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David's Trading Journal Chapter 2

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  #1 (permalink)
 David_R 
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Hello Everyone,

I've been a member of Futures.io for quite some time, going back to when the forum was called Big Mike's. I used to be fairly active until I got tired of blowing out accounts. Unfortunately, my interest in posting dwindled.

Over the last month or so I've had a handful of sessions with a performance coach by the name of Jared Tindler (https://jaredtendler.com/), and in those sessions he has encouraged me to really pay attention to the emotions and thoughts that come my way while trading. I know this is nothing new because I've received the same advice form Mike a long time ago. I asked Jared if a public journal with my comments would be acceptable/useful and he felt it was a good approach. So, I'm here again to post my trades, thoughts and emotions and to try and make some level of improvement on my decision making and execution and to recognize the thoughts and emotions that develop while trading, but try not to let those things dictate my trading.

I've bounced around from method to method. I've purchased software add-on's, copied (or tried to copy) free methods, took courses for reading bare charts etc. etc. There a a couple of things that have resonated with me and they are Volume Profile and some of the Wyckoff theory. I used to use David Weis's Wave Volume indicator, but felt it was missing something. That is probably just me. Anyway, I've decided to stick with volume profile for finding levels of support and resistance based off of value areas, POC's and high volume areas. I'm also continuing to use some of the Wyckoff theory as well as wave volume via the Mbox Wave add on (https://mboxwave.com/). I'm not affiliated Mbox Wave and am not selling Mbox wave. I view this software as an improved Weiss Wave indicator. It is intended to show order flow, and Wyckoff concepts of supply and demand and Effort vs. Result. The software depicts lack of supply and demand and it comes with algorithmic sell/buy signals that are not intended to be taken blindly. I will post a chart below, but don't want to get to hung up on explaining the software. That's not what the journal is about. I will attempt to point out significant indications, but if you want to know about the software you can visit the website. I will answer questions to the best of my ability.
I'll also upload a template for recording trades with thoughts and emotions.

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 Rrrracer 
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I'm glad to see you posting again @David_R, always good to have a fellow VP guy in the house!

If all goes as planned, we will be hosting a webinar with Jared Tendler on the 15th. He has a lot of fresh ideas, looking forward to it.

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 David_R 
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Tuesday July 6, 2021

Got a late start today. I waited until I saw a setup. It wasn't the best of setups, but there was enough to take a trade. I did exit early because of the overhead resistance, but in hindsight price did my original first target.

I took a second trade for not good reason and got stopped out for a small loss. I just thought it was going to continue higher

Took a third trade because price was moving which is not a good reason to enter. i exited for about 5 points, but this was a chased trade.

Emotions:
I felt calm and was feeling patient, but jumping in the second and third trade were poor decisions. These are the kinds of trades I need to avoid.

Thoughts:

On the first trade I felt confident in the order flow, but price was at resistance so I started thinking it would reverse even though there weren't any indications of a reversal. Price did continue higher and I had my usual " Of course" thoughts.

Trades 2 and 3 were me just thinking it would continue higher without a signal and I jumped in. The jumping in is something that needs to worked on/eliminated.

After the 3 trades I'm positive $390. Part of me thinks this is not enough and I should make more. This thought usually gets me in trouble and I begin to over trade.



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 David_R 
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Wednesday July 7, 2021

Once again a late start. I'm on the West Coast and not a morning person . Not a good combo for trading, but it is what it is.

Took one trade for about 10 or s points with two contracts. The market was range bound, but it was near an intraday resistance level and demand had dried up indicated by the wave volume and wave delta (see chart). I entered a little late and only targeted the opposite trendline.

Emotions:

Felt calm and confident that there would be at least a test of the lower trendline. Price did move against me at first and then once again, but ultimately continued to the target. I did get a little tense during the heat.

Thoughts:

I felt confident in the trade at the time of entry, but when I took a little heat I started in with the "here we go again", "I've going to get stopped out like I always do" Maybe I should exit now that I'm positive" The seemed to be able to experience these thoughts, but not act upon any of them. I did move one target to match the first target because I felt if price hit the rising trendline it would bounce and it was late in the day.


This was not the best setup in the word, but I reduced my expectations based on that as well as the behavior of the market. All in all very satisfied with today.

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 Rrrracer 
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Appreciate you sharing the emotional aspects of your trades, I've come to realize this type of evaluation is critical for most (myself included.)

I'm not familiar with wave volume and delta and would be interested to better understand what you saw there on your charts. The exit makes total sense to me, but I would have a difficult time entering on a third near-test of a resistance level.

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 David_R 
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The wave volume is the total volume in the wave. The wave being the swing. This is similar to the Weis wave indicator. The delta is the difference between volume at the ASK vs the Bid. The -16 indicates more of the volume was at the Bid than the Ask. Not usually the case for an up wave. The decreasing volumes says demand is drying up. That is the main reason for the entry. Not the best trade, but good for a move back to the trend line.i hope that helps. Feel free to ask more questions if not clear.


Rrrracer View Post
Appreciate you sharing the emotional aspects of your trades, I've come to realize this type of evaluation is critical for most (myself included.)

I'm not familiar with wave volume and delta and would be interested to better understand what you saw there on your charts. The exit makes total sense to me, but I would have a difficult time entering on a third near-test of a resistance level.


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 David_R 
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Thursday July 8, 2021

A shit day today. Took my first trade long for a few points. I exited when I saw a major drop on the Mbox delta. This means demand is either drying up or possibly will consolidate. I read that the market was looking weak and would pullback. I went short several times and got stopped out several times. Was down $750. Finally got into a long trying to target a larger move and ended up getting stopped out for 3 or 4 points. Started to revenge trade and just re-entered getting two quick stop outs.

If I didn't mention this I was in a Leeloo Trading evaluation account. I hit my max trailing drawdown, so the account needs to be reset or closed. Again.

Emotions:

On the first trade I was pissed it didn't continue and when i saw the drop in delta I exited. Feared that it would hit my stop for a loss. I was getting worked up that things were not going the way i thought they would. I was angry when the kept entering and getting stopped out. I felt as though I wasn't in control of my trading. Once I begin to just enter trades I know I 'm fucked.


Thoughts:

It's difficult to define or recall the thoughts. It's all very common and typical stuff for me. I think I start to hope the trade works out. I got caught up in what I thought would happen vs. what was happening. "Here we go again", Why won't it just go up?" "Why do i keep doing this?" "I need to be more patient" "I can't do this"






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 David_R 
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Friday, July 9, 2021

I'm not trading today. Since I hit my trailing draw down on my Leeloo evaluation account I will think over the weekend if I want to reset it or not. This routine of mine is old and frustrating. It's crazy because part of me says to quit trying to trade, while the other part of me says keep trying. I guess that makes me insane.

I admit that I am envious of people that have this down and make a good living from it.

D

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 David_R 
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July 12, 2021

Well, I reset my LeeLoo Trading evaluation account. Had time over the weekend to reset myself as well.

I took this trade based off of the support that formed around the 14824 area with the cumulative Delta show decreasing supply at the second low. Cumulative delta shifted to buying and was expanding and the MBox Delta was showing demand with no supply. Admittedly I was a little nervous when the demand in the cumulative delta was decreasing and the mbox started to make lower highs. I decided to move the target down to the prior swing around the 14857 area.

(If not clear on the terminology or why feel free to ask)

Thoughts:

this looks like a good setup
I'll start the trade with larger targets and see how it behaves. Given the market activity may want to target a smaller profit
Come one Move. Break the swing.
Moving slow, i'm moving my target to the closest swing high.
I don't see indications of selling, stay in.


Emotions:

Fairly calm and relaxed, but as the trade was playing out I started to get a little nervous.
Not too many poor emotions today. felt fairly good about the trade even it the target was smaller than desired.


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 David_R 
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July 13, 2021

I traded today, but got the usual late start. Took 4 trades all losers. Lost the $850 made yesterday plus a little more. No charts. Too annoyed

Thoughts:

Of course
Unbelievable
I thought I was being patient.

Emotions:

Started out okay, but as the loss got greater I become more irritated.


Today I actually asked myself if this is going to work and maybe it's time to give it up. The inconsistency, the larger losing days than the winning days, the lack of improvement even on a small scale. I feel as though I'm where I was 5 or 10 years ago. Ha ha ha. I think having a profitable day with one trade makes me feel like this is doable, then negative day that gives it all back and more is not sustainable.

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