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My journaled journey to success


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My journaled journey to success

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  #1 (permalink)
 gordo 
Tonganoxie, Kansas
 
Experience: Intermediate
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Trading: CL,6E
 
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Posts: 160 since Nov 2009
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After being a community memeber for 241 days without posting anything (according to my computer screen), it is time. I am 55 years old, unemployed ex-engineer, ex-plant manager, ex-director of operations, ex-fighter pilot, business owner, father of 6, grandfather of nine, married to the same woman of 33 years, completely debt free, looking for my next challenge.

I can get a job, and I don't need much money. I live in the country and enjoy my home and family. I can fix things. Cars, computers, houses (built several), programs (not half bad at C#). I understand things.

How has this worked out for my trading?

....

TERRIBLE!

....

Blew out my first account within months. I have been trading for 15 months. I am smarter than I was when I started, but still can't seem to make it happen. I have indicators and charts coming out of my ears. Yet, I am still not there. I have taken courses and attended webinars until my poor satelite dish melted (not really, but it would be cool if it really happened).

So I am going to journal to get futures.io (formerly BMT) off my back (that's a joke because I just LOVE this site), and improve my preformance. I want this to be my next career.

So for starters, here is my first contribution. I built some nice indicators. I got the ideas from things I've seen, webinars I have attended and things that make sense to me.

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  #3 (permalink)
 Michael.H 
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Great to hear that....

One of the things you need to do in order to become profitable is to take all your indicators off, specially the ones that are coming out of your ear. All you need is price and volume...

Good luck :-)

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  #4 (permalink)
 Big Mike 
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Good to see the thread, gordo!

Where do you think you've gone wrong so far? Do you have an idea of your strengths and weaknesses?

Mike

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  #5 (permalink)
 Eric j 
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Michael.H View Post
Great to hear that....

One of the things you need to do in order to become profitable is to take all your indicators off, specially the ones that are coming out of your ear. All you need is price and volume...

Good luck :-)

I would tend to agree with that . Even better advice would be to sort out each facet of your trading and evaluate them to see how each one serves your goal . If you are unclear about exactly what kind of trader you are , scalper / swing / reversal / continuation or all of them , then get clear before moving forward .

One of the toughest things for me was to maintain consistency , probably because of the flood of info available and the limitless stream of methods to try out . After I sorted out what I was doing , how it served my goals and figurred out what kind of trader I am and want to be I started to do better .

A journal is a good tool to accomplish these things . I use mine like a time capsule whereas I look back a few months ago and see how my attitude has changed and to compare where I am to where I was .

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  #6 (permalink)
 papa15 
Wake Forest, NC
 
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Gordo
You sound like a reflection of me. I am a nuclear engineer, served 30 years in the navy, I fix things like computers, cars, etc. I have 15 grandkids. I could work but choose not to. I am not out to make tons of money, just want to cumulate some to help educate those little ones.

I have lost more trading in the past than I care to admit, but it is turning around.

My only advice would be to read Jeff's Three Setups (just the first page is enough) and try the inside bar method for 1 week. I bet you like what you find.

Papa15

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  #7 (permalink)
 ZTR 
 
Experience: Advanced
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You sound a lot like me, except the fight pilot part.

All I can say is Journal, Journal, Journal!

All success, failures, what worked, what did not. Post your charts and trades.

Think you've already gotten some great advice above. Figure out what has not worked in the past and avoid it.

Pick the most stripped-down set of chart you can stand and change nothing for 2 week (I am partially stating Big Mike's advice here, think he would say NO indicators)

This part is controversial, but I have found it works for me: SIM until it is real. Meaning you find you have an edge that consistently makes money. Then limit yourself to a very, very small number of live trades over 2 weeks. As low as 1 or 2 a day. SIM to warm up and see if you are in sync with your system. Then switch to live. This is the hard part, set loss limit and a target and quit when you get there and go back to SIM if you still want to trade. Do this day after day.

Most important, if when you switch to live anything changes in your attitude about trading, fear, greed, anxiousness, anything that you recognize as effecting your decisions, stop - you are not ready for live trading.
If you take a loss and are mad, you are not ready just like if you get way too happy with a winner, you are not ready.

Took me a long time to understand all this. Once live, wanted to stay there, but, like ball players practice and warm-up, it does not hurt you if your practice and real trading are identical.

R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
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  #8 (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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WOW! What great words from some fine people! Thanks for the support!!!!

I have decided to focus on the CL. I see enough movement to keep my mind busy and enough money to keep me happy....joke!

I have four indicators I am watching. I hear what you're sayin' Big Mike, but "I just gotta have 'em!" I put up a screen shot.

I made three trades today. I took some insight from futures.io (formerly BMT)'s Hurley method and use 10, 20, and 30 tick targets with a 15 tick stop. All my trades today were winners. Net after commision $1184.82 (sim). All I need is $250 a day to keep me out of the soup line.

Finally I put in my trading record for the last three days. I have been positive on all three days with a current running total of $2,919.12. Not bad...but then...that's what I thought 15 months ago...sigh...

What is going to be different this time? Me!

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  #9 (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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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.

That being said, trading was a bit late. Made four trades on the CL. Two winners, two losers. Let that be said, I am still up $239 making my total for the last four days $3158.88. Nice feeling. In particular I like the reduced number of trades, the great feeling when it fits together and satisfaction that I might finally be on the right track. I attached my trade of the day as well. Nice set up, great execution.

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  #10 (permalink)
 Big Mike 
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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!

Mike

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