Instinctive daytrading

[jficquette]

Quote from krishiyer:

Iam bit lazy to write a detailed plan of the trade before or immediately after enetering the trade.While reading this thread,suddenly I got an idea why not immediately save the chart with the indicator set up(I can do it in my medved qt charts),import it in to the word/paint & mention the trade taken (immediately after the order got executed)
Iam thinking out loud.when I close the trade(profit/loss),take the shot of the chart & compare why it was successful/lost!

Since I trade expiring options aggressively in the last week,I will usually enter all my trades in 10D/15m chart & analyse at the end of the week.
Usual story-I started buying call/put too early,average down down down & sell all of them too early when there is reversal to my predicted direction.
net result meagre profits for the effort put in.Iam attaching one of my old charts which is handy.(mar 2006) I have not done this week analysis yet.I played mostly IWM options.Nothing to boast!! MM's became stingy & killed the delta of all Aug options.Direction right but ATM/OTM option got peanuts!!
having written this post, my mind is made up of maintaining daily chart journal of all my trades.
other traders practices/constructive criticism welcome!!

Yes, save the picture of the stock when u get in and after you get out. Find a way to categorize the pattern you are trading into seperate folders and name the folders after the pattern. Just make up names.

When you see something setting up that fits a category bring up old pictures and compare the looks.




John

 

[sunggong]

Quote from jficquette:

Yes, save the picture of the stock when u get in and after you get out. Find a way to categorize the pattern you are trading into seperate folders and name the folders after the pattern. Just make up names.

When you see something setting up that fits a category bring up old pictures and compare the looks.


John

This is exactly what I've been doing with my trades. Just "printing the screen" and archiving them for analysis after-hours.

Like many posters have suggested, I am spending more time analyzing my trades and trying to find more quantitative metrics that I can implement to automated system that I just started exporing.

I have a set of patterns that I became very good at recognizing effortlessly/instictively and act quickly when I see them, but I realize I can't do this forever.

While I continue to trade this way because of very high winning rate and its simplicity, I find that it is necessary to further analyze my trades and work on developing a system where ultimately an automated trading program can make money for me.

Long journey ahead.

 

[JMowery1987]

Steve T trades this way, Szeven trades this way, I trade this way as well, but I throw some moving averages in the mix, a second is how long it takes for me to see the trade and press the button. I guess playing all those video games have got me good at reacting quickly.

And Szeven "I trade off of 1 minute charts, no volume or indicators, but i do somewhat 'predict' the movement based on prices relative position.", well, that is pretty much all I do with the stocks I trade. I do have 3 moving averages on there to determine a short term trend and profit off of price bouncing off of MA's while trending, but other than that, I take advantage of liquidity.

Happy to know that there are other successful traders trading this way.

Good stuff.

 

[TSGannGalt]

If you can continue to build your skill for at least 2 years, you're on the right track.

3-4 months of trading and talking about instinct is too premature... Sometime in your career, you hit a time where everything you felt starts going the other way around.

Breaking that inner barrier / building a flexible "feel" is when you become a consistant trader. It's taken you 3 months to adapt your brains... next adaptation should be shorter... and the next shorter... and hit a point where you're constantly adapting and free...

Again... too premature...

 

[Jonathan]

sunggong, don't let any of these crazy negative people hurt your confidence. I trade the same way, and from what I can see, you have great risk management. Soon you will have made enough profits to have doubled that 25-27k you're using. At that point, who cares if you lose it all? You'll still AT LEAST break even. Continue thinking and pondering about what you're doing, and continue to have that passion and drive to improve. As long as this keeps up, just keep withdrawing those profits and building up that bank account for protection and reserves. You'll be playing completely with the houses money soon.

I'm new to this forum, but I'm finally glad to see I'm not crazy for trading this way... because it works for me too with a 25-27k balance.

Jonathan