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11/3/2011
thursday
8 trades
+$265
the day started off , typical , as of lately.Ive been focussing , on , looking to trade with the trend, and be patient, and try to get runners.Ive had quite a few go 9 or 10 ticks, and then to be.Thats no fun, for anyone.I brought back the 8 range, with only a macd , and candles, as my longer range ch.I still use the 4 range for entries.Some consider the 4 range to be too noisy, but i prefer to see this, because its info i like to have.When the 4 range is moving well, there is a distinct difference, compared to when it gets wippy.Today, it felt like a light definately went on.The 8 range is really telling me my trend, and higher highs, lower lows etc.I use the macd , for direction, on both charts.Im never happy, getting 1 trade a day, but i know, if thats what the market gives, so be it.I also know, that, the market changes every day, and todays activity, has little to do with tomorrow.The entry method i am adhering to, is logical, and both time frames need to bein line with each other.This isnt the first time ive been optimistic.So tomorrow, i will show up, with my cautious optimism, and just go to work
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friday
hah!!
so much for that light!got my ase kicked today.Max drawdown of $250 hit.Kept simulating, and managed to lighten my loss from $470 to $300.This is still all sim, otherwise i would have stopped at 250 for sure.One of those days, where it just wasnt working for me.Price would go +10, and stop me at be.Had a few of those, along with a bunch of stops.Ive stepped up my backtesting, going back into sept,being careful not to over react, and also being careful not to burn out.We are definately in grind mode, and this is typically where i reach a new level.Like i said, i dont want to get too crazy, because getting burned out is not productive.
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11/7/2011
11 trades
-$270
max loss limit, definately wasnt necessary.I always stop trading at 1030, because the cl tends to get slow, and today was no exception.A good part of this was just before 11, silly me.Nevertheless, no excuses.Some decent trades today, which i cut off for small gains.The real issue , i think, is i just have to be more selective with my macd crosses.The good ones typically have some type of divergence, and are pretty obvious.The bad ones are sloppy, with small range, which indicates chop.Listened to rays trading room in the am, nice job ray.
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11/9/2011
wed
2 trades
-$50
i instituted a max 3 trade a day rule for now.I just found myself getting careless.Also, my atm will be sl 8 ticks, target 10 ticks.Lately. ive had too many go 10, and come back on me.I would like to get back to the green side again, we will see.Im not lookin to make any big changes at this point.....just stay disciplined...stay the course...stay patient
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I just wanted to say great job with the journal, great job with posting consistently, and sharing your thoughts.
A few questions, if you don't mind..
How do you grade yourself, say for instance in the last month or two? Can you name three or four of your strengths? What about weaknesses, have you identified them? Do you have specific plans or goals that you focus on each day?
thanks Mike.
the last 2 months, i have really gone underground, stepping up focus, and hard work.The amazing thing, is after simming for almost ayear, i am literally looking at the setup i learned in july of 2010. This is probably my third time with it.The difference is, how i use the macd, and price action.It really amazes me, that after all this time, i can learn something new about how to use an indicator that ive using for years.I guess it is just realization.It was there the whole time, i just didnt see it.The last week has been tough, and i had some down days.I think, what i am coming to realize, is, no matter what method i use, there are going to be good and bad days.I have been trying to dial in very specifically, how to take entries..In the end , nothing is ever perfect.I have been trading the cl from 9 to 10:30 eastern, and getting off the computer.Typically, i will go out to get some exercise, which really helps me.At some point later in the day, i will do the market replay for todays am session, and typically another day in the past.This is the work i was speaking of.I feel an urgency lately, and i want to get to the next level.I think my weaknesses are typical.Just mental noise, and frustration.I realize this, and make an effort to tune it out..exercise does the trick.Even though this past week was tough, i feel progress has been made.My major stength, is just to realize that this is very hard(imo), and to not beat myself up too much.Whether an entry fails,or succeeds, i quickly assess, if it was a valid entry, and, if there was a better spot to enter , or exit.Months ago ,my focus was jsut not good enough.Now, its a constant process of looking forward, and assessing , if the markets behave a certain way, might i have an entry, or not.My posting did slack off a bit, as i was really just focussing on the routine, and trying to progress.I will say , lately, i have been having thoughts like"man this is taking a long time".My wife asks me how it is goinig, and i say its ok, but no to cash yet.There is a bit of frustration there, but , there is no place for frustration here.I do my best just to stay focussed and push it out.I will start posting pics soon.,also.My goal is simple: continue with the work, and work intelligently...dont waste time.Stay focussed , and progress to the next level, which , will be going live, and holding my own.Thankfully i have my two kids to occupy me in the afternoons, and i really make an effort, to focus on them in the moment, and forget about trading!Thanks again Mike
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11/11/2011
took a much needed break, on the bank holiday this friday.The stepped up effort , which i have been pushing for a while, does come at a price.Not to sound overly dramatic, but being burned out is not productive.The litle signs, like being weary, and having a not so great attititude, have to be noticed.Also, the world market has been so noisy, for a while.This has its effect too.I need to pay attention to the long term also, and there is alot going on in the world right now.As far as daytrading goes, its relatively straight forward.Show up every day, focus on the method, trade correctly, and shut the computer off. i trade the cl from 9 to 10:30 eastern, and , the computer goes off, until i do my review, and replay at the end of the day.I also try to replay a previous day, just to drill the stuff into my head, so it is 2nd nature.This makes it easier to focus, because most of the time, there is no trade.The work lies in waiting for the setup.As the days go by, the setups are just easier to see, because of the constant practice.I just pick the best ones.This brings up an interesting thought....imo, i think most traders fail for 2 reasons...1st, most probably cash out before they have any idea whats goin on.Ive heard successful traders say, that they just lasted long enough to understand , what they need to be looking for, and what to stay away from.2nd, and this i feel is just as important:Trading correctly, requires alot of practice , imo.I try to spend the most focus, on the areas i need to get better in.The cl is very fast, at times, so i have my stop limit buy or sell orders in, far from the market.then i click and drag it down, and stay ready to left click when the trade presents itself.At the end of the day, i have a huge amt of cancelled orders, which is fine.Months ago , i found that, i wasnt able to keep up with the cl, but now, its rarely a problem.So, i guess what my point is, is putting in 12 hours a day doesnt really make a difference, if we are not working on the areas that we are weak in...there are plenty of traders out there who work very hard, that are not profitable.The only way, imo, is to practice this in simulation, until it is working.We all know, that being profitable in sim, is fine, but there is typically an adjustment when going live.Besides , why would anyone want to give away hard earned $, when they dont know what they r doing?Look at jet pilots.they dont just get into a multi million dollar plane.They simulate, for many hours.
just some random thoughts
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Having gone down the 12-14 hour days 6 days a week for almost two years, I can tell you there is a law of diminishing returns. Fatigue, disappointment, holy grail hunting, odd looks from your family, it all takes a toll on you.
If I had it to do all over again, I'd focus 100% on my set ups and the patience it takes to see those manifest in the market for 3 hours a day, then just walk away. Looking back, I did the 100% focus thing and then as the day went by, my focus/patience wore thin and I started looking for other systems/method to trade. That was extremely counter productive.
This last week I was in a class with a 20 yr floor trader who said his income would have increased exponentially had he walked away after two hours every day.
I guess what I am saying is this: From where I am sitting, it appears that the path to success could look like this; work hard for 2-3 hours and then quit. I think this is especially true if you are NOT changing your charts every other day. As long as those hours are spent becoming an expert in one system, its fine. If not, then its all a waste of time.
Just some thoughts regarding your last couple of posts. Ignore them if they don't make sense.
Cheers.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
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PandaWarrior, i couldnt have said it better myself,i tried!!
The realizations are slow in coming, and there are times, usually away from the charts, when they slowly arrive......very mental! thanks for the reply
11/14/2011
monday
rollover , jan contract at about 40%
2 trades, +$10 net
i passed on the 1st entry, wasnt liking the price action, seemed really slow and macd a little sloggy
#1.could have gotten a better entry, would have failed anyway.wasnt thrilled about the macd just to the left, as we really needed to get below that.-8
#2this had a tripledverg macd , and a h&s formation at a pivot.+10
had some setups, as the pictures note, however, i am not so enthusiastic, with the vol so split
So, we are sticking with this setup...the macd cross, i have a maximum trade limit of 3 trades/day
also, a max drawdown of $250, which is basically 3 losers in a row.
my simple strategy is:8 tick stop loss/8 tick goal
very simple, get profiscient with this, prove again, that i have the discipline and self control to adhere to 3 trades a day...3 weeks green in sim in a row allows me to go live
then, build acct slowly, and eventually go to 2 contracts, which enables me to have 1 for a possible runner, or keep same atm strategy.we will worry about that when the time comes.
