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HSI Journal
- Thread starter HSI_Trader
- Start date
Quote from HSI_Trader:
Hi apex82,
Gald to learn you are in vic as well.
IB datafeed seems ok to me (my account is on IB's HK server). HSI slippage or bid-ask spread is large, so I use stop limit order to get me out a bad trade. You can imagine, it doesn't always work.
Ya I am on the US server. I guess that makes a pretty big difference.. thanks
I was out of sync with the HSI market this morning. I tried a few times to pick a bottom. All my setups were failed. I didn¡¦t lose just because I got out my unsuccessful trades pretty quick. However, it was a really risky play I remind of myself. I didn¡¦t want to gamble anymore and call a stop for today.
The market was weaker and weaker, and eventually broke the support. Let¡¦s see what happens in the PM session.
Trades:
2008-01-15 10:06:59: B (1) at 26734.0, 2008-01-15 10:08:11: S (1) at 26731.0, P/L = -4.2
2008-01-15 10:10:01: B (1) at 26724.0, 2008-01-15 10:11:41: S (1) at 26779.0, P/L = 53.8
2008-01-15 10:14:49: S (1) at 26700.0, 2008-01-15 10:19:11: B (1) at 26663.0, P/L = 35.8
2008-01-15 10:37:52: B (1) at 26610.0, 2008-01-15 10:41:14: S (1) at 26549.0, P/L = -62.2
2008-01-15 10:45:41: B (1) at 26516.0, 2008-01-15 10:59:47: S (1) at 26578.0, P/L = 60.8
2008-01-15 11:12:34: B (1) at 26480.0, 2008-01-15 11:16:07: S (1) at 26500.0, P/L = 18.8
Total P/L = 102.8, P/L Per Trade = 17.1, Total Commission = 7.2
The market was weaker and weaker, and eventually broke the support. Let¡¦s see what happens in the PM session.
Trades:
2008-01-15 10:06:59: B (1) at 26734.0, 2008-01-15 10:08:11: S (1) at 26731.0, P/L = -4.2
2008-01-15 10:10:01: B (1) at 26724.0, 2008-01-15 10:11:41: S (1) at 26779.0, P/L = 53.8
2008-01-15 10:14:49: S (1) at 26700.0, 2008-01-15 10:19:11: B (1) at 26663.0, P/L = 35.8
2008-01-15 10:37:52: B (1) at 26610.0, 2008-01-15 10:41:14: S (1) at 26549.0, P/L = -62.2
2008-01-15 10:45:41: B (1) at 26516.0, 2008-01-15 10:59:47: S (1) at 26578.0, P/L = 60.8
2008-01-15 11:12:34: B (1) at 26480.0, 2008-01-15 11:16:07: S (1) at 26500.0, P/L = 18.8
Total P/L = 102.8, P/L Per Trade = 17.1, Total Commission = 7.2
Attachments
I made many mistakes today. My loss exceeded my daily limit. My mistakes were:
1. Not patient enough to enter a position,
2. Too excited about INTC after hour¡¦s drop,
3. Overtraded.
I¡¦ll take tomorrow off and try to cool down my mind about trading.
Trades:
2008-01-16 09:59:34: S (1) at 25191.0, 2008-01-16 10:02:32: B (1) at 25092.0, P/L = 97.8
2008-01-16 10:17:23: S (1) at 25059.0, 2008-01-16 10:26:27: B (1) at 25101.0, P/L = -43.2
2008-01-16 10:48:22: S (1) at 24863.0, 2008-01-16 10:50:16: B (1) at 24801.0, P/L = 60.8
2008-01-16 11:21:32: S (1) at 24827.0, 2008-01-16 11:26:49: B (1) at 24909.0, P/L = -83.2
2008-01-16 11:27:41: B (1) at 24864.02008-01-16 11:27:41: B (1) at 24864.0, 2008-01-16 11:31:29: S (1) at 24867.0, P/L = 1.8
2008-01-16 11:34:04: S (1) at 24822.0, 2008-01-16 11:35:36: B (1) at 24856.0, P/L = -35.2
2008-01-16 11:38:51: S (1) at 24797.0, 2008-01-16 11:39:31: B (1) at 24843.0, P/L = -47.2
2008-01-16 12:12:24: B (1) at 24933.0, 2008-01-16 12:27:44: S (1) at 24815.0, P/L = -119.2
Total P/L = -167.6, P/L Per Trade = -19.7, Total Commission = 10.2
Just one minute before the AM session closed, I heard a beep and knew that I got an order filled. I immediately tried to buy back, but my buy order was pending there. I remembered that I cancelled all my orders (re-submitted rejected order option was unchecked). I don¡¦t understand why. This kind of situation happened to me several times last year.
2008-01-16 12:28:56: S (1) at 24816.0, 2008-01-16 14:30:06: B (1) at 24677.0, P/L = 137.8
1. Not patient enough to enter a position,
2. Too excited about INTC after hour¡¦s drop,
3. Overtraded.
I¡¦ll take tomorrow off and try to cool down my mind about trading.
Trades:
2008-01-16 09:59:34: S (1) at 25191.0, 2008-01-16 10:02:32: B (1) at 25092.0, P/L = 97.8
2008-01-16 10:17:23: S (1) at 25059.0, 2008-01-16 10:26:27: B (1) at 25101.0, P/L = -43.2
2008-01-16 10:48:22: S (1) at 24863.0, 2008-01-16 10:50:16: B (1) at 24801.0, P/L = 60.8
2008-01-16 11:21:32: S (1) at 24827.0, 2008-01-16 11:26:49: B (1) at 24909.0, P/L = -83.2
2008-01-16 11:27:41: B (1) at 24864.02008-01-16 11:27:41: B (1) at 24864.0, 2008-01-16 11:31:29: S (1) at 24867.0, P/L = 1.8
2008-01-16 11:34:04: S (1) at 24822.0, 2008-01-16 11:35:36: B (1) at 24856.0, P/L = -35.2
2008-01-16 11:38:51: S (1) at 24797.0, 2008-01-16 11:39:31: B (1) at 24843.0, P/L = -47.2
2008-01-16 12:12:24: B (1) at 24933.0, 2008-01-16 12:27:44: S (1) at 24815.0, P/L = -119.2
Total P/L = -167.6, P/L Per Trade = -19.7, Total Commission = 10.2
Just one minute before the AM session closed, I heard a beep and knew that I got an order filled. I immediately tried to buy back, but my buy order was pending there. I remembered that I cancelled all my orders (re-submitted rejected order option was unchecked). I don¡¦t understand why. This kind of situation happened to me several times last year.
2008-01-16 12:28:56: S (1) at 24816.0, 2008-01-16 14:30:06: B (1) at 24677.0, P/L = 137.8
very few discretionary traders were ever successful.Quote from HSI_Trader:
Method:
...I discretionary enter and exit my trade based on my observation on charts and price action.
even if you don't have it computerized, you MUST be able to articulate it on paper. YOu should be able to write down your entry criteria, draw out the price action patterns, etc.Method:
I haven¡¦t found a systematical enter and exit setup yet. In other word, I am unable to computerize my setup.
Writing down your "method" helps you to visualize your logic.
If you stare at your "method" everyday, you will soon find deficiencies in your reasoning, it is only then you will come up with patch works (conditionals) to cover your gaps.
Trading is a business. Your 1st post does not qualify as a business plan.
Hi ET99,
Thanks for your advice. I have been thinking how to summarize my trading method, unfortunately I don't one yet.
I think I may have a chance to survive by discretionary trading provided I stickly follow my money management rules. After analyzing my previous trade records, I believe that my problem on trading was mainly lack of discipline to follow my rules.
Thanks again.
Thanks for your advice. I have been thinking how to summarize my trading method, unfortunately I don't one yet.
I think I may have a chance to survive by discretionary trading provided I stickly follow my money management rules. After analyzing my previous trade records, I believe that my problem on trading was mainly lack of discipline to follow my rules.
Thanks again.
Quote from HSI_Trader:
Hi apex82,
Gald to learn you are in vic as well.
IB datafeed seems ok to me (my account is on IB's HK server). HSI slippage or bid-ask spread is large, so I use stop limit order to get me out a bad trade. You can imagine, it doesn't always work.
I've been thinking about trading the Hang Seng off and on for about two years now.
I follow it closely and like its clean trends that lack the chop I am used to by trading the ES.
My only concerns about the Hang Seng are (1) the ever changing spread. I've seen the spread as low as 1 and as high as the 20s; and (2) the order queu system in which market orders are not executed in an instant but instead are put in a line--so I hear.
I could see myself trading the Hang Seng on days I cannot or would not want to trade the ES (low volatility days are not worth my time). But the spread and time delay in executions on the HSI concern me.
Are my concerns justified?
I violated my rules and placed another trade last night. Luckily it was a winning one and I got my money back. After completing that trade, I feel very bad because I violated my rule again in less than a couple of weeks since I resumed trading this year. I told myself that I must force myself to more discipline, so I decided stopping trading for today and tomorrow.
After briefly reviewing my trades this year, it is quite obvious to me that I lost money after my first five trades. Besides that, I had a tendency to place a trade quickly after my losing trade. Most of the time, it resulted another losing trade.
To prevent me from overtrading and impulse trading, I set up a couple of new rules:
3. The maximum trades per day is 5,
4. I stop for at least 10 minutes after completing my last trade.
I believe to be successful in trading, one must have both methodology and money management rules which fit both his/her personality and the market. I work towards them and hope that I¡¦ll eventually find my own methodology and rules.
To smilingsynic,
Your observation about the HSI changing spread is consistent with mine. I don¡¦t if your concern about market order is right. My feel is that I usually get worse filling if the market s volatility becomes higher.
After briefly reviewing my trades this year, it is quite obvious to me that I lost money after my first five trades. Besides that, I had a tendency to place a trade quickly after my losing trade. Most of the time, it resulted another losing trade.
To prevent me from overtrading and impulse trading, I set up a couple of new rules:
3. The maximum trades per day is 5,
4. I stop for at least 10 minutes after completing my last trade.
I believe to be successful in trading, one must have both methodology and money management rules which fit both his/her personality and the market. I work towards them and hope that I¡¦ll eventually find my own methodology and rules.
To smilingsynic,
Your observation about the HSI changing spread is consistent with mine. I don¡¦t if your concern about market order is right. My feel is that I usually get worse filling if the market s volatility becomes higher.
Quote from HSI_Trader:
I violated my rules and placed another trade last night. Luckily it was a winning one and I got my money back. After completing that trade, I feel very bad because I violated my rule again in less than a couple of weeks since I resumed trading this year. I told myself that I must force myself to more discipline, so I decided stopping trading for today and tomorrow.
After briefly reviewing my trades this year, it is quite obvious to me that I lost money after my first five trades. Besides that, I had a tendency to place a trade quickly after my losing trade. Most of the time, it resulted another losing trade.
To prevent me from overtrading and impulse trading, I set up a couple of new rules:
3. The maximum trades per day is 5,
4. I stop for at least 10 minutes after completing my last trade.
I believe to be successful in trading, one must have both methodology and money management rules which fit both his/her personality and the market. I work towards them and hope that I¡¦ll eventually find my own methodology and rules.
To smilingsynic,
Your observation about the HSI changing spread is consistent with mine. I don¡¦t if your concern about market order is right. My feel is that I usually get worse filling if the market s volatility becomes higher.
Thanks for your comments.
The volatility of the HSI might make it harder to get a good fill, but I have never seen an index so easy to (paper) trade (actually, ALL markets are easy to paper trade, but HSI is the easiest of all!). On a breakout signal, the market often takes off, like a rocket, and rarely does a breakout reverse and go right back in your face. Trail your stop, lock in your profits, and keep moving the stop as the trade goes in favor. Beautiful.
On a one-minute chart, ES is often untradeable, so 3 minute or even 5 minute charts are needed to get a feel for the trend. But with HSI, one-minute charts clearly lay out the trend.
I'd appreciate comments from others regarding fills and spread.
Allow me to throw you a question:Quote from HSI_Trader:
To prevent me from overtrading and impulse trading, I set up a couple of new rules:
3. The maximum trades per day is 5,
4. I stop for at least 10 minutes after completing my last trade.
Do any of your rules has anything to do with market opportunities?
i.e. what direction is the market going? at what point would the market turn? etc.