I am trading in Sim the ES where the basis of my trading is Mack's price action trading teachings. He has a website and a youtube channel where he goes over the day. He lets you know where the good trades were and how he viewed the day. After I trade in sim I go watch his video to compare my thought process with his.
I've day traded off and on for about 5 years now both sim and live. I have been in two different trading rooms who both traded live and after the 2nd one I decided that a live traded room is not for me. I have busted one account and promised myself I would not go live again until I am profitable at least 12 consecutive weeks in a row and that I do not get excited when I enter a trade. What I mean by this is that by that point I have traded in sim for so long that I know every trade I am looking to take and the setups I am looking to take. When I enter a trade I am not nervous or excited because I know I am following my plan with discipline. By that point I will have tested my plan and trading style so thoroughly that I know what I must do to be profitable and I have proven for at least 12 consecutive weeks that I am profitable.
My goal is that within 5 years I will be making twice as much money day trading as I do at my day job so I can quit my day job and trade for a living.
Feel free to give your advice, comments and questions. If you feel that I could have done something better then please let me know. You'll see from my daily reviews that I have a long way to go. I look forward to interacting with this great community.
2-25-2013
I've been watching the Al Brooks video series and one thing that stuck out to me was always trade the way the institutions are trading. When you see big moves then get in on them. Reverse your position if you see a big move going against you to join in on the move. The institutions move the market and all you can do is hop along for the ride. I was doing more of the failed 2nd entries coming off of support/resistance which seemed to work out really well today. I think those work best in a channel when coming off one of the channel areas. I'm really going to start focusing on those b/c it seems that is where my big runners come from more so than the 2nd entry trades.
Trade 1: 2nd (3rd) entry long off of the EMA.
Trade 2: 2nd (3rd) entry long off of the lower trend channel after I missed the first trade
Trade 3: Retest of support turned resistance. What I thought it was at the time was a failed 2nd entry long so I took the short thinking price was headed to the lower channel.
Trade 4: 2nd entry failed short. I went long and should have dropped my order one tick above the lows. I would have gotten filled and had a 3+ point runner. It is okay to miss a trade to try and get a better entry. If I had done this a 3 point loss would have been a 4+ point winner. I did call that it was headed higher after the failed 2nd entry short.
Trade 5: 2nd entry long. This is just a horrible trade. No two ways around it. Price was coming off the upper trend channel, no reason to take this trade. For some reason I convinced myself that price was going up out of the channel.
Trade 6: Failed 2nd entry long off of upper trend channel.
Trade 7: Failed 2nd entry long off of upper trend channel. I figured price was headed down again at least to the lows of the day so after price broke the failed 2nd entry long I hopped on board.
Trade 8: Failed 2nd entry long off of EMA. Figured price was headed to the lower channel band which it ended up doing.
Trade 9: 2nd entry long off of EMA. Figured price was headed to the upper trend channel.
Trade 10: 2nd entry long. Had a double bottom and figured I was only risking two points if I was filled to win 3+.
Trade 11: Failed 2nd entry short. Had a nice short trap with a 2nd entry short signal I thought could trap a lot of shorts. Not sure if this is a good trade. Do not think it is even though it worked out.