I'd like to become a better trader

[emg]

Quote from Best Loser:

I"m sorry emg, but I can't take your advice seriously, not that there was any advice
your strategy is to go long for 1 point profit with endless averaging down and unlimited loss is just a bit controversial and I don't want to get engaged in it in my thread.

the question to your thread is:

I'd like to become a better trader


not to post trade. u are better off posting your trade in ES Journal Thread

 

[PO]

long 1@24, stop 23

 

[PO]

Quote from Best Loser:

long 1@24, stop 23

out at b/e. I've made my planned amount for today and because of this I trade with the fear of loosing money that I've made and I've closed this trade prematurely.

I need to take my trades based on signals, not fear. There is no need to fear because I had a good stop loss that would have protected me.

 

[PO]

somebody in this thread gave me a good advice to ignore posters I disagree with and not engage into a hostile battle with them. I'm going to follow this advice and let some comments go.

 

[PO]

Quote from wrbtrader:

Hopefully this isn't what you call backtesting. Simply, if you don't want to actually compare your backtest results of ES, YM, NQ, TF and EMD to each other via the parameters of your trade method...that's your choice. Like I said, most traders don't because they are married to their trading instrument.



Strongly agree...most traders find out too late that they should have been trading something different based upon the performance of their trade method in comparison to other trading instruments and based upon their ability to stick to their trading plan (discipline) because the price action of one trading instrument does have an impact on our ability to follow our trading plan...assuming not using an automated trading system.

Mark

I see your point, but I think i should give ES a bit longer of a try before I start switching and trading other instruments, because even if my methods work on them, it still take time to learn their price action, where to put stops, retracements, when to exit, etc.

so, for now I'm going to concentrate on ES.

 

[PO]

Quote from Best Loser:

out at b/e. I've made my planned amount for today and because of this I trade with the fear of loosing money that I've made and I've closed this trade prematurely.

I need to take my trades based on signals, not fear. There is no need to fear because I had a good stop loss that would have protected me.

and this is an example of why another trading instrument wouldn't make much of a difference. I had a trade on that was according to my set up, but I closed it before it had a change to make any money and it didn't even stalled or retraced, so I could have just trail my stop and make money, but I'm too preoccupied with not losing money

I think I need to take it one step at a time and not beat myself all the time. I've learned some bad habits and it will take time to unlearn them.


1. Always have stop loses. So far so good.
2. Dont' trade congestion and flip trades around, so far ok, but need to work on.
3. Realize that stop loss doesn't only mean for a trade, but also for a day. 600$ a day so far is my daily stop loss and I need to follow this too.
4. keep my trades on until the target is reached or conditions of the trade changed drastically. Need to work on this.

 

[PO]

sell 2@24.75 - > vwap, dma rejected with a double top.
stop move to b/e
cover 1@24.25, second will hold for a day low test or stop out.

 

[PO]

Quote from Best Loser:

sell 2@24.75 - > vwap, dma rejected with a double top.
stop move to b/e
cover 1@24.25, second will hold for a day low test or stop out.

stopped out, back in OR again.

 

[traitor786]

Quote from Best Loser:

my profits are not consistent, that's what I'm working on.

So far I have accomplished one thing, always have stop losses.

What I need to work on in discipline. It suffered again today.

Slow churning days like today are my weakness.

I know from painful past experiences not to short runaway days like Friday, I need to learn now not to short slow days and especially slow afternoons.

Although today was very unusually low vol Monday for options expiration week.

are you up from when you started? your my barometer if its all worth it

 

[PO]

Quote from Best Loser:

P&L for the 4 day week 2 +$357
P&L for last 3 day week 1 +$1295

if your question is up from when I started trading on and off 3 years ago, then the answer is not, if since I started the journal, then see above.

don't look at me as a guidance, everybody is different, I know people who make money consistently and I know many more who lose it consistently.

so don't quit your day job just yet unless you have enough money to support yourself and for trading for at least 1 year.

And anticipate that it will be much more difficult and stressful then you think, especially emotionally. So if anybody asks me if they should be a trader, I would say if you have a good job and you don't mind it that much, then stick with it.