Keeping Records

I wasn't thinking correctly today. I did not get enough sleep and wasn't feeling good this morning. In the morning at around 7.15, there was a long signal, B 99, S 97.25, T 107. I would have been filled and would have reached the target but I missed it.

At 8.53, I took another trade that I should have passes because it wasn't the strong set-up. I lost a point on that. So I am down $24 today and up $12 for the week. I am at least happy to end the week with a profit.

Note: Go to bed before 10pm and get 7 hrs. of sleep. Do not drink on weekdays.
 
Thanks for continuing to post your trades. I hope I speak for many other NQ traders who are quietly watching with equal interest. A personal observation, if I may. I was very much moved by your self-admonition not to drink during the week. I recently quit altogether largely motivated by a desire to trade better and more consistently. So far it is working. You have my best wishes for your success.
 
Quote from Arthur Deco:

Thanks for continuing to post your trades. I hope I speak for many other NQ traders who are quietly watching with equal interest. A personal observation, if I may. I was very much moved by your self-admonition not to drink during the week. I recently quit altogether largely motivated by a desire to trade better and more consistently. So far it is working. You have my best wishes for your success.
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After today's results I have decided that I need to make changes to my habits and behaviors if I want to someday compete at the highest level. I felt really bad for missing the first obvious trade, and it was because I did not get enough sleep and my head was hurting. Similarly, I should never have taken the second trade. I am still in the college mode even though I graduated two years ago. I know that I have a system that works (at least for now) so I need to focus on my habits and psychology. The good thing about a site like this is that since I do not know anyone here, I can be honest and actually evaluate my actions. Thanks for your kind wishes and good luck to you too.

I am making some changes to my plan this weekend to incorporate short trades too and really strong trending days.
 
Quote from garage sale:

I have decided that I need to make changes to my habits and behaviors if I want to someday compete at the highest level...I need to focus on my habits and psychology.
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I recommend that you print that out and paste it somewhere close to your trading screen. Let it be your life's work. I am over 65, and it is still my life's work. Thank you for telling us your age. I will say it for many who may be wiser than me by not offering advice: "No need to be in a hurry. Watch a lot. Trade a little. Let the understanding creep into you from the corner of your eye. Or in a dream. Or from a mistake. But always from your own experience, never from anyone else's. And beware people on ET who would 'help' you."
 
2 trades, 2 losses -48 with commissions. -32 for the month.

I went back and looked at my trades(paper and real) for the past few months and noticed that most of the big-runs happen when price retracs by less than 2/3rd. I will include that to my set-up. Currently I have 80% as the criteria. In hindsight I should not have taken either of these trades. The first was close to 5 min 20 high that I knew would provide some resistance and the second one retraced more than 67%.

The only positive thing is that my losses are small and few good trades will make up for it.
 

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Today sucked for different reasons.

At 8.02, there was a long signal B 27.25 S 26. I had the order in there and price came down to 27.25 but I wasn't filled.

At 8.24, there was another long signal B 32.75, S 31 that would have been filled and profitable but I stood there like a deer on a headlight. Missed an opportunity.
 
Quote from Arthur Deco:

Do you think the profitability is good enough that you could afford to use market orders for entry? Excellent entry analyses, BTW!
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I think so...not necessarily market but market-if-touched. Market orders could get me 2-4 ticks above my limit-price, but MIT should get me mostly within 1 tick.

I will look into that. Will make the changes next week if necessary.
 
Let me suggest that in addition to the twenty other things you are probably watching that you relook at how close market orders will get you. I think you will be pleasantly surprised, as long as you can identify a specific time and price at which you wish to enter.
 
Same story different day. No trades today.

At 8.13, there was a long signal B 50.50, S 49.25 which was never filled although price traaded at 50.50. I think I should seriously consider buying at the ask as long as my stop is not more than 3pts.

Although this journal has helped me to look back at what I did, I think I am going to post my weekly updates only. While I have been waiting for my set-up to occur, I have been looking at previous charts and have found another set-up that seems to work.

We'll see how it goes.
 
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