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Liltrader - Journey to consistent swing trading


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Liltrader - Journey to consistent swing trading

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  #1 (permalink)
Saltsjö-boo
 
 
Posts: 10 since Jan 2021
Thanks: 1 given, 10 received

Short background:
I am a 28 year old guy from Sweden, I have a bachelor's degree in finance. I have been day trading part-time while also working part-time for the last 4 years. I have learned a lot, especially the technical side of trading. When I started I had too high expectations of what I could achieve in the short term (like most new traders). My results have been all over, ranging from periods of great performance to periods of terrible performance and I have failed to reach consistency..So far.

During the last year I have realized that swing trading suits me better than day trading and my results have improved since I started to swing.
I have also come to terms with the reality of the time and effort thats needed so succeed in trading, and therefore my trading goals are now more long term goals. The reality of my situation is that I cannot continue to work part-time while not yet seeing more results...

I am going to start working full time in finance and I will probably be able to put around 8-12 hours / week into my swing trading.

I am mainly trading indices and stocks, and on rare occassions I trade FX or oil/gold when there is a strong setup for my strategy.

My strategy is technical and it's pretty simple.
I have a few ''tools'' to analyse the market and find my trades like: Key levels, Daily moving average, fibs, patterns, price action and so on. Even though I have certain criteria for my trades written down, it is still a discretionary decision making through my analysis.

I have a few goals for 2021 but since I am starting a new full-time job soon I am not yet really sure how my day-to-day is going to look like. Therefore my main objective for 2021 is kinda diffuse and will probably need to be updated as I go on.

I want to keep improving my process, my consistency and results.
The steps I have taken so far is writing down my trading rules, my process and the guide lines for my strategy. I have also scheduled the time that I (hopefully)can put into my trading.
The reason I signed up here at futures.io is to make myself accountable for my trading by updating my progress as often as I can (hopefully every week).

Process:
Evening: 15-30 min of screening/planing for possible trades

Morning: 45-60 min of detailed planing and executing trades

Afternoon: Short notes of how my day went including results, decision making and so on.

Every weekend: More extensive review of the week. Positive vs negative. Have I been following my plan? Choosing a goal to work on for next week.

I am not yet consistent, and I have very limited time to my trading, so I have chosen to trade with a small account of 2500 USD, and will only deposit more if I can show 3+ months of consistent positive results.

I am not yet sure of how my updates/posts will look like...Sometimes I might post charts, sometimes it might be a written plan, a review or just a general note of my overall progress. The main objective of the journal is just to keep me on track with it all.

Feel free to comment/post in my thread, but please keep the tone constructive/positive since I am here to learn and progress Cheers

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  #2 (permalink)
Saltsjö-boo
 
 
Posts: 10 since Jan 2021
Thanks: 1 given, 10 received

Quick update-

Yesterday I closed 2 trades that I had since last week.
Both were small losses.
DAX - 40 USD
''KNOW'' - 20 USD

I also opened a long position in Xau/Usd (Gold)

- From the bottom around 1770 in early december, gold impulsed up to 1950.
- We are now seeing a higher low (1810) on both the weekly and the daily chart.

Entry: 1850
Stop: 1740
TP1: 1950
TP2: 2050

I always scale in, and often scale out of my positions. So if I get a strong push up from here, the plan is to add more above 1875 and move my stop up beneath the most rescent low around 1800, thus improving R/R.

Today I don't have any plans on opening new positions.

Last week
I still have two open positions in swedish stocks
''FING''and ''IVACC''
Guld

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  #3 (permalink)
Saltsjö-boo
 
 
Posts: 10 since Jan 2021
Thanks: 1 given, 10 received


My strategy

- This morning I have started to scale in to a long position in DAX.

I will post my chart just to show my process for finding setups.

Basically my main criteria are:
- Trend
- Key level/area
- Daily closes to confirm my bias (Start scaling in)
- Follow through in the right direction (Adding to position and adjusting stop)

As for now, both stop loss and targets will be adjusted as price starts to move.
Daily closes that discard my pattern = Close trade.
(If price breaks to the upside, stop will be moved to the low of the pattern)
DAX

(Not sure if you can see my pictures or not )

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  #4 (permalink)
Kalisz, Poland
 
 
Posts: 33 since Apr 2020
Thanks: 61 given, 15 received

Good luck @Liltrader!

I've also just started a journal in order to develop consistency in trading.

I wish you'll accomplish your goals!

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  #5 (permalink)
Saltsjö-boo
 
 
Posts: 10 since Jan 2021
Thanks: 1 given, 10 received


qwachu View Post
Good luck @Liltrader!

I've also just started a journal in order to develop consistency in trading.

I wish you'll accomplish your goals!

Thank you! @qwachu
I wish you all the best with your trading I will check your journal too!

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  #6 (permalink)
Saltsjö-boo
 
 
Posts: 10 since Jan 2021
Thanks: 1 given, 10 received

Short update -

DAX - Still in this trade, however Price action is going against me and I will close with a loss IF price goes below the recent low of 13300

GOLD (XAU/USD) - Still in this trade. Waiting for price to start moving.

Fingerprint (Swedish stock) - Made 40 USD in profit on this trade. Closed out on thursday.

OMX- Swedish stock indices - I am monitoring a possible pullback for long positions for the coming week.


Reflections:
I don't have much to reflect on so far. I have followed my process as planned, and I have some losses and some winners.
My only goal for next week is to continue what I am doing, follow my process.
As I take more and more trades, I will have more to analyse and reflect on later.


Side note -
(Demo account)
I have not yet started working full time, so until then I will start to Scalp SP500 from 15.45-17.00(GMT+1) (3.45-5.00)
This will be on a demo account, and it is only to experiment and learn.
Will be using pivot levels, and bollinger bands.

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  #7 (permalink)
Kalisz, Poland
 
 
Posts: 33 since Apr 2020
Thanks: 61 given, 15 received

Hi Liltrader!

Did you manage to stay in this DAX trade? Things unfolded favorably for longs today

Cheers!

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  #8 (permalink)
Saltsjö-boo
 
 
Posts: 10 since Jan 2021
Thanks: 1 given, 10 received


qwachu View Post
Hi Liltrader!

Did you manage to stay in this DAX trade? Things unfolded favorably for longs today

Cheers!

Yes! Fortunately I stayed in
My initial stop was wide. It was at 13 000 ish. My plan was to close manually if we went below 13 300...But when I woke up we had already bounced up, so I guess I was kinda lucky
Im still down a bit on this trade (small size) but its looking bullish!

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  #9 (permalink)
Saltsjö-boo
 
 
Posts: 10 since Jan 2021
Thanks: 1 given, 10 received

Update

- Gold (XAU/USD)

Gold tried to push higher but did not have any follow through.

It did not behave as I wanted/expected and therefore I closed it.

I lost 27 USD in that trade.


DAX

I got a bit lucky in Dax. The bounce came just when I got prepared to close it.

I think that DAX is going beyond ATH towards 14500 ish, so I want to stay in this trade.

I expect some sort of reaction here at previous highs. Maybe consolidation, or maybe a pull back... If momentum is strong it can also just shoot straight up.

If we get a nice pull back or bull flag, I want to add more size in this trade.

Currently up around 45 USD.

I have had a lot to do this week so I have not been trading anymore than this.
DAX.new

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  #10 (permalink)
Saltsjö-boo
 
 
Posts: 10 since Jan 2021
Thanks: 1 given, 10 received


Update

DAX

So if you look at my DAX chart above for reference..

- I closed my long position in DAX at the 8th of feb, as it couldnt close above previous ATH.
Profit : 65 USD

- I have now started to scale in to a new position in line with ''scenario 1'' that I marked in the chart I posted..
I think the price can find support around 13900-13800 area.

Entry is around 13900, stop is around 13500 (Will move stop loss up when price starts to move)

- My first scale in is always small size, and I will add more size if I get a strong daily close that confirms my bias

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Last Updated on February 11, 2021


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