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Journal for peanuts1956


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Journal for peanuts1956

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  #1 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
peanuts1956's Avatar
 
Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

First time to start a thread and trading journal. Preparing for February 2020 trading journal challenge. I've been trading futures off and on now for 6 years. I'm a net looser since the beginning but have a dogged desire to make trading a living. I'm still trading as a hobby and working full time. I'm learning over the years and plan to make 2021 the first profitable year. I'm using TopStep combine as a means to my goal. Join me in my journey for February journal challenge.

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  #2 (permalink)
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Good luck to you in Journal Challenge and TST combine too!

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  #3 (permalink)
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peanuts1956 View Post
First time to start a thread and trading journal. Preparing for February 2020 trading journal challenge. I've been trading futures off and on now for 6 years. I'm a net looser since the beginning but have a dogged desire to make trading a living. I'm still trading as a hobby and working full time. I'm learning over the years and plan to make 2021 the first profitable year. I'm using TopStep combine as a means to my goal. Join me in my journey for February journal challenge.

Hi @peanuts1956,

Congrats on the journal.

I just want to point out that, as of now, you do not have an entry in the contest. (Oops . )

You will need to post the url of your current journal (this one) in the journal contest thread. As it is, you have a link to your original pdf on google docs. You will need a link to this journal.

You won't be able to edit the original post you made in the contest thread any more, because more than 24 hours have passed.

If you like, you can make a new post in the contest thread with a link to this thread, and I can delete that old post, and all will be fine. As it is, no one will be able to use the existing link to find this journal, or to vote for it....

Here is the link to the contest thread again:



Let me know if you want me to take out the post with the old link for you.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #4 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
peanuts1956's Avatar
 
Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

Day 1 of the Challenge:
Trading plan – trade only ES, 1 contract, 3 trades per day, daily loss limit $300, stop loss 7 ticks, 2:1 win ratio target but at least have 66.7% win rate for each day. If I can watch price action during the trade, take action based on what I see happening.

02/01/21 trades: all ES trades. 1st trade around 8:30 am Eastern, market was slow and probably should not have traded, but the charts looked right, below the trend from early in the day and below the 1st deviation of VWAP only +1 tick after holding and no movement. 2nd and 3rd trade around 9:45am. Price had broken away from same trend line and 1st deviation of VWAP breaking toward VWAP, had about 3 to 4 points to go, volume and price action looked good for a short. First attempt (2nd trade) was a quick loss on pull back, lost 7 ticks. 2nd attempt (3rd trade) was a failure of that pullback, was a winner for 14 ticks. Net for the day 8 ticks.
[/SIZE][/B]
Watched price action for the rest of the day but managed to not trade and to stick to my plan. Lessons learned today – wait for consistent volume before I trade, most good trades are before 11:30 EST. Goal for tomorrow, trade my plan, shoot for 3 profitable trades with at least one trade a 2:1 winner.

Month to date profit/(loss) +8 ticks.

Learning this posting process, hope these picture show up well. I'll try.







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  #5 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

Day 2 of TopStep February Trading Journal Challenge - A little longer than what I like but a unique day today. See trade pictures to the left and my reason for trading following.

02/02/21 trading journal- all ES trades – 1st trade around 9:35am – I realize the risk trading that early in the day, the price was way above my day trend line, price was ripping, had a small pull back and I took just below the pivot point, raced through pivot and began to pause so I took 10 ticks, I could have gotten my 2:1 but not much more.

2nd trade around 9:50am – Market was still trending up, price above trend line, pulled back and touched 1 deviation off of VWAP and at R1 pivot as support, price moved up with a small pull back, took trade at close of bar, had room for 3 points to the day’s high – +12 ticks.

Looked for 3rd trade in the 3pm last hour but did not take the short due to it being within last 15 minutes. I show the chart anyway.

Net for the day +22 ticks. Net for the month, two trading days +30 ticks

Lessons learned today – take action when market is in a strong trend early, read prior days lessons.

Goal for Wednesday, the 3rd day of challenge – this is a unique goal due to my status in my TopStep combine which I started before the challenge. I’m within $934 of my max drawdown of $1,500 before I break a rule and have to reset to continue in a combine. My rebill date is tomorrow Thursday of this week. If I have broken a rule before Thursday, then I get a reset with my rebill and I don’t get a reset if I have not broken a rule. I pay the rebill amount regardless. My goal for Wednesday is to trade my plan and look for setups as normal early in the trading day but I will trade with more contracts so that I either make $600 today (to get back above the $1,500 max drawdown) or I hit my daily loss limit of $500 and break a rule before my rebill day on Thursday. This goal may change as I go through Wednesday trading day depending on the results of the trades. But I will be a winner or loser for the day by 4pm.



934amtradeplus10


954amtradeplus12


1540pmcontemplatedtrade

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  #6 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

2/3/21 3rd trading day. Well if you read my post for yesterday, Tuesday, you might understand my post today. Today's goal was to either bust my TopStep combine by loosing $500 or be highly profitable by $600 or so. See prior day post for reasoning. Well I started out today and got up to $500 pretty easily and was so close to my $600 goal. I chose to go for the win rather than play it safe. I know this does not help my results in the challenge but my journal is to publicly state my trading plan and trade according to that plan, recognize my faults, and improve my trading. I will accept the results of today but believe I stuck to my goal for the day. Lessons learned today - don't trade if there is no trend according to my methodology. Momentum is of high importance, don't trade until there is confirmation of the expected direction by at least one pull back. Goal for tomorrow - reset my combine and trade according to my journey toward hitting my target in the combine. I had too many trades to post pictures and they were not representative of my methodology.

daily loss -40 ticks month to day (3 days) net loss -10 ticks

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  #7 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

2/4/21 - 4th trading day - Actually no trades today. I trade only in my spare time during my full time job. I did not see any trades today when I was watching, so no trades. As I review the charts, there were obvious trades but not a lot of short term momentum. Lesson to day - accept that you can't trade every day but learn from reviewing charts for the day. Goal for Friday 2/5 - review prior post to journal and refresh my mind to my trades and my plan.

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  #8 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

2/5/21 - 5th trading day - Another busy day at my 8 to 5 job so only one trade today. The was mostly to see the result in the TopStep combine that I started trading today. Took only 5 ticks on one trade Over the weekend plan to play with grand children and review my past week entries into my journal and refresh my lessons learned and goals for next week.

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  #9 (permalink)
Rovigo (ITALY)
 
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Hi,
I just discovered your journal, do you trade the ES or the MES?
If you only have a 500 USD daily loss limit, I suggest you to trade the MES . I have been trading with TopStep for a while and I have earned and lost several accounts with them. I have always traded the 150K account, that has 3000USD max daily loss.... and it's difficult.
With 500 USD max loss I think it might be really impossible.

I know that you have to "only" make a 2000USD profit to pass the combine, so you might think that everything scales accordingly. The problem is that there is something that does not scale, and that is market volatility. The only way you have to take care of it is to reduce size accordingly.

For instance with 3K max daily loss I trade only 1 contract at a time until I make enough money for the day, only and only if I am up at least 600 USD I increase to 2 contracts.

I apologize for "daring" to make a suggestion, because I am not a profitable trader either but I would suggest you this: "forget" about when the rebill date and assume it will take some months. If you want to really learn a lot, give it a try to Micros and allow to take multiple trades per day and to be wrong. With current level of volatility you can make 100USD per contract on Micros, so with 3 contracts you can make some 300USD on good days. Once you build your account above a certain level, you will have more power and you can increase size.

You will learn a lot! and you will progress without stress.

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  #10 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
Thanks: 14 given, 29 received


to https://futures.io/trading_member/99838-sbtrader82.html Thank you for your review of my journal and suggestions. I will take your suggestions under review.

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  #11 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

Sorry, too busy at work to trade today 2/8/2021.

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  #12 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

02 09 2021 journal entry - I've not been sticking to my trade plan through out the day. I trade too much and not according to my planned set ups. With the market lately slow to provide fast trades, I'm learning I must be patient (which I plan to do) or develop a plan for longer hold times on the trade. I'm committed to trading only 1 contract because trading 2 or more does not give me room for bad trades in the TopStep combine rules which I must adhere to. I'm not willing to reduce my risk and only trade MES. That's just not appealing enough. So I traded 8 times today which is too many based on my trade plan. At one time I had the day at a small profit but I broke my personal rule and tried for more and lost for the day. Stick to my plan - No more than 2 back to back loss trades and daily loss limit of $300. Trade with the trend off of support or resistance after a pull back to that support or resistance. I want to post a trade picture that I took today that represents what I should look for. The other trades were irrational trades and not worth posting, just take my word for it, I'm not proud of them. I would appreciate any "thanks" if you find any benefit from my journal or thoughts as to my journal's content.
021021 trade

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  #13 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

2/10/2021 Wednesday - As you probably know the ES took a dive early in the trading day. It got me sorry to say. I let my emotions take over and I tried to jump in without looking for reasonable pull backs and trading my plan. Short story is that I got lucky and managed to have a small profit after 38 trades. That's not according to my plan. Writing out my thoughts in my journal is at least self acknowledging my faults and hopefully I will change. My actions today are not an example of one that is worthy to trade for TopStep. No trade is worthy of showing my trades because none of them are examples of my plan. Let me confess and try to trade with less emotions going forward. Boy this is hard.

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  #14 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

02/11/21 Thursday - I continued with crazy trading habits of not waiting and then trading too many times. 17 trades today, less than yesterday but still too many when I trade inconsistently. Net loss for the day $300 when I had a profit of $100 early in the day. I should be happy with $100 days trading my conservative plan. I don't think it is my trading plan that is the problem. It is me! Trading with emotions and not sticking to my daily loss plan.

02/12/21 Friday - Been busy at my day job. Sorry for the late post. I felt good about the results today. Two trades both winners with net profit of $58 average. I know not stellar winning day but I stuck to my plan and did not continue to trade when I had net profits and my mind was not into it today plus the market kind of went limp after the open while I was able to watch. For me that is a winning day. Goal for Tuesday is to continue with my plan and not over trade is the main point. Let the market open and digest the holiday inactivity and wait for longer term support and resistance levels to show me where the market is playing ball on Tuesday.

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  #15 (permalink)
Atlanta
 
Experience: Intermediate
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Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
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2/16/21 Tuesday - I'm not accepting my loss well. I continue to revenge trade on Tuesday and trade too much again. I'm telling myself again that I have a plan, stick to the plan until I prove my plan wrong. How can you say your plan is working if you don't stick to it? No use putting my trades up when they don't represent my plan. I have the rest of February to prove that keeping a journal can benefit me.

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  #16 (permalink)
Atlanta
 
Experience: Intermediate
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Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

2/17/21 Wednesday - I continue with bad trading habits for another loosing day. I may take my trades in SIM today so I can work on my trading habits. I'm going to post myself a note showing my trading plan and daily loss limits as an reminder of what I should do.

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Sometimes we can learn the most from our worst trades... ie what not to do. It can be useful to pay close attention to them because they are telling us something about us (different than a trade that is according to plan, but simply fails.)

Overtrading, revenge trading, just throwing darts to see what lands... everyone struggles with these. It took a long time before I was able to wrestle these tendencies from the point where they were literally controlling my trading results (in a very poor manner I might add) down to the point where they are no longer running the show, but must remain cognizant of the fact that it is far too easy to slip back into those bad habits.

Keep pressing on man, work your way thru these hurdles, it is the only way to get where you want to be.

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  #18 (permalink)
Atlanta
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninja Trader
Trading: Mostly ES currently, prior CL but not enough volatility lately
 
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Posts: 21 since Mar 2016
Thanks: 14 given, 29 received

2/18 and 2/19/21 Trading days - I have not improved my trading habits because I can't break myself from emotional trading. 2/18 was better because I did manage winning trades for the day but still trading for short scalps. And of course, it seems all Fridays (this one on 2/19 also) are my worst trading days. I either give up what winnings I have had for the week or I jeopardize my TopStep combine by coming close to daily loss limit. Honestly folks (and self), I continue the roller coaster ride up and down and never to the peek of the summit of the ride. I've never been over $1,000 profits in my combine before I broke one of the rules. It's all on me because I am not trading any plan it appears, certainly not one I have told myself to follow. I still have a goal in mind if I can just stop trading on emotions.

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Rovigo (ITALY)
 
Experience: Intermediate
Platform: SierraChart, MotiveWave
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peanuts1956 View Post
2/18 and 2/19/21 Trading days - I have not improved my trading habits because I can't break myself from emotional trading. 2/18 was better because I did manage winning trades for the day but still trading for short scalps. And of course, it seems all Fridays (this one on 2/19 also) are my worst trading days. I either give up what winnings I have had for the week or I jeopardize my TopStep combine by coming close to daily loss limit. Honestly folks (and self), I continue the roller coaster ride up and down and never to the peek of the summit of the ride. I've never been over $1,000 profits in my combine before I broke one of the rules. It's all on me because I am not trading any plan it appears, certainly not one I have told myself to follow. I still have a goal in mind if I can just stop trading on emotions.

In your case I don't think you should really blame yourself, I think you should put "market Volatility" in the equation. If you have a very small max daily loss and you trade a big market there is no way you can manage risk.
Markets are fractal but trading strategies cannot be scaled down to match any risk parameters you have. So in your case if you have a max daily loss of 300 USD or 500USD you cannot trade the ES.
I trade it everyday and 200 to 300USD is my stop loss, and my daily loss limit is 3000 USD, and trust me is difficult.
If you trade MES and take longer trades you can "easily" take some movements of 80 or 100 USD with one contract. With a couple of days like that you can reach your 1000 goal easily, once you have reached that you can increase size.

Just to give you an idea of how "little risk" is 3000 USD max daily loss, with this limit I cannot afford to trade the nasdaq for the first 3 hours, of the day that are very volatile.

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