MES Journal - 2020 Dec

[Laissez Faire]

an introduction about yourself......
I graduated in maths with finance many many years ago, have been a G7 spot inter desk dealer / trader for a bank, worked a bit on the FXO desk in RBS (vanilla & excotic), prop trader in Hang Seng future and an execution trader for an oil company. But these are like decades ago tho

You sure have an interesting background. If these are decades ago - what happened between all that and now?

If you search up the poster NoDoji.......
Any more detail or link so I can dig in for more pls?

With back-testing/back-checking you can maybe do 5 days in the same amount of time. So, 35 sessions over the course of a week. 140 sessions.

Sure! Its not a lot to work and I will do it

I know NoDoji shared an example of her spreadsheet. Try to search for the threads she started. If you can't find it, I think I have it archived somewhere on another computer.

But the gist of it is to create a sheet where you can record observations about the set-ups/technicals you're testing. This should give you an idea about if it's worth to trade (i.e., a positive expectancy), what stop you would need, profit taking, other considerations, etc.

I think NoDoji was very much into Al Brooks, so you might want to dig further into her posts if that's the path you want to undertake.

https://www.elitetrader.com/et/thre...ent-profitability.205493/page-41#post-3015736

https://www.elitetrader.com/et/threads/futures-trading-analysis.291387/page-15#post-4125026

https://www.elitetrader.com/et/threads/trading-nq-via-price-action.281995/page-99#post-4041186

 

[gerryhoho]

Don't trade after observing the market you want to trade. Instead, gather your statistical analysis via backtesting your trade method so that you can remove one key possibility...the trade method doesn't work.

In addition, if the statistical analysis shows you the trade method does work but you're then unable to apply it correctly when you simulate trade it or trade with real money...you will then know its not the fault of the trade method...the problem is just you.

Trading on observation is a dangerous way to trade without any statistical analysis about your trade method when someone is new to a trading platform and/or new to trading a specific market.

At this point, you don't yet know the overall market conditions and how its impacting MES...

Simply, only an experience trader can navigate the current crap or at least know when not to trade it or not to be trading with size above 1 contract.

Summary - You should be on simulator and gathering data about your trading and trade method considering you do not have any statistical analysis to help you navigate the MES market.

Overall market volatility has been slowly creeping lower the past few months...an experience trader will know that type of market condition makes trading the MES / ES futures much more difficult.

Lets put it another way, I know successful traders of MES / ES that were trading much larger position size early in the summer and have now been reducing their position size since the U.S. November elections while the markets has been trying to navigate around vaccination news, failure of a stimulus package and a difficult lame duck President on his way out the door.

My point, its going to take some time for you to understand how the overall market condition moves MES / ES futures around...right now...focusing on just the price action while ignoring the overall market conditions and position size management...typically produces losing trading results.

Switch to a simulator...protect your trading capital...wait until the overall market conditions clears up and/or MES breaks out above or below the current funk its stuck within. If you were an experience trader...you could ignore the above advice.

wrbtrader

In addition, if the statistical analysis shows you the trade method does work but you're then unable to apply it correctly when you simulate trade it or trade with real money...you will then know its not the fault of the trade method...the problem is just you.

I think this is rather the problem and I dunno how to fix them. Its like I very much like going the opposite way of wat the method is telling me sometime I just felt its crazy.

 

[gerryhoho]

Your first entry was good for 4.75 points 3 minutes later. Why did you not get out while you were green?

Stop Loss is always a very clear thing to me....... but I really am bad at taking profits.

 

[gerryhoho]

1) Your goal cannot be anything other than to run a profitable operation, not a break even operation.

2) Keep S/R super simple: Use Today's 9:30 AM Opening print, prior high(s), prior low(s), prior close(s), last night's Globex High/Globex Low. Draw these on your charts.

3) Five minute chart only and make no decisions until a five minute candle closes. Use the RTH only and other than striking the Globex High/Low on your chart, ignore Globex.

4) Al Brooks is great, but his Bar by Bar book is terrible. If you can afford it, get his Brooks Trading Course video course. It is without question the best price action education publicly available.

5) I prefer live money to sim trading for newbs, but for goodness sake trade a one lot of the micro, and stop trading until you have something of a rudimentary plan. I would advise against trading against trend lines as you did there, and instead rely upon actual market levels, sometimes referred to as "horizontal support and resistance."

Good Luck!

4) Al Brooks is great, but his Bar by Bar book is terrible. If you can afford it, get his Brooks Trading Course video course. It is without question the best price action education publicly available.

Can I have more info on that?

Globex High/Low on your chart

I use Euro session H/L

Thanks!

 

[gerryhoho]

Or he walked away from the computer at the wrong time due to a distraction.

wrbtrader

I do have ADD..... focusing is always a hard topic

 

[Gaslight Capital]

Can I have more info on that?

https://www.brookstradingcourse.com/buy-the-brooks-price-action-trading-course/

I only have the Brooks Trading Course, not the Brooks Forex Cours. And there are a handful of forex videos included with the regular course and I have never once watched those videos. But the rest of his Price Action course is great.

 

[gerryhoho]

2 things.

1. where are the rest of your trades? no way you traded like this then just stopped cold turkey forn the entire day.

2. where is your full day chart with your buys and sells. what platform are you using? you should be able to post a chart with connecting lines of your buys and sells.

what plarform?

1. where are the rest of your trades? no way you traded like this then just stopped cold turkey forn the entire day.

I know I cant be short, but I also couldnt press the button to go long while seeing the price going away.... it just an intenal thing that when you see price higher and you will never go long again but at least its good that I dun go short. My time zone is in HK.... so I rather choose to go to sleep


what plarform?
IB

 

[gerryhoho]

we dont need much info but acct size matters..
i will say losing is ok but putting 6 longs just to exit them like you did was odd and later you bought 1 and exited then bought another 1 just a tick away all very rapidly? your view changed that quickk

I suppose to sell three more and instead I squared it off...
Stupid mistake.

 

[wrbtrader]

I do have ADD..... focusing is always a hard topic

You should be working with a specialist for ADD that can help you stay focus while you're trading or at the minimum...while you're in a trade.

A lot of famous celebrities and star athletes had to enlist the help of a professional to prevent it from stalling their careers. It can actually help you multi-task while your trading in a good way instead of in a bad way.

wrbtrader

 

[gerryhoho]

You sure have an interesting background. If these are decades ago - what happened between all that and now?



I know NoDoji shared an example of her spreadsheet. Try to search for the threads she started. If you can't find it, I think I have it archived somewhere on another computer.

But the gist of it is to create a sheet where you can record observations about the set-ups/technicals you're testing. This should give you an idea about if it's worth to trade (i.e., a positive expectancy), what stop you would need, profit taking, other considerations, etc.

I think NoDoji was very much into Al Brooks, so you might want to dig further into her posts if that's the path you want to undertake.

https://www.elitetrader.com/et/thre...ent-profitability.205493/page-41#post-3015736

https://www.elitetrader.com/et/threads/futures-trading-analysis.291387/page-15#post-4125026

https://www.elitetrader.com/et/threads/trading-nq-via-price-action.281995/page-99#post-4041186

I went to start some business and now I have some spare time as business activities are lately v quiet



Thanks for all the links!