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Tuglife's trading journal. Focused on profitability.


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Tuglife's trading journal. Focused on profitability.

  #71 (permalink)
 
Tuglife's Avatar
 Tuglife 
Escondido CA USA
 
Experience: Beginner
Platform: Sierra Chart
Trading: YM
Posts: 168 since Jan 2020
Thanks Given: 88
Thanks Received: 174

Took one trade today, with a mean reversion setup. Good entry but trade exit didn't go so well. I need to concentrate on this. Things should be easier when I am able to trade multiple contracts again.

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  #72 (permalink)
 jamrock 
tampa florida
 
Posts: 63 since Sep 2020

im not sure why you dont just trade the moving average. sounds like u dont make many trades. scalpers trade a lot. dont believe the garbage about ma are latent. so are quotes being late us also what makes price action work. ma are a cumulation of all actions of price averaged.

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  #73 (permalink)
 
Tuglife's Avatar
 Tuglife 
Escondido CA USA
 
Experience: Beginner
Platform: Sierra Chart
Trading: YM
Posts: 168 since Jan 2020
Thanks Given: 88
Thanks Received: 174



jamrock View Post
im not sure why you dont just trade the moving average. sounds like u dont make many trades. scalpers trade a lot. dont believe the garbage about ma are latent. so are quotes being late us also what makes price action work. ma are a cumulation of all actions of price averaged.

I will look into trading the MA.


It has become obvious to me that it's a bad idea for me to sit in front of a screen and make multiple trades per day. I still get exited, make bad, emotional decisions. And I am 6 months into trading (basically as a scalper) and I am not successful. When I use this term, I mean that I'm not doing the wrong things, for the wrong reasons. And sometimes I even *know* I'm doing the wrong thing in the moment, but there is some impulse to just do it anyways because there is some chance it would work out.


I think the change I need to make is to trade higher time frame setups. Find the right setup, set a target and stoploss, and basically turn off the screen and walk away. I will have to tighten my game up in a few operational areas, but it's doable.

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  #74 (permalink)
 
Botts's Avatar
 Botts 
Penetanguishene, Ontario, Canada
 
Experience: None
Platform: NinjaTrader-8
Broker: NinjaTrader Brokerage, Continuum
Trading: ZB, MES, NQ, YM
Posts: 924 since Jun 2011
Thanks Given: 4,019
Thanks Received: 3,605


Tuglife View Post
I don't exactly know what took me so long to figure this out, but I am now going to trade with a daily, weekly, and monthly chart open.

[img]https://i.postimg.cc/8zr3LNgK/Screenshot-12.png[/img]

Just a thought,

Have you tried putting a chart together with the Daily, Weekly & Monthly all on one chart?
It can help you see a lot of information in one spot.

ES Daily, Weekly, Monthly 2020-09-18_6-40-ET


Looking at this ES chart this morning it looks like they are going to finish this week "Inside" the prior week's range = consolidation / pause.

If they can't hold price above the Globex Open there @ 3345.00 or the Week Open @ 3340.00 we could see this continue lower today - "IMO"


ES Day, Week, Month with 5 Minute in 60 Minute 2020-09-18_6-55-ET


Here's the same idea with the Daily, Weekly, Monthly beside a 5 minute candlestick inside a 60 minute candle.
I like the "granularity" of the smaller timeframes inside the larger timeframes.

Trade well, and best of luck

ES Result Post FWB Close @ 14:00 ET

R.I.P. John Bottomley (Botts), 1956-2022.
Please visit this thread for more information.
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  #75 (permalink)
 
Tuglife's Avatar
 Tuglife 
Escondido CA USA
 
Experience: Beginner
Platform: Sierra Chart
Trading: YM
Posts: 168 since Jan 2020
Thanks Given: 88
Thanks Received: 174

Thanks for taking the time to show me this. This is the kind of analysis I aspire to do.

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  #76 (permalink)
 
Tuglife's Avatar
 Tuglife 
Escondido CA USA
 
Experience: Beginner
Platform: Sierra Chart
Trading: YM
Posts: 168 since Jan 2020
Thanks Given: 88
Thanks Received: 174

I have basically blown up my account. This NinjaTrader account plus my earlier AMP account together cost me $2,000. I'm sure if I added in platform costs and data total outlay is $5,000. Unfortunately I have spent most of my life with a very hard head...I should have done a lot more sim trading and backtesting before the real thing. The part that kills me is that I've had some very successful trades, and I self sabotaged. It could be that any success I had was luck, and that the losses would have come either way. The silver lining is that I gained a lot of experience.

I only thought about quitting a couple of times. I decided to stay with it for a bunch of different reasons. Somewhere near the top of the list is that I feel like I have not given this my best shot. I still don't really know if I can be successful at this, or how successful.

Since I decided that I have to abandon scalping type discretionary trading, I need to do the work to develop my ideas into a system with rules. Ideally I would create a totally automated system that I could backtest s such. At the very least I will do significant backtesting using the NinjaTrader market replay.

The first system I plan on testing will be a fairly simple mean reversion system using VWAP to generate the signals and ATR to determine risk management. I would welcome any advice on the best way to start, or even pitfalls to avoid.

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  #77 (permalink)
 
Botts's Avatar
 Botts 
Penetanguishene, Ontario, Canada
 
Experience: None
Platform: NinjaTrader-8
Broker: NinjaTrader Brokerage, Continuum
Trading: ZB, MES, NQ, YM
Posts: 924 since Jun 2011
Thanks Given: 4,019
Thanks Received: 3,605


Tuglife View Post
I have basically blown up my account. This NinjaTrader account plus my earlier AMP account together cost me $2,000. I'm sure if I added in platform costs and data total outlay is $5,000. Unfortunately I have spent most of my life with a very hard head...I should have done a lot more sim trading and backtesting before the real thing. The part that kills me is that I've had some very successful trades, and I self sabotaged. It could be that any success I had was luck, and that the losses would have come either way. The silver lining is that I gained a lot of experience.

I only thought about quitting a couple of times. I decided to stay with it for a bunch of different reasons. Somewhere near the top of the list is that I feel like I have not given this my best shot. I still don't really know if I can be successful at this, or how successful.

Since I decided that I have to abandon scalping type discretionary trading, I need to do the work to develop my ideas into a system with rules. Ideally I would create a totally automated system that I could backtest s such. At the very least I will do significant backtesting using the NinjaTrader market replay.

The first system I plan on testing will be a fairly simple mean reversion system using VWAP to generate the signals and ATR to determine risk management. I would welcome any advice on the best way to start, or even pitfalls to avoid.

Don't take this comment as advice, it's just my opinion.

You mentioned you've "blown up" your account, (twice if I read this correctly).

You also mentioned you've tried scalping and now you want to try a mean reversion system using VWAP and ATR.

Instead of approaching this with the trading style you think you need to use, why not start by defining what you want to accomplish first,
on say a daily, weekly, monthly and or yearly time frame.

Let's say your goal is to make $50 a day trading the micro's or $500 a day trading the mini's.
Or maybe you have a different goal, maybe you don't measure success by having a daily monetary goal, in either case:

Step 1). If you can define what you want to accomplish first, then you can work back towards how you're going to get that done.

Define your goal then your rules, your risk, the hours you're available to do your research, homework and trade, define the time you're willing to spend learning how to do all of this and define (decide) how much you're willing to spend (by way of "blown up" accounts) getting to that goal you defined in step 1.

I think you'll find it time well spent.

Good luck on your journey.
John B.

R.I.P. John Bottomley (Botts), 1956-2022.
Please visit this thread for more information.
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  #78 (permalink)
 
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 Tuglife 
Escondido CA USA
 
Experience: Beginner
Platform: Sierra Chart
Trading: YM
Posts: 168 since Jan 2020
Thanks Given: 88
Thanks Received: 174

This all makes sense to me. I am working towards building a more systematic approach to my trading, and it makes sense to create a more systematic approach to my work and goals as well.

I appreciate your advice.

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  #79 (permalink)
 
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 Tuglife 
Escondido CA USA
 
Experience: Beginner
Platform: Sierra Chart
Trading: YM
Posts: 168 since Jan 2020
Thanks Given: 88
Thanks Received: 174

Well I have stayed at it, been studying trading every day. I don't actually trade every day. I am still not consistent but I'm concentrating on fundamentals to get there. I've started using stop limit orders for trade entry sometimes and have had some success. It seems like using limit orders often I'm fighting the market and trying to pick tops and bottoms. With the stop limit orders it is easier to get into the middle of a move by identifying where other traders are going to be stopped out.

I am still leaning heavily on VWAP, split volume profile, and the TICK index. Overall I would say my trading is getting better simply because I am more experienced and able to better identify why things go right and why they go wrong. A heartfelt thank you goes to the traders who have commented in this thread and given advice.


Edit: An off topic reminder for anyone who loves motorsport to tune into the Emilia Romagna Grand Prix this weekend. F1 returns to the legendary Imola track for the first time in 15 years and it should be a great race. A primer on the racecourse...

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  #80 (permalink)
 
Tuglife's Avatar
 Tuglife 
Escondido CA USA
 
Experience: Beginner
Platform: Sierra Chart
Trading: YM
Posts: 168 since Jan 2020
Thanks Given: 88
Thanks Received: 174


I feel like I am at another crossroads. I am definitely starting to trade better, but the focus on profitability can make me erratic. This leads me to have a couple of good days, and then I go tilt if the next day goes against me.

Well here I am again with a couple of good days under my belt. I know this is like shooting a free throw. Ball doesn't make it in the basket if my feet aren't pointed straight, knees bent, shoulders square, etc. Although I am getting better at the fundamentals I definitely am not good enough to just sleepwalk through a trade. I still have to really concentrate.

One thing that's popped up a few times recently is I get into a trade and it just kind of wanders around the breakeven point. I think there is a point where it could go either way. At that point I've lost my edge and I should close out the trade.

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