Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Hello to you my fellow traders, it’s my first time posting trading journal here although I have registered for more than 1 year at FIO. My belief is: whatever I do, I do it wholeheartedly. The main reason I start this journal here is to win the free TST account.
About myself: I’m a full time mom of two wonderful kids, one is 5 and another is 2. They occupied most of my time for the past several years. I started to learn to trade 1.5 year ago, and now with both of the kids at school, I can look at the screen for several hours a day, which I consider very lucky for a beginner ( lots of people only have limited time accessing the market when starting out).
My trading method: I feel lucky to encounter Al Brooks and his price action books; and I also grateful for PATS’s Mack. I’m purely a price action trader with very simple setup. I use a volume chart (6500) as my main chart; and I also have a 5 min chart as a reference. The only indicator I use is EMA. I feel the volume chart is more detailed, and it’s more symmetric when it comes to charting. On the other hand, from a 5 min chart, I can feel market sentiment easily, for example, a big bar, which is rare on a volume chart because bars on a volume chart is more of the same size. In addition, I can spot gaps on 5 min chart easily as gap and measure move are important components in Al’s trading theory.
Trading hour: Since I am the driver for my kids and I do grocery shopping in the morning at times, I usually do not turn on my computer until after 10 am EST. This means I would miss a lot of movement in the first 1 hour. However, I feel it is more comfortable for me. I used to stare at the screen at 9:20am and as soon as the clock turned 9:30, the market started to move violently (especially when you are looking at a volume/tick chart) and my heart started to race and I felt cold.
Instrument: ES
Here is my chart. (I used to scalp, however, since I want to win the 150K combine, I’m trying to use a swing method. ) Today my strategy is to buy measure move target since the market broke out two day TR and it fell back into it. In the trading range, there is strong buying pressure at measure move target. I identify two MMT: 2272.5 and 2268.5. I traded from 10:30 to 12:30 today. I started with 2 contracts and have an increment of 2 contracts. Maximum is 6 contracts. I scalp part of my position for 1 point and swing 2 contracts until the market reach my initial sell-limit price.
P/L: 559.8 (45 ticks)
Can you help answer these questions from other members on NexusFi?
Lessons learned today:
1. When buying low (catch flying knife), should scalp for the first time. The market will test the low and can buy at a better price. I didn’t take profit at the right place for my first two trades. Throwing money away!
2. ALWAYS trade with the trend; however, assess the Always-in direction whenever I can.
3. Skip the tight TR.
4. Look at the big picture.
As I was writing this, my order has been executed and I just got another 2 points.
Yes, I'm not a runner, I don't like to compete with people. I like to be a hunter, hiding in the bush, waiting for my prey.
Feb 2nd, 2017
A failed day today, I would attribute it to my early start today. My kids wake up early today so I got some extra time this morning. Sitting in front of the computer at 9:29, I told myself to control my execution. I held a short bias today (Thanks to the overnight session), it’s a good lesson of not holding any bias before I see the market. (Should never do pre market analysis, again!) I scalped first two limit order short trades, felt good, the only thing bothered me was I cannot find a convincing channel. I shorted again at the price I just got 1 point, the next thing I know was a big big big bull bar on the 5 min chart, which created a big gap. If the bears cannot close the gap, the MM will be over 2283 or higher. I still believed that the gap was an exhaustion gap and it would be closed. It touched my BE price twice and bounced. I could not stand it and close the trade for a loss of 2 ticks, only to see the market move toward my direction 5 points!
Then the bad cycle began. I shorted at 2270.5, only to catch the lowest point. Added two more contracts at the EMA to my losing position, closed both and take a big loss.
Now I am watching my screen. I still have orders waiting at the highest and lowest point, but I’m afraid the market would not touch these two extreme again. But I won’t move my order. Should like what I did yesterday, wait patiently for my prey. (written at 13:30 EST)
OK, now it’s two hours later. What did I do? I did mention that I should not trade until the price touch my orders. However, I did see chances and took several trades after that. Mainly because after writing my journal, I took a look at the chart. Look at the BIG PICTURE. Results? 3 trades, two won 8 ticks, one loss 4 ticks. Totally I decrease my loss by 24 ticks minus commission. Now I realize today’s opening price is important for bulls want a bull bar today. But I’m running out of time. See you tomorrow. Hope it’ll be a better day. (3:30pm)
Overall, yesterday was a “big up big down big confusion” day. It was so hard, and the impact of losing money is hurting my psychology today. Started around 10 am, I saw the market was moving up, and has already filled the gap from Jan 27th. What will the market do? Will it turn back or will it go up? I correctly enter the market @2289, and added another 2 contracts @2290.25. The market quickly went to my direction and I was so happy. But soon it reversed 3 points. I kept thinking about yesterday's loss and can’t stand seeing my profit disappear, though it’s only 6 ticks pull-back on my entire position. Why did the market turn here? I felt I have missed something. I soon found out It’s a measure move target, and fear creeped in. I dumped all position for only 1 tick, then saw the market went all the way up to my previous target 2293.5.
The whole morning I was battling with my own psychology. I really want to get long, but the EMA was so far away. Quite sure now that I need a chance to go long, I attached 4 contract at the 5 min MA (I like this new function of NT8). But who knows why I later cancelled it, thus missed the best chance I got today. The whole afternoon, I kept all my buy order at today’s swing lows, didn’t get filled. The second trade I took was 1 contract and I scalped for 1 point. I hoped the market would get lower and fill a gap at 2286, but it never go down. And bc the market is strongly up, I don’t want to be risky to go short.
The market then entered a tight TR. After a BE trade, I cancelled all my order. I’m done today. My account is up a little today, and I hope spending the weekend with my kids will help me relax.
Lessons:
1. Though I didn’t catch the obvious bull trend today, I did made some money… it’s better to be safe than sorry. Building confidence is a long way. I used to be worried and confused as the market changed, only recently I began to feel the market, and started to realize why it would turn at certain point. Feb 1st was the first time that I did well and I was somehow full of confidence that day. Mystery.
2. Trend line does not help much in a big trend… it will be broken, but after that a new trend line forms. The price keeps going up no matter how many times of break I count…just buy buy buy!
4. All trades are scalps today. I need a stronger heart to be a swing trader. Or, should I be a swing trader? After all, I have been scalping for a long time. Need more experiments and find a better way to manage trades.
Sabrina is ok to loose i used to feel like you but i got over it
What i do is if i hit my daily mental daily loss-limit which is
how much you can handle psychologically.
The thing is that a bad day will continue bad maybee market is not even trading ,the big guys are adjusting positions or hedging not daytrading like us ,so is better to quit and restart the next day the market will reward you
because this is a mass mentality and the majority loose and need to recoup ... Been there Done that!!
Feb 6th, 2017
During the weekend, I revisited my own trades, and I realized what I am lacking is consistency. I decide to try to do some simple analysis about the overnight session. It might seem very basic and simple to veteran traders, however, I view it as my first step to be a disciplined trader. The analysis I would conduct is simple: Hi/Lo; S/R level of Globex session. Besides that, I also counted the number of bars closed above/below EMA. Because I’m using a volume chart, the number of bars represent the number of contracts traded. If more contracts were traded below EMA, I would hold a bearish bias; otherwise, I would be bullish. This means sometimes when the overnight market had a big bear trend (most bars below EMA) and hit a support level before US session, it will have a big up move and because I will be holding a bear bias, have to wait a long time until the market reach a resistance level. I know it’s not so scientific (again, trading is not a science), but most of the time, the ES is in a trading range, both bears and bulls can make money. I feel it will be less stressful if I can just pick one side, since I only have to take signal from the eye of a bear/bull.
Premarket analysis:
Hi: 2294.25
Lo: 2284
Globex was a trading range. Support 2288/2284, Resistance 2294/2290. Bars above EMA: 6; bars under EMA: 22; My bias is bearish, but buy support.
Today is Monday and I have lots of errands to run. I didn’t get home until 10:40ish. Sell 2291, not filled, market went all the way down to support. I bought 2287, 2286, 2284, each time 2 contracts (total 6).
I sclaped two contracts at 2285, bought 2283.75, and I planned to scalp two points of for the last two contracts, and swing the other 4 contracts.
However, as I was waiting, I played with my sell limit orders (it’s an improvement in NT 8 you can left click your order and choose to “increase” “decrease” the price for your orders, if you have previously combined your orders and later you want to separate them.) and accidentally dragged them to the bottom of the chart. Instantly I heard “orders filled” and all my positions were gone! It was an unexpected thing and I was SOOO frustrated by it. Then the market entered a tight TR, I guess I’ll call it a day.
Lessons Learned:
1. Never Played with orders!!!
2. Stick with my plan. I am happy that I stick with my plan to buy the support. I like this kind of day because after a big bull trend day, there are always buy orders below the swing lows. It’s like having a cushion underneath, the market won’t have a free fall.
3. Leave enough room for my trade. Do not place trade if an obvious target is just 1 or 2 points away. Wait for a pull back. Somehow I find 4 points is a usual profit target for a big move. If a target is 1 point away, maybe you need to wait for a 3 point pull back to enter. Just an observation, I won’t use it as a rule to enter.
Thank you @misalto, and I'm glad you have gone over it.
Other than being not resilient enough, I have other issues, too.When I first started, I knew nothing about trading, but I also didn't know how to be afraid. Now after blew up one account, I really missed those days. After being beaten up by the market, my doubts toward my own ability to read the market has grown. I guess every trader need to go through this stage and I am just one of them.
Hope I can get to the third state as an ancient Chinese Ch'an master said, "Before I had studied Ch'an for thirty years, I saw mountains as mountains, and rivers as rivers. When I arrived at a more intimate knowledge, I came to the point where I saw that mountains are not mountains, and rivers are not rivers. But now that I have got its very substance I am at rest. For it's just that I see mountains once again as mountains, and rivers once again as rivers."
Good Move today. I have to leave early to pick up my kids soon, so while I'm writing the journal, I will post my chart first. (Since English is not my first language, it takes a long time for me to write a journal. But I'll keep going!)
