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Used PT/SL @4/6 (adjust SL to -3 after a 3-tick move) in the afternoon. Did only 3 1-contract trades. Enclosed 3 ellipses were the ones I missed. What happened?
1st ellipse: I was thinking if it's too early (still before 2:00 pm) to do a real trade esp after a baby loser.
2nd & 3rd ellipses: Experienced technical issues incl frozen screens and disappearance of the DOM.
Got kicked out after 3:30 pm and I decide to end the day.
Official record: -9 ticks before commission for 20 1-contract trades.
Another lesson learned: Very important to respect ADX ideally Green 25 or more (at least close to 25 with most indicators align with the trade).
Post-Trading Insight: Not sure if it's only today esp in the afternoon, most trades got 3-4 ticks and reversed. Morning is better .. Well, is it just me ..
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
Can you help answer these questions from other members on NexusFi?
Yes, I know .. it's not the end of the week oooooo.
Since I am now trading TF, I don't see the point of keeping the ES 5-minute CCI chart. Am now officially annoucing its retirement UFN .. smile .. For the revised trading platform, I will have the following starting tomorrow:
1. TF
a. 4-Range
b. 3-Range (For an early warning to exit. It's better to get 2-3 ticks compare to losing 2-3!!)
2. ES
a. 4-Range
b. 30-Minute Market Profile
Plan to take a break from the trading station until later tonight.
No of Trades: 4 1-contract trades (3 winners and 1 loser)
No of Ticks: 6 before commission
2. Real Trade Log
1 1-contract trade: -6 ticks before commission
Note: It's highlighted in an ellipse. I entered after its breaking 612.8 (where it stopped twice earlier). Did not have the strength to hit 4 ticks before reversing up. It's my plan that if the first real trade was a losing one, I will wait for another day. That's the way to preserve precious capital and survive. If I have more bullets in my pocket (ie have winning ticks from former trades), I may choose to do one more trade.
Lesson learned (to be confirmed):
Notice the two blue lines specifying potential Long and Short entries (1 tick above or below HH/LL). I've been checking IF there's any important price reference point in the neighborhood before placing a trade. It may NOT be appropriate as I should focus on just the 5 bars and EMA lines + the ones stated on Method 1. Certainly S/R to confirm enough room for a trade. I may have checked too many additional things that could have crowded my judgment + causing reluctance. I'm not 100% certain at this point on how to go forward!
Emotion:
Having a losing trade (live) is not comforting. Yet I've learned that as long as I'm mostly Green most of the time, a few pinky ones are acceptable LOL!
Am officially done with both sim and real trades for today. I plan to do some non-trading things as a change. I have an urge to start preparing some "gratitude" cards/notes to my family and friends. I consider myself very lucky to have met many friends (all over the world) who helped (in different ways) moulding who I am right now. Certainly my siblings and Nelson too. Let me start with the family .. smile ..
Confession: I am upset that Nelson's new employer has not been treating him fairly. Over 2 months of hardwork (average 10 hours/day on the road Mon to Sat + giving complimentary advice/guidance to their operation flow/customer service team etc) and he has not been paid for the 20+ deals he closed. After my constant pushing, he got another $575 cheque yesterday. No one can survive with less than $1,300 for 2+ months not to mention the gas spent on running the car.
To switch back to a healthier mood, I believe designing/sending out gratitude cards/notes will soothe my psyche.
Initial Balance: 1081.75 - 1070.50 (11.25 points) Value Area as at 11:00 am: 1081.50 - 1077.00 - 1074.00 (7.50 points)
Price opened @1071.25
Today's High and Low as at 11:00 am: 1083.75 - 1070.50
VPOCs: Top 1090.50 and Bottom 1039.50 Overnight High and Low: 1087.50 and 1070.50
Considering the 13+ points drop overnight, Mr Market has been working very hard to climb back up (getting close to yesterday's Close @1084.75). I'm bear bias and will not surprise me if it switches gear and go the other direction.
I completely understand your feeling about Nelson's employer. I don't think the word FAIR fits into the vocabulary of employers. I would say if the employer is not going to pay then there really isn't any reason for Nelson to work so hard. Why do it for free? Maybe it's time to look for a new new employer.
You can share whatever you want to share. This is your journal.
David
The following user says Thank You to David_R for this post:
If Nelson is going to look for a new employer, he may as well stay as home and learn how to trade. If yes, I will withdraw most of my savings to sponsor him!
Back in Mar, I encouraged him to leave his employer of 5 years as he had been talking about folding the office + no leads for 2 months. The "first" new employer was not a honest businessman (we found out from different scam blogs) and he also owed Nelson 50% salaries. Then the present one ("second" new employer in 4 months) .. seems worst of all as he does not pay .. sigh ..
Site Administrator Swing Trader Data Scientist & DevOps
Experience: Advanced
Platform: Custom solution
Broker: Collect them all
Trading: Equities, Futures & Crypto
Posts: 49,980 since Jun 2009
Thanks Given: 32,954
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Beth,
That is very nice of you
As for 'sharing too much too often', I hope you are not reaching this conclusion by the recent lack of replies to your posts. First, you need to remember the journal was to help you first and foremost, right? The pattern you are in of sharing your thoughts, formulating your plan and your wording for each post, this is something that has brought about positive change in your trading. Think twice before altering it. Second, don't judge a book by its cover, right? I mean that it's just "the norm", unfortunately, that the majority of people read but do not write. There are far more people that read books on Amazon.com than who author them. Your thread is popular on the site, that means that a great deal of people are reading it and are learning from it, and have a lot of interest in continuing to see your development.
Site Administrator Swing Trader Data Scientist & DevOps
Experience: Advanced
Platform: Custom solution
Broker: Collect them all
Trading: Equities, Futures & Crypto
Posts: 49,980 since Jun 2009
Thanks Given: 32,954
Thanks Received: 100,942
Life is not always fair. I don't know your financial situation, so I will just assume 'averages'. I would caution against Nelson not having a full-time career and instead focusing on trading, especially being funded by savings. Your heart is in the right place, but it is not a sound business decision.
Let's say that you decided to open up a Bicycle shop in town. Lots of time, money, blood, sweat and tears have gone into it. Most businesses fail within the first 2 years. Those that survive may have extremely thin margins and not actual return a profit for many more years.
While following your dreams of opening a bicycle shop are admiral and should be encouraged if you have a well thought out plan, it would be unwise to have Nelson start his own business from scratch, say a Club/Bar, because now you are both very highly exposed to a great deal of risk.
Trading is all about risk. Life sometimes is too. You need the right amount of it. I strongly encourage you to have some sort of outside income until you have six months to a year of sufficient, consistent, trading profits. In trading, just like many businesses, it is not enough to want something more than you want anything else. You must also do many other things correctly, in fact you must not only do them correctly, but must do them better than a large number of your peers in order to be successful.
I think you are making great headway in your trading. I know Nelson is not happy with the situation, and neither are you. But you cannot force things, and you can't rush or make impulsive decisions. You must make sound business decisions that give you the highest probabilities of long-term success.
In the end, you'll make the right decision that is best for you and Nelson
