FastTrader Futures-Trading Journal

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October 27th (Monday)

Followed Trading Plan:
3.5stars.gif


Total trades: 12 (All Shorts) 9 Winners, 3 Losers

9:32 AM - Short 1 ES 1042.00
9:39 AM - Cover 1 ES 1043.00
Result: -1

9:40 AM - Short 1 ES 1043.00
9:41 AM - Cover 1 ES 1043.25
Result: -0.25

9:42 AM - Short 1 ES 1042.75
9:45 AM - Cover 1 ES 1044.00
Result: -1.25

9:49 AM - Short 1 ES 1043.25
9:54 AM - Cover 1 ES 1043.00
Result: +0.25
Notes: Could have exited at 1042.50 but I wanted a larger gain.

9:59 AM - Short 1 ES 1043.25
10:00 AM - Cover 1 ES 1042.75
Result: +0.50

10:04 AM - Short 1 ES 1044.25
10:07 AM - Cover 1 ES 1044.00
Result: +0.25

10:10 AM - Short 1 ES 1044.75
10:12 AM - Cover 1 ES 1044.50
Result: +0.25

10:14 AM - Short 1 ES 1044.75
10:16 AM - Cover 1 ES 1044.50

10:18 AM - Short 1 ES 1044.25
10:18 AM - Cover 1 ES 1044.00
Result: +0.25

10:22 AM - Short 1 DAX 3619.50
10:24 AM - Cover 1 DAX 3618.50
Result: +1

1:37 PM - Short 1 DAX 3634.50
1:38 PM - Cover 1 DAX 3633.50
Result: +1

1:40 PM - Short 1 ESTX50 2568
1:44 PM - Cover 1 ESTX50 2567
Result: +1


Overall:
ES: -0.75
DAX: +2
ESTX50: +1
 
Messed up a few trades this morning trying to catch the TOP on DAX. Was up 3 pts on DAX; then down 0.50 pt; then up 5 pts; then down 7pts. Did manage to catch the Top but didn't have the time/patience/skill/whatever to hold on to it.

Today's Lesson: Don't try catching TOPS or BOTTOMS...it's not possible. Wait for price to reverse, then hop on board.

Details tonight.

-Fast
 
Quote from Fast_Trader:

Messed up a few trades this morning trying to catch the TOP on DAX. Was up 3 pts on DAX; then down 0.50 pt; then up 5 pts; then down 7pts. Did manage to catch the Top but didn't have the time/patience/skill/whatever to hold on to it.

Today's Lesson: Don't try catching TOPS or BOTTOMS...it's not possible. Wait for price to reverse, then hop on board.

Details tonight.

-Fast
More...

It's possible. I did it again this morning. Just don't expect to succeed every time.
 
Quote from random trader:



It's possible. I did it again this morning. Just don't expect to succeed every time.
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Telling myself it's not possible will keep me out of trouble.

-Fast
 
Quote from Fast_Trader:


Although....if you wanna talk about how to pick tops and bottoms...shoot me a PM with your Yahoo messenger :D

-Fast
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It's my rule not to use PM. :(

I started "I trade 1 ES" to prove that daytrade doesn't work; however, I ended up doing better with daytrades than position trades. :eek:

How to pick tops and bottom? Simple, wait for the hysterical moment and fade it. It works out more often than not.
 
Quote from random trader:


How to pick tops and bottom? Simple, wait for the hysterical moment and fade it. It works out more often than not.
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I tried that multiple times today...maybe it works better on ES and I was trying it on DAX.

-Fast
 
Quote from Fast_Trader:


I tried that multiple times today...maybe it works better on ES and I was trying it on DAX.

-Fast
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No. I know your problem--your stop is too tight. It's impossible to catch the absolute top, save by luck, but it is possible or even likely to catch the top area.

This morning I shorted ES at 1051.75, then it went to 1054.5, but I waited and covered at 1045.75.

By the way, most if not all of my winning daytrades went like this. At most 1% of the time was my trade always in the money.
 
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