E-mini Rookie Trading Journal

FUTURES TRADES
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Trade Time Exchange Description Qty Trade Price Set
Price Gain/Loss *
----------------- --------- ----------- ----- -----------
----------- ----------- -
02-07-15 10:22:11 GLOBEX NQ SEP02 -1 989.5000
1030.0000 -810.00
02-07-15 10:35:43 GLOBEX NQ SEP02 1 996.0000
1030.0000 680.00
02-07-15 10:39:56 GLOBEX NQ SEP02 -1 1000.0000
1030.0000 -600.00
02-07-15 11:11:40 GLOBEX NQ SEP02 1 990.0000
1030.0000 800.00
=====
===========
0
70.00


===========
USD
Total: 70.00


FUTURES GAIN/LOSS SUMMARY
----------------------------------------------------------------

Gain/Loss From Futures Trades
70.00


============
USD Total:
70.00


==========================================================================================

ACCOUNT STATUS
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USD
Starting cash balance 4976.40
Settled: 4976.40
Cash deposits/withdrawals 0.00
Total Futures Gain/Loss 70.00
Total Commissions -9.60
==============
==============
==> Ending cash balance 5036.80
Settled: 5036.80
 
I hope the advisory service works out for you, I thought you were doing great without it. Your results are much better than mine. From mid march through June I made 192 trades. 92 gains ave. $1.52 pt.; 102 losses ave. $2.66. That includes $8.82 rt comm. July has been worse so I'm going to quit for a while. Interested to see how you progress.
 
10% drawdown today. Largest to date.

The confliction between my natural trading tendencies (read: scalper) and the wide stops of the trading room has thrown me for a loop. My rhythm and confidence, not to mention account, are at all time lows. Even though I didn't give the room enough of a chance, I cannot continue with the trial.

Before this goes to far, I have too say that the calls in the room are excellent, the moderator is top notch, and the service all in all is very good. I just can't stomach the wide stops. If I could, I probably would've ended up with a handsome gain today. So I blame all of todays loss on myself.

In some of my earlier posts I mentioned about staying with my natural progression and how every time I did something to disrupt that, I got burned. I think when I started going against the flow of what was working for me and trying to force things that I'm not comfortable with, things have gone downhill. So starting tomorrow, I'll try and get back the groove I seemed to have misplaced. It should be an interesting day.

Onward and upward


- $597.20 (net) / 14 RT's / acct. $4439.60
 
Originally posted by eztrader
I have never traded futures before and am looking into trading the NQ. How do you determine your entry and exit points.
More...

Up until the last coupla days, I used only discretionary methods (whatever that means) for entries and exits. I watch price action, S/R levels,and a simple 5 min. chart and from there I try to find a rhythm to the market. It worked well when I first started but have since drifted away from it. Time to revisit. I wish I could be more specific for you, but that's all there really is too it. I don't know why I felt the need to do something different when that was working just fine. I hope you can learn something from my mistakes. Cheers.
 
Originally posted by bronks
10% drawdown today. Largest to date.

The confliction between my natural trading tendencies (read: scalper) and the wide stops of the trading room has thrown me for a loop. My rhythm and confidence, not to mention account, are at all time lows. Even though I didn't give the room enough of a chance, I cannot continue with the trial.

Before this goes to far, I have too say that the calls in the room are excellent, the moderator is top notch, and the service all in all is very good. I just can't stomach the wide stops. If I could, I probably would've ended up with a handsome gain today. So I blame all of todays loss on myself.

In some of my earlier posts I mentioned about staying with my natural progression and how every time I did something to disrupt that, I got burned. I think when I started going against the flow of what was working for me and trying to force things that I'm not comfortable with, things have gone downhill. So starting tomorrow, I'll try and get back the groove I seemed to have misplaced. It should be an interesting day.

Onward and upward


- $597.20 (net) / 14 RT's / acct. $4439.60
More...

Bronks,

Hang in there. It's one of the hardest things for a trader to learn...not to be involved in a situation where it's trading style contradicts your trading style.

To many psychological games being played in that particular situation.

Thus, if your trading style (tighter stops) allows you to stay disciplined in whatever trading methodology your applying...stick with it.

Also...the reverse is true...those that are comfortable with wide stops...shouldn't switch (unless they enjoy the increased stress or anxiety) to tighter stops.

Yet...no matter what type of trading methodology you apply...if your losing money and the methodology just doesn't feel right...dump it and don't look back.

However...here's a common problem for those just starting out in Emini Futures....

what if the trading methodology feels right but your losing money?

Obviously it would seem...improving the methodology should lead to consistent profits.

bronks...remember this...the market is like a sport event.

If you've ever done any serious athletic competition...then you have an edge via knowing that you must practice hard, fine tune your technique and listen to your trading coach instructions because they have been there.

Simply, I have never met a star athlete that got to where they were without practice, hard work and a lot of setbacks...NEVER

Trading is no different.

Food for Thought

NihabaAshi
 
Originally posted by NihabaAshi




However...here's a common problem for those just starting out in Emini Futures....

what if the trading methodology feels right but your losing money?



Food for Thought

NihabaAshi
More...

Nihaba-- here's another part of that same pickle.
What if I was just lucky and my methodology was all wrong but I made money anyway? Then when luck ran out I'd be in a serious jam. This is what scares me the most. But one thing's for sure, the P/L, overtime, will definitely not lie to you. It is allknowing. <G>. Soooo much to learn.

Thanks for sharing your thoughts. It's appreciated.
 
For the past month I have been reading these threads for entertainment and have found the journals to be very interesting. I have to hand it to you for posting your results everyday, don't know if I could do it. While I currently trade only stocks, I have taken an interest in your journal because we share some of the same characteristics. First of all I started out 3 years ago in the same undercapitalized predicament you are in. I started trading only options and went bust several times before finally making enough to give myself a trading stake. Once you have given yourself a cushion your performance will improve dramatically. Like myself you describe your style of trading as discretionary. It seems as though the majority of people on these boards have some kind of a system and this could easily influence you to doubt yourself when you hit a streak of bad luck. I would not describe myself as having any kind of system, I sit at my computer everyday and watch what evolves and try and find a way to capitalize on it. I make about 20 trades a day, changing my mind often and somehow make a decent living at it. The reason I can do this is because I use extremely tight stops, if something goes against me i get out. My largest losses always have one thing in common, a wide stop loss. When you say that you are worried that when you make money it is because of luck you are partially right. All traders depend on luck to make money. What makes a trader profitable is recognizing when that luck is not there and adjusting your trades accordingly.
My main reason for posting this is that my largest drawdowns are always a result of questioning myself, when I do this I begin to look for other ways to trade, I hold things overnight and take risks I would not normally take. It appears from your earlier posts that you had been doing well playing small and building up a trading account. I am sure that once you regain your own trading style and confidence your equity will grow. The key is to not try and make it up all at once or become frustrated with a certain equity level and go for the homerun. After a large drawdown day I normally follow up with a loss unless I play small and just try and rack up a few wins. I wish you luck and look forward to following your success.
 
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