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Long
Entry 72.66 @9:41am EDT **I was way to early getting in on this one, took 40 ticks of heat
Exit 72.71 @10:04am EDT
Result +$5.00 **Got out and feels like a win
Long
Entry 72.09 @10:37am EDT
Exit 72.31 @10:40am EDT
Result +$22.00 **My entry on this one was much better, waited for that gap down in the order book and jumped in.
Even after 15 years of trading, a winner makes me think "oh boy, how will I spend my winnings?"
i am not meaning to interject in your journal but me and the way i trade which is just obviously my way for me. i would have bought one more oil when down 40 points to dollar cost average my trade. we have the hindisght now to know that oil did indeed rally from the lows but when you are down 40 points and you want to scream and you are long that is usually a great time to buy one more but run that second one pretty fast out on a loss so that you do not get in over your head which is hte huge huge huge problem with adding to losers and dollar ost averageing this is what took down LTCM
Hey HLT, that is an interesting point. When I am down 40 ticks, adding another contract is definitely in the back of my mind and I know that is your style which I admire. I am definitely kicking around the idea of upping my leverage which would allow me to average down that way you said. Right now I am having fun with one contract though.
While trading today, I was able to read through your entire journal. It was not hard because you hardly post anything besides entries, exits, and results. I have certainly not made it to the point of being a 100% profitable trader yet; however, I am very close. I have to finally resolve how to not get caught in huge losers.
With that being said, I highly recommend that you use charts and start working toward finding a strategy. Choose anything you want, but do not use real money. Stay in SIM until you have your strategy working and profitable. Save your cash for when you are ready to implement your profitable trading strategy - otherwise, you will reach a day when you will no longer be able to trade, unless you are very wealthy and your losses will not exceed your wealth during your lifetime.
Please start posting things that you are looking at and what is influencing your trades - why you enter and why you exit. I have a window of time this year in which I have time to focus on this dream of mine - becoming a profitable trader and making a living by trading. I am going to be very focused on what I need to do to achieve my goal. My success rate in trading is extremely high, but my very few losers have been extremely high. When I resolve the loss problem, I will be highly successful.
Buying the lows and selling the highs of day sounds good in theory. However, in an upward trend, there will be multiple HODs, and in downward trends, there will be multiple LODs. The big money regularly uses strategies to shake out the small traders to then put them onboard with the direction they want to take the market.
One note, I have historically liked oil because it has a retracement pattern that has often made it easier for my style of trading, which tends to be a counter-trend trader looking for the pullbacks and to catch part of the action when the market changes direction. The market does not move in straight lines, generally speaking. It is constantly moving up and down.
Thank you for your well thought out response. I do look at charts occasionally, mostly the daily chart of the oil market. However, my decisions are 70% based on changes in the order book. I look for gaps in liquidity and tend to fade them for small profits.
I have ran out of money a couple times in my life due to trading. Once about 12 years ago trading the ES and again about 5 months ago trading the ES. Since then I have really scaled back and only trade the micros and focus mainly on MCL. And the answer is no, I am not wealthy. I work full time at night so I can trade during the day. I mostly live paycheck to paycheck and whatever is left over after I pay bills I use for trading and data services. My friends and loved one near me have told me I have a gambling problem because of all of the money I have lost in the markets. There is something inside of me that believes that one day I will figure this game out and start turning a profit though.
Since you said "please", I will start posting what influences my trading decisions. I know there is not much context to most of my posts because they are just entries and exits. I will start posting my ideas about the order book and from time to time thoughts about a chart.
I too have problems with large losses that disrupt my whole risk:reward ratios. I will make $30 for a few days then give it all back in one big loss as you probably have seen in my journal.
I look forward to it! I don't trade from the DOM so that is not an area where I can offer much insight or feedback.
However, I went back and gathered the monthly stats for your progress and suggest a change is needed. Today was a good day for you, but the track record is poor. Hopefully, you can find the key that will turn things around for you. I, personally, think that will be hard by just looking at the DOM or order book. I believe that support levels, volume, and time, among other things, are very important and could make a difference for your trading. Please do go to SIM until you have figured this out, though, and build up your savings instead of flushing it down the tubes. Living paycheck to paycheck for an extended period of time is not fun.
November P/L: +$350.93
Loss so far this month (December): -$2921.75
January Loss -$2270.10
Result for February -$1022.86 (fees included)
Monthly Result (March) -$996.20
Commissions paid (March) $236.16
Exchange fees (March) $219.02
Loss for April -$274.54
Exchange Fees (April) $44.50
Commission (April) $55.20 NFA (April) $1.84
