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At first, I would like to say that in futures trading I'm quite a newbie. Have 6 months of experience in futures and something about 2 years in CFD. 2 really expensive years, with big loses and small successes to be honest. It was time of changing strategy every week, time of inpatient and doing stuff inattentively. Still, after all of this shit and after I lost money-I-couldn't-lost I recognize that that's going to pay me nothing. Fortunately I still wanted doing this, but I knew that skills and money comes only with really hard work. So here we are, after few months of training, testing, taking care about mentality, developing strategy I think I know what edge is (still not sure how my works ), but I know also that there is so much work in front of me.
I decided to start journal in here for few reasons:
- I used to noticed every trade in my notebook, but I think I wasn't crude enough for myself, so it's the way to be more honest;
- I need to learn to stick to my trading plan no matter what;
- Have a routine and be consistent;
- Need to improve my skills and some points of strategy.
My trading plan:
Product: e-mini s&p500
TF: 5M
Trading time: 8:00am CET- 6:00pm CET
Strategy: Catching day swings with VWAP and EMA
Take profit: 12-15 TICK in standard (I need to develop a skill of holding position to taking bigger moves)
Stop Loss: 8-10 TICK
I'm not going to open a position when: 15min before/after important US data; in tiny side ways moves
Stop trading in day when: I lost 24 TICKS/ I earn 36 TICKS
Setup conditions and trigger will be show with the trade screens.
My goals for now:
- earn funded account in TST programme in next two months (starting 30/01/2018 till 31/03/2018)
I will posting my beliefs about the market and documenting all of the trades and hope you guys will help me to find my week spots and faults.
Feel free to comment, especially critize
Take care
1)
BUY: 2846.25 SELL: 2846.50
Good entry- match the strategy. Bed exit- because of BE.
Reasons I put SL to BE:
-price came close to 2848 (where was 1,7 σ ask level and yesterday last dayswing high) and bounce quickly; standard volume of breaking move
-fear about putting here first trade with loss (I know- so lame)
If the first reason is something I can approve, that the second one is totally misunderstanding.
Things to improve:
- clear and statistically right rules about keeping the position and moving the SL
- mental resistance
MFE (for the strategy): My standard TP +15 TICK
Result: +1 TICK
Today I have to finish trading earlier, because of my job, so the friday's trading hours changed to 8am-4:15pm CET
Today:
1) BUY: 2844,50 SELL: 2842,50
Entry match the strategy, but I was looking at this entry as the entry in trending market, I didn't recognize that range was significantly smaller then few hours earlier. Using entry rules as in the sideway market would not let me open this position.
Exit through SL
Thing to improve:
- distinguish trending, big-moves market and sideway, low vol market and stick to appropriate entry rules
Shouldn't trade in this market condition and EMA structure- typical short and big range consolidation just after the US opening. Wish I was aware of that before I pull a trigger. EXIT by SL.
After this and yesterday's trade I decided to get my entering rules more strictly and stick to them. Earlier, I was able to banding the entry conditions and telling myself that "maybe the x didn't happened, but in this market condition it is not necessary". This approach was totally improper. I noticed that when I stick to strictly, almost automatic entering conditions it's much more better to me and to my account. It will definitely decrease number of trades, but I believe this is right thing to do for my learning process.
Setup appeared, entry match the strategy. Exit by SL.
MFE: 0
RESULT: -8 TICK
3) SELL: 2832.50 BUY: 2832.50
Setup appeared, entry match the strategy. EXIT by BE. When price goes my way to tick value of SL I put SL to BE. If I wouldn't- the standard PT would be hit. Better option was put the SL above last important local high.
MFE: +15
RESULT: +1 TICK
4) BUY:2824.50 SELL: 2822.00
Setup appeared, entry match the strategy. Exit by SL.
If the SL was 1 tick lower the trade would be exit by TP.
The rigid stop loss and take profit doesn't seems to work well since few days. It works nice in January, but since the market's going down- it doesn't. I think I need to adjust this point of trading plan to current conditions.
), but I know also that there is so much work in front of me.
