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Trader 11 Journal


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Trader 11 Journal

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  #1 (permalink)
greggdd
warren, nj
 
 
Posts: 14 since Oct 2010
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Ok I am going to give this a go as a public journal. I keep a priviat journal.

I traded the SPY & SDS based on market profile. I will not post the MP rules as they are someone else's. I know they would not like them posted.

Today in gross approx 30 net -16 on approx 4500 shares. I do not remember the exact numbers. These are close enough. The bad thing is I was up approx 60 net & ended up negative for the day. This is rookie mistake.

What I did good? Shorted the open in SDS for nice profit.

Next time what will I do differently? realize it was a down day & stop trying to find the bottom. Also stop fighting the trend at 11:00.

I would like to use the Schaap rules for adx next time.


What I saw today. AAPL break down & very weak. So go w/ trend gg. Stop fighting the trend.

Back round -- I started SOES trading in 96. I went broke the first year. I then learned & earned a significant amount of money (so I have some skills) Along about 2001 I started trading the ES SPY & now SDS. I have not made any money trading them. So why do I trade them. I have MP rules which work. But I take my profits tools soon & hang on to my losers too long.

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  #3 (permalink)
greggdd
warren, nj
 
 
Posts: 14 since Oct 2010
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Day 2

Gross 43; net 30 on 2600 shares.

I did great today. Mkt tested below Val pre open. I did not short VAL because big move down yesterday. Pre open we tested down the overnight lows, as best I remember. I know because I was long. I got out of some spy right at the bottom. Why I had to follow my stop loss rules. I came out basically flat of the balance.

So at the open, i did not short VAL I got long early on, on a pull back for a nice trade. I got out too soon as mkt made a new high & then went 10pt up. Lesson gg is you never know how hight mkt can go. Keep a piece on for the move. Alternative GET BACK IN THE TRADE as a professional would do.

Lesson 2 on WFT & HES do not just buy/sell stuff with out watching them.. Also, as I do I watch XOM, do not play a sympathy play, i.e. HES (a laggard to XOM at that moment) without watching it longer than 1 min. PLAY XOM because i have been watching


Point to consider - Am I trading the futures or stocks? I got involved in WFT & HES. Yet watching the futures, XOM JPM, AAPL as large weighting in SP500. Instead there was great buy in AM in WFT as it gapped down then went up. Std play buy the gap down. (I do not know where WFT ended, not important to me. I just know money to be made playing the open & it moved up.)

Great trade SDS on JP short idea. Remember GG all the trades I OWN because I hit the keys. I am responsible for my trades. OK if somebody else's idea & i take it. I was patient w/ this trade & it worked out well.

GG stop trading SDS only 3c move on 1 pt move in ES. I will never make my goals on 3 c move. Play spy at least. Have CONFIDENCE in myself - ability to read mkt, to get in & get out; to keep my losses small; to be patient at the proper time -with winners. (I wanted to say "my winners." Not sure I like the words, "my winners" because are there are "My losers also" I do not want to take ownership of my losers.)

What I am going to do tomorrow. Think for myself. I did great w/ this today.


Consider stop trading ES/SPY/SDS & trade stocks instead because stocks is where I made my money. Remember I told ML I would stop trading ES etc.

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 Big Mike 
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Glad to see your journal. If you are journaling for the contest, please be sure to include at least one screen shot of your chart each day, preferably with markup although that isn't a requirement.

Looking forward to more.

Mike

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  #5 (permalink)
greggdd
warren, nj
 
 
Posts: 14 since Oct 2010
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Production approx 30 gross net approx 9 as best I can remember

I'll start posting some charts in the future.

I feel pretty good about making alittle. I fought the trend all day. That is the lesson. Huge gap up. Normal play is go short above the open. Well that trade did not work today. (I am not saying I shorted the open. I do not remember) Main point is what is market trying to do? answer go up. How good a job is it doing? Great. So stop shorting. It would have been ok to short the open. But when trade goes up need to adjust & go with the flow/trend.

Lesson from JP: WAIT until you have an are to do your business It going to short wait until double TPO are taken out; also wait for profile to complete to the upside.

I did short slightly above the IB. It was nice little trade. made a few bucks.

Gregg you should have played for take out of Dbl TPO.

Gary comments: not a shorting day. How did he know? lots of dbl tpo above. 13 pt gap up. did not pull very far in from open; pull backs shallow. Later in day they hit the ES 12,000 times yet and delta was negative yet IT STILL WENT UP.

Lastly. GG STOP fighting the AAPL, xom.jpm. when they are going opposite of my position cover & re-enter. Stop fighting them.

One more thing no SDS trades which is good.

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  #6 (permalink)
greggdd
warren, nj
 
 
Posts: 14 since Oct 2010
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Gross approx 82 net 39. 8900 shares

I am learning all over again. I netted nice money on 2 trades; each trade 300 shares each. Amazing how one make the money on few trades. Then the key is NOT to loose very much on the other trades.

Also relearn & put into practice all the lessons fast so I can be back on the train. It comes to me now.

GG stop trying to pick the bottom. It is not important to get in at the bottom. Want to bet?? I like to be in at the bottom. Learn it is better to be in at a low risk point rather than the bottom. So stop trying to pick them. It is better to wait for the bottom to form. i.e., large vol, (capitulation), take out out or test of an important support/resistance area (like yesterday's high/low/ double TPO, test of IB (initial balance area, important number. etc.) Jessie Livermore the big money is in the sitting. Remember I was a good bottom picker because I waited for a sign or signal it was a bottom.

Today the profile was not complete until after it went lower. It was just fat side wise.

GG stop bidding a few cents off the bottom thinking it is bottom & I might miss it. You will not. Stop taking the offer also, at least get hit on the bid.

The trade in GM stop hope, wishing & praying that it goes up. REALIZE what it feels like so I can stop thinking it is going to go up. When it keeps going lower. Great patience w/ GM waiting for GM to break 32 before buying. Gm got hit hard & fast at 32. they ran the longs out of their position onces it broke 32.

Generally I kept my looses small today. I just took them 7c, 8c 9c losses. Oh well.

I did one smart thing this AM I got long (a winner) based on ADX formation.

Study today so I can see earlier that short is the way to go. Keep looking for higher lows or lower highs. To see if trend up or down. The money is in the trend! You do not have to short at the top or in at the low. You want a retrace for low risk entry.

Everything moves together (groups) I saw X oil stock get hit. At the same instance Y oil stock got hit. The Es got hit. All at the same second. Group move Or the ones w/ relative strength or weakness.

Also at the end of the day. the up move was too much. This was a good shorting point.

Watch take out H/L of 2 - 3 consecutive 5 min bars.

Work for your prices. When a down day do not let a winner turn into a loser. At least get out flat.

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  #7 (permalink)
greggdd
warren, nj
 
 
Posts: 14 since Oct 2010
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I do not remember the numbers. Approx -65 gross; net -100 , ? shares.

I do remember getting toasted (which I did to myself) in the AM. The ES screamed ups on BAC news which took up all banks. Because of oil being weak oil stocks dumped hard. It was amazing to see the them go hard & fast in opposite directions. It should not happen this way. Oil stocks huge weighting in SP 500. I know banks are also. I guess tech must have been strong also.

So what did I do. I bought, picked bottoms in cop & lost -70 also did the sames in ES (via sds) I picked the top. Result -70.

So right from the go -140 down. I came back. How. because JPM & BAC strong I automatically took BAC at 34C w/ some size. I added to it on next little pullback & up move @ 44C. I closed most of it at 49 to 51c. I thought let's hold 100 shares all day. Stock strong, work the new holding muscle or try to work it. NO. I could not do it. First sign of weakness I sold last bit of BAC. BAC went as high as .67 It never pullback or threaten to go lower. Next time (rather than lesson) get up from screen, walk away. I had stop loss set at BE. Take it off screen. Believe in trusting myself. I was emotional about holding the trade. That is not the way to trade.

I did work to come back.

Later got into HES picked bottom at 67C & I paid up thought it was going to run up and I'd miss the entry! Be patient do not be in so much of a hurry. It tested down to 55C. I got out flat to -1C. then it went up. Why because no more sellers found. I was frustrated but let it go. It was not going to do me any good. I took Hes off my screen & moved on. GG remember one of the primary rules was never pay up for a stock. Know the levels. GG be more humble.


I read someone's bog. It was about a trader's job is to deal or be comfortable w/ uncertainty because you never know in trading. It hit home w/ me. When I was doing great my attitude was not to be fearful of the market. If I liked the trade I took a shot, “because you never know.” When the room was fearful of a stock I said to the trading room, (assuming the stock showed me some signs/signals it was going up more,) "I’ll show you the top." I would buy some stock, and I did. Or I short the bottom, and I did. Sometimes I was wrong and I got out very quickly because I knew where I was in from, the top or bottom. Sometimes the trade worked out. I learned you never know. Take a shot. This is a GREAT QUALITY! So in a way I guess I got comfortable w/ "you never know." Accept it.

Now I think every trade should work out. Well it doesn't. This hurts me I know. I guess it is an ego thing because I was so successful. So get out quickly of the losers as soon as you know it is not going to work out. And be humble. Lastly this is just like approaching a girl/woman, you never know. Have courage (trading is courageous) and you never know.

Also, I remember trading SP index plays (stock going into an index.) You would never know when or how hard or if it would run into the close. I would take a shot. I would get out & get back in same price, or even prices higher or lower. I was very successful doing it. Part of it was an exploratory trade to start. Then pile in when it started to go. The main thing is you never knew. JUST LIKE NOW YOU NEVER KNOW!

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  #8 (permalink)
greggdd
warren, nj
 
 
Posts: 14 since Oct 2010
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3-9-11
I feel sick & stupid. I lost -103 gross; -132 net

I am not stupid.
FNSR down huge, like 25%. I was looking at it right before the open, which would have been a 2.50 trade up. I then got involved in SDS & spy and naturally lost. I was out of SPY right at the bottom. I did think get back in. NOOOOO. I went over to fnsr & promptly top tick it at 27.03. I got out at say 26.40. I checked the charts. Some support at .50c, so I waited & bought more. It was a fast mover. OK greed got me in. I had 2 really quick chances to make a few cents or get out flat. On second thought not much of a chance. Instead left w/ a big fat looser. So stupid.

Market rally huge off the low. It was like straight up in 40 min or so. Then Gary was trying to point out something on his chart after the top. He had no audio or text. Well in retrospect it might have been to short. We twice I got long. Dumb. Well maybe not. Maybe it was just taking a shot, which is OK.

The spy/sds trade at the open. It was val trade. I missed that there was a single below. The single held. Dumb. Dumb. I am not dumb. I choose to take my smart pill & throw away my Dumb pills.

I should feel better after writing this. I do not. & it is the next morning. Maybe I see the end of trading coming. So prepare for it GG! & keep my options open. Yet keep trying a little more trading. QUALITY TRADES! Find my rhythm – trades again. Stop trying to be someone I not. Remember I made a fortune trading SP Index plays, secondary’s. Buying dips on strong stock. Active stock of the day. Work for it again!

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  #9 (permalink)
 Big Mike 
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greggdd View Post
Then Gary was trying to point out something on his chart after the top

Who is Gary?

Mike

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  #10 (permalink)
greggdd
warren, nj
 
 
Posts: 14 since Oct 2010
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3-9-11

gross +3 net -39 8800 shares.

I typically do not trade the close. I did today & traded the close great. With the market down so big, I figured it would close on its low, which it did. I shorted the last run up in the ES at 3:45 & held to the close. I got test once I opened the position. But I hung in there. I am proud of myself for taking the position, for sizing it some, for holding thur the little test, (next time add to it when it starts to work), for waiting until the end of the day to close it out.

I do not remember much of the rest of the day. All small losses & small gains. except for 1. I lost 50 on 200 shares of xom. I got caught in quick flush. GG when that happens just get out as fast as you can. Do not hold on to see if it comes back. Just get out to preserve capital.

One more thing QUALITY trades. do not pay up for it when it is a down day, unless really running like the flash crash. Work to get good/great prices. Keep focus on few stocks so I know the levels.


Gary is a substitute room monitor that I am in. He is trying to teach watching order flow in ES using market delta. He doesn't always talk, I do not know why.

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