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The journey continues


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The journey continues

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  #11 (permalink)
 Big Mike 
Site Administrator
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Lipton, you are doing great. Because your chart isn't full of indicators it draws less questions or people requesting you post templates and indicators. Just keep at it, keep working your strengths and weaknesses.

Here is a question I used to ask during "performance reviews" and it seemed appropriate since you are asking for feedback.

"How do you think your doing? What do you think your strengths and weaknesses are? What are your plans for improving your performance?"



Mike

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  #12 (permalink)
 lipton80205 
Denver, CO
 
Experience: Beginner
Platform: NT
Broker: Zen-
Trading: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 100 received

Hi Mike,

Thanks for the response. I was thinking I might have gotten lost in cyber space.

Good question.

I would say, for the most part I am following my trading plan. I have had a couple of self-discovery moments. Such as today, I was a little late getting out of bed. I scolded myself, saying "you have a business to run" So mentally, I am a maturing. I know trading is a small business, but I have at times not treated it that way.

I still have some mental weaknesses, such as jumping into trades and moving my stops because I am sacred to lose.

The no more trading or sim trading after creating such an infraction is helping. Today, I was going to jump into one, but then said, this is not good idea. So I put the account on Sim and took the trade. It was a losing trade, but it did not hurt my real money. I think the more and more I realize that I am about to do something stupid and either don't do it or put the account into sim.

The other problem of moving my stops on the 2nd target, I think stems from 2 things, fear and patiences. I am fearful of blowing my account and patiences, well I am still learning that one. I think the fear will reduce as I start to prove to myself that I can do this.

Technically speaking I need to understand market structure better. I have been reading a lot of articles on market structure and I try to implement new ideas everyday.

Over all I am happy with my progress over since the beginning of the year. I know I still have a long way to go.


Again thanks for the comment. I know this journal foremost for me, but it is nice to get some feedback.

Cheers!

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  #13 (permalink)
 lipton80205 
Denver, CO
 
Experience: Beginner
Platform: NT
Broker: Zen-
Trading: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 100 received


03/09/2011

Short Day, The wife was leaving town and I had help her out. Also started late.

Trade 1
Being a fan of Al Brooks, I keep a 5 minute chart up just to look see where trapped traders are.
I was watching the 5 when this trade devloped. Had what looked like a final flag, then a L/H, then a P/B to support. I thought if this broke support, I would take this. I had 25 pips to the top of a zone and 15 more pips to the bottom of the zone. I had to exit early to help my wife.
Pros of Trade
Planned the trade. Had my targets picked out, my stop didn’t have to be that wide.
Cons of trade:
You will notice only one exit. I did trade 2 cars, but did not have my ATM Strategy enabled. I do not know how to add targets and stops after the fact. I am going to spend this weekend working on this.
Grade B

Today’s Total: +24
Week’s Total: +37

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  #14 (permalink)
 lipton80205 
Denver, CO
 
Experience: Beginner
Platform: NT
Broker: Zen-
Trading: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 100 received

Not to bad of a day. Some major news at 6:30 MST, was hoping to get a move and it happened.

Trade 1
The market had been trending down all morning. I was looking for shorts. News came out and had little bounce up to support from a swing low from earlier in the day on the 5 Minute. This was a good looking P/B on the 7 range. Everything lined up and I took my entry. My first target of 10 was hit quickly, with a +1 in slippage. After I failed to have my 2nd target hit of 50 pips, I closed out with a market order at +40 pips
Pros of Trade
I planned the trade.
I followed my rules and waited for news to pass.
Cons of trade:
None that I can see
Grade A

Today’s Total: +51
Week’s Total: +88

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  #15 (permalink)
 lipton80205 
Denver, CO
 
Experience: Beginner
Platform: NT
Broker: Zen-
Trading: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 100 received

I did not trade on Friday. I came down with something nasty and took the day off of trading and work.
Today was cut short because I had to get into the office since I was out on Friday.

Trade 1
After forming a L/H and failing to break support. I went short. I had a few pips slippage. The trade took off in my direction, and then stalled. Looking to the left I notice a triangle forming. This made me tighten my stop up. I ended up getting stopped out for -4.

I need to study the left of my chart better. I need to get out of the market sooner when I notice these things. I need create plan for this, so I can follow some rules. I will be doing some homework for the next couple of nights to come up this.

Grade C

Today’s Total: -8
Week’s Total: -8

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  #16 (permalink)
 lipton80205 
Denver, CO
 
Experience: Beginner
Platform: NT
Broker: Zen-
Trading: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 100 received

I know it’s a little late but the weekend was jammed packed with the “Honey Do List”.

What I am happy about:
I only took one stupid trade where I got into a trade because the market was moving fast.
I am happy that after that trade I put it on Sim for the rest of the day, so I followed my new rule
Also, when I see a trade I am not sure about, I take the trade in SIm mode. Which I am glad I did or the P/l would look really bad.

I am getting more and more patient with entering high probity trades. This long term is going to help me to get to my goal.

Also, moving to a 10 pip first profit target is helping my mental wellbeing. Having some small winners is good for me right now. Once I get better at reading the market, I might move it to 15 pips.

Also, I wasn’t hung over on Friday, I was sick, I did fire up the laptop, to watch the markets, but I didn’t even think of getting into a trade.

What I am not happy about:
I took a stupid trade, better then last weeks 3, but still it was stupid.
I really need to start looking at long term market structure. Right now I have my 7 range chart in the front and the 14 range behind it. This week I am going to keep the 14 range in the front and watch for better trades.
Also, at night I am going to review 5 random days of each instrument I trade to learn market structure better. I need to get back in the habit of doing homework.

Cheers.

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  #17 (permalink)
 lipton80205 
Denver, CO
 
Experience: Beginner
Platform: NT
Broker: Zen-
Trading: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 100 received

I had some extra time this morning so I traded a little longer then normal. Also, I spent last night and marked up 10 charts, trying to do my homework. Tonight I had a hockey game so no homework.

Trade 1
After a strong move up, I waited for a 2 bar P/B, which came. I should have not taken this trade, it was to close to support and only had 1:1 R:R. I made my 10 pips on the first car and moved my stop to b/e on the 2nd car.
Grade D+
Need to keep looking to the left before going right

Trade 2
This was a little stupid on my part, I should have exited trade 1 on the DT and reversed to short. I am happy that I could change my outlook on the market, but it wasn’t fast enough. I thought there was enough room down to the s/l on the 14 range, so I did take the trade. Had a nice little D/B so I tighten my stop to -5. I got stopped out on both cars. I mangaed the trade well regarding tighting my stop.
Grade C+

Trade 3
Brain fart on my part. I wanted to go long, but I put a limit order to go short. As soon as I relized my mistake I exited on a market order. Ended up + 2 pips. A few months ago I would have tried to ride this out, but I knew I was wrong and got out.
Grade C

Trade 4
After catching my breath from trade 3, I planned the trade and entered . If it couldn’t break 1.6046 (pervious S/H) quickly, I was gong to exit on a market order. The trade went in my favor in a fast fashion so I was ok. I took 10 pips on the 1st car. I had my 2nd starget set at 1.6089 (open of the London Market).

At the time I had a 5 minute chart up and a big flag formed. So I tighten my stop from B/E to pip below a S/L on the 5 minute chart. Good call on my part, because if not I would have been stopped out at B/E
I managed this trade well.
Grade b

I missed a greqat D/B trade at 7:35 MST. My wife was leaving town again and need help out with her bags. I can’t wait until she is done traveling, so I can get my mornings back.

Today’s Total: +19
Week’s Total: +11

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  #18 (permalink)
 lipton80205 
Denver, CO
 
Experience: Beginner
Platform: NT
Broker: Zen-
Trading: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 100 received

After a late night from hockey, I got a late start and had an early meeting at the office. I did not trade today. I wish I had because it was a nice trend on the GBP/USD. Oh well. Thatis the great thing about the markets, they will be there tomorrow and if you miss a day it doesn't hurt.

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  #19 (permalink)
 lipton80205 
Denver, CO
 
Experience: Beginner
Platform: NT
Broker: Zen-
Trading: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 100 received

Happy St. Patrick’s Day to you. The luck of the Irish was not with me today.

Trade 1
After a strong move up, then P/B to support from the London session a rough D/B formed. I got in real late on this and I should have stayed on the sidelines. I only traded 1 car because the r/r for 2 was not there. I moved my stop to -5 pips because there was no movement once I got in.
Grade C-

Trade 2
After Trade 1 failed, I thought the market was going to tank. Not so much. I got caught in a fake out break out. Normally I wait for the B/O to retest the S/R it broke, but not today, I was trigger happy. Again I was only trading 1 car, so it wasn’t to painful. Also I move my stop to -5 pips after the market didn’t move my way
Grade D+

I think today’s trades came from frustration, because I sat and watched for 1 ˝ hours waiting for a trade. I think I started to manufacture these 2 trades because I was bored. Big no, no. At the time they seem logical to me, but looking at the chart all the chop should have been enough to keep me out of the market.



I missed a greqat D/B trade at 7:35 MST. My wife was leaving town again and need help out with her bags. I can’t wait until she is done traveling, so I can get my mornings back.

Today’s Total: -10
Week’s Total: +1

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  #20 (permalink)
 lipton80205 
Denver, CO
 
Experience: Beginner
Platform: NT
Broker: Zen-
Trading: ES, CL
 
Posts: 74 since Jul 2009
Thanks: 108 given, 100 received


After I spent a nice long weekend in the mountains, doing some snowboarding, I was fired up for Monday morning

Trade 1
After breaking support, there was no follow through from the bulls. I had a double top and I thought this was a failed breakout. After not being able to break support at 1.6276 I tightened my stop to B/E. I had to pips slippage. Not the best read on the market, but I mange the trade well.
Grade B-

Trade 2
This trade was a disaster. I had a limit long order right at support of 1.6276. I thought after the H/H we would enter a trading range. I was trying to get in early so I could pull 10 pips out of the market. I didn’t change my position sizing to 1 car like I am suppose to on tight range trade. This was an over sight on my part. The market just dropped like a rock, filled my order and stopped me out in matter of handful of seconds. Not much I could have done to manage this trade.
Grade D-

Trade 3
After the violent down bar, a failed breakout and a rough double top, my view, was the market was going down. It went down, 1 pip from my first target then turned around. It had trouble getting to down there, so I tightened my stop to +2 pips. I ended up getting stopped out for a B/E trade. I have been looking at the 30 minute chart for S/R. I thought that once it broke 1.6266 I would have been golden. I missed the glairing up trend line on the 30 min. I think I did a good job managing the trade and me read on the market was wrong.

I don’t want to put a rule in place of trading against the long term trend, but I need to be more careful and selective when trading against the long term trend

Today’s Total: -30
Week’s Total: -30

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