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New Beginnings: The Journal of a Trader's Journey to Equanimity


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New Beginnings: The Journal of a Trader's Journey to Equanimity

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  #81 (permalink)
 Big Mike 
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Good to see you journaling again, looking forward to your posts.

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  #82 (permalink)
 Linds 
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Hey Plethora good to see you back.

Thats a good well defined set of entry rules there. I know you are focussing on entries but do you have an early idea of your exit strategy. It might be useful to set up an initial ATM and see how it goes during simming, just to get a bit of a feel for how you might like to manage your trades.

Hope this week goes well for your new plan.

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  #83 (permalink)
 plethora 
Los Angeles, CA
 
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Linds View Post
Hey Plethora good to see you back.

Thats a good well defined set of entry rules there. I know you are focussing on entries but do you have an early idea of your exit strategy. It might be useful to set up an initial ATM and see how it goes during simming, just to get a bit of a feel for how you might like to manage your trades.

Hope this week goes well for your new plan.

Linds, Thanks.

I set up a simple ATM on TOS today: 20-tick PT and 15-tick stop. I don't let all the trades run the full course. If something goes awry I try to get out. Other times I'm a deer in headlights. Anyway today was just about the mechanics of trading on TOS.

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  #84 (permalink)
 plethora 
Los Angeles, CA
 
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I'm making some adjustments to my trading plan.

Time Frame: 5 Minutes

Indicators:
1- Heiken Ashi Candlesticks
2- SMA (50)
3- SMA (21)
4- SMA (8)
5- Slow Stochastics

Cars: 2 instead of 3

PT: 20 Ticks

Stop: 15 Ticks

Instruments: CL and 6E

Daily Trades: Six to 10

Time: 24/7

Rules:

I'm no longer using the SMA-50 as a condition. I will continue to leave it on the chart and consider it an indication of high probability. However, it is delaying my entry into the trade. I don't know if this will turn out to be a good idea or not but I will see.

It's unfortunate that I can't edit my post from yesterday to reflect my trading methodology changes today. Now I understand the reason that Perry's methodology was not updated and kept current in the initial posts summarizing the methodology once it evolved. Live and learn.

Other changes are reflected here.

Method 1

Long:
SMA (8) crosses up above SMA (21).

Instead of a minimum of one Green 5-minute candlestick required for confirmation with a bigger body than the preceding red candle, I will try to enter on the first green candle. This may also help my entries. It is an aspiration not a requirement. Second green candle will be fine too.

Entry candle must be Green. This is critical. I forgot how important this rule is. If I'm long, no entries on red candles and vice versa.

Stochs are pointing up.

Entry: Limit Long on SMA (8)

Exit: First red candle if PT does not hit first. Today I followed this rule and at other times didn't. It is a function of price action too.

Variation: Despite size or color of preceding candle, if a MONSTER sized green candle crosses and closes above cross of SMA (8) above (21), look for entry.


Short:
SMA (8) crosses below SMA (21). Minimum of one Red 5-minute candle required for confirmation with a bigger body than the preceding green candle

Entry candle must be Red.

Stochs are pointing down.

Exit: First green candle if trigger not hit first unless price action says otherwise.

Variation: Despite size or color of preceding candle, a MONSTER size red candle crosses and closes below cross of SMA (8) above (21) then look for entry.

Method 2 Retracement

Long:
SMA (8) above SMA (21) above SMA (50) and red candlestick tail retraces to and touches SMA (50) ore even nearly touches 50, wait for the next green candle to close and place limit order on SMA (21). I'm thinking of not even waiting for the single green candle to confirm. That red may be the place to enter as it retraces. It worked today.

Long Variation:
Instead of the candle tail retracing and touching or nearly touching the SMA (50), the BODY of the candle touches or even overshoots the 50, after waiting for same single green candle as confirmation, the entry may be on the SMA (50) instead of the SMA (21). Same thing: may not need to wait for the green candle confirmation to enter.

Short:
SMA (8) below SMA (21) below SMA (50) and green candlestick tail retraces to and touches SMA (50) ore even nearly touches 50.

Short Variation:
Instead of the candle tail retracing and touching or nearly touching the SMA (50), the BODY of the candle touches or even overshoots the 50, entry may be on the SMA (50) instead of the SMA (21).

----------------------

Last night and today I acclimated myself to TOS. This evening I began taking trades that I will count beginning tomorrow, the first day of the month. My new trading day will begin at 4:30 p.m. each day. Taking a couple of successful trades before I go to sleep will reduce pressure for me on the following trading day.

One thing I need to remember. I'm here to gradually improve. I can't beat myself up if I'm not an instant overnight success. In the last 24 hours I can see marked improvement. I don't know why I delayed this endeavor of sim trading as much as I have. I think I was scared to see and confront myself. But as long as I use stops it will be so much less painful than not using them.

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  #85 (permalink)
Tundi
Fullerton, CA
 
 
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I admire you.

I failed miserably trying to process all that chart/indicator information fast enough to make a trade decision. Thus, my reliance on the crutch known as auto-trading.

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  #86 (permalink)
 plethora 
Los Angeles, CA
 
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Tundi View Post
I admire you.

I failed miserably trying to process all that chart/indicator information fast enough to make a trade decision. Thus, my reliance on the crutch known as auto-trading.

You're kidding me, right? LOL. I'd give anything to understand enough to put together and operate a system like yours.
But thanks for your kind words. Your thoughts are generous.

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  #87 (permalink)
Tundi
Fullerton, CA
 
 
Posts: 201 since Dec 2010
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plethora View Post
You're kidding me, right? LOL. I'd give anything to understand enough to put together and operate a system like yours.
But thanks for your kind words. Your thoughts are generous.

No, I'm not kidding. In fact, I'm dead serious.

I lost a small fortune trading with discretion and I sincerely take off my hat to anyone who profits from it, especially directional traders.

My systems were borne out of necessity and they are, sigh, a work in progress despite the early success.

And don't kid yourself. Developing a profitable auto strategy is easier than you may think.

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  #88 (permalink)
 plethora 
Los Angeles, CA
 
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Tundi View Post
No, I'm not kidding. In fact, I'm dead serious.

I lost a small fortune trading with discretion and I sincerely take off my hat to anyone who profits from it, especially directional traders.

My systems were borne out of necessity and they are, sigh, a work in progress despite the early success.

And don't kid yourself. Developing a profitable auto strategy is easier than you may think.

Well we live near each other. In fact, I made a pilgrimage to your area the other day, so maybe we can have coffee together some time when I'm moving around again.

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  #89 (permalink)
 plethora 
Los Angeles, CA
 
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8 trades today (all long) on the TOS Sim, each 2 contracts
5 CL; 3 6E
7 Winners: 87 ticks
1 Loser (6E): -15 ticks
1 B/E: 1 tick
Net Profit: +73 ticks

This excludes yesterday's afternoon and evening success.

Simply remarkable!

I wonder why the attachment doesn't popup?

Attached Files
Register to download File Type: doc March 1, 2011.doc (66.5 KB, 17 views)
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  #90 (permalink)
 omaha786 
San Diego, California
 
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Tundi View Post
And don't kid yourself. Developing a profitable auto strategy is easier than you may think.

Really? I never tried to develop an auto strategy. Maybe I should start to try.

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