blu , when a mrkt is in rally mode, especially now with overhanging tornados and hurricanes,3 days is a long rally so look for a pullback, you should b drawin trendlines,start with major,1 yr chart, then 3 mo, then last move since jan 23 then work your way down to 20 min for 4 days,then 5 min for last 2 hrs, you will have the 5 min range,if we break either tl ,you will see next support or res on your 20 min line,then 1 month line then 3 month line then overall res on 1 yr line, when it nears a line and the momentum starts to wane you enter at .50cents better than line, example line is 1380, you put in offer at 79.5, on dow just offer at the line it usually blows by for a few points then expect a reversal,if it doesnt happen you have a stop in a few ticks or points above the line, this will give you a sense of what the mrkt is doing, how it rises and falls, why it does,where it does,and when u should enter and exit, u still wont know how to trade but at least u will enter and exit at favorable spots and have a chance to make a profit while u are learning the art of execution of orders,timing ,discipline and losing with confidence, winning with grace, it will put the mrkt within a small picture frame, easier to understand.
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Blubaru's Trading Journal
- Thread starter Blubaru_555
- Start date
ammo, thanks for the advice, i really appreciate it
Today i stayed away from the Dow again. I don't know if it's struck fear in me, or just because I'm looking for some regularity im simply not seeing. Took 1 long contract before 10am, got out when it looked bad with a 4pt loss. I traded gold until lunch time, then just watched the market do it's thing.
1 Long YM lost 4pts.
4 trades in gold, made 3.2 or so.
+281 today
Today i stayed away from the Dow again. I don't know if it's struck fear in me, or just because I'm looking for some regularity im simply not seeing. Took 1 long contract before 10am, got out when it looked bad with a 4pt loss. I traded gold until lunch time, then just watched the market do it's thing.
1 Long YM lost 4pts.
4 trades in gold, made 3.2 or so.
+281 today
Did a few trades in gold and the mini dow today. Lost some in gold and gained some back in the dow. Overall -104 today. Im gonna post a weekly recap later tonight.
Quote from Blubaru_555:
Did a few trades in gold and the mini dow today. Lost some in gold and gained some back in the dow. Overall -104 today. Im gonna post a weekly recap later tonight.
dude, gold hit 1000 already, and you know it will be there again shortly.
One will know not to short gold (trend is your friend).
Week 3:
Mon +140
Tues -1266
Wed +148
Thu +281
Fri -104
Week 1: -926
Week 2: +942
Account sits at 9,144 from 10,000.
I've decided I'm gonna rate myself daily on how well I think I followed my rules and how much I was affected by emotion either before or after. It's on a scale of 1-10, which 10 would be the ultimate robot trader with no emotions and no hesitation. This week's discipline score: 3.0
This week has been another great learning week. Trying my best not to put emotion into each trade anymore, but it's really hard. Following my rules a bit better this week, but I still managed to blow up on Tuesday. My goal is to limit blowing up to only once a month instead of once a week.
I had an epiphany this week: trading is fricken hard. It seems easy when you do it on paper, but learning the nuances of this thing is endless. Discipline is the real enemy here, not the trading system nor reading the signals or any of that, the real threat is when the markets don't go our way and we blow up. I'm really afraid I might blow my bank account on a bad trading day. I am still breaking my rules a little, but I am starting to feel a little numb to the markets though, and numb to the losses too, slowly. Good.
Game plan for next week: Trade less, use stops, quit dwelling on what could've been, refine trading system, not blow up, follow rules, and don't break the rules.
I'm also going to be trading other commodities besides the YM. I traded GC gold this week while waiting for the YM to settle into a trend, and was very surprised. Next week I may try, and study, the ES, corn, soybean, and rbob.
Thanks for reading
Happy trading
Mon +140
Tues -1266
Wed +148
Thu +281
Fri -104
Week 1: -926
Week 2: +942
Account sits at 9,144 from 10,000.
I've decided I'm gonna rate myself daily on how well I think I followed my rules and how much I was affected by emotion either before or after. It's on a scale of 1-10, which 10 would be the ultimate robot trader with no emotions and no hesitation. This week's discipline score: 3.0
This week has been another great learning week. Trying my best not to put emotion into each trade anymore, but it's really hard. Following my rules a bit better this week, but I still managed to blow up on Tuesday. My goal is to limit blowing up to only once a month instead of once a week.
I had an epiphany this week: trading is fricken hard. It seems easy when you do it on paper, but learning the nuances of this thing is endless. Discipline is the real enemy here, not the trading system nor reading the signals or any of that, the real threat is when the markets don't go our way and we blow up. I'm really afraid I might blow my bank account on a bad trading day. I am still breaking my rules a little, but I am starting to feel a little numb to the markets though, and numb to the losses too, slowly. Good.
Game plan for next week: Trade less, use stops, quit dwelling on what could've been, refine trading system, not blow up, follow rules, and don't break the rules.
I'm also going to be trading other commodities besides the YM. I traded GC gold this week while waiting for the YM to settle into a trend, and was very surprised. Next week I may try, and study, the ES, corn, soybean, and rbob.
Thanks for reading
Happy trading
first trade of the week tonight. 2 trades, both long the HSI. it's trying to come back from a -1000 deficit at opening. captured 400usd.
Blubaru.
It's obvious to me you have no discipline nor business plan and as a result, you will not succeed in trading. That's not a personal knock against you. Sounds to me like you are in a Vegas frame of mind. I hope you can afford to lose your initial bankroll because you most certainly will if you continue in this fashion.
It's obvious to me you have no discipline nor business plan and as a result, you will not succeed in trading. That's not a personal knock against you. Sounds to me like you are in a Vegas frame of mind. I hope you can afford to lose your initial bankroll because you most certainly will if you continue in this fashion.
Quote from allenhobbs:
Blubaru.
It's obvious to me you have no discipline nor business plan and as a result, you will not succeed in trading. That's not a personal knock against you. Sounds to me like you are in a Vegas frame of mind. I hope you can afford to lose your initial bankroll because you most certainly will if you continue in this fashion.
thx for your comments, but i really hope you're wrong allenhobbs. I was treating this like vegas 2 weeks ago, but tonight i felt very confident trading in the direction of the trend on the HSI. i'm not limiting myself to the YM anymore, after last week where i sat on the sidelines watching the YM chop up and down, i decided there are other markets that are trending much better right now. I think the naysayers help me even more than supporters do. And my family and friends are the ultimate naysayers right now.
Quote from Blubaru_555:
first trade of the week tonight. 2 trades, both long the HSI. it's trying to come back from a -1000 deficit at opening. captured 400usd.
HSI takes $12k USD of margin or you can't trade it. If your account is at 9k, how are you trading the HSI? Are you paper trading?
Quote from bandit77:
HSI takes $12k USD of margin or you can't trade it. If your account is at 9k, how are you trading the HSI? Are you paper trading?
I actually deposited more than 10k, but i decided i'd only risk 10 in futures- so that's the figure im using in this journal. I didn't know the margin req for HSI was so large.
Today was a mixed bag. Did a very undisciplined trade early on in the Dow that cost me. I traded gold and the dow after that. Lost about 49pts in YM and gained about 4.3 in gold. Still putting emotion into the trades, and it's costing me alot of profits each day.
+182 today.
Discipline score (1-10): 3.5