Matcha's Dow E-mini Journal

No trade yesterday. I got some errands to run.

Today is a very happy day. I am very well-behaved. I have never been that disciplined since I started trading. Stick with my plan. Only focus on loss, wait and wait for the right moment to enter. Only enter one set up. The market has been nice and offered lots of pullback trades to me too. If most of the days are like today, I can go on live pretty soon. But only trading 1 contract to start. But statistically, trending day only happened 2 or 3 days per month…

Early morning, the price action to me was very volatile and choppy even tough it has been slightly trending. I couldn’t see where my risk reward should be, so I had no position.

TRADE A: Long.
Enter: 10242
Exit: 10264
22Pts
Trade B: Long
Enter: 10282
Exit: 10322
40 Pts
Trade C: long. This was a bit risky. But the up momentum was very strong, so I went in taking a quick profits
Enter: 10327
Exit: 10341

In hindsight, in a trending day I should have stayed in with the trend the whole day to nail more profits without stress. But in reality it’s so hard to do…. Especially with one contract, all I am thinking is I should take reasonable profits first and protect my account….

Today’s PnL: $350, 6 trades, 67% winrate
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Quote from Matcha:


Today is a very happy day. I am very well-behaved. I have never been that disciplined since I started trading. Stick with my plan. Only focus on loss, wait and wait for the right moment to enter.
More...
Good for you. A ted closer to buying your mom a dream home.
 
Quote from Bolimomo:

Good for you. A ted closer to buying your mom a dream home.
More...

:) Still long long way to go.

Just realized, untill last week. I have accomplished 1,080hours studying trading. 1/10 of 10,000 hours.
 
The good behavior only lasted one day. Today I acted as a totally different person. Over traded, left large stops, went over my daily limit loss. A big losing day. Basically wiped out all yesterday’s gains. Today is also the biggest losing day since I started trading. How ironic!

I wish I only made one trade-Trade A…

The messy chart is attached. From 11:30am, market started to get very volatile. I was like a ruthless no brain soldier joining the battle with no weapons. I jumped in for long and then stopped out, jumped in again, stopped out again… It was crazy.

I am heading to the gym now. I need to start work out now. Probably I can clear my head starting fresh tomorrow. Besides, sitting 12 hours a day isn’t that healthy. My tummy is starting to develop.

Today PnL: -$300, 19Trades, 21% win rate
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Another big losing day. I had no clue what this moody market is doing today.

Nothing I did was correct today. Not sure how to handle today’s market. By the time I realized this should be the market I am trading. I was already down over $200. I think that’s why we need to set up a daily loss limit.

Nasty chart is attached. I also gave away some profits today. Tomorrow is the option expiration day. I am usually doing not that well in expiration days as well.

Only 2 trades worth mentioning marked on chart.

I got this coupon from Boarder’s. I am going to purchase John Carter’s book-Master the Trade. The price equals to the price of used book I pay on Amazon. I have read the chapters about Gap and Pivot Point trading. I am taking his method and testing these days. I am not sure if those strategies are going to work on me. But by doing these excise I believe I can develop more common sense on the market. Some tricks are pretty applicable these days. Plus it’s more plain written than Al Brook and “Master Swing Trade” by Alan Farley.

I haven’t totally given up on reading Al yet. I finished skimming it all the first time. I am now reading it the second time in a much through way.

Today’s PnL: -$258, 12 Trades, 30% win rate
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Hi Matcha,

First of all, this is my first post ever on Elite Trader. I am very impressed with your Journal. Thanks for sharing your trading experience. Your journey is somewhat similar to mine as I started trading ES-mini futures a few months back. I do live and paper (SIM) trading (when I feel I need a break). I understand what you mean by aiming your goal to become CP - consistently profitable. I share the same challenge of timing to enter and exit a trade and tend to overtrade especially when I am behind.

I, too have delved into quite a lot of trading books, including the most challenging Al Brooks' bar-by-bar reading. One book that I like most and refer back to often is the High Probability Trading by Marcel Link. It is a comprehensive book for traders including a very good section on Technical Analysis. The section on Trading Plan, Money Management and Self Control are very good also. Moreover, it is an easy read.

Congratulations to your excellent achievements on your 1080+ hours of trading study!!!

Keep up your spirit and I have confidence that you will make it to become a very successful CP trader!!!

PatientOperator - Just another trader.
 
Quote from Matcha:


I got this coupon from Boarder’s. I am going to purchase John Carter’s book-Master the Trade. The price equals to the price of used book I pay on Amazon. I have read the chapters about Gap and Pivot Point trading. I am taking his method and testing these days. I am not sure if those strategies are going to work on me. But by doing these excise I believe I can develop more common sense on the market. Some tricks are pretty applicable these days. Plus it’s more plain written than Al Brook and “Master Swing Trade” by Alan Farley.
More...

Don't feel too bad. This market has been difficult even for the most experienced.

Alan Farley's book is a bit scholaristically written. More like a theory dissertation than a trading "how to" manual.
 
Only watched the market for the first hour. No trade today.

Now back on my desk, Volume was extreme light. Price has been trading in a range most of the day. Luckily, I didn't trade, otherwise I would be chopped into pieces like "shredded pork". Another rule in my trading plan: Stay away when volume is unusually light. Moving average is flat.

It was really a tough week. Ended up in red.

Weekly Recap:
PnL: -$209
Win Rate:31%
Mistakes:12
Cost of Mistakes: $559
Comment: had the best day and worst day this week. Didn't follow up my plan. By looking at all my good trades and bad trades. The goods trade were all made in a very specific pull back pattern. Bad trades were made impulsively. Some of them are counter trend.
Next week, I really need to only focus on one specific setup. -the one has been making profits. (Pull back, touch MA, then form a Double Bottom, or it can be called bull/bear flag).If the set up doesn't show up, I will not be trading. This will be the only way to reserve my capital once I go on live. Over this weekend, I got to analyze how to identify trend day and range day. Almost all the text book talks about this, but for a beginner, I still have difficulty to identify it before it is happening. So I am going to lay out all the theory from text book then apply to YM chart. I need to register all these to my brain...
 
Quote from Bolimomo:

Don't feel too bad. This market has been difficult even for the most experienced.

Alan Farley's book is a bit scholaristically written. More like a theory dissertation than a trading "how to" manual.
More...

Yes! "scholaristically" is the perfect word to discribe the book. It's like I call an apply a "green/red apply. Alan must call it "a greenish/reddish eatable object." I wish it's more plain. I thought that some of the techniques are worth reading and practicing. "Dip Trip" is the one I will mainly focus on. Eventually, I can grasp what he is talking about...

It's really a mean market these days. But I think somehow I have learned the other personality of the market this week. I just got to know how to "prepare" and handle him next time when his temper is coming.
 
Quote from PatientOperator:

Hi Matcha,

First of all, this is my first post ever on Elite Trader. I am very impressed with your Journal. Thanks for sharing your trading experience. Your journey is somewhat similar to mine as I started trading ES-mini futures a few months back. I do live and paper (SIM) trading (when I feel I need a break). I understand what you mean by aiming your goal to become CP - consistently profitable. I share the same challenge of timing to enter and exit a trade and tend to overtrade especially when I am behind.

I, too have delved into quite a lot of trading books, including the most challenging Al Brooks' bar-by-bar reading. One book that I like most and refer back to often is the High Probability Trading by Marcel Link. It is a comprehensive book for traders including a very good section on Technical Analysis. The section on Trading Plan, Money Management and Self Control are very good also. Moreover, it is an easy read.

Congratulations to your excellent achievements on your 1080+ hours of trading study!!!

Keep up your spirit and I have confidence that you will make it to become a very successful CP trader!!!

PatientOperator - Just another trader.
More...

Hi, PatientOperator!
Nice meeting you here. It's always my pleasure to know someone read and like my journal.
It's been a very challenging path so far. (I haven't even live trade yet).

Thanks for the book recommendation. Mark's book is in my Amazon reading list. I am kind of debating on whether to purchase Marcel's book or Rober Miner's "High Probability Trading Strategies: Entry to Exit Tactics for the Forex, Futures, and Stock Markets"(with CD). Since you recommend Marcel's book, I will definitely purchase it. Here is the book list I am going to finish:

1. Bar by Bar analysis
2. Master the Trade
3. Master Swing Trade
4. High Probability Trade (either book)
5. Techniques of Tape Reading
6. Steidlmayer on Markets: Trading with Market Profile

Let's both keep best spirit and be CP!:p
 
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