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Tuglife's trading journal. Focused on profitability.


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Tuglife's trading journal. Focused on profitability.

  #111 (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

Sim trading continues. More signs that I am taking this seriously is that I have standardized my platform setup. It's nice to know exactly where to look to see things. I will be buying another monitor, a 32". I use a laptop for trading and there just isn't enough real estate for what I want to see. I will get another mouse, too. I have carpal tunnel and want to make things as easy as possible on my hands.

This week's trading has gone OK. I am "profitable" but there are holes in my approach, and I have come to a conclusion. For the time being I need to stop fading session tops and bottoms. I have lost more money trying to do that than anything else. I tell myself I will wait, but then I'll just shout "That's absorption" and put my trade on. In other words, I am guilty of trying to pick tops and bottoms.

I am hard headed but the insanely simple "the trend is your friend" just never caught on with me, until now.

So this week I will be trading with the trend. I hope there is room for me on the bandwagon.

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  #112 (permalink)
 
blackgrey45's Avatar
 blackgrey45 
Marco Island, FL
Legendary Market Wizard
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP Global
Trading: MCL ES ZN MGC E6
Frequency: Several times daily
Duration: Minutes
Posts: 760 since Jul 2022
Thanks Given: 859
Thanks Received: 904

I have been trading futures for about a year now and just a few weeks ago I started trading in the direction of the trend. Up until then I was buying lows and selling highs and losing plenty of money along the way! Glad you switched, looking forward to see your progress.

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  #113 (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


Thank you Blackgrey45.

Important update: I traded live for a couple of days, MCL and YM on nights. It didn't go well, thankfully. I went back to the drawing board. I have a nearly unlimited amount of free time and I have done a deep dive into the charts, literally poring over them. tick by tick for 12-14 hours a day. I leaned into the work and really enjoyed it.

I have found my edge, and a system that works. It's an idea that is explained in basic on Youtube but I stripped it down, oiled it, adjusted it, and rebuilt it. It starts and ends with risk management but I sincerely hope that the volatility of the last few years remains for s few more.

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  #114 (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 wanted to switch from Ninjatrader to Sierra Charts for awhile. I was going to do it a few weeks ago but I decided changing platforms wasn't going to make me a better trader. I've changed my mind...I feel like the time is right to make the switch.

By all accounts Sierra is faster and more adaptable. Ninja has generally been a good platform but it's DOM is terrible and I have started to dislike using Jigsaw as a plugin. Two separate platforms seems unnecessarily complex, especially when both of them are prone to bugs. I still have a funded account at Ninja and it will take a week or so to get a account set up with Sierra with the Teton order routing.

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  #115 (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


Quoting 
I have found my edge, and a system that works. It's an idea that is explained in basic on Youtube but I stripped it down, oiled it, adjusted it, and rebuilt it. It starts and ends with risk management but I sincerely hope that the volatility of the last few years remains for s few more.
February 28th, 2023 05:02 PM

I have spent a significant part of my life being an arrogant ***. Apparently this will not change. After a couple of successful days paper trading I had already picked out the color for my Lamborghini. Jesus wept.

No I'm not profitable yet, although I haven't even live traded. Being a discretionary trader is hard work and I'll continue to do it.

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  #116 (permalink)
 
AllSeeker's Avatar
 AllSeeker 
Mumbai, India
Legendary Pratik_4Clover
 
Experience: Beginner
Platform: TradingView & ZerodhaKite
Trading: NIFTY, BANKNIFTY
Frequency: Daily
Duration: Minutes
Posts: 1,423 since Jan 2019
Thanks Given: 5,245
Thanks Received: 5,006


Tuglife View Post
I have spent a significant part of my life being an arrogant ***. Apparently this will not change. After a couple of successful days paper trading I had already picked out the color for my Lamborghini. Jesus wept.

No I'm not profitable yet, although I haven't even live traded. Being a discretionary trader is hard work and I'll continue to do it.

I feel little bit of ego and arrogance is also needed to be successful, so no worries there.

Its good as long as its not effecting others.

A non-dreaming monk probably wouldn't bother to take up trading as a way to make any money tbh

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  #117 (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

The most frustrating part is that I'm such a lunkhead that I still think it's going to be easy. I discover something simple, like a moving average crossover system and immediately think I will get rich with minimal effort.

I did market replay last night and immediately got into two trades against the trend. So even though my knowledge is growing by the day, I will still have to fight those demons. I was in a huge funk by the time I turned off the screen but was amazed to see that I was basically even.

I am putting in massive hours studying charts and the frustration when the paper trading goes badly is awful. i actually think I need to spend more time paper trading, just to get acclimated with the speed of the market and using my new setup, which is kind of complicated.

I need to do a better job seeing the context in the market. Unfortunately I now have 7 charts up. They are all crucial, but if I'm not paying enough attention to the one I am trading I am in deep doo doo.

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  #118 (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

Although I made a decision a week or two ago to finally trade with the trend, the paper trading the other day convinced me I still have some work to do mentally. I think about trading all the time now and all I'm thinking about are pullbacks and second entries.

I think I might be getting somewhere. I plan on doing more market replay/ paper trading tonight.

Later:

So, I got the trend following part right tonight. Despite reading the market well enough to get some really good entries, my trade management was so poor that I turned what should have been a very profitable day into a losing one.

One culprit: poor stop placement. On a couple I had too tight a stop, then a couple of other ones it was too loose.

I need to start recording my trading with a screen recording program. My memory is fuzzy but I am relatively sure I turned a = +$1000 day into a -$250 one. It can be fixed and the recording is the best way to review.

The plus side tonight was my entries. It was an easy read but I was able to do it in real time and *not* try for stupid reversals.

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  #119 (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 am waiting for my new trading account to be approved, and don't have CME data on Sierra Chart yet so I am just going through the chart every day looking at the price action. Thursday and Friday were tough reads. I honestly think I might have gotten smoked on a few of the early morning fakeouts.

I did fire up the platform and did some paper trading at about 3:00 EST. Price was in a tight zipper and I went 8 for 8 for 90 points on YM. It seems like short term scalping goes a lot better with a limit order entry. Unfortunately these were 0.5R trades but there's a good chance that I could risk less or even if I was able to keep up a high win rate that this type of trading could work.

I think my new strategy works better in a tight range. I seem to be getting better reads on double tops and bottoms now, too.

My hands continue to hurt a little from all the computer time. I might have to give up Reddit in order to keep up the hours studying and trading. That would really suck but if it helped me be a profitable trader it would be worth it.

Edit: Turns out I don't need a funded account for Sierra Chart intraday data. So I'm in! The next step of my trading journey begins.

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  #120 (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 am finally setting up Sierra Chart. I was unhappy with my old platform and couldn't be happier with Sierra Chart. It is written in C++ which is about a million times faster than C# (the language some in which some other platforms are written. It works more like a machine than a piece of software.

To give an idea about how reliable and precise Sierra Chart is, on the user forum people log in and pose their questions/ problems. The only answer the engineers usually give is posting a link to the instructions.

I understand this journal doesn't really provide trade statistics, setups, etc. It is more of a trader's journey. Still, I feel like the next few weeks could see a change in the way my trading goes.

Until now I have been unprofitable. If I count the money I have spent on Ninja + Jigsaw + training + trading losses, it is probably about $5,000. Ouch. I am willing to change my process to turn that around.

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Last Updated on September 16, 2023


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