Good to hear you had a winning day. Three weeks ago I was in the midst of my worst slump in a year. A couple of good days with small gains gave me back my confidence and before I knew it I can't even remember what losing felt like. Now I am at the other end of my spectrum where I am bound to get too cocky and suffer a big loss as a result. For me trading is 90% mental and I constantly have to try and balance the extremes. Good luck tomorrow.
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E-mini Rookie Trading Journal
- Thread starter bronks
- Start date
Even though I posted a loss today, I don't feel too bad. I kept my disciplines and actually had some pretty good entries, but my trade management stunk. Mostly because I got dragged into the 1000 NQ fray. What a battle that was. Should've known to be ultra quick on the trigger around there but once she dropped to about 997, I thought I was home free since I was short. Usually when there is such fierce action around a price level, when the violation comes it's usually good for a few price levels. Not this time. My line in the sand for my acct. is $4000 before I put the brakes and re-access the situation. It's pretty close to that level now so I can't be screwing around too much.
- $133.60 (net) / 7 RT's
- $133.60 (net) / 7 RT's
Originally posted by bronks
I can't be screwing around too much.
- $133.60 (net) / 7 RT's
may be a consult with easy will do you some good ?http://groups.msn.com/EliteTraderUn...snw?action=get_message&mview=1&ID_Message=718
I think I finally let go of the "what I coulda made" syndrome. Since I started on the mini, I would always look back and whimsically state things to myself such as: If I had only held longer-Should've sold sooner-Crap, missed the move-Why didn't I recognize that pattern earlier-Look at all that profit I could have had-So many opportunities and I'm missing all of them...blah, blah, blah, blah, and BLAH. It would depress me so I'm having no more of it. This is not to state that trades shouldn't be analyzed, just that it should not be allowed to linger. There will be more then enough ways to extract money the next day... and the next, and the next...
Unfortunately one of my new rules (not to trade the last 30 min.) kept me out of the late day plunge as I was short from 973 but covered almost immediately for +1.5 points. But like I said above, it's not bumming me out. However an outstanding player would've capitalized on it. Gives me something to shoot for.
Still trading ultra-conservative. Maybe it's a little superstitious but I'm reverting everything back to how I had it when I was doing better.
+5 points / 4 RT's
Unfortunately one of my new rules (not to trade the last 30 min.) kept me out of the late day plunge as I was short from 973 but covered almost immediately for +1.5 points. But like I said above, it's not bumming me out. However an outstanding player would've capitalized on it. Gives me something to shoot for.
Still trading ultra-conservative. Maybe it's a little superstitious but I'm reverting everything back to how I had it when I was doing better.
+5 points / 4 RT's
Originally posted by bronks
This is not to state that trades shouldn't be analyzed, just that it should not be allowed to linger.
Hey bronks. I'm new here to your journal, but i just picked up on that comment about looking back and "blah, blah,blah". I can relate to feeling like that not too long ago myself (still have bouts of it now sometimes!). You look back and can explain exactly what you should've done. Doing this, it's possible to go back and explain every single loser and how, next time, you'd do it differently. At least that's what I done.
Eventually I realised that some trades are just gonna be losers. That no amount of retrospective analysis was gonna ever change that. So, the thing this, there are some things to be learnt from losers, especially the worst ones (hopefully you're cutting losses and that isn't happening), but some losses are also "good" losses. The trade was there, you took it, but lost. So what.
Hey Bronks,
FWIW from an outside point of view of someone who has enjoyed your posts it does appear that you making progress.
After a tough week before the 4th of July I spent most of that weekend going over my trades, setups, exits, etc...
What I found that has really made a big improvement in my P/L is that upon entering a trade I do not get out with a profit until the BAR that the trade was made is over. I use trendlines for entry and when a trendline is broke and other factors fall into place I put the trade on BUT I do not get out until the bar is finished. This has helped my alot during that period after the entry when I would sit there and wonder WHEN WHEN WHEN should I cover?
Another thing that helped me is that I stopped looking at the 1 min chart. As a matter of fact I moved to the 10 and 15 min charts as primary. I do have a 5 min and 3 min but rarely use the 5 min and NEVER use the 3 min anymore (just to much noise)
While I lost about $350ish this week everyday but tuesday was a winner (lost about $1000 after commissions). I figure my success week by week.
While I was disheartened after Tuesday and looking at all the mistakes and overtrading I did I made sure that I understood that I should not and will not try to get it all back in one day. Not even two. I said to myself, "Self, you need to get back to taking $200-300 per day and this loss will be gone soon"
Well its Friday now and I did not get it all back but I did get back my confidence that overall I can make money and that I feel is more important moving forward than taking big risks and "going for it"
As far as new rules go, I sure can understand. I have found that I can easily get my head chopped off during the opening. More than once during an open I have bought the top of a 5 min bar only to short the bottom of the bar two bars later and then do the whole damm thing over again. Talk about a buzz kill.
Also I would relook at the chat service maybe. It appears to me that you should be getting bigger moves based on the number of trades your doing per day. Unless your working a full time job I would think that a scalper would be doing more trades. Of course you could say with great confidence that I over trade as I have been hitting 20+ trades per day a lot ( over 50 of that bad bad Tuesday) Kinda sucks when your P/L says you pulled out over $300 from the market but you have to take out over $100 in commissions.
Sorry I got so long winded, We share a lot in our quest for victory in the new age battle ground ( I just started with the ES)
FWIW from an outside point of view of someone who has enjoyed your posts it does appear that you making progress.
After a tough week before the 4th of July I spent most of that weekend going over my trades, setups, exits, etc...
What I found that has really made a big improvement in my P/L is that upon entering a trade I do not get out with a profit until the BAR that the trade was made is over. I use trendlines for entry and when a trendline is broke and other factors fall into place I put the trade on BUT I do not get out until the bar is finished. This has helped my alot during that period after the entry when I would sit there and wonder WHEN WHEN WHEN should I cover?
Another thing that helped me is that I stopped looking at the 1 min chart. As a matter of fact I moved to the 10 and 15 min charts as primary. I do have a 5 min and 3 min but rarely use the 5 min and NEVER use the 3 min anymore (just to much noise)
While I lost about $350ish this week everyday but tuesday was a winner (lost about $1000 after commissions). I figure my success week by week.
While I was disheartened after Tuesday and looking at all the mistakes and overtrading I did I made sure that I understood that I should not and will not try to get it all back in one day. Not even two. I said to myself, "Self, you need to get back to taking $200-300 per day and this loss will be gone soon"
Well its Friday now and I did not get it all back but I did get back my confidence that overall I can make money and that I feel is more important moving forward than taking big risks and "going for it"
As far as new rules go, I sure can understand. I have found that I can easily get my head chopped off during the opening. More than once during an open I have bought the top of a 5 min bar only to short the bottom of the bar two bars later and then do the whole damm thing over again. Talk about a buzz kill.
Also I would relook at the chat service maybe. It appears to me that you should be getting bigger moves based on the number of trades your doing per day. Unless your working a full time job I would think that a scalper would be doing more trades. Of course you could say with great confidence that I over trade as I have been hitting 20+ trades per day a lot ( over 50 of that bad bad Tuesday) Kinda sucks when your P/L says you pulled out over $300 from the market but you have to take out over $100 in commissions.
Sorry I got so long winded, We share a lot in our quest for victory in the new age battle ground ( I just started with the ES)
Originally posted by daniel_m
...Eventually I realized that some trades are just gonna be losers. That no amount of retrospective analysis was gonna ever change that. So, the thing this, there are some things to be learnt from losers, especially the worst ones (hopefully you're cutting losses and that isn't happening), but some losses are also "good" losses. The trade was there, you took it, but lost. So what.
daniel-- I enjoy reading your posts on other forums. Your to-the-point style of writing makes great contrast to others who are on a verbal quest of domination. It is a welcome addition here so please continue.
The losing trades I can handle, and most of the time I cut my losses with ease. It was always the "one that got away" trades that drove me up the walls.
Originally posted by 1Reason
...What I found that has really made a big improvement in my P/L is that upon entering a trade I do not get out with a profit until the BAR that the trade was made is over. I use trendlines for entry and when a trendline is broke and other factors fall into place I put the trade on BUT I do not get out until the bar is finished. This has helped my alot during that period after the entry when I would sit there and wonder WHEN WHEN WHEN should I cover?
...Also I would relook at the chat service maybe. It appears to me that you should be getting bigger moves based on the number of trades your doing per day.
...We share a lot in our quest for victory in the new age battle ground ( I just started with the ES)
1Reason-- Hello bud, hope you're having a good weekend. I think you're on to something about not exiting until the bar is complete. I've been observing patterns between the relationship of the two (current bar and former) that I can't quite put my finger on (maybe one day I'll get an epiphany or something <G> ). The reason why I say that is because, there definitely comes a point when the bar starts stretching to the top or bottom of your monitor and you gotsta go ! So I use the former bar kinda like a comparison cousin.
No, I won't be looking at another chat service. Screws with my head too much. Although highly unlikely, just suppose the chat service goes into a week slump. That 17 point drawdown I took could be extended for a few days. With my small acct. size, I'd be history. I'm a scalper and will remain one until I'm not.
Yeah-- between you, me, huios, boyd, and I'm sure a slew of others, ONE of us has to make it you'd think. All this foreplay of trading is making me excited. Gonna log in and see what the futures are doing. Lates...
Lets just say there's something to be learned here but I'm too dumb to figure it out yet. From day one on the NQ, at some point almost every trading day, I was up anywhere between 2 and 10 points. I can count on three fingers the days in which I was down the entire session. Today was no exception. I'm thinking maybe I should quit for the day when I'm ahead even if it's by 1/2 a point. Hell, 10- 20- 30 dollars a day... by Christmas I might be able to treat the family to holiday meal at Bob's f***k'in Bigboy. This is frustrating.
Yes, unfortunately I still love the game... even though it's a masochistic sumbitch.
-3 points / 13 RT's / acct: $4300.00
Yes, unfortunately I still love the game... even though it's a masochistic sumbitch.
-3 points / 13 RT's / acct: $4300.00