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ES Newbie Journal


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ES Newbie Journal

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  #1 (permalink)
 benharrell 
Pittsburgh, Pa
 
Experience: Intermediate
Platform: Ninjatrader
Broker: Zen-Fire
Trading: CL,ES,6E
 
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Posts: 235 since Aug 2009
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Hi Everyone,

My name is Ben, I'm certainly a new trader. About 4 weeks ago, I downloaded Ninjatrader to start sim trading to learn the ropes of the ES. Late last week I finally started to break even trading some very basic strategies, trying to focus on price action as the building blocks to my future trading plan. If anyone has any advice for a young trader, (25) it would be much appreciated.

My goal for this thread is to post my trades so that I have more accountability for my executions. Any and all advice would be much appreciated.

Best,
-Ben H.

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  #2 (permalink)
 benharrell 
Pittsburgh, Pa
 
Experience: Intermediate
Platform: Ninjatrader
Broker: Zen-Fire
Trading: CL,ES,6E
 
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Posts: 235 since Aug 2009
Thanks: 350 given, 96 received

Hi Everyone,

Today's results were +1.5.

I've attached an image of today's trades. As you will see, for today, I was using a MACD 3,10,16, hoping to catch the "first cross," along with an ADX to measure the trends strength.

As stated before, most of my trades come from a 1,2,3 break. However, you will see where my discipline failed on a couple occasions. Any and all feedback would be much appreciated.

Today, I was only able to trade until about 12:00pm EST. Other obligations held me through the afternoon.

Best Regards,
-Ben H.

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  #3 (permalink)
 Dragon 
Bellingham, WA
 
Experience: Intermediate
Platform: Ninja
Broker: Zen-Fire
Trading: 6E, CL
 
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Nice job today.

-Chris

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  #4 (permalink)
 jonesr9 
FL
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, 6E, CL
 
Posts: 71 since Jul 2009
Thanks: 159 given, 34 received

Just pointing out some of the obvious.

Your Pivot Point(PP) is set incorrectly. It should have been 1008.92. If you look at your chart you'll notice that price action ran up to 1010.00 area then started to consolidate at the 1008.92 level before heading lower.

Also be willing to keep your losses small. I noticed that your losses are much greater than your profits. Use the 20 EMA Line as your guide and the direction your are trading in. Try and buy off the 20 EMA then when price starts pulling itself back to the 20 EMA, it's time to exit the trade. If price bounces again off the 20 EMA then get back in the trade. Study the price action of your chart. So next time you see the same scenario you'll know what to do.

fyi - If you are in a trade, use the 20 EMA to help keep you in the trade. You noticed on your chart that price never really(well I guess it did) close beneath the 20 EMA(referring to 10:12AM area). I usually wait for a second candle confirmation before exiting the trade. In other words I'm looking for a second Red candle to close beneath the 20 EMA. But if price action is moving fast then I would exit the trade immediately.

Sometimes I wish someone had done this for me so that I wouldn't have lost allot of money. But those are the breaks. I too am still learning.

Best of luck -Rich

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  #5 (permalink)
 benharrell 
Pittsburgh, Pa
 
Experience: Intermediate
Platform: Ninjatrader
Broker: Zen-Fire
Trading: CL,ES,6E
 
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Posts: 235 since Aug 2009
Thanks: 350 given, 96 received

Hey Rich,

Thanks for the advice, it is much appreciated. As far as the pivot point goes, it was automatically set from one of Ninja Trader's indicators, "Pivots." I've had issue with this in the past, and inconsistencies, so maybe I will dig through some indicators to find a better "Pivot," indicator. Any advice, or am I reading this incorrectly? :/

Also, psychology of the execution has been a difficult learning curve for me, I tend to hold onto my losses, and then NOT ride my winners, when I should be doing the exact opposite. Ugh. I guess that's how you learn. I try to stay rock-hard disciplined, but that doesn't always work out. I guess more screen time is needed!

Anyhow, thanks for taking time to make a post I'll run with your words next time I hit the market!

Best,
-BH

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  #6 (permalink)
 jonesr9 
FL
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, 6E, CL
 
Posts: 71 since Jul 2009
Thanks: 159 given, 34 received

Hi Ben,

Check out this webiste E-mini S&P500 September 2009 for where the pivot points should be. Create yourself a shortcut on your desktop for quick references.

Aside from that, I'm using WoodiesPivots. They seem to work fine. I know that the Pivots indicator doesn't work all the time or just doesn't work. If you don't have WoodiesPivots, let me know.

Holding onto losses is a problem everyone has when starting out. It's just something that you will have to work at. You can use Market Replay to record you sessions and play them back later to see if your Entry/Exit would have been any different. Gives you extra screen time and time with the Dom.

Not sure how you got involved into Trading, but Ninja Trader has daily Live OnLine events here Online Trading. NINJATRADER. Online events.. I think there's an OnLine event for Market Replay. Classes are interesting and can teach you allot.

-Rich

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  #7 (permalink)
 benharrell 
Pittsburgh, Pa
 
Experience: Intermediate
Platform: Ninjatrader
Broker: Zen-Fire
Trading: CL,ES,6E
 
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Posts: 235 since Aug 2009
Thanks: 350 given, 96 received

Hi Rich,

Again, thanks for your support on my thread. I've saved the link onto my desktop so that I can plot the daily pivots. In the meantime, I will starting to use WoodiesPivots. Having these pivots, wich are correct, will definitley allow me to prepare for support and/or resistance in areas that were blind to me before.

I spent some time in the "help" section attempting to activate the MarketReplay, but I'm not sure this feature is available on my Ninjatrader "demo." Any thoughts here? Until I have a better handle on the MarketReplay, I will begin attending the online events. Awesome advice, thanks again!

-BH

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  #8 (permalink)
 max-td 
Frankfurt
 
Experience: Intermediate
Platform: NinjaTrader
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hi folks,
thanks for posting the trades here, Ben !
Please have in mind our sections to keep the forum a bit organized

Journals and Daily Charts :
Trading Journals are powerful ways to improve your own trading, post them here.
Use the other categories for in-depth discussions about setups
= posting trades + pictures + results+ talk about these here

Traders Hideout
Share + discuss strategies, setups and picks, theory and speculation
= discuss additional / related stuff + new ideas here

Thanks

max-td
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  #9 (permalink)
 jonesr9 
FL
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, 6E, CL
 
Posts: 71 since Jul 2009
Thanks: 159 given, 34 received

Thanks max-td. I totally understand. Can you remove pages 4 - 9 and email those to Ben. This way his Journal will be back to square one.

Thanks again. -Rich

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  #10 (permalink)
 benharrell 
Pittsburgh, Pa
 
Experience: Intermediate
Platform: Ninjatrader
Broker: Zen-Fire
Trading: CL,ES,6E
 
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Posts: 235 since Aug 2009
Thanks: 350 given, 96 received


I understand Max, if you need to delete some of the posts as indicated by Rich, please feel free to do so. I'll continue to post my journals, and attempt to keep the rest crystal clean.

Thanks,
Ben

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