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My journaled journey to success


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My journaled journey to success

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  #11 (permalink)
 DabaDave 
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gordo View Post
Saw my son off to return to 'The Ghan' for the rest of his tour. Sad day...but...our country enjoys the freedoms we have because of the sacrifices we make. I am very proud of him.


I thank him for his service to our country!!

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  #12 (permalink)
 gordo 
Tonganoxie, Kansas
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus Futures/Zen-Fire
Trading: CL,6E
 
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Posts: 160 since Nov 2009
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Another good day on the CL for me. I know a down day is coming...it is the nature of the beast. However, it's nice to enjoy the win. Here is my trade of the day (attached).

I over traded today and also traded to show off (office visitor). Both weaknesses I need to overcome to be successful in the long term.

I have to remember this is not a game, this is business! This is my business. I don't have employees. I've done that. I had 450 employees working for me at one time. Yes I was a big time executive with a nice office, but.... I was just thinking today that I don't have any annual reviews due. I have a meeting today at 4:15, but if I skip it, no one cares. I don't have to fire anyone. I don't have to negotiate with the union. I don't have to conduct any interviews. I don't have to fight with other departments. I don't have to explain to my boss why we should change our strategy. I don't lay awake at night worried that someone might get hurt/killed working for me. I don't worry about EBITA or the next physical inventory. I just trade....

Anyway, back to business. I use a trading log to track my progress (attached) and then put that information into my spreadsheet (attached). The spreadsheet also has graphs showing my progress in various categories. Nice thing about being a geek, you can write all sorts of geeky programs. Now I have to make them work.

Did I mention I make wedding cakes (hobby).

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  #13 (permalink)
 PandaWarrior 
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gordo View Post

I have to remember this is not a game, this is business! This is my business. I don't have employees. I've done that. I had 450 employees working for me at one time. Yes I was a big time executive with a nice office, but.... I was just thinking today that I don't have any annual reviews due. I have a meeting today at 4:15, but if I skip it, no one cares. I don't have to fire anyone. I don't have to negotiate with the union. I don't have to conduct any interviews. I don't have to fight with other departments. I don't have to explain to my boss why we should change our strategy. I don't lay awake at night worried that someone might get hurt/killed working for me. I don't worry about EBITA or the next physical inventory. I just trade....

And this is why I trade.....I just started laughing when I read this....it so applies to me as well.....I didn't have 450 employees, only 20 but it felt like 200.....constant drama.....am I glad thats over!

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #14 (permalink)
 PandaWarrior 
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gordo View Post
Saw my son off to return to 'The Ghan' for the rest of his tour. Sad day...but...our country enjoys the freedoms we have because of the sacrifices we make. I am very proud of him.

Those that serve deserve the utmost respect from those of us that don't. Regardless of the theater or political reasons they are called to serve. Praying for his safety and speedy return.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #15 (permalink)
 Big Mike 
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gordo,

Nicely done on the cake, the written daily log, and the spreadsheet! You can bake your cake, and eat it too

Keep up the hard work, it will pay off!

Mike

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  #16 (permalink)
 gordo 
Tonganoxie, Kansas
 
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Thanks for the words of encouragement guys. It really helps!

Well today is in the books. I am off to see my oldest son graduate from one of those three letter organizations that wear black suits, sunglasses and two guns! We are very proud of him. I will not be trading the next week because of the trip, but I will be working on my trading logic.

With regards to that, because of comments in this journal from you folks and other threads I have read, I am modifying my strategy....ever so slowly. I am moving towards price action and away from relying on indicators. Today's trades are evidence. I am in the trade before the indicators actually signal (attached). All in all, a very profitable week (attached).

I am toying with a display. I don't want to say indicator, but something like that. It is a modification of the GomiVolumeLadder (a great piece of work I might add) with some volume information and some rudimentary indicators. This is kind of what I am looking at (attached). I don't how to 'read' it, but I think there is something here. I can just feel it. Just something I am working in my head. It's straight forward....I think.

I need some kind of volume indicator to add to this. That is what I am cruising through the blog to find. I think the RPM will work, but it needs to be converted to NT7....sigh....work is never done!

Keep your wins close and your stops closer....

Oh, almost forgot...my cake of the day...TAH DAH! (yes it is 100% edible) I made it with homemade fondant (my secret recipe that I will only share with true cake enthusiaists) and a sponge cake recipe.

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  #17 (permalink)
 Big Mike 
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Great job, great friday, great end of the week.

For your cakes, may I suggest you create an Album (Community -> Photo Albums) to store them, that way when I'm hungry I don't have to go far to find them

Mike

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  #18 (permalink)
 gordo 
Tonganoxie, Kansas
 
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I've decided to put my stategy on paper. This is a bit unnerving because now I open myself to public scrutiny. However, I think it will be interesting to see what kind of feed back I get and it will make me accountable for my actions. Here we go:

Instrument
I will be trading the CL Futures. This is based on volatility and movement in any given day. I will be trading only. I will not carry contracts over night. I will trade only during open cry times (9:00 – 14:30 M-F).

Money Management
Trade three contract groups. Initially I will only trade three single contracts, but I will add contracts to the three groups as my experience and account balance allow. I will use a 15 tick stop on the three contracts with targets set at 10, 20 and 30. When the first target is reached, I will move the stop to 5 ticks below the entry. The remaining contracts will trail price automatically at 15 ticks. All of this will be accomplished with a customized DOM ATM strategy. My goal is to make one successful trade each day.

Indicator Screen Setup
My primary trading screen is the 1 minute screen. I will be watching the 5 minute and 34 minute.

Panel 1
AaNaVi – this is basically Heinken-Ashi bars with color coding borders. If the borders are yellow the candle has both sticks and wicks. If the border is black it only has a wick or a stick or neither. I will use bars with black borders as good indicators. Bars with gold borders could mean chop or reversal and will be avoided.

AaChop – this is based on a 20 EMA which is part of the indicator. If the High is above or equal to the 20 EMA and the Low is below or equal to the 20 EMA then the background paints brown. I will use this to alert me of the possibility of a chop.

Price action – I will use the close of the price action to determine direction of trade. If the close is above the 20 EMA, I will be looking for long entries. If the close is below the 20 EMA I will be looking for a short.

Panel 2
AaMACD – Fast set at 7 and Slow set at 25. Background flooding set to signal on change in direction of the Fast signal. I have the background colors set for green to go long and red to go short.

Panel 3
AaDszlDszl – Fast set at 30 and Slow set at 50. Crossing lines are set at values of 20 and 80. Background flooding is set to go green when both Fast and Slow cross the 20 line from below and red when both Fast and Slow cross the 80 line from above. Blue background flooding is an indication of a possible chop/pullback and should be avoided. When both the Fast and the Slow are significantly separated, reversals are very likely.

Panel 4
AaOnBalanceVolume – set to a period of 14. Background flooding is set to indicate the direction of the graph. Red indicates a short trade while green indicates a long trade. Green and red triangles indicate possible reversals and a trade should be avoided.

Panel 5
AaTripleCCI – Fast set at 5, medium set at 10 and slow set at 30. The background flooding is set at crossing the zero line. This indicator is my least reliable indicator. I do not base this as a go/no-go indicator but rather as a chop indicator. When the Fast and Medium CCI’s are on one side of the zero and the Slow is on the other side, a chop may be indicated. I am not very happy with this indicator and will probably be modifying the display. Something to put on the list.

Trading Strategy
Based on the movement of the price action and the indicators shown, I will enter either long or short trades. The levels of importance of the panels goes from the top to the bottom. The AaTripleCCI is my least important indicator whereas the color of the Heinken-Ashi bar borders is my most important.

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  #19 (permalink)
 gordo 
Tonganoxie, Kansas
 
Experience: Intermediate
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Trading: CL,6E
 
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Yes...I know...I am on vacation....just couldn't resist!

Another profitable day!!

Stopped out on my first trade. Followed it verbatim!

I chickened out on the second trade. I did not want to spend the rest of the day on vacation trying to recover, so I took the money.

Turns out, I would have made an additional $390, but chickens never win! They just get run over trying to cross the road!!!

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 gordo 
Tonganoxie, Kansas
 
Experience: Intermediate
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Broker: Mirus Futures/Zen-Fire
Trading: CL,6E
 
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Posts: 160 since Nov 2009
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8/4/2010 - Judgement Day.

It was like the horrible part of the Terminator movies...you know when everything you do is WRONG and the bad guys win because of your arrogance!

Today was a bad day. Here are the rules I violated in my trading:
  • I traded before the open (against my strategy),
  • I reversed...not once....but twice (against my strategy),
  • I traded against the trend (against my strategy),
  • I did not follow my strategy on a single trade (I made 10 trades), and
  • I over traded!
Why? I have had a whole day to reflect on what I did and why I did it. I did not follow my strategy becuase I was over confident in my ability to 'feel' the market. After all, I have had seven (count them seven!!!!) days in a row with a good profit. My strategy seems to be working. The money is good. Who needs a startegy??!! After all, I know this market now. Well, I paid the price and I have only myself to blame.

Basically, here is what happened. I got up early. I was leaving to travel back home (vacation and all). I didn't have a lot of time so I thought " Hey, get a couple of quick trades in to impress everyone on Big Mike's site" and you go home the HERO! I was way over confident and the school yard bully took my lunch money.

Obviously I don't have a 'Trade of the Day' becuase they were ALL bad!! What I do have is my scoresheet. I am sharing the good and the bad. This is embarassing and humbling. Both of which are good for me.

As I reviewed this with my wife, she wanted to know what is going to keep me from doing this agian? Good question. The problem with this occupation is there isn't someone looking over your shoulder checking your work and approving your actions to keep you safe. On the other hand, isn't that the great thing about this occupation? You get rewarded for your actions. You act like a fool, you receive a fool's reward. You act like a professional, well you at least have a chance at receiving a professional's reward.

So my journey takes on a new life. If I can't manage myself, I will have to return to the work force and have someone tell me what I can and can't do. I get to do all of the things I hate about corporate life. After all, if I have to return to that life, doesn't it mean that I am not smart enough to manage myself?

This entry may come across as a real downer to some who read it. This is not the case. This is me conducting a straight forward, honest, self evaluation. I can do this! I will do this! And...I will be the better man for doing it! I am confident in my ability to do better at learning who I am. I know from everything I have learned (primarily from reading entries on this site) that having a good startegy is not the battle. Learning who you are IS the battle. I continue to learn....

Trade well my firends,
G

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