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This is my first trading journal ever. I haven't had any winning year for the last 2.5 years since I started trading. I kept jumping from one trading room to another and found out the hard truth that I can't mirror their trade and just following it blindly. But one positive thing I learned about joining those rooms are the technical analysis aspect.
Kind of strange writing about this, but I'm ready to go my own and experimenting with my own way to become profitable. After practicing quiet a bit I'm more comfortable being a scalper, and that's what I will be doing for now.
Setup:
- 5 minute chart
- At least 3 out of 4 indicators needs to lined up
- Price needs to move rather shiftily, when it's slowing down, that's the time to get out
- Will try long or short at the previous high or low of the day
Will this setup I have a feeling I won't have many opportunity to trade per day. I'm aware I won't be getting the best price with this setup, but I believe I will have a better winning ratio.
I'll start doing SIM for now until I'm comfortable with the setup.
Let the journey begins!
Notes:
1. Fees will make me broke when I hit my downdays.
2. TOS too expensive, brokerage fee is $2.25/contract each way (will look at ninjatrader when going live for $.95/contract each way free version)
3. Exchange Fee: /ES : $1.17, /ZN : $.76......so yes, will try trading /ZN starting tomorrow
4. Need to post charts w/ entries and exits
Notes:
1. Exchange Fee: /ZB : $0.57, half of the /ES
2. Tick value: 31.25/tick is rather scary, I got strike out twice in a row and decided to turn it off. Another day another battle.
3. Will try /ZN tomorrow since tick value is something that I can live by if I make mistakes.
(Pssst) Rintin, here's an easy tip. Just assume $5 per contract in futures round trip. That should cover all fees and taxes, and makes the math easy. ;-)
The ZN (Ten year Note), has a lot more volume than the ZB (Thirty year Bond). The ZB can get swept four ticks, your maximum loss, against you very quickly on only a hundred contracts or so if people start to pull their orders.
If you are looking at the ZN today Wednesday remember that there is FOMC news. I looked at the Treasuries earlier and saw the volume on the DOM was about half or less than yesterday. Tomorrow will be back to normal and will give you a proper idea of how the ZN moves. You will find the movement a lot smoother than the ES, but also a lot slower.
Notes:
1. FOMC? What the heck is that? Volume dries out because of it?
2. Very choppy at the high of the day
3. This is where having a cheaper broker helps (at least cheaper than TOS...sucks )
In case you are not aware of it, check the news calendar daily Economic Calendar - Bloomberg , which is good for the US session.
FOMC meeting announcement concerns interest rates which will directly influence buying and selling in the Treasuries. It was quiet yesterday because no major players are going to be interested in entering new positions on the morning before the important news. The FOMC announces interest rates eight times a year. You also have the Statement which focusses on the Fed's views for the future, and the press conference half an hour later which can also move the market dramatically.
Started late, had to deal with choppiness, got to call it quit for the day. Bias bullish for the day, tried to go long couple of times toward the end but didn't work.
Notes:
1. Wanted to start the day with a bang, got 4 contracts which is BAD. It turned out a winner, which is more BAD. Should have stayed discipline and get 1 contract as usual. Will try to say "DON'T BE STUPID" before starting the day and keep loser SMALL.
2. ZN moves slow, this could confuse my thinking, because my strategy requires fast movement and cut loser fast w/o mercy.
3. I noticed ZN moves great at the open these couple of days, which is way too early for mountain time (6:15am).
4. Now the question is, how to make the winner runs, because losers + fees=bankruptcy. I THINK I have the losers under control. Will take a lot of experimenting for the winners.
5. I will keep trading ZN for now and see if my thinking then is the same as now.
)