Well there is your explanation.
An Attempt to Learn How to Trade Consistently and Profitably
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Felt obliged to stop by and offer some advice. Given your approach and intelligence at a young age, you will crack this. I'm confident you will make money.
For now, demo trade or trade with such small funds that losses don't hurt you. You are pissing money away because you haven't cracked the code yet. I can also see the emotional exits on your trades, some of which could have been easy wins.
Invest the money that you are freely wasting in index funds or single stocks until you can look at the market and know with a high degree of confidence where it's going. You will see a lot of angry and upset folks claiming it's impossible on forums. It's more than possible.
Good luck..
For now, demo trade or trade with such small funds that losses don't hurt you. You are pissing money away because you haven't cracked the code yet. I can also see the emotional exits on your trades, some of which could have been easy wins.
Invest the money that you are freely wasting in index funds or single stocks until you can look at the market and know with a high degree of confidence where it's going. You will see a lot of angry and upset folks claiming it's impossible on forums. It's more than possible.
Good luck..
SUMMARY:
01/19/2021
REAL TRADING SESSION
TRADES: 3(LONG) + 0(SHORT)
Winners: 3
Losers: 0
-----------------------------------------------------------------------------------------------
NEWS:
-----------------------------------------------------------------------------------------------
GAMEPLAN:
MARKET STRUCTURE:
PERFORMANCE:
LEGEND: BLUE IS LONG & PINK IS SHORT
Understood my plan, and executed based on what I thought, 1st trade is in my game plan.
2nd leg(2nd trade) I expected more of a move, but exited based on momentum.
3rd trade expected the trend to continue but looks like it actually touched the lows(expected retrace to the lows, without price touching the lows, then a blast towards highs again). The plan is the plan and I executed my 3rd trade how I expected it to perform. So no sweat.
Didn't expect the rally today(that is to say I didn't know there would be one but expected there to be one) to happen so quickly, expected more consolidation since this is the high.
Anyways I gotta dip, was looking at my statistics class and some guy said "quiz today?" Well I don't know if there is one but I gotta hedge my grade from a drop, so I'm going study for this.
01/19/2021
REAL TRADING SESSION
TRADES: 3(LONG) + 0(SHORT)
Winners: 3
Losers: 0
-----------------------------------------------------------------------------------------------
NEWS:
- INAUGURATION
- TOP 5 SPY EARNINGS SOON
- VOLATILITY:
VIX: -4.3
25 Delta RR: ?
1-3m ATM Calendar: ?
3-6m ATM Calendar: ?
25 Delta RR: ?
1-3m ATM Calendar: ?
3-6m ATM Calendar: ?
- INDICES:
NIKKEI: -0.47
FTSE100: ?
DAX: ?
STOXX50: ?
FTSE100: ?
DAX: ?
STOXX50: ?
- METALS:
GOLD: +1.05
SILVER: +0.71
COPPER: -0.07
SILVER: +0.71
COPPER: -0.07
- OILS:
CRUDE OIL: +1.28
- INTEREST:
10Y TREASURY: -0.05
- CURRENCIES:
USD/JPY: -0.16
- INDEX MAKEUP(TOP 5):
AAPL: +0.81
MSFT: +0.69
AMZN: +1.93
FB: +2.75
GOOGL: +2.05
TSLA: +1.62
MSFT: +0.69
AMZN: +1.93
FB: +2.75
GOOGL: +2.05
TSLA: +1.62
GAMEPLAN:
MARKET STRUCTURE:
- POSITIVE OUTLOOK, Expecting touch and retrace of SPY high of 381.49
- Given that, wait for proper trend/ market structure in favor of bias
PERFORMANCE:
LEGEND: BLUE IS LONG & PINK IS SHORT
Understood my plan, and executed based on what I thought, 1st trade is in my game plan.
2nd leg(2nd trade) I expected more of a move, but exited based on momentum.
3rd trade expected the trend to continue but looks like it actually touched the lows(expected retrace to the lows, without price touching the lows, then a blast towards highs again). The plan is the plan and I executed my 3rd trade how I expected it to perform. So no sweat.
Didn't expect the rally today(that is to say I didn't know there would be one but expected there to be one) to happen so quickly, expected more consolidation since this is the high.
Anyways I gotta dip, was looking at my statistics class and some guy said "quiz today?" Well I don't know if there is one but I gotta hedge my grade from a drop, so I'm going study for this.
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Thanks, I appreciate it. I really am trying to perform in this area. So your words & thoughts are appreciated
.@attempt
This is what a Senior Trader wants to see from his Junior.
It doesn't really matter how well you've traded since you're still at the very beginning. However, the fact that you write down your daily journal everyday is something that's gonna be huge for you someday.
Also, don't forget to write down what worked well for you. A lot of people just focus on bashing themselves, but that doesn't help in the long run. You gotta find something that works for you and you will find it sooner if you write that down on a daily basis.
Now start to look at your list of assets you write down on a daily basis.
There is a reason why you note this everyday: To learn correlations. These can help you big time to structure trades and find direction, also intraday. Breaking correlations show you changes in sentiment before prices even react.
Right at the moment the most crowded trade in the world is short USD. Some sell it against other currencies, but most go into equities. This means ->Dollar down, other assets up.
USDJPY is down, crude is up, Gold is up, Silver is up, Treasuries are down.
So why didn't you expect a rally today? The entire market is risk on.
This is what a Senior Trader wants to see from his Junior.
It doesn't really matter how well you've traded since you're still at the very beginning. However, the fact that you write down your daily journal everyday is something that's gonna be huge for you someday.
Also, don't forget to write down what worked well for you. A lot of people just focus on bashing themselves, but that doesn't help in the long run. You gotta find something that works for you and you will find it sooner if you write that down on a daily basis.
Now start to look at your list of assets you write down on a daily basis.
There is a reason why you note this everyday: To learn correlations. These can help you big time to structure trades and find direction, also intraday. Breaking correlations show you changes in sentiment before prices even react.
Right at the moment the most crowded trade in the world is short USD. Some sell it against other currencies, but most go into equities. This means ->Dollar down, other assets up.
USDJPY is down, crude is up, Gold is up, Silver is up, Treasuries are down.
So why didn't you expect a rally today? The entire market is risk on.
I did expect a rally. I think I worded it weird, I meant that I expect a rally, but I didn't expect it to start off so strong at the beginning. I expected early consolidation near the highs then a blast to the highs.
I am starting to see a bit of correlation with some markets. I think I may split screen real estate soon. For now I will focus on 1 instrument along with SPY to see them correlate together. I am looking at VIX and SPY at the moment and have noticed some subtilties, this is what I meant yesterday when I said I noticed some price action that goes along with the two. I will add one instrument per week, so I can find subtilties like this week. I only have a laptop to trade, so I don't have screen real estate. I also started looking at some daily charts for all the other instruments yesterday . I can't find FTSE, DAX, or STOXX futures/index on my platform, although that isn't a problem it is just a hinderance to go to a website to view.
I appreciate the guidance, @MrMuppet and everyone here.
Forget the VIX for the moment until you learn more about options and how the VIX is constructed.
VIX is a derivative of a derivative of an index.
Rather look at the USDJPY as a proxy for the USD - or the DXY if you get the quotes for it - then add the other markets to the mix. Use finviz.com for your premarket prep. It shows the futures
Duly noted. Can you point to any information/resources regarding USD/JPY or currencies in general. I may be spreading myself to thin with regards to time by trying to learn to much, since I currently have university/options at this moment. But I do not want to blindly see correlations but start understanding maybe economies/nations and their interest.
USDJPY is traditionally used for carry trading because YEN rates have been at zero for a long time. Now that rates everywhere are low, you can also watch EURUSD for example.
It's imperative to acknowledge that the only thing you want to watch is the USD. Is it weak or is it strong? I found the USDJPY always appealing since the USD is the base currency here and it's easier to read for me. USD down means the ladder goes down, not up as in the EURUSD
It's imperative to acknowledge that the only thing you want to watch is the USD. Is it weak or is it strong? I found the USDJPY always appealing since the USD is the base currency here and it's easier to read for me. USD down means the ladder goes down, not up as in the EURUSD
And make sure you know potential support/resistance, if only to reinforce the other aspects of your plan.