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Greetings. 2019 Trade Journal on the /CL.
This Journal is not LIVE Trading. Full disclosure. I am currently building capital for my live account. Have I had one in the past? Yes. Life before kids was great. I also had two boats and a nice gun collection and my own side business. I have always treated trading as a hobby. I am staring down retirement in 5 years and can't see myself going from my current occupation to corporate America. I will have a nice retirement income from my job and trading is a way to supplement the income.
Right now my platform is TOS. Its free paper trading but not good for futures. Options are great on TOS but not futures. But for now its free. I would like to move to Trade Station when the capital is ready. I'm sure there is a never ending pro con debate between Ninja and TS. I like TS.
Why the /CL? Not that I'm against trading other indices or commodities, it just works for me.
Contracts will be limited to no more than 2 at a time. As the account grows so can the risk. Daily target is $200
On days I have been able to trade in January I have come out on the green. I had been working on my rules and getting back into the mindset.
Indicators: I keep it simple Expo moving averages x 4 @9, 21, 34, 89, 200 and volume. 3 charts set to 1 day @ 350 ticks, 1500 ticks, and 2000 ticks.
I am starting the log from yesterday Feb. 1
Profit target for the day was $200 I squeaked out just over $400 before fees. Went long a position playing a pullback of the up trend to the 34 EMA on the 2000 tick chart. Let a winner be a winner and trailed a 10 tick stop. Not much more to say.
Over the last 30 days I've been doing a few things I did not do when I traded in the past.
First, is keeping a journal. I have found it is holding me accountable and putting my thoughts down in a log is helping me monday morning QB each trade.
Second, being very patient. 5 years ago I could not stand "sitting on my hands" and waiting. Patience is a virtue.
Third, be happy with a single victory. The market giveth and the market taketh away. I had a problem with taking a win and then looking to spike the football right away with another position. And more often than not I got chewed the fuck up. Now I take what the market gives.
Fourth, take every trade as that trade. What I mean is don't compare it to my last or second to last trade. The market profile changes. Hi's and Low's, support and resistance all could change between trades. One trade at a time.
Que the skin in the game comments. I know I've been there its different. But I'm not approaching this the same as I did and need to be comfortable with what I'm doing. Plus it allows me time to build a smart amount of capital before going live.
I will follow up future posts with screenshots highlighting the positions. Any input is welcome and I would also like to work with people trading the CL to compare strategies.
"You have enemies? Good. That means you've stood up for something, sometime in your life."
-Winston Churchill
Todays log starts out early. 0300 to be exact. Coffee computer and more coffee.
2 year old daughter quietly crawled into bed and kicked me awake. Since I was up so early and, its a paper account, I decided to try and take some scalps on pullbacks in an up trend. I don't do this. It do not like trading against trends. Some people can do it but it is not a tool in my toolbox.
The market taught me why I shouldn't do it. I was down big. $1000 or so big. So, after the failed trial run I went back to my method and was able to hit $240 which is 40 over my daily target. Every trade was two contracts. Scalps and all. I'm only covering the trades I used my rules on not the counter-trend trades.
I went short at 0854 at 54.58 pullback on a a downtrend and hit a 20 tick winner to 54.38. I could have managed this trade better and probably taken it for 20 more ticks or so. need to work on this. If I had not been screwing around this morning it would have been a $400 day before fees and tax and I would have been happy to reduce my market exposure and call it a winning day. But I'm still dialing in so I figured what the heck.
Second trade. It came within 1 or 2 ticks of my stop took forever to develop. I did not do a good job of reading this trade to make a good entry and I feel got lucky plain and simple. When I thought it was going bad I took what I could get and got out. I thought it was going to be a pullback but the market consolidated. Short at 54.13 and got paid at 53.97 $320 - fees and tax. Then the market decided to laugh at me and roll for another 60 ticks down.
Third trade went long at 53.97 and got stopped out at 53.88. I moved my stop up tight when I saw the market turn against me. Good thing cause market went long setting up my next trades. - $180 before fees and tax.
Fourth trade. I found a pullback to 34 EMA w/some support. Went long at 54.14 and hid my stop just below 200 EMA. Market kept re-testing the 34 ema at 34.31 so I decided to quit while I thought was ahead with 17 ticks ($340-TF) Of course market kept going.....
Final trade. Weak pull back in uptrend to the 21 EMA and went long 54.46. Took 11 ticks to 54.57 and then Market consolidated. ($220-TF).
Summary. 4 winners 1 loser. Way more trades than I like. But now's the time to learn. Had I not screwed around earlier I would have had a very profitable day.
I am going to try and get pics up but for now this will do.
"You have enemies? Good. That means you've stood up for something, sometime in your life."
-Winston Churchill
Woke up and found the CL dropping toward the 200 EMA on the 1500 and 2000 tick chart. Found a small pull back at 54.72 and took a short on 2 contracts. I took off 1 contract at 54.58 (+$140) and trailed the last contract. Took it out at 54.62(+$100).
Winner at $240
Second trade. 0800. Market was coming out of sideways action and starting a down trend. Took a 2 contract short at 54.21. Took profit on 1 contract at 54.07 14 ticks at @ $10=+$140. Trailed the last contract to 53.97. 24 tick @ $10 per=+$240.
Winner at $380
By now I am well above my $200 goal for the day.
Third trade. Watched the market start a small up trend at about 1045. Went long 2 contracts on a pull back. Entered at 54.56. My EMA's were all tight together and my gut told me to take off some risk. Sold one contract at 54.63 for $70 profit. The trend reversed on me and went through the support and my stop at the 89 EMA. -$140.
Loser -$70
Learning point from the loser. The position I took when my EMA's were tighter together. 4 of them within 12 ticks. The trend wasn't showing a strong push and maybe I thought I was getting in a rock bottom on the up move. But the pull backs were higher lows but very strong when they pulled back. Something to look for in the future.
Account start for today 5240+$550=$5790 up just over 15%. Risk is now $290 or 5%
"You have enemies? Good. That means you've stood up for something, sometime in your life."
-Winston Churchill
Started the day taking a short (2 Con @ 53.21) but the move worked against me An I was stopped for an 11 tick loser. I was in the trade and saw volume come in but it didn’t support the move in my direction. I saw this and should have been happy with 5 ticks in my direction but I hung in there like a noob and got stopped. Stop is green dashed line.
Loser -$220
Second trade. With the market immediately getting legs after stopping me out I waited for price to get long above a previous high. It did and I took a long position (2 Contract @53.43). I took off the trade with 6 ticks of profit @ 53.49 when it felt like the trade had stalled. I didn’t want a repeat of my last one.
Winner +$120
Third trade. Looking for a quick scalp and what I saw as a little pullback on a up-trend. Long 2 Contracts at 53.54 and took a 5 tick profit for a safe win at 53.59.
Winner +$100. Back to break even for the day
I had to go to work and I was happy to be back break even. On the first trade I wasn’t patient for the move to get the momentum. I tried to anticipate the direction and should have gotten out with the 5 or 6 ticks it was moving in my direction before it turned against me.
As for the following small scalps I felt I was on the right side of the move in the market but was content with the small gains to bolster confidence.
"You have enemies? Good. That means you've stood up for something, sometime in your life."
-Winston Churchill
After hours session. Took one position for a 5 tick winner on 2 contracts going short. Not much more than that. +$100 for the day.
Account total is now $5890. Risk is 5% or about $300
"You have enemies? Good. That means you've stood up for something, sometime in your life."
-Winston Churchill
