Get Rich or Die Trying - futures io
futures io futures trading



Get Rich or Die Trying


Discussion in Trading Journals

Updated by Wizard3ootz
      Top Posters
    1. looks_one Wizard3ootz with 41 posts (109 thanks)
    2. looks_two Rrrracer with 7 posts (20 thanks)
    3. looks_3 NW Trader with 4 posts (15 thanks)
    4. looks_4 LastDino with 4 posts (6 thanks)
      Best Posters
    1. looks_one Massive l with 4.0 thanks per post
    2. looks_two NW Trader with 3.8 thanks per post
    3. looks_3 Rrrracer with 2.9 thanks per post
    4. looks_4 Wizard3ootz with 2.7 thanks per post
    1. trending_up 6,214 views
    2. thumb_up 183 thanks given
    3. group 11 followers
    1. forum 62 replies
    2. attach_file 11 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

Get Rich or Die Trying

(login for full post details)
  #41 (permalink)
Bend + OR/USA
 
 
Posts: 54 since Aug 2019
Thanks: 51 given, 140 received


NW Trader View Post
It is definitely a journey, isn't it? Whether coincidental or not, I seem to have become better at trading since I started meditating on a regular basis. Sounds kind of "woo-woo", but I now find it much easier to sit and watch the chart, not feeling the need to trade unless I see the proper setup occuring. If I happen to not find a trade, I still find the chart study interesting and am able to get up and walk away from the computer without feeling frustrated. I know that as my trading becomes more consistent all I will need to do is increase contracts, not necessarily trade more often. I haven't read the book you reference yet, but plan to do so soon.



I recently went back to the methods you shared with me and have (at least temporarily) removed big trades, profiles, depth and footprints from my charts. I had too much going on! Since then I am doing much better. As I get this system committed to "mental muscle memory", I will once again look at those tools one by one as I do think they provide valuable insights to the markets.



It's been a good journey so far and I'm looking forward to seeing both of us become more successful!




@NW_Trader Nice man! Glad to hear it’s helping. Yeah, I’m primarily following the topdog method as well. I know footprint is advantageous as it gives you so much more information about what’s going on, however, it seems like the topdog indicator setup - albeit it is only an average/approximation of all the data mzpack is giving you, that being said, I think it’s plenty effective at filtering out bad trades; I’m only really using the footprint and big trade charts to indicate when there’s a shift in direction.

And likewise man! I highly recommend Randee Howell’s book. It was insane when I started to realize how often my my thought processes were coloring the decisions I was making, and how beneficial it has been to be able to separate “myself” from that decision making process.

Anyway, it’s all relative, I suppose. Making some meager gains right now, but gaining awareness of those emotional hurdles and putting risk-on again is definitely a big step in the right direction.

Cheers!


Sent using the futures.io mobile app

Reply With Quote
The following user says Thank You to Wizard3ootz for this post:

Can you help answer these questions
from other members on futures io?
TOS Custom Implied Volatility Rank Watchlist/Scanner Column
ThinkOrSwim
With 1 click place orders on two accounts (rithmic and cqg)
NinjaTrader
Scan by comparing SMAs within 5 mins
ThinkOrSwim
Corn Sep-Dec20
Commodities
Setting up an alert on a Gartley study
Traders Hideout
 
 
(login for full post details)
  #42 (permalink)
Bend + OR/USA
 
 
Posts: 54 since Aug 2019
Thanks: 51 given, 140 received

So, in the past several months, I have definitely started to come into my own. Having incurred serious losses when I first started trading futures was difficult, to say the least, but because i persisted, I feel like I have started to incur some measure of consistency. I journal now, after every trade, and its helped me to start analyzing my trades as a whole, rather than on a one-to-one basis. I had a really hard time, after those big losses, in pulling the trigger. I would get really nervous before putting a position on, and sometimes my heart would start racing.

Fortunately, I'm over most of that, and although there are periods when I might experience some anxiety, if a trade starts to move against me (also, when i'm IN the money, and unsure whether to close out), having a specific method, in conjunction with scaling out, definitely helps me to settle my nerves. I'm trying to go in with more contracts, as taking incremental profit allows me to rest assured that I'll walk away with something. Also, I got a cool risk/reward indicator, where you can drag your entry, stop loss, and profit target, and it will show you what the risk/reward is on the trade... it lets me rest easy knowing that my downside is minimal, and the upside is substantial. Lastly, I'm trying to include some content that describes my thought process, while I have a position on, and I sense that that will help me to establish where my weaknesses are, and hash out any contributing factors that might contribute to mental errors (like moving stops, leaving money on the table, and trading with ones' emotions).

Anyway, I'm gonna start posting my journal/charts on here every day if I can. I have been insanely busy with school/work/health etc.. so I'm not trading every day, but I'm hoping to make a practice out of this. With no further adieu...

#21: A:

WHAT: MNQ // Short // 2/11 / /8:02

TRADE TYPE: Reversal

WHY: Price had been in an extremely bullish uptrend. Had a divergence on MFI, and then a head and shoulders pattern. Price had gone up to meet a resistance area as well.

WHAT HAPPENED: I went in at the bearish pinbar. I put my stop right above it. Price started to move closer to my stop. Sellers were trying to push it down, but I got barely stopped out (went 3 ticks beyond my position, and then it began to break down).

RESULTS:
Loss of 11 ticks

WHAT I LEARNED: Reversals are sketchy. Also, I should have noticed the bullish behavior, as we broke the trendline that had preceded my entry. Looks like we might just be trading sideways, rather than reversing.
Pics Below:

#21: A: 200 Tick



#21: A: 600 Tick



#22: B:

WHAT: MNQ // Long // 2/11 // 10:45

TRADE TYPE: Trend continuation // Trendline

WHY: Price was making higher highs on the MT chart, as well as the ST chart. We were also reaching a support area.
WHAT HAPPENED: Price went several ticks in my direction, and then started to meet resistance. I noticed that there were trendlines coming down on the ST chart, and I started to get nervous that it was going to break lower. I decided to pull my trade, making a few ticks. Fortunately, I was right, and just after I got out, it went a few ticks higher, and then broke lower, which would have stopped me out.

RESULTS:
+3 ticks on 1x
+4 ticks on 1x

WHAT I LEARNED: Its important to be aware of the patterns on multiple timeframes. Had I noticed that we were in a solid downtrend on the ST chart, I might have been a little bit more careful, in entering my trade. You have longs and shorts battling on the same ground, for different reasons, and there were a lot of longs that got trapped out right after I exited.
Pics below:

#22: B: 200 Tick



#22: B: 600 Tick



#23: C/D:

WHAT: MNQ // Long // 2/11 // 11;18

TRADE TYPE: Reversal

WHAT HAPPENED: I entered on the cycle low, and then shorts started to step up, putting me into a corner. Unfortunately, I got stopped out, and then it continued upward, where I re-entered. Upon the re-entry, price went quite a few ticks in my direction, but I didn’t really set a profit target, and unfortunately, the shorts started to step up. I could have made a really nice return on that move, however, I wasn’t able to pull the trade in time. I had put in a limit order, which didn’t get hit, and by the time it started to retrace, I ended up getting stopped out.

RESULTS:
Loss of 14 ticks
Loss of 5 ticks
Pics Below:

#23: C/D: 200 Tick



#23: C/D: 600 Tick



#24: E

WHAT: MNQ // Long // 2/11 // 11:51

TRADE TYPE: Trendline/Trend continuation

WHY: Price was starting to reverse on the ST chart. We had put in 4 waves already, and were starting to approach a resistance area. We were holding the trendline steadily, however.

WHAT HAPPENED: I entered on the bullish pinbar, on a candle with an extremely long stem, and the top being pushed into the upper quadrant. I slowly scaled my way out, locking in profits along the way. I locked in a little on my first contract, and then it dropped, approaching my stop loss. Fortunately, buyers began to step up, and price continued further in my direction. I sold a second contract, and finally my third, just prior to the resistance area. It was a good thing that I got out too, because the market dropped again right after I closed out my position.

RESULTS:
Gain of 5 ticks
Gain of 11 ticks
Gain of 14 ticks

WHAT I LEARNED: That trendline strategies DO work, and that I should keep using this as part of my playbook. Also, that going in with more contracts, and scaling out is the best way for me to combat my nerves.

Pics Below:

#24: E: 200 Tick



#24: E: 600 Tick


Reply With Quote
The following 2 users say Thank You to Wizard3ootz for this post:
 
(login for full post details)
  #43 (permalink)
Bend + OR/USA
 
 
Posts: 54 since Aug 2019
Thanks: 51 given, 140 received


Had a solid day today! Got some nice scalps, and the only losing trades I took were very minimal losses. Overall, very pleased with my performance.







#28: A:

WHAT: MNQ // Short // 2/12 // 9:57



TRADE TYPE: Reversal



WHY: Price had reached its all time high, and had made 3 failed attempts to break through 9619. It retracted back to the support area, and was starting to break. I wanted to capitalize on all of the long traders who would have been trapped in there.



WHAT HAPPENED: There was a substantial amount of support. We had an extremely difficult time pushing price down, as the longs that were becoming trapped defended their position. Delta was still on my side, though. However, the third bar initially opened w/ positive 16 delta, and was getting REALLY close to my stop. Seeing that, I decided to pull the trade (closed out) – right after that, it finally broke lower. My stop would have been safe by one tick



RESULTS:

Loss of 3 ticks on one contract (decided to keep my size low, since reversals are low probability trades)



WHAT I LEARNED: Respect your stop! I would have still been in. Also, I am not really accepting the risk, when I’m going in – otherwise, I would be letting my stop get hit. I think its important I consider that before I enter.



MISTAKE: Moved my stop up



A: 200 Tick





A: 600 Tick





#29: B:

WHAT: MNQ // Short // 2/12 // 10:15



TRADE TYPE: Trend trade (off the EMA)



WHY: Price was in a solid downtrend, after reversing from the all time high. It was bouncing off of the 34EMA, after having put in a pretty big move.



WHAT HAPPENED: It initially came in with strong negative delta, but buyers started stepping up. The second bar had strong positive delta, and I was strongly considering pulling my the trade. I don’t think I considered how strong the buying would be, given how strong the downtrend was. Unfortunately, the buying was really strong, and I was eventually stopped out for a small loss.



RESULTS: Loss of 7 ticks on one contract



WHAT I LEARNED: You have to be more careful, going in after a really big move. Also, you put your stop just INSIDE the 34EMA, one tick above your entry bar (I didn’t realize this until after the fact). You would have benefitted from putting it on the other side of the EMA in the future, rather than one tick above the high of your signal bar. Also, it might be safer to wait until the first pullback, before entering on a reversal. Watch for when the 8EMA crosses the 21EMA, then wait for the pullback, and enter there.



MISTAKE: Stop placement



B: 200 Tick





B: 600 Tick





B: Order Flow





#30: C:


WHAT: MNQ // Short // 2/12 // 11:24



TRADE TYPE: Trendline



WHY: Price was in a solid downtrend, and was retracing to the upper trendline.



WHAT HAPPENED: I entered, and price went a few ticks, struggling a bit to get going/surpass the 50SMA. I took off one contract after a few ticks, and left the other two to ride. We bounce off the 50SMA, and came back up (positive delta was coming in). Fortunately, we overwhelmed the buyers and were able to break through the 50SMA. I got out at the support level down below, rather than wait to hit the trendline, knowing that would provide support.



RESULTS:

Gain of 5 ticks (1x)

Gain of 13 ticks (1x)

Gain of 21 ticks (1x)

WHAT I LEARNED: This is a great method. Keep it up!



MISTAKE: None



C: 200 Tick





C: 600 Tick





#31: D:



WHAT: MNQ // Long // 2/12 // 11:57


TRADE TYPE: Trend Trade



WHY: Price had just broken out of the descending triangle, and put in a strong push to the long side, stopping just short of R2 (Fib Pivots) and the support level from the ATH that turned into resistance. It retraced back to the trendline from the descending triangle, which became support.



WHAT HAPPENED: Price had been breaking down from the big, bullish push it had just put in. It broke all the way down to the 50SMA, and slightly beyond, before it hit support at the trendline from the descending triangle which now became support. Price went up, and I took off one contract at a pretty decent level, and then it began hitting resistance. The shorts were pretty strong, and were pushing price back toward my entry. I had moved my stop up from one tick below the swing low, to one tick below my entry, so I was starting to get a little bit close to being stopped out. I decided to take off another contract, and finally the third, as we were putting in negative delta. The shorts continued to push extremely hard, putting in a massive amount of pressure. I ended up leaving some money on the table, because the longs WERE nearly able to push price up to the previous swing high (my initial target), but they had a tough time doing it. It created a double top, and then completely dumped down the short side. I WOULD have been stopped out, given having moved it up near my entry, however, had I left it where it was, I would have been able to stay in and make another 20 ticks or so.



RESULTS:

Gain of 12 ticks (1x)

Gain of 7 ticks (1x)

Gain of 6 ticks (1x)



WHAT I LEARNED: Maybe moving my stop up so much wasn't a great idea. I'll have to look more into that into the future. However, there was massive selling on the short side (saw bigtrades for 75, 30, and 147 contracts short) so clearly it could have gone either way.



MISTAKE: Pulling my trade prematurely



D: 200 Tick





D: 600 Tick


Reply With Quote
The following 3 users say Thank You to Wizard3ootz for this post:
 
(login for full post details)
  #44 (permalink)
Bend + OR/USA
 
 
Posts: 54 since Aug 2019
Thanks: 51 given, 140 received

Holy shit!! This was the best trading day I have had in AGES!!!! Unbelievable. Don't even have the words - I just have to say, I am incredibly, incredibly proud of myself, for having come from a place 6 months ago where I didn't even know if I should CONTINUE trading Futures, to having a day like this. Clearly, there is certainly an element of luck to trading, however, my strategies, decisiveness, and confidence in entering my positions have all improved remarkably... and I am starting to develop a really solid "playbook" where I have some simple, yet effective methods that I can apply in a variety of situations.



#41: A:
WHAT: MNQ // Long // 2/13 // 7:55
TRADE TYPE: Trendline
WHY: Extremely bullish uptrend, finally retraced near the 34EMA
WHAT HAPPENED: Price initially stalled out, and went 3-4 ticks against me, but buyers eventually stepped up. I scaled out, taking off some of my size. The longs started getting absorbed though, and it started to turn against me. I decided to close out, but unfortunately, it punched right through immediately after, going another 35-40 ticks (sadly).
RESULTS:
Gain of 9 ticks (2x)
Gain of 17 ticks
WHAT I LEARNED: Don’t close out just because you are hitting some resistance. The market is just taking out all the offers. You should take more comfort leaving your last contract on the table.
MISTAKE: Left money on the table

A: 200 Tick


A: 600 Tick


#42: B
WHAT: MNQ // Short // 2/13 / 8:19
TRADE TYPE: Reversal
WHY: Price had just put in an extremely huge uptrend, and delta was starting to come in on the short side. Price had also retraced to the 50MA, which I thought would provide resistance
WHAT HAPPENED: I got stopped out. Price went ahead to test the previous high
RESULTS: Loss of 11 ticks (3x)
WHAT I LEARNED: Stop trading reversals, lol.
MISTAKE: Didn’t take into consideration the long term chart traders, and how my reversal on the 200 Tick was just their retrace. Need to use multiple timeframe analysis

B: 200 Tick


B: 600 Tick


#43: C
WHAT: MNQ // Short // 2/13 // 8:57
TRADE TYPE: Trend continuation
WHY: We had made an all time high, and the bears were coming in. We had been stuck in this area, accumulating, but we were just starting to break through. I was falling victim to FOMO a bit.
WHAT HAPPENED: We broke through the support level, and then we started to lose momentum. I decided to get out as quickly as I could, taking off some risk, considering how wide my stop was. Fortunately, I was able to get out with my skin intact.
RESULTS:
Gain of3 Ticks (1x)
B.E. (1x)
Gain of 1 tick (1x)
WHAT I LEARNED: This was purely a gutshot, second to gambling. You need to be more patient, and wait for a proper reversal before going in.
MISTAKE: FOMO

C: 200 Tick


C: 600 Tick


#44: D;
WHAT: MNQ // Short // 2/13 // 10:03
TRADE TYPE: Trend continuation
WHY: Price was in a strong downtrend, and was retracing to a resistance level
WHAT HAPPENED: Got pretty close to getting stopped out at first (got super nervous) but then we were able to break lower, fortunately. I got off my first contract pretty early, my second contract almost perfectly, but I held onto my last contract too long, and didn’t make much $ on it.
RESULTS:
Gain of 11 ticks (1x)
Gain of 23 ticks (1x)
Gain of 2 ticks (1x)
WHAT I LEARNED: That I need to be watching for when we make a pinbar, and if we do, close out immediately. Don’t wait for it to retrace all the way back up.
MISTAKE: Held final contract too long.

D: 200 Tick


D: 600 Tick


#45: E:
WHAT: MNQ // Long // 2/13 // 15:23
TRADE TYPE: Trendline
WHY: Price is bouncing off the trendline on the 200 tick chart.
WHAT HAPPENED: I entered, and it was slow going at first… it took a while to get delta back in our favor. I almost closed out early, to be honest, because we were sitting at -25 delta, but eventually, we dwindled down the offers and were able to punch through. I took off one contract @ the first stage of absorption – at 2.5pts up, the second 3.5pts up, and the third just under 5pts up. I could have made more. In the future, I think I will wait until there is solid absorption on my side, because – in all likelihood – that’s what it’s going to take to stop us.
Also, right after I exited, price reversed quite a bit lower, and then the longs pushed it up again. I could have re-entered even, and made a little more money.
RESULTS:
Gain of 10 ticks
Gain of 14 ticks
Gain of 19 ticks
WHAT I LEARNED: Keep an eye on absorption, so you can stay in as long as possible.
MISTAKE: Left money on the table

E: 200 Tick


E: 600 Tick


#47: F:
WHAT: MNQ // Short // 2/13 // 19:53
TRADE TYPE: Breakout
WHY: Price had created an all time high, and put in a staggeringly huge uptrend. Price was starting to make lower lows, and was hitting support at 9659.
WHAT HAPPENED: Price broke through the support almost immediately after I entered. It went a good number of ticks in my direction, and I took off one contract at R1. Price retraced 50% towards my entry, and then started to drop again. However, it started to hit support at the 34EMA. There were a few bigtrades coming in on the long side, and delta was turning green, so I decided to get out. They pushed price 5 ticks or so from my entry, and then it began to drop again.
RESULTS:
Gain of 15 ticks (2x)
Gain of 14 ticks (1x)
WHAT I LEARNED: That reversal plays like this are a lot safer, when combined with support/resistance. If you enter right when a key level is about to be broken, it will give you a lot more momentum, and relative safety.
MISTAKE: None

F: 200 Tick


F: 600 Tick


#48: G:
WHAT: MNQ // Short // 2/13 // 20:59
TRADE TYPE: Reversal & S/R Play
WHY: Price was still coming down from the huge bullish uptrend, when it made the ATH.
WHAT HAPPENED: I entered the trade, and the sell volume was really, really slow. There was definite support. There was a fair amount of buying, and delta actually flipped to green. I got spooked, and decided to get out of the trade for a quick scalp. Unfortunately, it pushed quite a bit lower only seconds after I exited, and I could have gotten a little over 2x what I did.
RESULTS: Gain of 5 ticks (3x)
WHAT I LEARNED: That although my intuition was correct, and there was definitely not a great deal of selling (we failed to make a lower low, or break through the support created by the 50SMA) I could have hung in there a little bit longer, and got 10 ticks instead of 5. I could have also taken off half of my position, or one contract, instead of taking off all 3.
MISTAKE: Left $ on the table

G: 200 Tick


G: 600 Tick



#49: H:
WHAT: MNQ // Short // 2/13 // 21:30
TRADE TYPE: Breakout
WHY: Still playing this reversal, off of the ATH that was created, with the extremely huge uptrend. Price was very slow going at first, but we were approaching the 50SMA as well as R1.
WHAT HAPPENED: Slowly but surely, the shorts were able to push price beyond the 50SMA. I entered as soon as R1 was broken. I took off one contract, locking in some profits, and then I closed my last two at the market (I might have stayed in longer, but for some reason my mouse wasn’t clicking when I was trying to buy at the bid/ask, so I just hit the close button, but I was able to get out four ticks from the bottom!)
RESULTS:
Gain of 6
Gain of 14 ticks
WHAT I LEARNED: Wow – I have never really traded breakouts like that before, where you encroach on a key level that was broken like that. I usually tend to avoid them because I typically put my stop 1 tick above/below the swing high (depending on which side I’m trading). However, I think I am going to start trading these more often, because you can clearly grab a really nice momentum move when all of the other traders get stopped out!
MISTAKE: None!

H: 200 Tick


H: 600 Tick

Reply With Quote
The following 3 users say Thank You to Wizard3ootz for this post:
 
(login for full post details)
  #45 (permalink)
Seattle WA/USA
 
Experience: Intermediate
Platform: NinjaTrader 8
Broker: NinjaTrader
Trading: CL, YM, ES
 
NW Trader's Avatar
 
Posts: 305 since Sep 2018
Thanks: 495 given, 1,081 received


Wizard3ootz View Post
73% win percentage today. Can't complain ^^ Not huge money, but consistency is key!

Absolutely! The percentage is great, the ticks are good and the money will come later provided you maintain that consistency. Nice trading!!

Mike
NW Trader

There is no path to happiness. Happiness is the path.
Follow me on Twitter Reply With Quote
The following user says Thank You to NW Trader for this post:
 
(login for full post details)
  #46 (permalink)
Bend + OR/USA
 
 
Posts: 54 since Aug 2019
Thanks: 51 given, 140 received

Solid trading day today. Had school at noon, so I wasn't able to get a full session in, but I'm up about $86, which is pretty good for me, particularly with micros. You'll probably notice that my charts look a ton different, and exceptionally naked - hah. I've been reading up on Mack from PATS Trading's content, and decided (as an experiment) to throw all my indicators out the window, and only trade a 2000 tick chart w/ a 21 EMA, like he does. So far, its actually worked exceptionally well. Additionally, I was able to see a LOT of the mistakes that I was making, trading primarily from the 200 tick chart. Most notably, when the market would appear to "bottom" and started making higher highs, I had falsely identified it as being a reversal. Inevitably, we would start to put in another leg up, and then BOOM - everyone gets trapped out, and sprints for the door. I am elated to have identified a significant flaw in my trading strategy, and feel stronger because of it.



#65: A:
WHAT: MNQ // Short // 2/18 // 8:19
TRADE TYPE: Trend continuation
WHY: Price had broken off the main trendline, making a higher for the day. It settled down into a trading range, and tested the high. Although I missed a great entry at the failed break above the session-high, I was able to scalp a nice trade off the pullback.
WHAT HAPPENED: Price descended from the session high, and broke lower. We made a pullback, falling just short of the 21EMA. I saw the trap developing, so I entered short. Prices moved effortlessly in my direction, and I was able to grab a nice scalp.
RESULTS:
• Gain of 9 ticks
• Gain of 17 ticks
• Gain of 21 ticks
WHAT I LEARNED: Identifying traps is an incredibly useful skill. Also, waiting to trade counter-trend until we have tested the high, and failed.
MISTAKE: None

FOR ALL SCREENSHOTS [Trade Markers]: WHITE = BUY, ORANGE = SELL
*ALL SCREENSHOTS ARE OF 2000 TICK CHART*



#66: B:
WHAT: MNQ // Short // 2/18 // 8:30
TRADE TYPE: Trap/Trend continuation
WHY: Price was moving aggressively lower, and the bulls were trying to push it back up, showing a possible trap.
WHAT HAPPENED: Prices moved down to the very bottom of the candle, where the bulls would normally have to exit. Unfortunately, it moved a few ticks in my direction, but the bulls came in really strong, and trapped ME out – hah.
RESULTS:
• Loss of 11 ticks (3x)
WHAT I LEARNED: It really sucks not having ATM strategies for my stops and profit targets. I should definitely think of investing in a lease.
MISTAKE: Entered far from 21EMA



#67: C:
WHAT: MNQ // Short // 2/18 // 8:35
TRADE TYPE: Trend continuation/trap
WHY: We had just retraced up toward the 21EMA, and it appeared longs were beginning to get trapped.
WHAT HAPPENED: Price was slow going at first, hitting support. Fortunately, I was able to scalp out a decent trade, but then it failed to break lower, where I’d otherwise have been stopped out.
RESULTS:
• Gain of 7 ticks (2x)
• Gain of 2 ticks (1x)
WHAT I LEARNED: Was a really good re-entry right after this, that I missed, unfortunately, as I was journaling. With that, keep an eye out for second entries.
MISTAKE: None



#68: D:
WHAT: MNQ // Long // 2/18 // 9:30
TRADE TYPE: Reversal
WHY: Price had bottomed out, and tested it twice, creating a triple bottom. We moved above the 21EMA, and were making a pullback.
WHAT HAPPENED: I entered right where the shorts would normally have had to exit their positions. It was really slow going at first, and I got a little bit nervous. I took profit on my first contract really early on, and made meager gains on the other two. Unfortunately, it broke out strongly right after I exited. Had I had a better entry (at the support area, for instance) I would have been more comfortable, leaving more room for my stop. However, given how choppy it was, I decided to get out.
RESULTS:
• Gain of 3 ticks (1x)
• Gain of 6 ticks (1x)
• Gain of 8 ticks (1x)
WHAT I LEARNED: Entering deeper into the pullback will allow you greater room to let your position breathe. If you enter really high up on the candle though, you’re more likely to get stopped out.
MISTAKE: Low risk tolerance/entered late/left money on the table



#69: E:
WHAT: MNQ // Long // 2/18 // 9:48
TRADE TYPE: Trend continuation/pullback
WHY: We were retracing to the trendline, and the bulls were starting to step back up.
WHAT HAPPENED: I didn’t enter on the trendline, like I would have liked to have done. Prices went up a good deal, but then started to hit resistance. Finally, they started to break through, and I got a good scalp on my first contract. However, we started to lose momentum, and began drifting back toward my entry. I tried getting out with a limit order, but it wasn’t getting hit, so I closed at the market on my other two, just above breakeven. Unfortunately, although it pulled back pretty hard, it broke out really nicely afterward, so I left quite a bit of money on the table.
RESULTS:
• Gain of 14 ticks (1x)
• Gain of 6 ticks (2x)
WHAT I LEARNED: Try entering deeper into the pullback next time, or just sell all 3 contracts if you get to a sufficient height.
MISTAKE: Left money on the table/Late-entry. You should continue entering at the trendline, putting your stop on the other side of it, like you had been. Also, you could have taken the second entry off the trendline, after the first break failed.



#70: F:
WHAT: MNQ // Short // 2/18 // 10:54
TRADE TYPE: Reversal
WHY: Price had gone up to the session high, and failed to break thru. It then tested briefly afterward, and was moving up to test it a second time, making a small triple top.
WHAT HAPPENED: I entered after the candle turned red again and was starting to break lower. It was slow going at first, but eventually, we were able to take out all the offers, and reverse the previous candle. I started scalping out, and was able to make some decent $. It started to hit support, so I ended up closing out, but all in all, made a really nice return (albeit I did leave a little bit of $ on the table).
RESULTS:
• Gain of 17 ticks (1x)
• Gain of 18 ticks (1x)
• Gain of 20 ticks (1x)
WHAT I LEARNED: That this is really sold strategy. Wait for price to move up to resistance (the session high), fail, and then retest. Enter after the retest fails, and ride it all the way down.
MISTAKE: Left a little money on the table



#71: G:
WHAT: MNQ // Short // 2/18 // 11:00
TRADE TYPE: Trend continuation
WHY: We had gone up to the session high, and then failed on the re-test. I was entering on the pullback.
WHAT HAPPENED: I got stopped out on my first attempt. I should have put my stop on the other side of the midline, however, I was just inside it, and it was barely hit. I entered again on the 2nd entry, however, and was able to make a really nice gain.
RESULTS:
• FIRST ATTEMPT:
o Loss of 11 ticks (3x)
• SECOND ATTEMPT:
o Gain of 24 ticks (1x)
o Gain of 23 ticks (1x)
o Gain of 25 ticks (1x)
WHAT I LEARNED: That you can use the midline as the place to gauge where your stop should be, on pullback. Concurrently, if you get stopped out, watch for a second entry.
MISTAKE: Stop too close.


Reply With Quote
 
(login for full post details)
  #47 (permalink)
Seattle WA/USA
 
Experience: Intermediate
Platform: NinjaTrader 8
Broker: NinjaTrader
Trading: CL, YM, ES
 
NW Trader's Avatar
 
Posts: 305 since Sep 2018
Thanks: 495 given, 1,081 received


Wizard3ootz View Post
Solid trading day today. Had school at noon, so I wasn't able to get a full session in, but I'm up about $86, which is pretty good for me, particularly with micros. You'll probably notice that my charts look a ton different, and exceptionally naked - hah. I've been reading up on Mack from PATS Trading's content, and decided (as an experiment) to throw all my indicators out the window, and only trade a 2000 tick chart w/ a 21 EMA, like he does. So far, its actually worked exceptionally well. Additionally, I was able to see a LOT of the mistakes that I was making, trading primarily from the 200 tick chart. Most notably, when the market would appear to "bottom" and started making higher highs, I had falsely identified it as being a reversal. Inevitably, we would start to put in another leg up, and then BOOM - everyone gets trapped out, and sprints for the door. I am elated to have identified a significant flaw in my trading strategy, and feel stronger because of it.

Excellent work, Wiz! I'm glad the PATs stuff is working for you. I am trying to use a blend of PATs and TopDog, but trading on just the one screen with no indicators taking up space really gives you a clean picture of price. I may migrate back that way just a bit. I'm starting to see more success so I'm not making a major change, but I do have a very busy screen and I'm not absolutely sure I need it all on there.

Good trading!!!

Mike
NW Trader

There is no path to happiness. Happiness is the path.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #48 (permalink)
Bend + OR/USA
 
 
Posts: 54 since Aug 2019
Thanks: 51 given, 140 received

So, I have been reading a phenomenal book on trading psychology - "The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist"; the author remarks on the value of communal support in your trading ventures, having positive relationships that act as a "mirror", allowing you to reach greater depths of one's self, and lastly, transparency. I have reasonably understood that, to a significant degree, I have only been posting on days where I feel like I have traded rather well. I'm certainly not alone in this - a good many traders out there only post when they have seen success, but are too embarrassed to bring forth their losing trades, particularly if they're especially bad.

With that, I am going to make a commitment to journaling consistently, and show EVERYTHING - warts and all, lol. All in all, I think it will be a positive experience though, and look forward to posting with more regularity, even if it is just a few paragraphs.

The last time I posted, I had been seeing some solid success. I had seen several days w/ 75% win percentage, and was primarily trading w/ just the 2000 tick and 21 EMA, PATS Trading style. I started to scale up, however, and that's when things started to get a little rough around the edges. I ended up blowing up my account though, making a really stupid mistake. I was trading a reversal; there had been a major trendline break off the high, and we had put in two waves down. I was entering off of the retrace, and we ended up breaking through the downward trendline. I let my position go way past my stop, and decided to lower my cost basis. I did it again.... still going; and again... still going. Finally, I was five lots deep, and the market was JUST starting to lose momentum (I will note that, by this time, I was already down over $200 and was committed to hanging onto the trade, unwilling to close out at such a big loss). Sadly, though, I got stopped out just before it finally broke lower (ran out of margin), where I would have had a decently winning trade.

POINT BEING, do NOT be surprised if the market decides to test the high again (I told myself), after a major break off the trendline. Also, just take the small loss - makes no sense to add to a losing trade, particularly after the newly formed bearish trendline was broken, and momentum was coming in to the upside.

FAST FORWARD TO THE PAST FEW WEEKS:

I've been able to adapt some new tools that have been valuable, and hope to continue seeing good results with them. For one, I have been actively using the Footprint chart, from MZPack, particularly in watching the COT, or commitment of traders; it's essentially a cumulative delta that will track delta that's taken place after the bar has made a new high (relative to itself - not the whole chart), or when the bar has made a new low. For example, if the bar is bearish, and makes a new low, the COT low will go to zero (anytime the bar makes a new low or retest a previous one, it goes back to zero); once the bar starts to pull back, you will see the COT low increasing, showing that buyers are stepping up, invoked by the increase in positive delta. I have been using it to time my entries on pullbacks, being able to identify when we're at a likely bottom, and buyers are stepping up. Conversely, I can also see when we are LOSING momentum, watching the COT high; when we make a new high, the COT high goes back to zero, but when sellers start stepping up (presuming there isn't enough buying pressure to push through it) the COT high will starts DECREASING rapidly, as short-delta is entering the market.

So yes, I am using that, in conjunction with watching the cumulative delta, so I can identify when there are still a great number of long positions on, for example, if I'm trying to sell the top, as well as when they start to unwind. I've also been able to take advantage of seeing absorption areas, when there is one big seller taking everything the longs will give them (for example), and have everything displaying on a heatmap that's relatively simple to understand.



I'm also developing a strategy based on standard deviation, on the Volume Profile. In my statistics class, they started talking about the Empirical Rule, and it basically states that 95% of a sample size is going to take place within the first two standard deviations. It dawned on me that, with only 5% of price action occurring outside the 2nd standard deviations, it would be relatively easy to adopt a mean-reversion trading style, entering once we broke outside the second standard deviation, and trading it back to VWAP. Thus, I set up my Volume Profile to show me where STD 1/2 were, and although this strategy is still in its infancy, and I will not be taking trades on this principle ALONE, I feel it could prove to be valuable in the future. I have also been reading a great deal about reading the profile in general, trading around high volume nodes, and identifying probable S/R zones.

Empirical Rule:


Volume Profile:


Although all of this is valuable content, I still have core issues that I have yet to resolve, particularly in the realm of trading psychology. I am really bad with holding my positions long enough, and have sacrificed a number of home-run trades, in exchange for a meager, sure-gain. I am generally pretty uncomfortable during pullbacks, and there have been several days in the past month where I was overtrading profusely, finding it difficult to call it a day. I started recording some of videos of my trading, which has definitely been beneficial, and am hoping to utilize that content to come up with some very concise rules, and a concentrated effort NEVER to trade "from the gut". i don't want to just harp on myself though. I have had some beautiful entries, and I have had multiple instances when I WAS able to get myself to take a break.. hopefully, with persistence, I can get to the point to where it comes automatically.

And in the spirit of transparency, I found a biofeedback app, where you put your phone by your stomach, and it listens to the sounds of your diaphragm, creating wave-sounds that grow louder as your breathing becomes more irregular. I am hoping that, in conjunction with mental mindfulness, I can become more aware of my tendency to "spook", and use this app to relax my nervous system at the same time.

Also, because I have the P.O.S. free license that NT offers at the moment (that lacks ATM) I don't have the ability to set profit targets that will trigger automatically. I have found that, because of this, I have not been designating a profit target prior to entering the trade. However, in designating a profit target beforehand, I find that I have been able to release my grip on the reins somewhat, allowing the market to come to me, instead of always trying to "go to the market". I've setup my Fibonacci Extension template to automatically chart where the 1:1, 2:1, 3:1, and 4:1 profit-targets are at, and will use it to slowly branch out, so I'm won't keep short-changing myself. My goal is to enter with two contracts, taking profit on one at 1:1, and the second at 2:1 to start, moving my stop to B.E. once TP1 is hit.

Anyway, I am definitely moving in the right direction. I have a plan, I have the tools, and I have the desire. I think the rest will all come in time. Thanks for reading.

Reply With Quote
The following 4 users say Thank You to Wizard3ootz for this post:
 
(login for full post details)
  #49 (permalink)
Site Administrator
Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
Big Mike's Avatar
 
Posts: 48,914 since Jun 2009
Thanks: 31,587 given, 94,556 received

Yes, Dr Brett is my favorite. I focused on psychology, and branched from there to risk management, instead of chasing indicators or systems. It changed my life, all of it -- honestly.

Read all his books. And here on FIO he has done multiple webinars, check them out.

Sent using the futures.io mobile app

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/
Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #50 (permalink)
Site Administrator
Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
Big Mike's Avatar
 
Posts: 48,914 since Jun 2009
Thanks: 31,587 given, 94,556 received


BTW, I also measured my physical response alongside my trading and learned so much. I was doing video recording as well, simultaneously recording my body plus my DOM with software.

You are on the right track.

Sent using the futures.io mobile app

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/
Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to Big Mike for this post:


futures io Trading Community Trading Journals > Get Rich or Die Trying


June 29, 2020


Upcoming Webinars and Events
 

Introducing Edge Pools: Prop Pricing Model w/Edge Clear

Jul 9
 

Every journal equals ten meals for the hungry

Now
     



Copyright © 2020 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts