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Mighty's Trading Journal 2017


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Mighty's Trading Journal 2017

  #1 (permalink)
 Mightynorsman 
Albany, New York, USA & sometimes Central Florida
 
Experience: Intermediate
Platform: Tradovate+Jigsaw, TOS
Broker: Tradovate/CQG, TOS/Pony Express
Trading: Energies, Indexes, Grains
Posts: 160 since Mar 2016
Thanks Given: 547
Thanks Received: 361

My Journal Purpose:
To have a record of my trading so I can see my strengths and weaknesses better so I can learn how to maximize them and trade well with who I am and who the market is.

Products:
CL, ES, ZC, ZS

Style:
Short time frame setups via, momentum, range reversion, orderflow - watching the book for signals of position building, position defense, position stop exits

Tools:

Charting for Big picture price structure - Thinkorswim with 1-15 minute, Daily, and 100-400 tick charts

Studies - Volume Profile, VWAP, Open Range Levels, others will be added and subtracted as I adjust and grow.

Depth of Market order book - Jigsaw Trading's Rapid Trader Pro (this is where my focus is primarily during trades)

Understood weaknesses of my past that I am working on:
1) Over Trading (not defined by number of trades but by my FOMO or my desire to achieve more right now, which results in trading poor setups or sometimes no setups at all and almost always ends in a losing day)
2) Rushing to book small profits when the setup or orderflow has not sent a signal to do so. I do take many small profits as that is really my trading plan as a scalper but many times I give up the big wins for a small one out of fear.

Understood strengths of my past that I am working on:
1) Patience pays and I have seen that many times in entries and exits
2) My value of keeping losses small
-As in my ah ha moment, NEVER TAKE A BIG LOSS Keeping Risk proportionate from entry to exit has truly been a game changer for me. Many times I could have several good days in a row and then one day give it all back as I would change risk allowances on the fly because of faulty reasoning. So simple to say and yet it was quite a hurdle for me to get over

Disclaimer: In the beginning this journal will be about my trading in a topstep trader combine. Once that is completed and if I have passed FTP I will continue to journal as a funded trader. Thanks for visiting my journal.

-Mighty

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  #3 (permalink)
 Mightynorsman 
Albany, New York, USA & sometimes Central Florida
 
Experience: Intermediate
Platform: Tradovate+Jigsaw, TOS
Broker: Tradovate/CQG, TOS/Pony Express
Trading: Energies, Indexes, Grains
Posts: 160 since Mar 2016
Thanks Given: 547
Thanks Received: 361




First Day of a new 15 lot combine at Topstep Trader. Slowly I am building a small library of setups and scenarios to trade. I come in each day with a structure that I view the market with and look for setups to trade.

The Grey box is how Rapidtraderpro parses the trades and the white box at the bottom of the image is how Topstep parses the trades.

In the white topstep box the numbers are from left to right as follows

Net P&L - High P&L - Low P&L - Total Contracts - Total Commissions - Total Trades - Avg Win - Avg Loss - Win% - Max Consecutive W/L Trades - Average W/L duration

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  #4 (permalink)
 Mightynorsman 
Albany, New York, USA & sometimes Central Florida
 
Experience: Intermediate
Platform: Tradovate+Jigsaw, TOS
Broker: Tradovate/CQG, TOS/Pony Express
Trading: Energies, Indexes, Grains
Posts: 160 since Mar 2016
Thanks Given: 547
Thanks Received: 361



Day two, and several times I took on more risk than I should have and was fortunate to get out with out the big loss that I am focused on avoiding.

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  #5 (permalink)
 Mightynorsman 
Albany, New York, USA & sometimes Central Florida
 
Experience: Intermediate
Platform: Tradovate+Jigsaw, TOS
Broker: Tradovate/CQG, TOS/Pony Express
Trading: Energies, Indexes, Grains
Posts: 160 since Mar 2016
Thanks Given: 547
Thanks Received: 361



One thing that has gotten better for me with experience but still needs much work (comes with experience I believe) is how I feel after a good day or good week. Either I get sloppy or really hesitant and neither of those responses result in good trading. I fear that the longer a win streak goes on the more I struggle with it.

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  #6 (permalink)
 jokertrader 
NYC, NY
 
Experience: Intermediate
Platform: Sierra, TT
Broker: N/A
Trading: Spread Researcher and crypto degen
Posts: 654 since May 2013
Thanks Given: 545
Thanks Received: 360

Have u thought about commissions with these many trades?


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Visit my NexusFi Trade Journal Reply With Quote
  #7 (permalink)
 Mightynorsman 
Albany, New York, USA & sometimes Central Florida
 
Experience: Intermediate
Platform: Tradovate+Jigsaw, TOS
Broker: Tradovate/CQG, TOS/Pony Express
Trading: Energies, Indexes, Grains
Posts: 160 since Mar 2016
Thanks Given: 547
Thanks Received: 361


jokertrader View Post
Have u thought about commissions with these many trades?


Sent from my iPhone using NexusFi mobile app

Hey Jokertrader,
Good question, in the grey boxes the commissions and fees are not figured in, but in the smaller white box at the bottom the commissions are preset and calculated into the P&L. The total commissions and fees are listed for each day of trading.

While I agree that I would like to be able to stay in winning trades longer and capture larger wins I have not arrived at a way to do that. I am not advocating that others "scalp" or trade very short term, it is just that as I have traded off and on for a while that style most fits my allowable risk. It is my hope and goal that as I gain more experience I will be able to stretch out my winning trades and find a consistent method for doing that profitably. For now as part of my trading a portion of my trades that look like really small winners were actually losers that I was able to get out just above scratch. This can look really bad in some ways, I however see it as my willingness to take a small loss or very small win when the trade entry reason is broken, instead of taking a loss at my initial risk.

Sorry for my rambling, thanks for the question
Otto

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  #8 (permalink)
 Mightynorsman 
Albany, New York, USA & sometimes Central Florida
 
Experience: Intermediate
Platform: Tradovate+Jigsaw, TOS
Broker: Tradovate/CQG, TOS/Pony Express
Trading: Energies, Indexes, Grains
Posts: 160 since Mar 2016
Thanks Given: 547
Thanks Received: 361


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  #9 (permalink)
 Mightynorsman 
Albany, New York, USA & sometimes Central Florida
 
Experience: Intermediate
Platform: Tradovate+Jigsaw, TOS
Broker: Tradovate/CQG, TOS/Pony Express
Trading: Energies, Indexes, Grains
Posts: 160 since Mar 2016
Thanks Given: 547
Thanks Received: 361



Sadly today I showed just how unprofessional I can be. Without launching into a long discussion and "rant" about all that is involved, I would say that everything boils down to proportionate risk. When I allow the market to take more from me than I should I have failed at my duties. That is what I did today.

1 Sometimes that's out of fear of taking a small loss.
2 Sometimes that's out of greed in putting on too much risk in the initial position (ie larger size or poor entry meaning my stop has to be to far away).
3 Sometimes it's from trading angry at a loss so #2
4 Sometimes it's from trading scared that I'm going to break a win streak so I trade with hesitancy which produces poor entries and smaller than usual winning trades.

Anyway I will learn from my error and re up with topstep. I am committed to pushing through this obstacle.

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  #10 (permalink)
 
michaelleemoore's Avatar
 michaelleemoore 
Missoula, MT Nɫʔay(ccstm)
Market Wizard
 
Experience: Advanced
Platform: NinjaTrader
Broker: NinjaTrader
Trading: CL, ES
Posts: 3,436 since Nov 2012
Thanks Given: 5,552
Thanks Received: 12,328



Mightynorsman View Post

Nice work, Otto. As a fellow scalper, I get a lot of commission questions. I see why people ask, but it still makes me laugh. Commissions are the cost of doing business. I run my business on scalps, and I factor in the costs of doing that, just like any other business person. If I try to trade for big targets, I have low commissions and small profits. If I scalp, I have high commissions but also high profits. So, I go for the latter. I'd rather make 1000 bucks and pay $200 in commissions than make $320 with $8 in commissions.

You gotta do what works for you, so good on you for doing it.

Cheers,

Michael

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Last Updated on October 10, 2017


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