Little Lex's YM Daytrading Journal

Quote from Little Lex:

Trade 1: +4
Trade 2: +6
Trade 3: +8
Trade 4: -9
Trade 5: +7
Trade 6: +6
Trade 7: +6
Trade 8: -14
Trade 9: -15

Day: -1
Week: -45
Month: -45

Again a large number of trades today. I am very disappointed as again I did not manage to stick to my plan. I did not manage to be patient with my winners and lost all of my gains with my last 2 trades.
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Little L ... The first 7 trades look encouraging. Not bad at all.
In maybe a year with the discipline under firm control you will probably be a pretty "dangerous" YM trader.

best to ya ... rj
 
Quote from Little Lex:

To my defense I have to say that I am not using all of those indicators all the time.

What I tried to say is that those are the ones I might use for any given trade. But I don't have all of them up on the screen throughout all of the trading day.
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Little Lex... i certaintly won't say I'm a good trader (or even ok), but finally getting profitable consistently after much struggle.

I used to have all those indicators on my chart too and it drove me mad. You don't need all that stuff on your chart... check any poster of value on this forum. They have a few things that they have mastered (some only 1-2) and that's all they use.

I was once told KISS... if I would have listened, learning curve would have been so much smaller.
 
Quote from Little Lex:

Please let me know if anyone is finding the TICK & TRIN indicators helpful. I have been reading about them but unfortunately my platform does not provide the data.

Maybe somebody can tell me where to find them?
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So far I have not figured out how to make TRIN useful in scalping but
here is how I use TICK in scalping YM.
Very often when I made a bad entry I realized that if I waited for TICK to pull to an extreme the entry would have been better. So, now I enter when there is a big TICK swing against the underlying price trend. By big swing I do not mean all the way to + or - 800, 1000 but to a BB. When the market is in a free fall - for example - the upper TICK BB may be +200. I enter when tick crosses zero from below and by the time my order hits TICK may be or near the BB.

As far as hanging on to winners, one of the things I am also trying to get better at, is not so much a matter of patience or lack of it but discerning if it is a trend day or range expansion day or not. When the AD line is near zero either side one should be quicker to take profit then on a day like yesterday when #1, there was a big negative surprise, #2 AD was way in the negative , below -1000, all day. This should also influence one's confidence in initiating positions. Linda Bradford Raschke, John Carter and some others have done published work on the alternating of narrow and trend days.

Yet an other important tool is microscopic volume.
On the left side of my screen there are three ES charts with price and volume only. From bottom up,one, three and 10 minutes. These are only 10 period wide. It is nothing less then amazing but in the best moves all the tallest candles are the same color, green or read, telling me the move is healthy, don't fade it, or if I was in the move perhaps hang in there longer.

All this leads us to another point, by facing the market the right way, pressing on the right side and being defensive when on the wrong side, one improves one's win/loss ratio.

Best,

GC
 
LOL,

I have just read the post above mine.
Needless to say what ever works for each person is the best.

I do not have a feel for the rhythm of the market (or music) like some traders but have good visual acuity so I rely on visual tools.

GC
 
Quote from dubs07:

k that chart/attachment didn't work, or at least I don't know how to get there...but I'll email you my chart
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Hi Dubs07,

I haven't received your email yet but I'm looking forward to seeing that trade.

The problem I'm facing is that my broker does not provide the TICK and TRIN data. Now I need to decide whether these indicators are worth installing a second platform or even switching brokers. Or are there any other ways to get the data?

LL
 
Quote from rcj:

Little L ... The first 7 trades look encouraging. Not bad at all.
In maybe a year with the discipline under firm control you will probably be a pretty "dangerous" YM trader.

best to ya ... rj
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Thanks rcj,

however if it really should take me a full year from here then I am not sure that I'll ever make it.

LL
 
trading isn't somethin you should try to master overnight...definite could take well beyond a year to become a successful trader...you just have to want it that bad, and be able to support yourself through the learning curve...just remember you get out what you put in.... and I'ma try to post that pic here again cause RCJ sent me a link on how to do it...if it doens't work lil lex just tell me your email and I'll be glad to send it.
 

Attachments

After reviewing last week's trades I realised that I was not trading according to my plan.

My goal for this week is to trade less and make a better trade selection. I want to concentate on the high probability and high potential trades.

Therefore I took only one trade today.

Trade 1: +15 points

The trade selection was good. I was slightly late on the entry because I waited for confirmation. Then I was too quick on the exit but I'm satisfied to have "locked in" the profit.


Day: +15
Week: +15
Month: -30
 
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