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Safin's Trading Journal


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Safin's Trading Journal

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  #151 (permalink)
 Jeff Castille 
Northern California
 
Experience: Intermediate
Platform: Ninja Trader
Broker: Amp Futures/ Zen-Fire
Trading: YM and CL
 
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Posts: 2,119 since Jun 2009
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safin View Post
Thanks Jeff. Yes I do feel that my method fails many times on false breakouts. Right now I am unable to predict false breakouts. But I would consider your suggestion seriously to improve my method.

No one is able to predict false break outs.......so you are not alone.........that is why is so important to already have your first target in the bank and your stop moved up so if the break out is false you will not suffer the consequences.

The Joe Ross "Traders Trick Early Entry" comes from a man that has a lifetime of successful trading experience.

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  #152 (permalink)
 Big Mike 
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safin View Post
Second Trade : -200$ (CL, my setup)
Nice support line at 74.12. CL touched this price twice. Entered short at 74.10. CL took my order and went up to hit my stops of 10 ticks. I wish I entered at 74.09, it was a winner.

Remind me please - how do you define your stop (why is it 10 ticks)?

Mike

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  #153 (permalink)
 trs3042 
Holland, Michigan
 
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Jeff Castille View Post
Hey Safin,

Have you read Joe Ross' "Traders Trick Early Entry?"

I read it and it changed my trading for the better........I think you would benefit greatly from reading it.

Jeff

Hey Jeff,

Any suggestions on where I could get a copy of Joe Ross' "Traders Trick Early Entry" book? Can't seem to find it.

Thanks

Rick

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  #154 (permalink)
 Jeff Castille 
Northern California
 
Experience: Intermediate
Platform: Ninja Trader
Broker: Amp Futures/ Zen-Fire
Trading: YM and CL
 
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Posts: 2,119 since Jun 2009
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trs3042 View Post
Hey Jeff,

Any suggestions on where I could get a copy of Joe Ross' "Traders Trick Early Entry" book? Can't seem to find it.

Thanks

Rick

Hi Rick,

Go to Trading Naked website.......there is a whole bunch of Joe Ross material in their library.

Library - Articles & Reprints

When you are done with this let me know......I believe that I have a Joe Ross webinar on the subject.....somewhere.

Jeff

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  #155 (permalink)
 trs3042 
Holland, Michigan
 
Experience: None
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Jeff Castille View Post
Hi Rick,

Go to Trading Naked website.......there is a whole bunch of Joe Ross material in their library.

Library - Articles & Reprints

When you are done with this let me know......I believe that I have a Joe Ross webinar on the subject.....somewhere.

Jeff


I found it. Thanks for you help.

Rick

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  #156 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
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Trading: ES, CL Futures
 
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Big Mike View Post
Remind me please - how do you define your stop (why is it 10 ticks)?

Mike

Hi Mike
I don't know how I came up with that number. I started my setup with 10 ticks stop. It has worked most of the time and I feel comfortable with it. I know many people consider this as a very small stop for CL. But the way I trade, breakout and instant scalping with 7 ticks then move second target to BE+1, works well with this stop ticks. I may miss few good moves few times, as well as I may get stopped out on false breakouts, but it keeps my small account safe.

Hope I am going on right way.
Safin

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  #157 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
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Trading: ES, CL Futures
 
Posts: 273 since Jun 2010
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23-Sep
-------
Total Profit : 110$ (1 trade, CL, mysetup)
I was busy in morning, so I missed few good entries earlier. But in afternoon around 2pm nice resistance line at 75.49. Entered long at 75.51. First 7 ticks got easily. Second trailing stop exited with 4 ticks.

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  #158 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received

24-Sep
--------
Profit : 20$ (1 trade, TF, my setup)
Nice resistance line at 663.8 around 1.30pm.TF touched this price twice. So entered long at 664.1. CL took my order and paused for a while. I got scared and decided to exit with 1 tick on both targets. If I waited for some time, it was a winner.

No real trades on CL today. I did few SIM trades only.

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  #159 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received

27-Sep
---------
Total Profit : 20$ (TF, my setup, 1 trade)
Busy morning, couldn't do much trading. In afternoon nice resistance at 665.9. Entered long at 666.1. Waited 2-3 minutes, no breakout as expected. Exited with 1 tick on both targets. If I waited for some more time it was a winner.

Around 3.30pm, I drew a support line at 667.6. Thought about shorting there at 667.4. But then didn't go for it. It may have been a winner as well.

Lack of confidence in my setup is the issue. I need to overcome that.

Charts coming soon...

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  #160 (permalink)
 Big Mike 
Site Administrator
Swing Trader
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safin View Post
27-Sep
---------
Total Profit : 20$ (TF, my setup, 1 trade)
Busy morning, couldn't do much trading. In afternoon nice resistance at 665.9. Entered long at 666.1. Waited 2-3 minutes, no breakout as expected. Exited with 1 tick on both targets. If I waited for some more time it was a winner.

Around 3.30pm, I drew a support line at 667.6. Thought about shorting there at 667.4. But then didn't go for it. It may have been a winner as well.

Lack of confidence in my setup is the issue. I need to overcome that.

Charts coming soon...

Safin, ask yourself what you would have honestly done with these trades in sim? If the result in sim is not the same as in cash, then that must be your #1 focus each and every day. If you are unable to move past this, then you are likely risking too much money for your tolerance limits, or you do not fully trust your method. The first is overcome by making sure you can afford to trade, and trade smartly. The second is overcome by analysis and research, like through the aid of an excel spreadsheet that tracks your execution.

Mike

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