten up my techniques.

My two recent problems have been size control and trying off shoot possibilities. The size control I have under control now, but was still seeing possibilities here and there that I think can offer benefits in addition to my core trading plan that were not part of my core trading strategy. These side shoots would make me wind up losing too much but without blowing the max draw down.

This week I'm going to stop trying new possibilities, and stick to the main road so to speak. I've been trading for a few years, but what is necessary to gain a funded account at TST was relatively new for me. I proudly took the challenge going head first into this racking up maximum hours every day on studying and experimenting to find the pass through the mountains so to speak. It's been about 4-5 months since I started training for this.

My goal is to be funded by the end of this month.

Any observations about what I'm doing or advise of any kind is most welcome.

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  #2 (permalink)
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  #3 (permalink)
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Trader2016 View Post
My goal is to be funded by the end of this month.

You have result goal. You can't control results but you can control your actions.
Its not easy but you can do it.

He who knows much about others may be
learned, but he who understands himself is
more intelligent. He who controls others may
be more powerful, but he who has mastered
himself is mightier still.

—Lao-tsu

I recommend process goals or Identity-Based goals.

Example my Identity-Based goal is : I control my thought, actions and behavior.
When I achieve this goal then what ever I do in live, sport or trading I can be successful.

I recommend this quick read :
https://futures.io/elite-trading-journals/38093-lemons-lemonade-7.html#post552663

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  #4 (permalink)
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Trader2016 View Post
This week I'm going to stop trying new possibilities, and stick to the main road so to speak.

That sounds a very good idea, to me. Once you have a proven edge with a particular method, and know you can adjust it to fit TST's trading parameters (regarding loss limits, etc.), it's probably best just to stick to it firmly and relentlessly, in small size, until the profits gradually accumulate.

Lemons (who posts above) has successfully been through various Combines and TST's entire funding process, and there's much of value in his various threads/posts - recommended reading.

And good luck.

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  #5 (permalink)
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Today is Tuesday, Feb 16, 2016 the day after Washington's birthday that had the stock market closed yesterday.

The first trade I made early on in the prehours on the /ES was a false one. My indicators were lined up, but it failed. I wanted to get three ticks, and close 2 out of 3 of the contracts, so one runner can ride.

I watch the /CL chart next to the emini which usually is a good indicator of the second by second movement on the /ES. The /ES was dropping, but the /CL was staying put, and the Asian and European markets were 1.5-5% up overnight. I knew there was no news to drop the market because I was watching it right there and then. I drew down $1,000 before I bailed out on the trade. I didn't even get my target off at the entry before I was pulled down a few points.

It looked like /CL and /ES were going into a downward trend, so I didn't want to anticipate it oscillating oversold/overbot north and south of the 34EMA line. I planned on the /ES heading up to bounce off of the 34EMA like it would do if it was trending bearish down under the 34EMA. I definitely didn't want to be caught bull riding back up to that 34EMA line if I was in a downward trend because it the bids will fall out of it on the way up, and I'll be caught wrong sided on this somebish.

So I waited, and then both cl and es were trending bullish after the crossing of the Big 34EMA or better on the way up until it topped out just before the open.

I made back the $1,000 I was down from early shorting /ES down at the open.

For the rest of the day I fluctuated between +$75 and -$200 closing flat on the day.

I could have made money during the rest of the day, but not that much if I would have gone for it when I saw the signals line up right. The signals were weak, but they were spot on, and should have caught those moves, but they weren't strong enough to convince me.

I was 50/50 about which way the market wanted to go all day. What I needed to know what if it's a trend day or a subtle oscillation day, and that was going to make me the crazy man for risking that and losing that. And that made me raise my standards before I could be convinced to enter the market.

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I woke up with a poor attitude to my job today. I wasn't seeing any signals to enter the /ES, so I waited until the open to enter, and I shorted foolishly. I wound up running a $1.5 draw down right after the open.

What I did wrong was short it thinking that the market would take profits in the morning, shake out weak holders, and I would take advantage of it before it turned around to trend bullishly all day. Like often happens, I short the open, and then I buy the market at the inflection point early. The market was already over 1% up over night, so I figure that profit taking was going to happen. The rest of the world was 1.5%-2.5% up over night, and I figured the market had more to go before it would level off higher after the morning shake out.

I never went long the entire day. I tried to short the market a few times racking up a $3k draw down which blows out the daily limit. I simply believed the market would top out, and it was going to reverse. I'm just taking this virtual money insincerely, and not following my rules to the T because I'm interested in gambling whether I'm right, and I'm not fearing whether I'm wrong. I didn't even get out when I started losing, and CCI indicator turned up. That's my cue to bail out. It wasn't a "deer in the headlights" thing. I was just being too brave and adventurous while too tired. I do everything in my life bravely and adventurously. I'm trying to do what they call the amateurs in the tree care/arborist industry; "cowboy" it meaning that I'm not following the safe procedures of operation.


THE WAY I TRADE:

The way I trade is I look for the CCI to run out of bounds, reverse, and I enter when it crosses (re-enters) the outer most CCI line. I look for divergence between the price/MACD 5, 13, 1, and I wait for the MACD historgram to turn darker and shorter at the reversal points on the price chart. I use the RSI to tell me how overbot/oversold the market is.

I also use engulfing and doji candles to determine the point that the market reverses, and the /CL gives me clues about direction and market bull/bear sentiment.

If the price bounces off of the 34EMA, and reverses, the day will trend in that direction. If the price cuts the 34EMA, travels far from that line, reverses, and then crosses the line again traveling far from the line in the opposite direction, then the day is going to oscillate over and under the 34EMA like the line on an oscilloscope. It oscillates when the market's mood is subtle. If it bounces off of the EMA a few times, and price keeps going in one direction (bullish or bearish), then you are looking ata trend, so expect it to trend off of the 34EMA.

If you've ever prospected gold, you know you look for tell tale signs to let you know what minerals are in the area. When they line up, and you stumble upon a gold nugget, you might have a pay day in your hand. That's what it's like following the price and indicator action trail early in the morning to late at night.

The most valuable gems on the ground so to speak are the daily high and low reversals of the day during the session where a volume spike is apparent. This volume spike and the indicators above lined up are the most predictable and valuable investments in this strategy on average, but there are many little moments like that during the extended hours. It's definitely less predictable during off hours, but my reversal signals are more numerous in extended hours.

The market oscilations are the easiest to spot and trade except for the occasional fake out. It's when the market is trending that is the hardest to read. My rule of thumb is wait for the market to cross the 34EMA twice considerably far from the 34EMA before trying to trade in order to know with certainty that the market will not trend against the reversal trade.


MY MISTAKE TODAY:

I should have waited for price to cross the 34EMA twice before trying to trade. I wouldn't have entered all day except when the market became extremely oversold half way through the day as you can see on the CCI graph up there where price bounced squarely off of the 34EMA line. That trade was good for 4 points/16 ticks max, but I didn't get any sleep last night, and I conked out for an hour or two at that part of the day.


BIGGEST PROBLEM:

I really have trouble with trading when the market is trending. It can be trending all day like today, and I won't know when to enter. I'm eager to trade though, and then I lose money instead waiting. It's just hard to wait around in front of this thing so many hours without falling asleep you know. You can imagine how immense my shame is.

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  #7 (permalink)
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Today was another bummer. I drew down a maximum of $600 at one point, and then I made it back here and there to stop at 0.00 flat on the day. To me not losing is better than losing money because of the principle and the practice of the thing, although I didn't get a chance to make any. The rule is if you stop your losses, and you'll accidentally make money rather than serendipitously lose money all of the time like most people do. It's just the law of averages.

I did fall asleep at around 2 hours before the closing bell because I start out early at this at 2am, and I pinch sleeping hours by staying busy here probably too much. That's a problem, and I think it's just a problem of boredom for sitting in front of a computer so many hours day. I mean I've been doing this 12-18 hours a day including working on the weekends for the past 3 years. Not learning to day trade futures for a prop fund, but R&D strategies and data in other areas of trading.

Well, I looked back at the charts when woke up after the close, and I can see that a little after the /CL close, /CL began to fall, and the market fell too. The /ES was primed to short in overbot conditions according to my CCI and 34EMA line. I missed it! I mean there was even a nice evening star doji with a big upper wick at the reversal at about 1 hour before the close on the 5min chart. The volume on it was spiked too giving away that a nugget was about to roll out of the market free and clear when the market was about to fall.

No indicator is sweeter than the volume spikes at the reversal points, and I missed it asleep. I'd have come out a few hundred up at least if I would have traded that bearish reversal.

Looking back at the chart after the close I feel like a fool. I should have made money on that chart without a doubt, but I'm not trading it like a man. Something about what I'm thinking while the market is doing what it is doing is not right, but afterwards when I'm looking back, I can see where I should have made money. It's not lining up in my head yet.

I don't know how you guys can interpret all of this. It's a lot of boring deets to roll with for non-stop hours like reading broken glass poetry I guess. Yuck

Thanks for reading, and I'll appreciate the feedback.

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  #8 (permalink)
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These trading journals seem kind of pointless. Is anyone getting any benefit? What kind of benefit?

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  #9 (permalink)
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Trader2016 View Post
These trading journals seem kind of pointless. Is anyone getting any benefit? What kind of benefit?

Hi,

As a lone trader, my journals logs keep me accountable to my actions everyday and forces myself to review my trading publicly. Also, they give an opportunity to other traders to comment and bring their suggestions.

Cheers,

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  #10 (permalink)
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How do I move this journal to the elite journal forum?

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