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Thank you for the help! I agree, I have the tendency to over trade and get myself stuck in positions while the market isn't really going anywhere. I've been experimenting a lot during this weekend on replay, and I have added the cumulative delta indicator at the bottom of my chart. I use it to filter some of my trades, basically I only enter in a position if I see volume coming in that confirms my direction. I also find it useful when trading breakouts. I used to often enter blindly on breakouts that I thought looked good, only to see price go against me shortly after. Now I keep an eye on the cumulative delta when price breaks out of a key level, and I look for the volume to keep piling in. Maybe I miss some trades, but I'm fine with that.
Double entry on the journal again, one for last friday and one for today.
FRIDAY 2021-06-25
This was a losing day unfortunately. I just could not get a read on the market. I wasn't using cumulative delta yet. I think I should have stopped after the two scratch trades for a 11.90$ loss, by that time I was way too anxious. Still, at this point in my career I view losses as tuition fees, so I'm fine paying them as long as they remain under control.
MONDAY 2021-06-28
This was a good day. Not because it's a winning day, but because I managed to keep my cool while I was down. I waited patiently for the right opportunities, and got all the way back up to my daily target. This is the first time this has happened to me, usually when I'm down and I know that I can only open one last trade, I lose. Interesting fact, the second trade should have been an 8.88$ loser, but I got slipped badly.
See you guys tomorrow!
Can you help answer these questions from other members on NexusFi?
you mentioned Cumulative Delta....I use it all the time....on 233 tick and 377 tick and 500 volume(notice i use a bollinger band on my Cumulative Delta charts...Has to be above the bands
to trade long and all three cumulative deltas have to be in the same position before a trade...)....and on the 233 tick also added a HMA on the cumulative delta...good signal here was my screen today at 9:30....good day 581.50 on the MNQ.....first 30 mins.....NOTE>>>Cumulative Delta works well on NQ, GC, CL and ES....but not on RTY or YM..
2021-06-29
Well, I'm not very proud of this trading day. I was not able to keep calm like yesterday, and got into some impulsive trades. You can see how in the last four trades I completely ignored what I said in my previous post about using cumulative delta for confirmation. Even more embarrassing is the very last trade: I had put that rectangle on the chart during pre-market, knowing that price would react to that area. I had absolutely no reason to go long there, but for some reason, I did.
Today I want to spend some words on emotions. Immediately after the market opened, my heart started pounding like I was about to jump off a cliff. This rarely happens to me, I am usually quite composed. One part of my brain knows that there is no reason to get worked up on 20$, and that losses are part of the game. Another part of my brain, however, keeps thinking "oh god I'm up for the day, what if I started losing now? I should stop trading!" And I become fearful.
I've thought about this feeling for a while now. I think that the best way to deal with irrational behaviours is to dissect them rationally. If I don't fear losing 20$, then where does the fear come from? Well, I believe it comes from the fact that we want to feel up to the task, or "adequate". I remember this same feeling when I was in university. I had studied for a test, I was ready to crush it. Then I would look at the first exercise, and realize that I had never seen that type of exercise before. Heart would start pounding. Then I would look at the second exercise, realizing that it required a formula that I couldn't remember at the moment, because I was already panicking. Then I would look around me, and see other people already writing (to be fair, I would also see people panicking more than me lol). I would feel very inadequate. I would also think about all the time I had invested studying, and the fact that it was all for nothing.
Eventually, I would calm down. The feeling of inadequacy would be replaced by acceptance, and I would think "screw this, I'll try doing my best with what I have". Usually I would end up doing ok. This happened today while trading as well: after I had reached my maximum loss and stopped trading, I managed to calm myself down before switching to sim, and ended up crushing it. Too bad it's not real money!
2021-06-30
Lost today as well unfortunately. This time I lost without going in tilt (unlike yesterday) so I'm fine with this loss. As I said before, I view losses as learning lessons.
Today also closes the month. I started trading the 9th of june, and today I am down a total of 10.08$ after commissions. So basically I'm flat. Not exactly what I wanted, but it could be worse! They say you have to be able to breakeven before you can become profitable. It's also a lot less expensive than doing a combine with some prop firm.
Now this coming month, I think I'll avoid trading in the first minutes of the open like I have done so far. I often find myself doing well on the sim account, but the thing is I only trade on the sim account once I have reached my daily profit or loss in the real account, which happens usually during the first 10 minutes of the day.
Also, I'm hungry for knowledge. I've watched a lot of videos on youtube, but I discovered that videos about scalping the NQ are hard to come by. Does anyone have some useful links or resources to share? Thank you!
2021-07-01
Hello everyone! flat day today. Bit of a shame because I was up 17$, but it's ok. I managed to stay composed and not take impulsive trades, so I still consider this day a success.
I waited for the price action to die down a bit before I started trading in the real account. This, however, became quite a source of frustration. You see, I traded on sim for the first minutes of the market open, and I easily got to my daily target of 20$. This is what prompted me to switch to the real account. After I was done with the real account, I switched back to sim, and as often happens, I absolutely killed it. I mean look at this equity curve (green line at the bottom):
Not a single losing trade! Ignore the negative closed profit/loss, that's from some days ago when I was testing some things. Seriously, trading can be so frustrating at times.
