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Diary of a simple price action trader


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Diary of a simple price action trader

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  #101 (permalink)
Netherlands
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: IB, NinjaTrader Brokerage
Trading: Futures
 
Mich62's Avatar
 
Posts: 244 since May 2012
Thanks: 238 given, 353 received

200730 US AM session trading recap.

7. Short for MR. Bad entry in range and at support (-0.25 pts)
8. Long on impulse to next swing high (+6.75 pts)
9. Long 5m PB. Great entry & exit. Normally I would target the swing high but the market is ranging and behaving very unpredictable with large overlapping up & down candles (5m) so I try to take my profit and loss very quickly (+8.00 pts)

Total +14.50 pts.

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  #102 (permalink)
Netherlands
 
Experience: Advanced
Platform: NinjaTrader 8
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Mich62's Avatar
 
Posts: 244 since May 2012
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200731 US AM session trading recap.

1. Long MR. Closed too early, almost reached ONL (red line) (+2.75 pts)
2. Long MR / BOF. Closed at supply line with confluence keltner-channel & swing high / prior selling. Be agile bc counter-trend (+11.00 pts)
3. Long 5m PB for test 1H level breakdown. Stopped BE (-0.25 pts)
4. Re-entry long PB. Closed bc of resistance & no immediate follow through (2.50 pts)

Total +16 pts.

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  #103 (permalink)
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Posts: 244 since May 2012
Thanks: 238 given, 353 received


200731 US PM session trading recap.

Trade 5: Long MR / BOF IBL (& 1H level). Tried to give it some room (in case of a runner) which cost me (MFE 7.00). Should be alert to a test of the low. Stopped on trailing stop. Maybe next time. (+1.75 pts)

Trade 6: Long 5m PB for at least swing high. Again gave it some room (MFE 5.75) and again stopped on trailing stop. The only thing I can control is where I go in and where I place my stop. If the market doesn't rally then so be it. It's outside of my control. (+1.75 pts)

Total for the day +19.50 pts

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  #104 (permalink)
Netherlands
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: IB, NinjaTrader Brokerage
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Posts: 244 since May 2012
Thanks: 238 given, 353 received

200731 Week in review

Today ended the sixth positive week in a row. It was the best week since I started my journal with a profit of $179.50 (before commissions).

Last week I wrote that I would try to improve my entries & exits and just follow my rules. I think overall my entries are okay. I tried to let my trades run but had little success. Some were stopped (and I gave up some profit) and some runners I missed due to an early exit. This is something to keep continue working on. Overall I followed my rules well. Wednesday could have turned in a tilt day but I paused in time, kept cool and could recover part of the losses.

The NQ makes swings of hundreds of points up and down and scalping a couple of points seems too little in proportion. I feel I should try to catch a bigger swing every now and then and therefore I will try to continue working on my exits.

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  #105 (permalink)
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Posts: 244 since May 2012
Thanks: 238 given, 353 received

200731 Monthly stats for July 2020

This month had only three losing days, of which one tilt day, and seventeen winning days.

Total result for July is $466.75 (before total costs of $196.88 / 214 trades x $0.92).

It's not about the amount of money, it's about process, consistency and coming out ahead with a (small) profit over a certain period of time.

If you can't make a dime you'll certainly not make a dollar. Too much leverage is what's holding people back. I felt the micros are for pussies, not for serious traders who want to make serious money. I've learned my lesson(s) and paid for it. I came to regard trading as a game with levels and you can't skip any. Skipping levels will cost you dearly. Maybe so much that you don't want to analyze (because that really hurts) and take a time-out to forget and let the pain diminish. Then you will start all over (with new plans and best intentions) and make the same mistakes. Year after year.

You need to master one level before you can go to the next one and the first level is sim trading. If you can't be profitable in sim you'll not be profitable live. If profitable in sim that's zero evidence you will make money live because that's a whole different game. So start live trading slowly and above all small. CFDs, ETFs and especially the micros provide in this. Prove to yourself you can close the month with a profit, however small it is. Do this for a certain period of time and then scale up gradually. That's the next level and that's where I am right now. First month of profit, not much but positive. Of course charges eat up a big part of the profits but again, that's not of importance now. The question now is should I go on or should I scale up. I am in no hurry. Just let's see how things evolve, one step at the time.

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  #106 (permalink)
Netherlands
 
Experience: Advanced
Platform: NinjaTrader 8
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Posts: 244 since May 2012
Thanks: 238 given, 353 received

200803 Ups & Downs

August 3rd's worst trade, worst performing trade and best performing trade (which isn't necessary the best trade!):

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