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St. Louis
Experience: Beginner
Platform: thinkorswim, NT8
Trading: equity and fx futures and options
Posts: 137 since Sep 2013
Thanks Given: 99
Thanks Received: 192
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Big thanks to @Big Mike for putting on the contest. It was everything he promises in the way of benefits.
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Monthly summary
48 RTY trades for $59 ($1/trade net). 6 W, 6 L, 22 SW, 14 SL. 58% W/L. 33% Managed to plan.
One bad day killed the entire month. 2 losing days for the month but one was within the rules. The bad day saw every rule broken. When I ran out of rules to break, I made up some new ones so I could carry on breaking rules. If not for one bad day, I beat 10% ROC/day for the month (barely).
What worked: HTF dwg set price range, still anchored to a Jan PB. 1/8 curves are 56t. A bull channel anchored to Jan. TL, CL, 50% and some ¼ curves. Didn’t exploit the channel as much as the price range. Began using more of the ½ ranges (1/16) on the HTF and they worked well too. Most of the winners, scratched or not, came from this one drawing.
YR worked but less effectively than the HTF. Range contracted for the month. 1/8 curves dropped below 20t several times. Stop setting was good but targeting was too optimistic and that added 2 or 3 to the SW count. The highest win rate for plans was for those with ratios around .8.
Entered this journal in Big Mike’s journaling contest and it had some effect. My trade count was a little lower and I scratched more than usual. However, the benefits were worth it. I cleaned up some of my journaling mechanics and generally felt more energized about journaling and more energized about trading in general. I think it might be a good cure for burnout. I also looked at some of the competitors and picked up some good journaling ideas. Exposing my performance was a little embarrassing at first, but I got over it after a couple of weeks.
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