Just another journal

B

BlueDiamond

This may be just another typical journal in ET. I started trading the ES with a $5000 account from the start of the year and by Feb it dropped by more than 60%.

So I have been paper trading since then, gradually realizing the numerous mistakes I was making, made many changes, and now I feel as if I'm ready to trade live again.

One of the reasons for starting this journal is to learn more about myself by posting my trades. Sometimes, I still lack the discipline required and enter trades without the proper setup.

After the earlier losses, there is about $1800 remaining in the account, and the immediate target is to reach $3000. Which is about 26 points away. On the other hand, the account will be closed if it drops below $1000.

I have no idea how this will turn out. In the worst case, the account will be blown out with 10 consecutive losses, putting a quick end to all this.
 
+$31

Today I got into a good mood! Perhaps this averted the losses.

Anyway, managed to get 3 ticks from 1 trade today. Shorted around 884, exit when support was too strong and the time limit was reached. Though it's only 3 ticks, I'm glad it's a positive start.
 
+$50

No trades yesterday.

Today is another range bound day in the morning. In view of that, any profit is good for me.

First trade was a loss of 1 point, going long around 882. Since the resistance was not yet broken when the trade was made, this has to be a mistake.

Second trade, +2.25 points, short around 875. Missed the earlier entry due to anxiety. The transition from sim to live is not easy. It's like the difference between shooting practice and taking three pointers in the fourth quarter of a real game.
 
No live trading yesterday due to connection issues. Paper traded horribly.

Today is another day with the index lingering within a few points of the open. Only one breakeven trade as the dow refused to move below 8100.

Maybe on days like today, when open < yesterday's close, a possible setup is to just short near yesterday's close (879), down to today's open (873).

Hopefully next Monday will be easier to trade after 3 days of indecision. 3 consecutive dojis! On the daily chart, it looks like the inverted golden cross is imminent.
 
+$133

Started with a loss, -1, shorting near LOD.

Was ready to call it a day when a long opportunity came near 877, +2.75.

Then as I was typing this, I made two bad trades, +0.5-0.75, trying to chase the move up. So from now on, I need to concentrate on the action until I'm sure it's over.

The second trade was really bad, it was an "out of control" type of chasing. During the trade, I was really disappointed with myself for breaking the rules, and decided to cut loss. Hopefully, I will not have the need to type about my "out of control" moments again :(

edit: Another long around 889, +1.75
 
+$275

Stayed on the sidelines yesterday. While sitting on the bench and having to watch all the action, I wondered about an options play to let me participate in these doji days, although the commissions would probably be too high for intraday trading.

Today's first trade is a long from 915, +3.25. Second trade, long from 921, +2.5. Should I have kept the first long trade? I will look at it again. Ran for the exit on the second trade, after nearly getting stopped out by the 2pm bar. Overall, I'm glad to have my best day in futures. :)
 
-$137

Long near HOD, -1.25. Short near LOD, -1.25. I knew it was shaping up to be this type of day, but couldn't resist taking the trades. Both trades went against the rules.

Paper traded the rest of the day, trying out a "doji mode" strategy.
 
Summary of first two weeks:

Total no. of trades = 13
Wins = 6, +13.25 or +2.2 per win
Losses = 5, -5.25 or -1.1 per loss
Breakevens = 2, +0.5
Mistakes = 5

Total points gained = +8.5
Comms = -1.5
Net = +7

Week 1: +1.5 (+$75)
Week 2: +5.5 (+$275)

Comments: These two weeks have been a slow start without any big hits, while mistakes are still being made. But there are some small wins, and it's good to be in the green.
 
-$100

Another negative day, mostly because I tried to beat the rules by going in early. Again!

First trade was too early, long near the HOD, -1.

Second trade was a small loss, -0.5.

Third trade was a low probability trade in the middle of the range, -1.

Fourth trade was a long near LOD, taken as ES lingered around the morning lows. +1.

In summary, I need to stay out of days like these and trade another target-rich instrument. Alternatively, go for small wins when LOD is clearly established.
 
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