beat the market journal
- Thread starter trader198
- Start date
I admit I have not finished reading your thread but you really do need help.
#1) How big is your 401k?
#2)How much can you afford to lose?
3) Do you have a paying job?
4) Have you calculated your: cost of living+ trading expenses/account size?
5) You do know the answer to #4 is only your breakeven requirement.
My advice:
1) Concentrate on your career and improving income stream.
2) Buy an etf or combination of low fee etf's that match your risk profile.
3) papertrade with IB and first honestly analyze if you are profitable. Second identify what would have been the profits of a passive benchmark.
4) Only after you have beaten the passive benchmark consistently for about a year should you use real money trading.
Good luck because I doubt you will follow my advice.
account advanced to $5819.87
Amount change: $307.2
%change: 5.6%
trades: 9
today's trading is ruined by KERX. bought Kerx at the opening, it did not act as I expected. then let this trade influence me late trades. I saw all are flying high, but because of this early trade, I became cautious and let the market go to the moon without me. my morning strategy is buy the first morning dip (since we are in the bull run phase), it is perfectly right.
after I realized that, the market is way high, I think someone gets to take profit, shorted some thrusts, but a little bit too early on CRUDE (I saw several 1minute bar duration of red) , the covering point seems good, I should buy in those little pulbacks and go long (afraid of morning Kerx's similar experience, did not do any buy) .
looks the last short on QM/CL is exactly the right time, I did not see any red after I entered it, the problem is still cut profit too early, I should cover them at the latest support.
Amount change: $307.2
%change: 5.6%
trades: 9
today's trading is ruined by KERX. bought Kerx at the opening, it did not act as I expected. then let this trade influence me late trades. I saw all are flying high, but because of this early trade, I became cautious and let the market go to the moon without me. my morning strategy is buy the first morning dip (since we are in the bull run phase), it is perfectly right.
after I realized that, the market is way high, I think someone gets to take profit, shorted some thrusts, but a little bit too early on CRUDE (I saw several 1minute bar duration of red) , the covering point seems good, I should buy in those little pulbacks and go long (afraid of morning Kerx's similar experience, did not do any buy) .
looks the last short on QM/CL is exactly the right time, I did not see any red after I entered it, the problem is still cut profit too early, I should cover them at the latest support.
account advanced to $6043.27
Amount change: $214.2
%change: 3.6%
trades: 5
shorted CPBY in the pre-market, good timing, after the thrust, then down a little, toke profit too early.
saw Natural gas suddenly jump to 4.330, hesitated to short it, I will question myself " if I do not bet, how would I know it is a profitable trade or not"
saw Crude drop to last night support, afraid of new high, did not go long with crude. did several shorts on crude to test, realized those bastards want 87+ as their number, patiently wait for it to break through 87 and entered my short, a good short, but profit taking is totally wrong, I am still in the "thrust, leg down, then thrust" mode, the bull run fear drove me nuts, but in another way, I was locked into "too high" mode, even I know I should buy at late support.
morning session is done. I will start to trade around 1:00pm to see if there are highly good opportunities there.
things need work on:
1.see setup, must act, no hesitation
2.need agressively work on profit-taking, holding/riding the move
Amount change: $214.2
%change: 3.6%
trades: 5
shorted CPBY in the pre-market, good timing, after the thrust, then down a little, toke profit too early.
saw Natural gas suddenly jump to 4.330, hesitated to short it, I will question myself " if I do not bet, how would I know it is a profitable trade or not"
saw Crude drop to last night support, afraid of new high, did not go long with crude. did several shorts on crude to test, realized those bastards want 87+ as their number, patiently wait for it to break through 87 and entered my short, a good short, but profit taking is totally wrong, I am still in the "thrust, leg down, then thrust" mode, the bull run fear drove me nuts, but in another way, I was locked into "too high" mode, even I know I should buy at late support.
morning session is done. I will start to trade around 1:00pm to see if there are highly good opportunities there.
things need work on:
1.see setup, must act, no hesitation
2.need agressively work on profit-taking, holding/riding the move
account advanced to $6084.17
change:$96.4
I am testing hard stop. the hard stop makes me act slow (since I need know where to put stop loss, normally I use gut feeling to do trading when I have mental stop), I will use hard stop whatever, so far not used to it yet.
missed noon breakout on crude because I was exactly called off for lunch. then missed another trendline breakdown trade on cude before closing.
change:$96.4
I am testing hard stop. the hard stop makes me act slow (since I need know where to put stop loss, normally I use gut feeling to do trading when I have mental stop), I will use hard stop whatever, so far not used to it yet.
missed noon breakout on crude because I was exactly called off for lunch. then missed another trendline breakdown trade on cude before closing.