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I'm starting this journal to become a professional level trader. I have been trading stocks for ~10 years with success (probably with the help of a little wind at my back) but I am new to futures trading. Prior to funding/trading a futures account I need to:
1. Test my methodology. Verify/discovery edge.
2. Correct personal behavior that seems problematic for trading. I will be focusing on PATIENCE and INTENT for now.
3. Learn.
At this point I have no idea whether or not my methodology is profitable in the futures markets. I assume it's not so I will be paper trading to tinker with my methodology for now. I also need to learn my thinkorswim platform. I have never used it to trade a futures contract.
I just finished my trade plan which hopefully spells out an edge. I divided it into three sections: 1. Principles, 2. Methodology, 3. Risk Management. The principles are to guide methodology and risk management. This is a work in progress and will be tinkered with as I learn.
I want to say THANKS to Big Mike for creating this forum. I have been using it for a couple of years now and have learned a great deal from all the traders out there. This website has been an INCREDIBLE resource and because of that I recently (and gladly) ponied up the $100 for elite membership. I also want to thank all the traders who have shared what they have learned. There is some pretty awesome information here. Maybe one day I'll have something insightful to add!
I paper traded the ES during NY session from beginning to end today. My goal these days is to test my methodology and discretion in a moving market. I am also learning how to use the thinkorswim platform for futures trading.
I was able to bag 41 ticks of a rally at the open. Support had formed at 2582.75. I was comfortable putting in an order near the support for easy risk management.
But then I was quick to fade the rally for the day and lost 21 ticks. That was a pretty strong rally that busted resistance at 2596.75. I probably should have been looking for another long.
It looked like ES had put up resistance at just under 2610 so I looked for a spot to go short. I picked up another 41 ticks.
At just after Noon I figured I would try the same trade again. It didn't work out the second time. I was stopped out for a 16 tick loss.
+45 ticks on the day. The last trade was a little careless. Not as much thought went into the entry. Will try to focus better at the end of the day or stop trading.
"It is a man's ego that keeps him coming back into Wall Street in spite of his losses. He will not admit to himself that he is licked. Rarely does it occur to him that while persistence is a virtue, failure to improve his method of procedure delays his final success." Richard Wyckoff
Nice positive trades for the first day! Keep it going!
As a fellow TOS user, I'm about 6-months into true controlled (meaning serious) sim trading with TOS. If you end up scalping, then their commissions kill you. It is very hard to keep ahead with break evens or losses with their high round trip commissions. Shortly I will be transferring to a fully funded account elsewhere that is specific to futures trading and high volume trades with smaller reasonable commissions. TOS is a nice platform but I've found I'm basically wasting my training time with the high commissions (even in Sim) and the filtered data.
Just an FYI that when it gets real, you'll probably end up moving to another platform, broker and system. Please don't take this as a negative. I actually like TOS, just their futures costs eat away at the potential p/l.
I entered a little early because I thought the momentum seemed good. I was stopped out. I would have been stopped out if I entered perfectly. So the early entry cost a few extra dollars.