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Day Trading from an Ogre's Point of View


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Day Trading from an Ogre's Point of View

  #211 (permalink)
 
TradingOgre's Avatar
 TradingOgre 
Evans GA/USA
Legendary Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: NinjaTrader Brokerage - Philip Capital
Trading: NQ,ES,6E,CL
Posts: 556 since Jul 2018
Thanks Given: 908
Thanks Received: 1,672

Yesterdays activity reports.




Slept in this morning. Hoping the markets aren't as quiet during the U.S. session as they were through the night. Just chopping right now.

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  #212 (permalink)
 
TradingOgre's Avatar
 TradingOgre 
Evans GA/USA
Legendary Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: NinjaTrader Brokerage - Philip Capital
Trading: NQ,ES,6E,CL
Posts: 556 since Jul 2018
Thanks Given: 908
Thanks Received: 1,672

Been away from the computer most of the day taking care of family matters (not the TV show either). Not an emergency just some things that needed to be taken care of before they escalated.

Not sure I will trade any this afternoon either. Not in the right frame of mind.

Someday I will build the ultimate automated strategy that can be trusted when no one is watching. I guess it is good to have dreams. LOL!



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  #213 (permalink)
 
TradingOgre's Avatar
 TradingOgre 
Evans GA/USA
Legendary Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: NinjaTrader Brokerage - Philip Capital
Trading: NQ,ES,6E,CL
Posts: 556 since Jul 2018
Thanks Given: 908
Thanks Received: 1,672


Got tired of my bad timing entering trades. Had several the last few weeks that literally would only move about 1 tick in my favor and then bounce around near my stop for what seemed like forever before I would jump out with just a little profit. The risk to reward ratio was way, way out of whack. To fix that, I switched over to the sim account and traded it today. Spent several hours just working on timing and building trust in the system that I designed.

Now, don't get me wrong, I understand price will move around but when I look at the trade afterwards I would see a much better entry point that even if it moved around my entry price it was nowhere near as bad as where I entered the trade.

Took several pages of notes and the common theme was to trust the system.

Decided to enter a TST Combine. I will trade it side by side with my personal account. I will keep everyone updated in this journal as to my progress or lack of progress. LOL!

So, no live trades yesterday or today. Back to normal Thursday. Today was time well spent as there would have been a few trades that I would have had to sweat out before they finally turning my way. Trading sim today was a big confidence booster. Now, let's put all this into action.

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  #214 (permalink)
 
TradingOgre's Avatar
 TradingOgre 
Evans GA/USA
Legendary Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: NinjaTrader Brokerage - Philip Capital
Trading: NQ,ES,6E,CL
Posts: 556 since Jul 2018
Thanks Given: 908
Thanks Received: 1,672

Well, now that I have my lazy butt out of bed let's start trading. LOL! Not like I missed a good move............ oh


I did take a scalp trade a little while ago. Just to get the feet wet again. Ended up +25. Entry was decent exit was nearly perfect when using 20/20 hindsight. I exited because it appeared to be making a double bottom.

Waiting for a good set up. Price is ranging a bit right now. Should get really interesting when the markets open.

Haven't placed a trade on the TST combine account yet. Trading a long term chart with it and there haven't been any set ups yet.

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  #215 (permalink)
 
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 ninjus 
Chiang Mai Thailand
 
Experience: Beginner
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TradingOgre View Post
Well, now that I have my lazy butt out of bed let's start trading. LOL! Not like I missed a good move............ oh


Wish I'd stayed in bed... 12 hours ago. Today is going bad. LOL.

Hope you have a good one man.


Marcus Aurelius
"Not to assume it's impossible because you find it hard. But to recognize that if it's humanly possible, you can do it too"

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  #216 (permalink)
 
TradingOgre's Avatar
 TradingOgre 
Evans GA/USA
Legendary Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: NinjaTrader Brokerage - Philip Capital
Trading: NQ,ES,6E,CL
Posts: 556 since Jul 2018
Thanks Given: 908
Thanks Received: 1,672

Biggest weakness..... FOCUS!!

Have you ever stared at a chart for a long time then get distracted for what seems like just a minute and when you look back at the chart you say to yourself "How the HELL did I miss that trade?" Seems like the story of my trading lately. Need to focus on focusing.

I have been trying to trade longer time frame charts so I can get into the habit of staying in trades for a long time. Hasn't worked so far due mainly to focus.

Missed out on this run up that started around 2 hours ago. Oh well, you get out of trading what you put into trading.

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  #217 (permalink)
 researcher247 
Chicago, IL
 
Experience: Advanced
Posts: 437 since Oct 2009
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I rarely comment in other trader's 'trading journals' 'cause most of them flame out or are just completely doomed from the start due to a myriad of factors (underfunded/poor profit factor/inverted r:r/poor trade management/bad psychology/and a million other issues)...

But, I wanted to write some things to you - these are only my opinions but I mean no harm.

It's a process (stalking the NQ on a slow day). Today took ULTIMATE patience for the NQ to start catching up to the ES.

Even so, it's a slow day and volatillity was exceptionally low the 1st 90 minutes of the U.S. day session.

Perhaps even though you are now struggling with the transition from fast charts to slower timeframes so you can take more meaningful better R:R setups - if you are determined and stick with it and build solid logical rules around entries and trade management & trade targets you might have a long-term chance w/the NQ.

I bet you are just dying that last week you missed out on those trend days - I understand. Until you have probably 6 full months in front of the NQ for about 3 hours per day (I prefer the day session open 9:30am est to 12:30pm est) and can trade your plan almost unconsciously - well, this is what separates long-term traders from tiny scalpers.

It's a journey - I wish you luck as it seems you have the determination. Now you just need time and to really work at fine-tuning everything w/alot of NQ screen time.

Through volatility, non-directional days, hard up & down trend days right off the open, wide-ranging but non-directional days to days w/initial trends w/deep pullbacks and then trend resumption in an orderly fashion, rip the globex high/lows early in the session w/no follow through up/down/up/down days etc...

Many traders have a daily stop loss and/or max amount of trades they are willing to take and if not profitable they simply walk away for the rest of the day. Some don't.

I'm very interested in this thread and not in a 'hoping you fail' way but in a 'will he stay in the game long enough' to really hammer out a solid long-term plan kind of way and then watching you grow into the execution of such a plan.

What really separates professional traders who make exceptional money intraday is the ability to PRESS when in winners (adding on and adding on and getting bigger and bigger until their directional bias ends and/or changes) and simply being able to execute with no hesitation regardless if the 'bet' is $120 for a 1 contract trade or $4 to $5K on 20-30 lot initial entries.

Personally, I really don't think your trading statements nor trading $$$ goals should be written out in this journal (it is NOT to your advantage to do so - trust me) nor do you have to post intra-session.

Some decent screenshots from time to time and your ability to effectively articulate in this journal what you are learning and how you are processing those changes (after all, the journal you are writing is your own and for yourself, primarily) is most likely what is most important.

I keep a daily journal and ONLY in email form and the only person that reads it is myself and my financial trading partner.

I don't know what your $$ situation is but it is always better when beginning a NEW trading instrument (NQ in your case) to not have to live on your trading account. I don't think you are doing that and if I read correctly you have traded other trading instruments for quite some time.

It's always better if you have another income stream and your trading time in front of your new trading instrument is completely and utterly not interrupted with anything related to regular life/schedule/phone/etc...

Keep working on this and remember the NQ is not terribly easy to trade but it MOVES (in terms of 'ticks' & trades through levels and is not too deep in the DOM so you don't have to wait a long time to get fills) lots - which can make up for alot of initial errors in the beginning as you refine your trading.

Good luck and good trading.

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  #218 (permalink)
 
TradingOgre's Avatar
 TradingOgre 
Evans GA/USA
Legendary Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: NinjaTrader Brokerage - Philip Capital
Trading: NQ,ES,6E,CL
Posts: 556 since Jul 2018
Thanks Given: 908
Thanks Received: 1,672

Some observations from today:

1. Save the smaller time frames for the younger people with Ferrari brains. I am more like a '66 Mustang with a straight six. Not as fast but still looks great on the outside. LOL!
2. Good entries on my trades today. Funny how higher time frames will still give you reasonable stops.
3. As suggested, no more account statements being posted. I may consider it when I hit my target in a few months. But nothing until then. Time to focus on the trades and not the money. Get the trades right and the money will come. I think that I may post ticks instead. At least that will give indication of how I am doing.
4. Did well on my TST combine today. Making up for some losses from last Thursday. Nothing big. I stopped last Thursday when I hit 25% of my daily loss limit. Really drove home the point about not fighting a strong trend. I let FOMO drive my decision making process last Thursday. Wrong way to trade. I wanted to get in early when the trend reversed..... it never reversed... LOL! Thank goodness I didn't trade my account that way.
5. Reduced my screen time starting today, also as suggested. Really helped with the focus part. I was able to clearly see the entries and act on them. Checked the charts once every hour beginning at 6 am. Screen time from 830 until about 1 pm. Back to checking every hour after lunch. If I am actively managing a trade I will extend the screen time as needed.
6. If you have a good trading plan and stick to it, winning and losing trades are just part of the game. You will never be able to predict the outcome of a trade 100% of the time. Deal with it. I am happy to say I stuck with the game plan 100% today and the results show it.

I really cannot say enough about how much I appreciate constructive and meaningful feedback. I am not the type to ignore it or take it lightly. Again, thanks.

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  #219 (permalink)
 researcher247 
Chicago, IL
 
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That's good. When you really keep a well-thought out journal every month or six weeks or so you will have another breakthrough - be it in efficiency, logical 'filters' for consistent price action you have observed and a genuine moment or two of clear clarity that not only simplifies your trading but it also makes it more profitable.

For me I never know when it will happen, I do know that if I stick with it and keep open to the possibility and continue doing the real grunt work that my brain eventually works it out.

Whether it is unconcisous or conscious. I'm always amazed even after a year of trading a particular trading method (I usually slightly change my method particulars every 18-24 months - but it's always w/trend & trend breakout pullbacks and pullbacks to trend) pretty much 99% the same way each day - something pops up and because I keep my annotated charts completely marked up and saved on thumbdrives I can then go back to random weeks of data and see a new EDGE or tweak that then consistently helps my trading.

Good work today. Unlike yourself I had a short day of 80 minutes and hit my daily stop loss in # of trades - but relatively small losses for my method of about 17pts per contract. An early day is a day for me to forget about trading the rest of the day and do things completely unrelated to trading for at least 3-4 hours.

peace...

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  #220 (permalink)
 
TradingOgre's Avatar
 TradingOgre 
Evans GA/USA
Legendary Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: NinjaTrader Brokerage - Philip Capital
Trading: NQ,ES,6E,CL
Posts: 556 since Jul 2018
Thanks Given: 908
Thanks Received: 1,672


Interesting note on the TST combine. When they refer to trade a minimum of 5 days (for step 1) they aren't talking about trade two days and then no trades for 3 days to get to five. You have to complete at least one trade on 5 different days. Not a problem but I thought people might want to know. I guess their idea of trade 5 days and my idea of trade 5 days didn't match. LOL!

Not like I am going to hit their profit target by the end of the week anyway.

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