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Zen & the Art of The Small Account
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Zen & the Art of The Small Account

  #661 (permalink)
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What is the Big Mike Challenge?


AJ
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tderrick View Post
What is the Big Mike Challenge?

this: https://futures.io/trading-journals/4693-my-journaled-journey-success-10.html#post96715

and this: https://futures.io/trading-journals/4693-my-journaled-journey-success-11.html#post96895

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #663 (permalink)
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Thanks, AZ... And I love your new plan. I bet that's the one that will put you over the top!!


AJ
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"Life On The Edge of SR"
 
  #664 (permalink)
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Oh, yea.... I'm going to use that two week spreadsheet bit. I love that...


AJ
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  #665 (permalink)
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Brother, AZ.... Do have an updated data entry log you have been using? ...or will the one I got a few months
ago be good enough?

I think I have a plan that I can really start keeping some data with now....

tia


AJ
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  #666 (permalink)
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tderrick View Post
Brother, AZ.... Do have an updated data entry log you have been using? ...or will the one I got a few months
ago be good enough?

I think I have a plan that I can really start keeping some data with now....

tia

My data entry log is just a place for me to jot down if the trades meet criteria or not....I'll show you mine for what its worth....

Keep in mind the daily goals at the bottom right are just for my use. I am testing some theories on time based charts and IF I get my goal done inside the allotted trading time, I will look for those entries on the time based charts. Otherwise done and gone.

Is this what you are looking for? Or were you looking for my money management stuff?

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Attached Files
Register to download File Type: xlsx Trade Log.xlsx (11.4 KB, 32 views)

Last edited by PandaWarrior; February 14th, 2011 at 12:12 PM.
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  #667 (permalink)
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Daily goal met

This morning was relatively choppy, at least by my method. However I stuck to my guns, and had no losses today. In total, 5 trades, 1 BE, 2 BE +1 and 2 +10 trades.

What was the difference?

I absolutely did not deviate from my trading plan. I made one mistake. It was the second trade and a short. The short term trend line...21 EMA was still above the lower time frame trend (50SMA), I went BE+1 on this trade as soon as I realized it and left it alone to do whatever it would do. This proved to be a wise move as it would have stopped completely out.

The fourth trade had a real bad fill. Two ticks of slippage on that one....it was BE+1 after it failed to make the required 10 ticks on the first leg. Had I gotten filled where I wanted to be, it would have been +10 as well.

There were two trades that were possible trades but they did not fit my rule of waiting for a retrace after short term trend reversal. In other words, I insist on a pull back to the 21EMA after the super trend changes direction, this did not happen on the first one and on the second one, while it did pull back, the pull back was still above the lower time frame trend. While this trade did progress far enough to have given me my profit target, it did not fit any trade rule except the short term time frames and that is not enough for me.

The last trade was a break out of the 85.80 level, I do not like break outs at all, BUT and this is a big one, ALL other criteria were met for this to be a nice trade and as hindsight shows, it was the best trade of the day with lots more profit potential.

Today confirmed once more that a full trend set up pays way more than my 10 tick target. The first one was worth 30 ticks and the second one was worth more than that.

I need 20-30 per day and so possible to just wait for this set up and take that for 20-30 ticks most of the time.

I had considered getting rid of the 300SMA (black MA on my chart) which represents the higher time frame trend since I am a short trend scalper but have decided to leave on as a couple short term trades that looked good otherwise were right into that level and ended up not doing anything. So those levels are important.

I also refused to be seduced into trading for trading's sake. Instead, I realized last week that trading is about making money, not being right or always in the market.

The final thing I did today was I refused to think to much, the only thinking I allowed myself was the focus on my set ups and decide IN ADVANCE what I was gonna do if and when price action met my trade rules. Once there, I acted. Until price action confirmed what I wanted to see, I sat on my hands. SOT is in fact a market opinion and a form of trading. It simply means I don't recognize or like the particular price action on the screen and until I like what I see, I will not trade.

In my opinion, while today was not the most profitable day in terms of money, I traded 1-3 contracts today....it was by far and away, the best day I have ever had in terms of trading my plan. I will do every thing in my power to repeat this day many times over.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Attached Thumbnails
Zen & the Art of The Small Account-2011-02-14_0830.png   Zen & the Art of The Small Account-14_score_card.png  
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  #668 (permalink)
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aztrader9 View Post
This morning was relatively choppy, at least by my method. However I stuck to my guns, and had no losses today. In total, 5 trades, 1 BE, 2 BE +1 and 2 +10 trades.

What was the difference?

I absolutely did not deviate from my trading plan. I made one mistake. It was the second trade and a short. The short term trend line...21 EMA was still above the lower time frame trend (50SMA), I went BE+1 on this trade as soon as I realized it and left it alone to do whatever it would do. This proved to be a wise move as it would have stopped completely out.

The fourth trade had a real bad fill. Two ticks of slippage on that one....it was BE+1 after it failed to make the required 10 ticks on the first leg. Had I gotten filled where I wanted to be, it would have been +10 as well.

There were two trades that were possible trades but they did not fit my rule of waiting for a retrace after short term trend reversal. In other words, I insist on a pull back to the 21EMA after the super trend changes direction, this did not happen on the first one and on the second one, while it did pull back, the pull back was still above the lower time frame trend. While this trade did progress far enough to have given me my profit target, it did not fit any trade rule except the short term time frames and that is not enough for me.

The last trade was a break out of the 85.80 level, I do not like break outs at all, BUT and this is a big one, ALL other criteria were met for this to be a nice trade and as hindsight shows, it was the best trade of the day with lots more profit potential.

Today confirmed once more that a full trend set up pays way more than my 10 tick target. The first one was worth 30 ticks and the second one was worth more than that.

I need 20-30 per day and so possible to just wait for this set up and take that for 20-30 ticks most of the time.

I had considered getting rid of the 300SMA (black MA on my chart) which represents the higher time frame trend since I am a short trend scalper but have decided to leave on as a couple short term trades that looked good otherwise were right into that level and ended up not doing anything. So those levels are important.

I also refused to be seduced into trading for trading's sake. Instead, I realized last week that trading is about making money, not being right or always in the market.

The final thing I did today was I refused to think to much, the only thinking I allowed myself was the focus on my set ups and decide IN ADVANCE what I was gonna do if and when price action met my trade rules. Once there, I acted. Until price action confirmed what I wanted to see, I sat on my hands. SOT is in fact a market opinion and a form of trading. It simply means I don't recognize or like the particular price action on the screen and until I like what I see, I will not trade.

In my opinion, while today was not the most profitable day in terms of money, I traded 1-3 contracts today....it was by far and away, the best day I have ever had in terms of trading my plan. I will do every thing in my power to repeat this day many times over.


AZ
Congrats on the positive day, but what about the Big Mike challenge? Breaking that on day 1?
Papa15

 
  #669 (permalink)
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papa15 View Post
AZ
Congrats on the positive day, but what about the Big Mike challenge? Breaking that on day 1?
Papa15

Not sure what you mean. But if you are referring to the number of trades, then no, I am not holding myself to the number of trades mentioned in his post. Instead I have my own self imposed limit of 10. Its on my score card and that is the number I will be using. I had mentioned in @gordo's thread that I had my own version of the score card.

Otherwise not sure what you are referring to.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
  #670 (permalink)
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aztrader9 View Post
Not sure what you mean. But if you are referring to the number of trades, then no, I am not holding myself to the number of trades mentioned in his post. Instead I have my own self imposed limit of 10. Its on my score card and that is the number I will be using. I had mentioned in @gordo's thread that I had my own version of the score card.

Otherwise not sure what you are referring to.

My misunderstanding. I thought you were limited to 3.

Again, congrats on a positive day.
Papa15

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