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Today I discovered a whole new area of journals in the Elite section. I never knew about this before, probably because I was not an Elite member when I started this journal.
A few questions for anyone kind enough to respond:
1) Is there any reason to move my journal there now that I am a member? Any benefits?
2) Is there any reason not to?
3) I have read, and kept up with the active journals here and have found them quite interesting for the most part. There are WAY too many in the Elite section to sort through, at least on a timely basis. Are there any that you would recommend as "can't miss"?
1) Your journal can be moved if you want to. Let me or one of the other mods know and we'll do it. Is there an advantage to you? That's up to you, really. Anything in the Elite section is only available to other Elite members. Some posters want to limit their readership to Elite members, others don't, others don't care.
In general, the Elite section is where a huge amount of the action is on FIO, and I've always thought of this as a major incentive to go Elite (the other is to fully join and support the community.) But there's no direct benefit to you in just having your journal there. Unless you want to.
2) Is there any reason not to? Only that non-Elite members would not be able to see it, if that is something that you would regard as a negative. Again, some care, some don't.
3) There is indeed a huge number of Elite journals. Some of the people who read and post in your journal also have theirs in the Elite section. What you might do is look at the list of new posts on the main FIO page, in the right-hand part of the "chatbox" section. If you see a name you recognize and it's got a yellow or red (or purple ) background, then check out what they are posting. Some will be posting in their journals. Some of their journals will be Elite journals and some will not, but this can get you started. Then expand from there. The really active posters show up almost every day, and that can be another guide. Check out the people you see there frequently.
I'm sure someone else will make some more concrete suggestions, but you might start with these.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
My first Journal was in the elite section. When I decided to do a new one, with my final, final, final, final trading method, I did it in the public section. I also have my own blog/site with almost no hits/comments for the past seven months. Comparing both, in the public section, I am getting more feedback and views. The key question is why you are journaling. I have three reasons. First, to hold myself to be accountable to the goals in my journal post #1. Second, to get valuable feedback, which again has been much more in the public journal (@bobwest has been very helpful with great ideas.) Third to have a public record that cannot be altered for future trading jobs, etc. No planes in ever selling any education or services. There already many worthless ones out there.
Some believe that there are better traders in the elite, but I did not notice that. I think they are spread between both. So, with that said, would I move my current journal to elite, no.
But I still believe that there is tremendous value in being an elite member.
Non-Day Trade: Not sure this really fits here, but I did a couple little DAX trades today. I'm trying to see if it might slot into my rotation for the equity spreads, and I want to see how it works with IB as far as exchange rates. I think I was up about 40 bucks.
Day Trade Side: One of the rare days when I had to do nothing but initiate my trades. No adjustments required. That happens about 20% of the time, but it's nice when it does. I only did 2 units today. Oh well. A little bad luck on the exit. As it had been a pretty strong up day I exited the shorts first. Once out of those I started to work on the longs and the market took a decent size dump and I probably dropped about 500 on the exit. Disappointing, but what can I do? I can only move at the speed of human. Up about 1365 for the day.
Thanks Bob and Kareem for your input. I see no reason to move/change my journal. And I do appreciate your thoughts Bob, on identifying some elite journals to track. But all suggestions are appreciated.
As for reasons why I journal, that's a good question. I'm not looking for a job, and agree with you, Kareem, on no plans to sell anything. Accountability? Hmmm, maybe. I had received several emails from Mike (not him specifically I'm sure - just an automated email) suggesting starting a journal. One day, right after I had just started using the micros, I said ah, that's not a bad idea. So I did. I have gotten good feedback, and it's been a good experience overall.
On the bright side, you have noted in the past that there were days when the staggered exits worked in your favor. Nevertheless, once you have decided upon a course of action (the discretionary component which is definitely one of your many edges), there should be automation in place for a simple task such as order submission. I know you're working on it.
Also glad that you're keeping this excellent journal here.
Agreed. It's also a bit unusual in that it's not straight-out buy/sell futures, which is what we see the most of. New stuff is interesting and fun, and we can learn something too.
For me, the best thing about journaling and/or posting here is just communicating with others who have some idea what we're talking about. Non-traders as a rule really don't, which makes this a very solitary game.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
very interesting read , it seems on day trading you pick a direction you think it will trend in . and stay most of the day or until you are satisfied with the profits ? if so if you don't mind ,how do determine what direction to choose .
what ever you are doing ,its working . and" you cant argue with success "
