I'm back! Trying to trade NQ

A

amitman

Hello all,
After almost a year of break I'm back to the game, trying to trade NQ.

I've been trading for the past 2 month (30 trading days overall).
And currently down -888$. This was mostly due to 3 days when I broke my rules entirely and lost 1120$

Overall these are my stats so far:
Best Day 66.96
Worst Day -619.12
Profit days 18
Losing days 12
Av daily profit 36.0
Av daily loss -138.9

As you can see I have more profitable days but they are much less profitable then the loosing ones. but mainly due to those 3 horrible days.

I'm starting this journal in hope to get feedback and to keep myself trading according to my plan.

The setup
I use a combination of 4 charts: 1 min, 8 Range (or 10), 750 Volume and 125 ticks.
I usually address the range and tick charts for entries but like to have all the 4 for the a better prespective.
I still consider if to abandon the volume and minute chart and to stay with range aand tick charts only.

The plan
I'm trading max 1.5-2 hours per day (don't have more time), usually in the beggining of the day.
Trading 1 contract at a time.
I was hoping to average 5 points per day (Seems reasonable)
Also max loss per day = 10 points
Trade setups: pull backs of the current trend. With target 2-5 points (usually 3), depends on volatility. Stop should be 1:1 with target or better

So far I found that either I'm unable to follow my plan, or the plan itself is not working.

So, all feedback is appreciated

Attached are trades for today:
1) Not sure if was a valid short setup -4.25
2) Reversed but again not sure if was a good idea -4
3) Reversed again - Good trade +3
4) Good trade, a bit early exit +2.25
5) Marginal trade +1.5

Overall -2 points for today.
Timeline is +8 hours (meaing 17:15 is actually 9:15)

Trades 05.02.15.PNG
 
amitman said:
I was hoping to average 5 points per day (Seems reasonable)
Also max loss per day = 10 points
More...
Not that I'm a successful trader yet myself, but from just a mathematical perspective, does it make sense to allow yourself to risk twice as much per day (10 points) as you "hope" to earn (5 points)?
 
JTrades said:
Isn't it useful to know how price has changed over time, and doesn't a chart serve this purpose quite well?
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It's not as useful as people are led to believe. If you rely in price patterns to try to make money then you probably have not put enough thought into why your strategy should work and made use of that concept
 
garachen said:
It's not as useful as people are led to believe. If you rely in price patterns to try to make money then you probably have not put enough thought into why your strategy should work and made use of that concept
More...

Using charts does not mean that one just entirely relies on patterns. There's other highly relevant data present in a chart.
 
Am always amazed at how other traders work or not work. FOUR charts? Last time I checked I only have one pair of eyes, so I use one chart, putting all my focus in one timeframe, I will learn how it acts. I do use the 60 minute and trendlines to see where they come in on one minute timeframe which I only use. I use the 60 to stop me from trading trades where a trendline coming in on the 60, and I use it as targets to take profit early or extend profit objective.

I can't figure out what you using as trend? I never have found stop and reverse to test out well in ES or Nasdaq, markets have too much chop overall, way too often too many trades, fees add up. Trendline bounce trades are nice risking 3 ticks and aiming for three points. You see the Heads & shoulders at highs? Nice triple low at 4234.25 area. You notice the highs had highs clumping together? This usually tells me market will go other way, cheap sell near highs and much smaller risk, breakouts always cost the greatest in terms of risk and offer the smallest profits.
 
How are you choosing your entries exactly? I'd suggest that you don't go against the trend unless there is a huge reason to do so.
 
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