My Pattern Day Trading Journey
- Thread starter Illini Trader
- Start date
For some reason your attachment wouldn't open so can't comment on that, but I'm puzzled how you lost on MSFT, other than the fact a day trading method imo is a technique which requires a special skill beyond looking purely at a chart and hoping to profit.
I messed it up so next post included the spreadsheet
I just traded the chop and got chopped
Thanks, I will check that out.
You are correct and it is doubtful that I have that skill. Right now I would say I have zero chance and most would agree with that. I have a challenge to myself to see if I can make $250 before I lose $250 so I will keep the Journal going until one or the other happens. If I can make the $250 I would say maybe I up my chances to 2% of making it (as a successful PDT)
Well, I am done trading for the day. After my first public Journal Day yesterday being an embarrassment --- my, why did I switch to MSFT, a stock I have never traded on my first reporting day, I will never know.
Anyway I really felt pressure starting the day as I "have" to have a profit today and was actually nervous in spite of the fact that I am risking peanuts. Even though only 3 or 4 people are out there watching it still affected my trading psyche.
I settled down and started to hit some moves but after my profit got to around $28 I started to trade "not to lose the profit" and just could not shake the "defensive trading mindset" So, I have to mow the yard and go pick wild raspberries (man are they good and don't ask me where my secret patch is) so I hung it up for the day.
Attached are my TOS totals and spreadsheet. I may post a chart tonight of one particularly good trade.
Anyway I really felt pressure starting the day as I "have" to have a profit today and was actually nervous in spite of the fact that I am risking peanuts. Even though only 3 or 4 people are out there watching it still affected my trading psyche.
I settled down and started to hit some moves but after my profit got to around $28 I started to trade "not to lose the profit" and just could not shake the "defensive trading mindset" So, I have to mow the yard and go pick wild raspberries (man are they good and don't ask me where my secret patch is) so I hung it up for the day.
Attached are my TOS totals and spreadsheet. I may post a chart tonight of one particularly good trade.
Here is my chart that actually shows two trades that I made today. As those who visited my prior Journal know my experiment is using the Fibonacci Retracements for support and resistance for finding trade entries. Fib Retracements do not seem to be given much credibility on ET but I think they just might work.
In my first trade the price found support at the 50% retracement and in the 2nd trade AAPL had a pin bar rejection of the 61.8% Retracement. I was a bit late in my entry but it was still by best trade of the day. Later in the chart I put a rectangle around 3 straight times that the 38.6% Retracement held. Any Fib believers yet?
And, yes I know the ET rules. If you say you made a trade you have to prove it. So I attached my TOS trading log that shows those two time-stamped trades.
In my first trade the price found support at the 50% retracement and in the 2nd trade AAPL had a pin bar rejection of the 61.8% Retracement. I was a bit late in my entry but it was still by best trade of the day. Later in the chart I put a rectangle around 3 straight times that the 38.6% Retracement held. Any Fib believers yet?
And, yes I know the ET rules. If you say you made a trade you have to prove it. So I attached my TOS trading log that shows those two time-stamped trades.
The joys of trading. AAPL was up $1 then down $1 all in about a 17 minute span before 9 AM and I was really frustrated as I missed it. I did not want to chase either direction but then when Apple settled down and started to see saw I began to get whipsawed and totally went on "TILT". It is a strange thing that you see what you are doing and you know you should walk away but you don't.
Subconsciously I was convinced that every position I entered would begin a new long trend and I lost all discipline. And after what happened in the first 30 minutes it was now OK to chase. Dollars are not important but I am competitive and I want to win. It may come sooner than later that I throw in the towel on this Journal.
Why did I start this Journal anyway? Sure I stated my reasons earlier but in reality I started out with 4 winning days in a row and was probably just like every other newbee that comes on board with a Journal and wants to make a big splash and have a gazillion straight days of profits.
Spreadsheet is attached showing my $40 loss on the day.
Subconsciously I was convinced that every position I entered would begin a new long trend and I lost all discipline. And after what happened in the first 30 minutes it was now OK to chase. Dollars are not important but I am competitive and I want to win. It may come sooner than later that I throw in the towel on this Journal.
Why did I start this Journal anyway? Sure I stated my reasons earlier but in reality I started out with 4 winning days in a row and was probably just like every other newbee that comes on board with a Journal and wants to make a big splash and have a gazillion straight days of profits.
Spreadsheet is attached showing my $40 loss on the day.
Good question. You don't seem to know what you are doing and you don't seem to want any help. I'd guess you are just really bored.