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TST $30,000 Combine Journal
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TST $30,000 Combine Journal

  #1 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received

TST $30,000 Combine Journal

Hey All,

I'm starting this journal in the hope it will help me become more disciplined and avoid over-trading. I will only trade the E-mini Dow (YM).

My trading style is to first try to determine if the market is trending or ranging.

Ranging - look for price action signals (dojis, tweezers, inside bars, etc) near high/low of value, previous support/resistance, and/or pivot points.

Trending - look for a breakout and wait for a pullback or period of consolidation to enter in the direction of the trend.
  • I would like to trade 3 "moves" per day, from 08:30 CST to 11:00 CST.
  • I want to risk 10-15 ticks with a target of 20-40 ticks
  • Personal loss limit $300 per day
  • Maximum size 2 lots

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  #2 (permalink)
Quick Summary
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  #3 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received


Extremely poor start to the combine, -$479.44 for the day. The market started off choppy and I got caught trying to trade small movements rather than looking what the market was doing overall. I felt very anxious today and it felt like the fear of missing out was causing me to force trades.


Mistakes
  • Overtraded, trading on the 1 min time frame
  • Took trades without proper setups
  • Did not enter a protective stop, which led to stop creep
  • On the one trade that was in the proper direction for the day, my stop was too tight
  • Was too inflexible, looking for long trades after it seemed the downtrend was established
  • Broke my personal loss limit for the day

Goals for tomorrow
  • Wait until 08:40 CST to make my first trade
  • Take only 2 trades per half hour
  • Enter a physical stop on every trade
  • Don't use less than a 3 or 5 min time frame to enter trades
  • Try to use limit orders to get better trade location

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  #4 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received

Another losing day, -$495.

Let's see how I did on my goals for the day:

Wait until 08:40 CST to make my first trade
- Yes, I did wait until 08:40, but not sure this helped me any as I shorted at 17541, right before the market went higher. Market had made a previous low and had bounced a bit, so not sure why I decided to short near the lows.

Take only 2 trades per half hour
- Totally failed at this goal, as I ended up taking 21 trades in an hour and a half of trading.

Enter a physical stop on every trade
- I did this inconsistently, and one of the times I didn't do it, I got stuck and ended up trying to double down several times. This is what killed me.

Don't use less than a 3 or 5 min time frame to enter trades
- Also failed at this goal, and this would have helped prevent some of my overtrading today.

Try to use limit orders to get better trade location
- Another fail, I don't think I used a limit order once to enter a trade.

I misread the market and kept trying to short into of the first hour. I am having a hard time being flexible and trading what I see, rather being stubborn and sticking to one dea.

I feel very lost at the moment, and I don't feel I am giving enough though or doing enough analysis before I enter trades.

Goals for tomorrow
  • I will do a premarket prep, which I didn't do the past two days, and try to have a game plan before the market opens.
  • I am definitely still overtrading and trading my P&L. In order to limit this, I will take 3 trades maximum for the day.

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  #5 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received

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  #6 (permalink)
Elite Member
Mumbai, India
 
Futures Experience: Advanced
Platform: ChartNexus
Favorite Futures: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,659 since Feb 2012
Thanks: 3,312 given, 2,719 received


Quoting 
I don't feel I am giving enough

Perhaps you can look at it this way: are you doing too much?


Look at some of the statements:

I ended up taking 21 trades in an hour and a half
ended up trying to double down several times
kept trying to short into of the first hour


I believe you need to relax and end up taking trades much much lesser.

My July 2017 Challenge Journal Please read and Press Thanks on This Post

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  #7 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received


iqgod View Post
Perhaps you can look at it this way: are you doing too much?


Look at some of the statements:

I ended up taking 21 trades in an hour and a half
ended up trying to double down several times
kept trying to short into of the first hour


I believe you need to relax and end up taking trades much much lesser.

I absolutely agree, I am doing too much and trying to force trades. I will try letting the markets come to my levels.

My plan is to buy the market at 17550 and short the market at 17690.

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  #8 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received

The market did not get to my levels and I was prepared to not take a trade.

I did take one trade, however, when the market traded back down to the pivot, and I was able to make 25 ticks on the trade.


Even though I did not follow my plan for the day, I saw that most likely the market would not trade to those levels. I decided I would take a trade if the market traded back down to the pivot. When the market previously traded to the 17589 level, there was not much interest. I believed that this level would act as support and when I saw the candlestick pattern that was my confirmation.

I am satisfied with how I traded today, and hope to continue being selective with my entries.
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  #9 (permalink)
Trading Apprentice
Newcastle, WA
 
Futures Experience: Intermediate
Platform: CTS T4
Favorite Futures: YM, EUR/USD
 
Posts: 37 since Jul 2015
Thanks: 13 given, 44 received

May 6th, 2016

I had a positive day yesterday, up $263.

I actually had a late start to the day and when I opened up my platform I saw that the market had gapped down, closed the gap and traded up to the pivot and made a double top at 17605. Once I saw the lower high on the 1 min and 3 min chart, I went short and got 20 ticks. I actually did not intend to use 2 lots on this trade, I didn't notice the default in my platform was 2 lots. I will have to adjust that back to 1 lot. I was lucky I it was not a loser.

After 1 positive trade, I thought about shutting it down for the day but continued to good movement. The market was in trading in a large range and there were a couple of opportunities that I thought about taking, yet did not. This annoyed me a bit, but I tried to keep calm and keep watching the market.

My plan was to short the market around 17600 if there appeared to be small volume/interest around that level. It traded up to 17599 and I believe the volume was around 80 at that level, vs several hundred leading up to that level. I went short at 17592 and hit my target at 17572 after taking some heat on a couple of pull backs.

I like that I have only 3 trades the past two days, even though I missed some good opportunities. I don't find it hard to stop trading for the day after a win or two. It's after I have 2 or 3 losses in a row where I have problems and I start to
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  #10 (permalink)
Elite Member
San Jose, CA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: AMP Futures/CQG
Favorite Futures: currency futures, ES, TF, EMD
 
Posts: 13 since Jul 2012
Thanks: 15 given, 15 received

Thanks for sharing your Combine journey


Hi Byeung,

Thanks for sharing your Combine journey with everyone. It takes courage, and I wish you well. Hopefully I will see your name on TST's lists of recently funded traders in the near future.

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