E-mini Rookie Trading Journal

FUTURES TRADES
---------------------------------------------------------------------------

Trade Time Exchange Description Qty Trade Price Set
Price Gain/Loss *
----------------- --------- ----------- ----- -----------
----------- ----------- -
02-07-31 11:05:47 GLOBEX NQ SEP02 -1 955.0000
964.5000 -190.00
02-07-31 11:22:00 GLOBEX NQ SEP02 1 958.0000
964.5000 130.00
02-07-31 12:03:04 GLOBEX NQ SEP02 -1 959.5000
964.5000 -100.00
02-07-31 12:11:49 GLOBEX NQ SEP02 1 959.5000
964.5000 100.00
02-07-31 12:12:02 GLOBEX NQ SEP02 1 960.0000
964.5000 90.00
02-07-31 12:28:46 GLOBEX NQ SEP02 -1 957.0000
964.5000 -150.00
02-07-31 12:53:14 GLOBEX NQ SEP02 1 956.5000
964.5000 160.00
02-07-31 13:19:18 GLOBEX NQ SEP02 -1 952.5000
964.5000 -240.00
02-07-31 13:42:54 GLOBEX NQ SEP02 1 953.5000
964.5000 220.00
02-07-31 13:45:27 GLOBEX NQ SEP02 -1 951.5000
964.5000 -260.00
02-07-31 13:51:42 GLOBEX NQ SEP02 -1 949.5000
964.5000 -300.00
02-07-31 14:06:44 GLOBEX NQ SEP02 1 942.5000
964.5000 440.00
02-07-31 15:08:33 GLOBEX NQ SEP02 1 947.0000
964.5000 350.00
02-07-31 15:21:07 GLOBEX NQ SEP02 -1 951.5000
964.5000 -260.00
02-07-31 15:25:39 GLOBEX NQ SEP02 1 953.5000
964.5000 220.00
02-07-31 15:29:49 GLOBEX NQ SEP02 -1 950.0000
964.5000 -290.00
02-07-31 15:34:52 GLOBEX NQ SEP02 1 952.0000
964.5000 250.00
02-07-31 15:38:09 GLOBEX NQ SEP02 -1 956.5000
964.5000 -160.00
=====
===========
0
10.00


===========
USD
Total: 10.00


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

Gain/Loss From Futures Trades
10.00


============
USD Total:
10.00


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

ACCOUNT STATUS
---------------------------------------------------------------------------

USD
Starting cash balance 4103.60
Settled: 4103.60
Cash deposits/withdrawals 0.00
Total Futures Gain/Loss 10.00
Total Commissions -43.20
==============
==============
==> Ending cash balance 4070.40
Settled: 4070.40
 
Originally posted by Trend Fader
NihabaAshi,

I agree with what you are saying completely. Perhaps, my insight in some ways is a waste of time to some traders.

The only reason that I posted on this thread to begin with.. was to try to give some advice to a struggling trader. Bronks was down 20% in his account.. and it reminded me of myself when I just started.

Apparently, this is backfiring. I have seen so many people come and go in this business (especially in this bear market) .. and I noticed that the ones that are still around.. have methodology similar to mines. I was born and raised in NYC.. so I have a first hand account of sharing ideas with some really heavy hitters.

Bronks, I did not mean for my advice to be a disservice to you.. I wish you all the best.. and I hope your determination will guide you to a profitable future.

--MIKE
More...

Hi...

I'm glad you and I know it's not a waste of time to all traders.

There are a few (including I) that if we come across someone that's been around the block a few times...with a thicker wallet at each turn...that's someone we as traders should do whatever it takes to absorb as much info as possible or as much as your willing to give.

I hope bronks seeks out advice from you or anybody else that has a good grasp of trading...if needed.

I know this is bronks journal but I want to tell 3 stories that happen today:

I was in 4 mIRC rooms today and 1 ICQ group chat...in 5 private chats...

Via ICQ...I watch 1 trader that consistently has losses giving advice to another trader that consistently has losses...both telling a seasoned trader that her strategies are old and not reliable in today's market...today, both had their worst trading days in months. ...however, she closed up +18 points (4 trades).

Via mIRC...I watch a pro today make +21 ES points on 2 contracts (6 trades) while helping a newbie trader be profitable for the first time in weeks.

Via mIRC...I watch another pro make +27 NQ points on 2 contracts (3 trades) teach another pro that asked for quick advice after his first trade of the day put him down -166.50 NQ points on 27 contracts...by market end...was up +52.50 NQ points (14 trades).

My point is this...if seasoned successful traders pay close attention to one another...why shouldn't newbies keep an open ear to a pro?

I think that's bronks purpose of his journal...it's his way of keeping an open ear to any suggestions a trader makes...to later decide which merits further investigation.

At least that's what I hope he is doing :)

Further...I'm learning how we respond to a dismal situation or market environment...will ultimately play an important role whether we succeed or fail

Mike...keep talking (share some insights of your trading day)...I'm listening and would greatly welcome such insights.

Maybe its time for a trader to start a journal on what he sees each trading day via a few specific trades by others...could be an interesting twist via what he/she saw others take and why (trade setup).

Note: Pro = Trader that's been around the block a few times and still making a living in this business.

NihabaAshi
 
Trend Fader

Thanks a lot for a prompt reply I realy enjoy your posts
Please continue to post your experience so I can learn.
I have more questions to ask but have to think what is the best
way to present them to you so it will make sense.
Once again thanks for your prompt reply to my question
I have to digest it now.


tamvik
 
Originally posted by NihabaAshi


Via ICQ...I watch 1 trader that consistently has losses giving advice to another trader that consistently has losses...both telling a seasoned trader that her strategies are old and not reliable in today's market...today, both had their worst trading days in months. ...however, she closed up +18 points (4 trades).

Via mIRC...I watch a pro today make +21 ES points on 2 contracts (6 trades) while helping a newbie trader be profitable for the first time in weeks.

Via mIRC...I watch another pro make +27 NQ points on 2 contracts (3 trades) teach another pro that asked for quick advice after his first trade of the day put him down -166.50 NQ points on 27 contracts...by market end...was up +52.50 NQ points (14 trades).

NihabaAshi
More...

Could you clarify something?

When you say down -166.50 NQ points on 27 contracts and finishing up +52.50, do you mean down 6 nq points and finishing up 2 nq points overall regardless of contract size? I'm assuming so, but if not then you you lost me. Same question goes for the 21 ES point trades (10.5 points?) and 27 NQ point trades (13.5?) mentioned.

I'm use to seeing just points gained or lost regardless of contract size as we all trade different size.

Thanks for sharing the experiences.

:)
 
I have been getting some emails asking me about my trading history.. here it goes..

I started out 8 years ago trading my own personal account. In the very beginning I made a killing purely using technical analysis. I quickly doubled my account in a matter months. I though I was God and the best trader in the world.. then as you all guess.. I blew up. I lost nearly half of what I started with. I realized my gains were all luck.. and that I really didn't have a plan.

Then I took time off. Read dozens of books, studied the markets like a student. I stepped back in the market a year later.. using cautious risk measures, sound entry and exit techniques based on technical analysis.. etc. After doing this for a year... I was not going anywhere in my account. Every time I had a winning streak and started making $.. I just got killed and went back to ground zero. I was working a night job and on the weekends to make my real money.

Then I developed a system to fade trends and started to apply a mechanical approach to entry and timing... and discretionary approach for exit. I figured that if I enter and the trade is going the right way... I will figure out how to exit with my profit or loss as it happens. Who care about the exit so much.. its all about timing the entry.. and when I have a profit I will take it as it comes. I started to make some nice money. But I lacked consistency. My equity chart was really one big roller coaster. Although I was net profitable with this new plan... I couldn't handle the volatility and wild drawdowns. I figured.. I'd rather make less $ if I can make it consistently.. then make boat loads of $ and lose boat loads of $.. and somehow come out a head.

Then I went totally mechanical and traded the Indices. Only override my system a few times regarding entry.. but once trade was on.. it was purely mechanical. I totally focused on exit and only traded intraday a few times a week. I realized something amazing. Although I was making less at a slower pace.. I had consistency in my gains. I felt comfortable trading. Been doing this for quite some time and have been very happy.

Personally, my objective in the market is to make $ consistently. I don't like it when my profits or loss get way out of hand. I realized I have become a pro trader after learning interesting tidbits about my trading skills. One of the most unique of them all.. is that when I go on a huge winning streak.. I pray that I will get some losers. to keep me in check with reality and ... to keep my equity chart in a nice uptrend. Never a parabolic rise and of course never looking like the Nasdaq.


--MIKE
 
Originally posted by C. Coffee


Could you clarify something?

When you say down -166.50 NQ points on 27 contracts and finishing up +52.50, do you mean down 6 nq points and finishing up 2 nq points overall regardless of contract size? I'm assuming so, but if not then you you lost me. Same question goes for the 21 ES point trades (10.5 points?) and 27 NQ point trades (13.5?) mentioned.

I'm use to seeing just points gained or lost regardless of contract size as we all trade different size.

Thanks for sharing the experiences.

:)
More...

Reference Example: If a trader goes short at NQ 965 and covers 3 mins later at 960 = +5 NQ points per contract. If that trader had 3 contracts on that particular trade = +15 points (minus commissions).

Ok...in the -166.50...the trader had scaled out of the position and then traded a smaller contract size the remainder of the day...

same in the ES +21 point example...2 contract position in the first trade (scaled out) and then 1 contract positions the remainder of the day.

Sorry about the confusement...I don't keep track when they exit 1/2 or 1/3 or 1/4 at certain profit targets. I was just keeping track of the Start and then End result.

C. Coffee...if I didn't answer your question...just pm me and I can actually show you with the link to the trading rooms...make sure your pm box is not full so I can reply :)

NihabaAshi
 
Originally posted by janko
hey bronks, i too was trading the nq, simply because i was comfortable trading the qqq's and kinda had a feel for the flow of the techies if something like that exists, so i traded it a bit and one bad experience for me caused me to stop and re-evaluate. So i looked at the es, i didnt know why there was so much chatter about the S&Ps and not too much on the NQ, so i looked at it, and quite honestly the s&p is much smoother and doesnt wiggle as much as the NQ. I know its been said here, but tommorow just for the hell of it, if youre going to just sit and watch, take a look at the ES and try to apply your strategy. In my opinion the Es is much better as far as stop placement goes and certain retracement leves, and other patterns. It cant hurt to take a look. give it a shot.>>> good luck.
More...

somehow i tend to come to the same conclusion. in the last few months the daily range of the es increased considerably vs. the nq. it seems that on the one hand the es has less noise at the moment (for most of the time) - and by far the more rewarding moves on the other side - with ranges that are higher than nq's even in points(!). somtimes when nq still seems a bit undecided - the es is already up and away.

not to forget es has on avg. three times the volume than nq.
 
Trend Fader, I would be interested in how you went about developing your mechanical entries, like what software you use, if/how you back test, etc. Thanks.
 
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