Feedback appreciated. My Journal Begins...

[Turveyd]

All trades have a 99.5% chance of working, if you disclude SL's, Time wasted and Margin calls, as 99.5% will sooner or later hit a TP point, managing your losses keeps it tricky.

2. 1 simple setup, setup needs :-

The chance of making many times the risk
atleast a 50/50 win rate or there abouts.
Tight SL but not so tight as to cause a death by a 1000nd cuts ( tighten as trade goes, don't auto trail sadly )
A Fail safe mode, where it becomes probable this trade will hit SL so exit early and save some cash.
Simple enough to work for ever, or it's start again which is ANNOYING so back test it on 10year old data if you can.

3. Sim it till you can trade it in your sleep, 100% trust the setup regardless of the outcome so there is no hesitation, no wait and see, wait and see, ohhh missed it going on.

Need to get to a state, where winning or losing doesn't bother you, doesn't get you emotional, even if you hit the SL 8 times in a row, you'll still just keep repeating the same as you know over all, you'll be profitable.


Simples


Or send me all of your money and I promise not to blow it all on hookers, 50% tops promise!!

 

[sowterdad]

1.) Journal
2.) One simple consistent set-up -- not it's failures etc..
3.) SIM it (I'll create individual trade plans here)
4-5) After consistency in SIM.[/quote]

Some tough love being passed out JS-
I try to get some insights from these threads-that will also assist me in EOD swing trading.
Following yours here as well- and hope to see you successful over time-
I think you commented some days ago that you were using tuition money????

"And stop patiently waiting for my demise! This is tuition money.
Wednesday at 10:01 PMRepor"
WOW-That would certainly add to the pressure to succeed. Is that a well thought out decision?
What is the goal? Harvard? Or is it just "tuition" money to learn trading the markets?
from most of what I read, day trading - as a sideline business venture is one that the majority do not succeed in . and ultimately the majority fail . Even pro's that manage monies applying their disciplined & "proven" strategies can have extended periods of drawdowns -they can survive the swings-because they have confidence their methods work over time.
If this- your trading business venture fails,who will not have their tuition dollars intact?
What impact would that loss of those monies do? If that was not a misread on my part- it's something you need to consider very carefully the probability of loss- and to really treat this start-up sideline trading as a very Risky business venture.

Having a "NEED" to make something happen in -trading - is not a place to trade from-Tuition monies would certainly qualify as a high pressure NEED- Hope that is just a misinterpretation- In starting in such a Risky business, One is likely better off using monies they can afford to lose without having a major impact on their (family) lives.

- Again i know absolutely NADA about what you are trading- or WHY?
The question just occurred to me- Is trading on the 1 minute the most opportune time frame to view?
Yours to discover. Yours to backtest- What if your commissions were reduced and you made just 3 trADES PER DAY? You mentioned moving to a higher time frame- 5 min-
this sounds to be a very plausible step that will give you the chance to not be trying to make snap judgements. Using a faster time frame to get a sense of an earlier entry also makes sense- from a tighter Risk stand- More whipsaws would also occur -as the cost of getting the closer entry-
Is that not also the place where other traders are doing exactly the same? Experienced traders waiting...
What would be the result if instead of being early-with the pack - you waited a couple of bars?
Just asking-Would you catch fewer entries but that had higher trend potential????
Do you scale out of your trades? Target hit- partial profits- Stop in profitable territory-leave a portion
to try to catch a longer trend? -

All the discussion about SIM prompted me to download Ninja so I could try to learn how to do an automated 'backtest' of my recent swing trading approach- It will obviously take some time -for me anyways -to "learn'-If there is an easier backtest method (Ninja is Free- ) please advise-any and all- but learning an automated system will certainly save time and yield some insights. I have "backtested" manually a few ideas on just a few charts- but as an EOD occasional swing trader-with full time day job- time is very limited. Excuses aside- being able to learn and test mechanically is now a goal for me to learn- While a bull market is still in place, I have been a much better investor than trader- but I do move
the investments as well- too discretionary though-Any insights-better sources on backtesting or SIM would be appreciated-that a lay person with no programming skills could grasp.

In pursuing some additional information- I came across a good video (IMHO) on developing the Trading business plan- .Most elements would apply to swing or even day traders I expect.
If you have an hour , check it out - Do you have your written plan? Actually on paper?
Also has a site with some other videos- E-mini trades - I'm sure there is a commercial end to it,
but adults can pick and choose- Hope it's not a waste of your time.
Good Luck !SD

http://www.eminimind.com/

 

[jsmacksem]

Thanks SD! It means a lot to me that you are encouraging me and showing me some other options.

Tuition money....I specifically set money aside to learn with. But I don't want to lose it. I want to learn and grow, and grow it.

My harvard education continues to be financed by my rich daddy. I'm getting my doctorate in puppetering! Can't wait to hit the job market.

I have always considered swing trading. I'm open to those possibilities. Price is price, and for some reason, I'm drawn towards intra-day. The odds aren't in my favor in terms of success, but neither is a starting a part-time business from home. What are those odds, 1 in 10 still operational in 5 years?

Maybe I'm a guy that can learn this stuff. I'm finding out.

No Struggle = No progress right? I'm not looking for easy.

You are more than right about 1 minute. It is very fast, and at times makes me feel I'm missing moves. Moving to at a least a 5 has helped me slow down and wait for a signal. One the signal appears, I might manage the entry at least on the 1 minute. Good advice, something I'm working on.

That's great that you are starting to backtest your swing trades with Ninja Trader!

Do you have a journal? Or will you?

If so I look forward to following.

-J

 

[Turveyd]

Thanks SD! It means a lot to me that you are encouraging me and showing me some other options.

Tuition money....I specifically set money aside to learn with. But I don't want to lose it. I want to learn and grow, and grow it.

My harvard education continues to be financed by my rich daddy. I'm getting my doctorate in puppetering! Can't wait to hit the job market.

I have always considered swing trading. I'm open to those possibilities. Price is price, and for some reason, I'm drawn towards intra-day. The odds aren't in my favor in terms of success, but neither is a starting a part-time business from home. What are those odds, 1 in 10 still operational in 5 years?

Maybe I'm a guy that can learn this stuff. I'm finding out.

No Struggle = No progress right? I'm not looking for easy.

You are more than right about 1 minute. It is very fast, and at times makes me feel I'm missing moves. Moving to at a least a 5 has helped me slow down and wait for a signal. One the signal appears, I might manage the entry at least on the 1 minute. Good advice, something I'm working on.

That's great that you are starting to backtest your swing trades with Ninja Trader!

Do you have a journal? Or will you?

If so I look forward to following.

-J

Stick to intraday, don't know anyone who swings who can make anywhere near a living from it, if you want to Swing trade do it with Stocks not index's, but you'll need $25K+ these days.

Business, trading, getting a Just Over Broke, all comes with risks attached, business's fail, job's get lost.

TF Wise, fast trending days use M1 first if you can see a trend use it, if not go M5 ( or Oil / Gold ) for slower trend, if you can see a trend on that use it to.

IMHO slower than M5 just don't bother, market is to fast intraday for that level of detail.

 

[sowterdad]

Thanks SD! It means a lot to me that you are encouraging me and showing me some other options.

Tuition money....I specifically set money aside to learn with. But I don't want to lose it. I want to learn and grow, and grow it.

My harvard education continues to be financed by my rich daddy. I'm getting my doctorate in puppetering! Can't wait to hit the job market.

I have always considered swing trading. I'm open to those possibilities. Price is price, and for some reason, I'm drawn towards intra-day. The odds aren't in my favor in terms of success, but neither is a starting a part-time business from home. What are those odds, 1 in 10 still operational in 5 years?

Maybe I'm a guy that can learn this stuff. I'm finding out.

No Struggle = No progress right? I'm not looking for easy.

You are more than right about 1 minute. It is very fast, and at times makes me feel I'm missing moves. Moving to at a least a 5 has helped me slow down and wait for a signal. One the signal appears, I might manage the entry at least on the 1 minute. Good advice, something I'm working on.

That's great that you are starting to backtest your swing trades with Ninja Trader!

Do you have a journal? Or will you?

If so I look forward to following.

-J

J,
I'm certainly glad that your 'tuition' money was set aside for the market and not somebody's college fund!LOL!
I have to spend time yet to learn about Ninja/how to backtest-That will be done over the course of this week(s) evenings .
Swing trading is simply what is available to me- essentially trend following-Staying With a trade for me
is beneficial. as long as the momentum holds. No wheres near as rigorous as to the style of trading the board members here do. I still struggle with wanting to lock in the gain- too early-
My EOD 'methods-as such ; are not reading clean PA-certainly a skill that takes many months-years of chart reading- but are trend following-and too discretionary. Faster time frame, price above ema-psar trending- stay with the trade if it continues to trend- prepare to reenter if stopped out and trend resumes higher-Playing around with 15 minute RENKO with multiple PSAR - That's a sample of what I want to learn to backtest....Not relevant to your methods though.
No to a journal- no time- no commitment- no prolonged success or truly successful methods to share-
Yes, Occasional periods of high % winning trades- Usually thanks to a bull market move that I get on board with- as in the past 2 weeks or so-A nice pop in the account over the past weeks-new recent high- Then I tend to not recognize that the market is about to hand me a life lesson- working on that. As in the business plan video-You have to treat your trading as a business and not a hobby-I've known that, but have failed to execute that- They say you get what you want - After all these years, and many trades-I recognize that I failed -up to this point- in terms of truly applying a systematic approach with the commitment to improving and disciplining myself--My 'backup' for this laxness and treating trading as more recreational and an occasional intent interest, is that I have a full time job and some totally separate investment monies...Yes- Luckier Me -but if you don't challenge yourself- you get old & stale. Got the starch kicked out of me in the Dot Com era-Time to get past it.....

I wish you the best of luck and future success- Give yourself time to learn and to adapt to a changing marketplace. Sim, a couple of best setups-a single instrument-low Risk % per trade as you gain actual real time experience-All make sense-SD

 

[Redneck]

Random thoughts - from my dumbass perspective

Tuition money....I specifically set money aside to learn with. But I don't want to lose it.

One must be as willing to lose..., as they are to win

Else they are holding on to tight - and will certainly lose


Losing properly..., as a trader - must never be confused with failing..., being labeled "wrong"..., or pissing money away

I have always considered swing trading. I'm open to those possibilities.

One's correct set up..., is just like one's correct trading time frame

Find what suits YOU - then stick to it come hell or high water

Price is price

Very true..., yet I wonder if you appreciate the true meaning of that statement

I'm drawn towards intra-day.

Insects are also drawn to a pretty fluorescent light at night..., that's surrounded by a zapper

Ultimately..., they end up dead


Always chose..., then proceed - cautiously and wisely

The odds aren't in my favor in terms of success, but neither is a starting a part-time business from home.

What are those odds, 1 in 10 still operational in 5 years?

Maybe I'm a guy that can learn this stuff. I'm finding out.

More useless probability bullshit

If it is to be..., it is up to me (rather you) - period

No Struggle = No progress right? I'm not looking for easy

Is this thinking akin to the; no pain..., no gain is sports/ training


Recall..., I said one makes learning trading exactly as hard..., or exactly as easy..., as they choose

And so it seems you've chosen


Pity humans are incapable.., for the most part..., of learning from other's mistakes

Best you buckle up and enjoy the ride - could be a long..., and bumpy one


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

My own little ditty;

To make life..., or any endeavor - easy..., accept that it is hard

Then it simply becomes a matter of doing whatever it takes

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

You are more than right about 1 minute.

It is very fast, and at times makes me feel I'm missing moves.

We call that trading crack - very addictive..., and in untrained hands - massively destructive

Moving to at a least a 5 has helped me slow down and wait for a signal.

One the signal appears, I might manage the entry at least on the 1 minute. Good advice, something I'm working on.

There is nothing wrong in what you've said here..., as long as you stick strictly to it

But having also said..., you feel like you're missing moves - by not focusing on the 1 min


There can only be 1 TTF ever - once you decide what it is

Never change it / hop.., skip..., jump to / focus on - any other


Cheerios

RN

 

[jsmacksem]

J,
I'm certainly glad that your 'tuition' money was set aside for the market and not somebody's college fund!LOL!
I have to spend time yet to learn about Ninja/how to backtest-That will be done over the course of this week(s) evenings .
Swing trading is simply what is available to me- essentially trend following-Staying With a trade for me
is beneficial. as long as the momentum holds. No wheres near as rigorous as to the style of trading the board members here do. I still struggle with wanting to lock in the gain- too early-
My EOD 'methods-as such ; are not reading clean PA-certainly a skill that takes many months-years of chart reading- but are trend following-and too discretionary. Faster time frame, price above ema-psar trending- stay with the trade if it continues to trend- prepare to reenter if stopped out and trend resumes higher-Playing around with 15 minute RENKO with multiple PSAR - That's a sample of what I want to learn to backtest....Not relevant to your methods though.
No to a journal- no time- no commitment- no prolonged success or truly successful methods to share-
Yes, Occasional periods of high % winning trades- Usually thanks to a bull market move that I get on board with- as in the past 2 weeks or so-A nice pop in the account over the past weeks-new recent high- Then I tend to not recognize that the market is about to hand me a life lesson- working on that. As in the business plan video-You have to treat your trading as a business and not a hobby-I've known that, but have failed to execute that- They say you get what you want - After all these years, and many trades-I recognize that I failed -up to this point- in terms of truly applying a systematic approach with the commitment to improving and disciplining myself--My 'backup' for this laxness and treating trading as more recreational and an occasional intent interest, is that I have a full time job and some totally separate investment monies...Yes- Luckier Me -but if you don't challenge yourself- you get old & stale. Got the starch kicked out of me in the Dot Com era-Time to get past it.....

I wish you the best of luck and future success- Give yourself time to learn and to adapt to a changing marketplace. Sim, a couple of best setups-a single instrument-low Risk % per trade as you gain actual real time experience-All make sense-SD

Thanks SD. I've been taking time to work on some issues and fears. Defining a single signal/set-up to master is the path I'm on right now. Good luck with your backtesting, let me know how it goes. I wish you the best of luck too!

 

[jsmacksem]

Random thoughts - from my dumbass perspective



One must be as willing to lose..., as they are to win

Else they are holding on to tight - and will certainly lose


Losing properly..., as a trader - must never be confused with failing..., being labeled "wrong"..., or pissing money away





One's correct set up..., is just like one's correct trading time frame

Find what suits YOU - then stick to it come hell or high water






Very true..., yet I wonder if you appreciate the true meaning of that statement




Insects are also drawn to a pretty fluorescent light at night..., that's surrounded by a zapper

Ultimately..., they end up dead


Always chose..., then proceed - cautiously and wisely





More useless probability bullshit

If it is to be..., it is up to me (rather you) - period





Is this thinking akin to the; no pain..., no gain is sports/ training


Recall..., I said one makes learning trading exactly as hard..., or exactly as easy..., as they choose

And so it seems you've chosen


Pity humans are incapable.., for the most part..., of learning from other's mistakes

Best you buckle up and enjoy the ride - could be a long..., and bumpy one


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

My own little ditty;

To make life..., or any endeavor - easy..., accept that it is hard

Then it simply becomes a matter of doing whatever it takes

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



We call that trading crack - very addictive..., and in untrained hands - massively destructive





There is nothing wrong in what you've said here..., as long as you stick strictly to it

But having also said..., you feel like you're missing moves - by not focusing on the 1 min


There can only be 1 TTF ever - once you decide what it is

Never change it / hop.., skip..., jump to / focus on - any other


Cheerios

RN

RN! AHH.

You have this uncanny ability to encourage me with amazing direction. You give advice to people--like me--in a way that demands they put in the effort. You are a great person, even though we just met here.

I am on my journey to appreciating that price is price. That journey is the one you outlined. It is simple. It is direct. It is not easy.

You also have a way with words that can seem discouraging, almost antagonistic.

"
Is this thinking akin to the; no pain..., no gain is sports/ training


Recall..., I said one makes learning trading exactly as hard..., or exactly as easy..., as they choose

And so it seems you've chosen
"
Chosen what? To make this hard? I'm drawn to the freedom of expression the markets offer. I've only recently learned this freedom also offers eternal room for destruction via financial and psychological.

No struggle = no progress = Life. Also = what you said "To make life..., or any endeavor - easy..., accept that it is hard"

Do we not agree?

I am buckling up, hunkering down, studying, and working hard to apply your advice.

Is this for some reason not evident to you? Or did I completely misinterpret what you said?

If I misinterpreted, than for that I apologize to you Sir.

-J

 

[jsmacksem]

And I HIGHLY value your "dumbass" perspective...

 

[Redneck]

You have this uncanny ability to encourage me with amazing direction.

You give advice to people--like me--in a way that demands they put in the effort.


You are a great person, even though we just met here.

Good

Good


Not even close;

I am a dumbass trader - who knows nothing

I am a dick (heartless hard ass)

I except no excuses... and give none

I expect no quarter - nor give any

I am a stingy bastard

I take money out of the mkt..., and give back as little as is necessary

I put my pants on one leg at a time - like everyone else

I have good days.., and bad - like everyone else

Hell.., I even think my dog and cat have fleas - and maybe time I bathe them

My kids..., think I'm the dumbest sonofabitch in the universe - and at times - they are 100% correct

It is simple. It is direct. It is not easy.

Very true

Like the mkt is

Like trading is

Like I try to be every damn day

You also have a way with words that can seem discouraging, almost antagonistic.

Think of my words as pragmatic…, and experienced


Fact..., No words can ever come close to being as utterly

hostile…, unforgiving…, destructive…, demoralizing.., emotionless

As the mkt is



Build a shield... which allows you to see and exploit..., yet not experience.., nor be consumed by

recall that is one of your longer range "to dos"

"
Chosen what? To make this hard?

I'm drawn to the freedom of expression the markets offer.

I've only recently learned this freedom also offers eternal room for destruction via financial and psychological.

No struggle = no progress = Life. Also = what you said "To make life..., or any endeavor - easy..., accept that it is hard"

Do we not agree?

No place - is there so much freedom..., beauty..., and simplicity..., nor torturous hell - as there exists in one's mind


You forthcoming actions will determine if we agree

"

I am buckling up, hunkering down, studying, and working hard to apply your advice.

Is this for some reason not evident to you?

Or did I completely misinterpret what you said?

You forthcoming actions will determine this

I assume you're completely prepared for tomorrow's open

mentally..., as well as SIM / set up / trade plan outline / TTF wise

if not - then no time like the present to get prepared

"

If I misinterpreted, than for that I apologize to you Sir.

And please…, never feel it necessary to apologize to me


We are no better or worse – simply different


I am a dumbass…, who knows nothing - period


RN