Matcha's Dow E-mini Journal

Quote from PatientOperator:


.....

....
My trading today:
- 4 trades, 2 Shorts (1+, 1-) 2 Longs (2+), net 2 ES pts.
- Lessons learned: review throughout the day where the trend is heading. It can change direction. I need to trade accordingly.

Ha Ha! :) :) Any Asia& Hollywood gossip website/videos you would recommend. I need some thing to relax on other than staring at my charts everyday!

--po
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Happy one year anniversary!

wow, po. you did really well this week! What setup you traded this week?

For gossip. I only check "perezhilton" and " TMZ". The asia's ones, I watched on chinese website or I downloaded and watched it on TV.... If you know CHinese, I can forward to you. hee...
 
Quote from Matcha:

Happy one year anniversary!

wow, po. you did really well this week! What setup you traded this week?

For gossip. I only check "perezhilton" and " TMZ". The asia's ones, I watched on chinese website or I downloaded and watched it on TV.... If you know CHinese, I can forward to you. hee...
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Hi Matcha,

Thank you very much for your support. This week I only have small gains. Nothing really significant. My goal is to have small but consistent profit for now. Then, the next step is to have enough confidence to increase on the size instead of the frequency of trades. I know I am still far from the next step.

The setup I used this week have been focused mainly on trading with the trend after waiting for a pullback.

I will check out perezhilton. I have been to TMZ a few times before. Sounds like fun things to do. Hee Hee :) :) I will have to get Rosetta Stone to the rescue before checking out the Asian websites. :)

Hey! I watched all 6 episodes (Season 1) of the Wall Street Warriors on Hulu (in one sitting). I really enjoyed it. Thank you for your excellent recommendation. You are correct that it was very entertaining. I am going to catch up on Season 2 this weekend! Did you also watch Season 2?

--po
 
Quote from PatientOperator:

Hi Matcha,

Thank you very much for your support. This week I only have small gains. Nothing really significant. My goal is to have small but consistent profit for now. Then, the next step is to have enough confidence to increase on the size instead of the frequency of trades. I know I am still far from the next step.

The setup I used this week have been focused mainly on trading with the trend after waiting for a pullback.
.......
Hey! I watched all 6 episodes (Season 1) of the Wall Street Warriors on Hulu (in one sitting). I really enjoyed it. Thank you for your excellent recommendation. You are correct that it was very entertaining. I am going to catch up on Season 2 this weekend! Did you also watch Season 2?

--po
More...
Remember if you can consistently average 2point a day in ES, you can make a very decent living soon... And you might only need to work 1-2 hours a day!

Now WSW.
I actually watched S1 and S2 all together in 2 nights. now you know why i am always sleepy on monday morning. ha.
Check out the website:
http://www.timothysykes.com/
But please don't follow his trading. Just for fun. I remain very skeptical on him. I cant comment on him since I don't understand what is he doing. To me, it;s more like gambling. If all the results are true, he has got quite an amazing strategy going here...

The only trader that doesn't bother me much is Alex from Russia. He seems more "Real". I am not sure if he is still daytrading.

The season 2 is more entertaining. I even get a little pissed by all these so called " wall street stock brokers". Tell me how you think. And the fund manager bothers me a lot too... How glamorous. The story of the commodity floor trader(especially those orange traders) fascinated me the most. Be sure to check out the scene how they trade on the orange crop report---it makes me want to vomit...There is no way I can handle stress like this, plus betting with other people's hardearned life savings...
And the rookie....

This show just makes me think it's always a great idea to manage our own money... :p

I can go on and on about this show. hee. I am dying to know how all the traders are doing now...

Not sure why the S3 isn't released yet... too bearish i guess? can't wait!:p

I am also waiting for the documentary called "floored".
 
Quote from Matcha:

........
Tomorrow is the one year anniversary since I started to learn Day trading fulltime. I still remember Last Year this time I went to this trading school to learn what candle bars are… I was very excited about what I see and all the charts and ticks make my heart beat faster. ....
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Hi Matcha,

Happy One Year Anniversary to YOU!!!!!

You have accomplished a lot in your Freshman Year!!!!!

As my one year mark is coming up next week, I reflect on what I have learned since last February:

- I need to have more discipline. Discipline to stick to a trading plan. A plan which is comfortable for myself.

- Trying too many strategies can be counterproductive. I have learned to accept that I cannot do it all. Be good in one (or a very few) setup and master it is better than being a "jack of all TRADES". :)

- Don't overtrade. I just did some quick math. Overtrading can add up commission fast. If I do 10 trades a day for 250 days a year, that would be a whopping $10,000+ commission for my broker (IB charges $4.02 for a round trip trade). It will take a lot of ES points to cover this. When I first started, I have quite a few of those days with 10+ trades. Now I try to limit myself to be more selective, ideally (for me) is 1 to 3 trades a day. Not more than 5 trades a day. 0 trade a day is okay too. If I can't make anything in 5 trades, the day is out for me. I learned to accept that it's quality that counts, not quantity.

- Money management. I need to have straight discipline about keeping my stops and especially my max. daily loss limit. I had so many times that I kept on trading when I was losing and ended up the day with bigger losses. Now, I have in my trading plan the rule of 3 strikes in a row and I am out for the day. Money management is easier said than done for me. When I am losing (I don't like losing), the temptation is high to recoup my losses quick.

- As for trading techniques, I learned a lot in this wonderful journal (thanks to Matcha and everyone on this thread!). I have discovered the use of:
--- Pivot Points, S1, R1, S2, R2, PDH/PDL, DH/DL;
--- measured move;
--- the proper way to use MA;
--- the proper way to use TICK and TRIN;
--- the proper way to use Stochastics;
--- using higher timeframe to determine the bigger picture;
--- how to use Al's PA strategies, bar-by-bar analysis * * * (Matcha taught me a lot on this);
--- be careful about staying with or jumping on a trend after 3 legs (3 pushes) in one direction;
--- have patience to wait for a pullback, better yet wait for a 2nd entry;
--- have patience not to trade reversals and countertrend trades, these are for experienced traders.

Let's parlay our freshman year's learning experience and make good progress in the sophomore year!

Would like to hear from you how you feel about your first year of trading.

Thanks again Matcha! Keep up the awesome work!

--po
 
Quote from PatientOperator:

Hi Matcha,

Happy One Year Anniversary to YOU!!!!!

.....
As my one year mark is coming up next week, I reflect on what I have learned since last February:

- I need to have more discipline. Discipline to stick to a trading plan. A plan which is comfortable for myself.

- Trying too many strategies can be counterproductive. I have learned to accept that I cannot do it all. Be good in one (or a very few) setup and master it is better than being a "jack of all TRADES". :)

- Don't overtrade. I just did some quick math. Overtrading can add up commission fast. If I do 10 trades a day for 250 days a year, that would be a whopping $10,000+ commission for my broker (IB charges $4.02 for a round trip trade). It will take a lot of ES points to cover this. When I first started, I have quite a few of those days with 10+ trades. Now I try to limit myself to be more selective, ideally (for me) is 1 to 3 trades a day. Not more than 5 trades a day. If I can't make anything in 5 trades, the day is out for me. I learned to accept that it's quality that counts, not quantity.

- Money management. I need to have straight discipline about keeping my stops and especially my max. daily loss limit. I had so many times that I kept on trading when I was losing and ended up the day with bigger losses. Now, I have in my trading plan the rule of 3 strikes in a row and I am out for the day. Money management is easier said than done for me. When I am losing, (I don't like losing), the temptation is high to recoup my losses quick.

- As for trading techniques, I learned a lot in this wonderful journal (thanks to Matcha and everyone on this thread!). I have discovered the use of:
--- Pivot Points, S1, R1, S2, R2, PDH/PDL, DH/DL;
--- measured move;
--- the proper way to use MA;
--- the proper way to use TICK and TRIN;
--- the proper way to use Stochastics;
--- using higher timeframe to determine the bigger picture;
--- how to use Al's PA strategies, bar-by-bar analysis * * * (Matcha taught me a lot on this);
--- be careful about staying with or jumping on a trend after 3 legs (3 pushes) in one direction;
--- have patience to wait for a pullback, better yet wait for a 2nd entry;
--- have patience not to trade reversals and countertrend trades, these are for experienced traders.

Let's parlay our freshman year's learning experience and make good progress in the sophomore year!

Would like to hear from you how you feel about your first year of trading.

Thanks again Matcha! Keep up the awesome work!

--po
More...
Great recap! It looks like my learning curve too! ha! looks like both of us accomplised a lot in the past year. Thanks to all the SIFUs who contributed to this thread!

Besides all of the lists of the techiques you had lined out for us. I have some of mine. Most of them are the goals I am going to achieven in the 2nd year of the learning curve.

System and techinque:
--- Continue to focus on 1 setup. repeat, repeat, repeat and repeat.
--- Untill the setup generate the consistent profit in LIVE, add one more contract, not add more setup.
--- Stay in SIM untill I achieve my SIM goals(you know what my goal is)
--- OK to trade one day a week in LIVE as long as the setup, market trend and my emotions are all in check
---- Continue to work on backtesting and forward testing all setups(in real paper). Understand the R:R, winrate, trade management precisely on each setup in different context
---- Try not to trade in late session

Risk management:
--- Risk Reward is 1:2
--- look to take avg profit @ 20 pts,

Psychology management: (after all the above work is done)
---accept the loss is what I am willing to RISK to get the reward that are twice as big as the RISK.
----accept the consecutive wins and losses are just random outcomes of the systems, setups will always fail and even fail consecutively
----if anything happened that affects my focus, time to log on SIM account
---- follow with my plan and no mess up wit it
----SOH and patience can always be paid off. Overtrading leads to broke

So, my number 1 goal is still working on the system...
 
Quote from Matcha:

Remember if you can consistently average 2point a day in ES, you can make a very decent living soon... And you might only need to work 1-2 hours a day!

Now WSW.
I actually watched S1 and S2 all together in 2 nights. now you know why i am always sleepy on monday morning. ha.
Check out the website:
http://www.timothysykes.com/
But please don't follow his trading. Just for fun. I remain very skeptical on him.....

The only trader that doesn't bother me much is Alex from Russia. He seems more "Real". I am not sure if he is still daytrading.

The season 2 is more entertaining. .....

I can go on and on about this show. hee. I am dying to know how all the traders are doing now...

Not sure why the S3 isn't released yet... too bearish i guess? can't wait!:p

I am also waiting for the documentary called "floored".
More...

Hi Matcha,

Thank you for your encouragement! Work 1-2 hours a day sounds great to me! :) Then I will have all the time to watch TV shows and Hulu videos. :) :)

I can see why you are skeptical about this Timothy guy.

Wow! WSW season 1 & 2 all in 2 nights. You've got to add to your trading plan to remember to set at least 3 alarm clocks to wake you up on Monday mornings. :) :) :)

I like Alex too. A day trader like us!

I am starting WSW Season 2. You are right. It's getting better and better. I think the reason why we like the show is we can relate to the people and the setting in the world of trading. I hope they will have season 3 soon. Hmm! Tell me more about "Floored".


Quote from Matcha:

Great recap! It looks like my learning curve too! ha! looks like both of us accomplised a lot in the past year. Thanks to all the SIFUs who contributed to this thread!

Besides all of the lists of the techiques you had lined out for us. I have some of mine. Most of them are the goals I am going to achieven in the 2nd year of the learning curve.

System and techinque:
--- Continue to focus on 1 setup. repeat, repeat, repeat and repeat.
--- Untill the setup generate the consistent profit in LIVE, add one more contract, not add more setup.
....
.....

Psychology management: (after all the above work is done)
---accept the loss is what I am willing to RISK to get the reward that are twice as big as the RISK.
----accept the consecutive wins and losses are just random outcomes of the systems, setups will always fail and even fail consecutively
----if anything happened that affects my focus, time to log on SIM account
---- follow with my plan and no mess up wit it
----SOH and patience can always be paid off. Overtrading leads to broke

So, my number 1 goal is still working on the system...
More...

Thank you for sharing!

Great planning moving forward in your 2nd year of day trading.

I like your focus on 1 setup. Repeat to the power of 4! :) :)

I also am looking forward (to my next step) to adding more contracts after I achieve some consistency in making a profit.

Psychology management - I love that! I sometimes feel I am my own worst enemy and my biggest obstacle in achieving CP. Need to work hard on this in my 2nd year....

Looking forward to Monday's trading!

--po
 
I only took one trade in live today. Exit too soon.

6:39 long. H1 long, entry on the 2 min chart. Bull trend bar from open. Price broke out from YTD’s channel. Up trend in Globex chart. Price continued to go higher with 4 consecutive bull bars/channel with little overlapping. So I decided to hold through a pullback then trail my stop since the day could possibly turn to be a nice strong bull day.
7:10 price over lapped here and stalled at the resistance level. I changed my mind took my ideal profit here… +25Pt

Price broke out from the tight trading range without me…

I finished trading in live. Logged on to SIM testing ES and 6E.

PnL: +$122, 1 trade, 25Pts
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Quote from Matcha:

I only took one trade in live today. Exit too soon.

Price broke out from the tight trading range without me…

I finished trading in live. Logged on to SIM testing ES and 6E.
More...

Congrats on your first year! Also on another nice trade. There's nothing wrong with taking profit, but learn how to re-enter for continuation, especially when trading 1 contract. The way I learned to re-enter was to analyze continuation moves and pinpoint the continuation signals on a 1-min chart. From doing that so often, I've gotten so good at re-entries lately I sometimes capture more profit than if I'd just held a position through retraces.

Careful with that 6E. He will wink at you from across the dance floor, then dash toward you, hand extended, then sweep you off your feet! You will forget YM and ES, and your trading life will be changed...forever :p :p
 
Quote from Matcha:

I only took one trade in live today. Exit too soon.

6:39 long. H1 long, entry on the 2 min chart. ....

7:10 price over lapped here and stalled at the resistance level. I changed my mind took my ideal profit here… +25Pt

Price broke out from the tight trading range without me…

I finished trading in live. Logged on to SIM testing ES and 6E.

PnL: +$122, 1 trade, 25Pts
More...

Hi Matcha,

Congratulations on your excellent LIVE trading success! I am so happy for you !!!!!

That was a quick reaction on your part to go long very early on. You should be proud of yourself.

My trading today: Not a good day for me. 4 trades, (1+ 3-) -3.75 ES points. (Only consolation, I was in SIM trading today.)
- Hesitated a lot in the first couple of hours. Looking back, the 2 minute chart did provide better setups to go long.
- The 2nd half of the session was a challenge to me. Got stopped out for 3 trades in a row.
Lessons learned - when setup is not clear to me. SOH is a better decision. :(

--po
 
Quote from NoDoji:

Congrats on your first year! Also on another nice trade. There's nothing wrong with taking profit, but learn how to re-enter for continuation, especially when trading 1 contract. The way I learned to re-enter was to analyze continuation moves and pinpoint the continuation signals on a 1-min chart. From doing that so often, I've gotten so good at re-entries lately I sometimes capture more profit than if I'd just held a position through retraces.

Careful with that 6E. He will wink at you from across the dance floor, then dash toward you, hand extended, then sweep you off your feet! You will forget YM and ES, and your trading life will be changed...forever :p :p
More...

yeh, " the reversal"or "re-enter on continuation" is the trade management part I am still working on. There is actually a lot of detailed work needs to be done to trade one setup... Thanks for advice, I will study small time frame a little more

lol. 6E seems to be a "bad boy" :p
 
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