Awash's Journal

Quote from Fast_Trader:

I certainly with you luck, but trading successfully shouldn't be just luck.

Regarding your discipline, are you sure that your plan is a good idea? I mean, trading requires a free-flowing mind. I'm not sure limiting yourself to trading particular times; or number of trades will help. Discipline is entering a position off your signal, and then if/when you see conditions change, you get out. Getting in on time requires as much discipline as getting out.

Think about it. Look at some of other traders who are successful, like NihabaAshi or AMT. AMT is by far the most successful trader I know on ET. I think that's because he trades free; with no boundries!

-Fast
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nice post.
i think any novist, note i am not saying anyone here is should develop one or two solid set ups and solely trade those, even if they do not occur daily, and only a few times a month. then one can build up capitol and add one or two more set ups.
 
Quote from pirolmaniac:

hey this is my first post here on this site.

my question is what kind of layout or workspace are you using? how many charts do you have going at once? studies you use? indicators etc?
what time frames are you using also? aside from the 3min.

are you following other markets as well? if so do they correlate or what happens if there is a divergence?


how would you describe your style of trading?

i was able to get a small scalp today, not much +1.25 total. but i was away most of the afternoon when i saw after the fact my setups had occurred.
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Pirolmaniac,

I'm going to reply to your first post! Since you have several questions I decided to post a temporary image of my screen setup at http://home.houston.rr.com/aarondwashington/ That image will answer all your questions.

I don't track other markets (e.g. debt market, currency market or individual stocks). I just track stock index futures, NQ & ES and watch the corresponding cash indices; $DJI, $COMPX, $SPX.X and $NDX.X

Since I don't have much experience live trading I can't really answer your question about my trading style. Let's just say I'm developing my style, learning to be discipline and focusing on what's important. My journal reflects my particular methodology.

via private message you wrote

Quote from pirolmaniac:


Question.
you said if i read correctly you are playing your reversals differently utilizing trendlines, did you want to elaborate on this? i tried posting this as a question but i couldn't post for some reason?
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This is a good question but I don't have time to elaborate. Sometime over the next day or two I will explain my strategy with this setup. If I don't please remind me.
 
Quote from Awash:

Wasn't able to really get anything going today. A lot of signals late morning and in the noon session but I didn't act on any. Stopped early today because I couldn't make quick decisions.
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Awash, are you still in the #FT chat every day? If so, I would recommend you try trading without the chat one day. I know the chat room is great and has some PRO traders, but it's also a distraction. Just try it for one day and post back.

-Fast
 
Executed early on but trades were via simulator. Wasn’t able to get much going later in the session.

Trade#1 – (Live) Tried avoiding the multi-hour ranging as I’ve seen this pattern several times in the past. However, I wanted to push the envelope on this trade, I was hoping we would have a repeat from Monday’s session 2/2/2004 a late session sell-off.
*Short 1139.25 - 14:39 EST Stop: 1143.25 Target:
*Cover 1140.25 - 16:10 EST [ P/L: - 1 ]
 

Attachments

No trades today. I was able to stay disciplined and not play in the tight range and chop early on. However, I didn’t execute on some entry signals in the afternoon session.

For the remainder of February I want to focus on discipline and placing trades. Discipline encompasses a lot more than I can explain in this one post. Nevertheless, most of you know what I’m saying.

In addition to practicing strict discipline I want to execute trades, and limit the number of missed signals. I will be selective on most trades but overall my objective will be to enter the market.
 

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Quote from Fast_Trader:

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………..I'm not sure limiting yourself to trading particular times; or number of trades will help.

-Fast
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Fast

You’re right! If market conditions permit I plan to execute more trades whether early on or later in the session. However, I will not be as aggressive as most traders I know but rather take a conservative approach and select good signals.

Quote from Fast_Trader:

Awash, are you still in the #FT chat every day? If so, I would recommend you try trading without the chat one day. I know the chat room is great and has some PRO traders, but it's also a distraction. Just try it for one day and post back.

-Fast
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As to your recommendation regarding #FuturesTrades room, I don’t think it’s a distraction and it hasn’t impeded my progress thus far. Initially, when I commented about not being able to get anything going on Thu 2/5/04, it was a result of my overall lack of confidence. That particular day I talked myself out of each trade and just didn’t execute. Surely you’re knowledgeable of the psychological aspects of trading and how it can impact and hinder a trader. And that’s what I was experiencing that particular day.

I know my system and I’m confident in my strategy. I will make necessary adjustments to my strategy and setups as I trade live contracts from here on out. Now, in the words of AMT4SWA, all I have to do now is “swing the bat and take baby steps”.

As usual, whatever happens wish me the best and keep posting. I’m also enjoying your journal and wish you success too.

Thanks again and sorry for the late reply!
 
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