My Pattern Day Trading Journey

deaddog said:
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.
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1. Right on, I don't know what I am doing but daytrading is very difficult and this is an experiment to see if I can find a methodology of trading that will yield consistent positive returns on most weeks.

2. I have never asked for help and the rule on ET is that you find your own edge that works for you and your trading personality. I am probably more open than most because I have described how I am trading, and that is a trading style based on Fibonacci Retracements.

3. Bored? Why would you say that when you don't know me. I have never been bored for 10 minutes of my entire life.
 
Illini Trader said:
1. Right on, I don't know what I am doing but daytrading is very difficult and this is an experiment to see if I can find a methodology of trading that will yield consistent positive returns on most weeks.

2. I have never asked for help and the rule on ET is that you find your own edge that works for you and your trading personality. I am probably more open than most because I have described how I am trading, and that is a trading style based on Fibonacci Retracements.

3. Bored? Why would you say that when you don't know me. I have never been bored for 10 minutes of my entire life.
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My assumption about you being bored is that you are day trading and admittedly don't know what you're doing. That's just killing time. I have no experience with fibs, only a firm belief that if you start to make order out of chaos you'll end up in trouble.

As far as I know there is not a rule on ET about asking for help. If you ask for a system that works all the time you probably won't get a civil answer. If you explain what you are doing or trying to do and ask what you might do to improve, you might be surprised at the help you get.

I applaud you for being open; one of only a few; but posting a multitude of trades without any reason is really a waste of time. Are you getting anything out of it?
 
deaddog said:
I have no experience with fibs, only a firm belief that if you start to make order out of chaos you'll end up in trouble.
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This is the focus of my experiment. Over time will trading the fibs bring order out of apparent market chaos and allow a consistent profit? So in my view I am not "making a multitude of trades without reason" but I do have to admit I did get off script and go on tilt two days this week and when that happens you are absolutely correct.
 
Well it was quite a week. I went on tilt two days for bad losses, got into a fight with deaddog :) but finished the week with two profitable days. I have attached account statement and spreadsheet below. My analysis after two weeks:

1. Maintain Discipline and avoid going on tilt
2. Get over my hesitancy to trade when having a good day. I think there is a psyche thing going back years when I would make money in the morning and give it all back in the afternoon. Today was going really well but for the 2nd day this week when my profit approached $30 I started to pull in my horns, trade defensively and then stop trading.
3. I am still trying to figure out what type of chart is best for me to see the market action. I think Sierra Charts "Delta Volume Bars" are by far the best but TOS Tick charts are 2nd best. I have been looking at 200 Tick, 300 Tick, 500 Tick and 1000 Tick. I guess the ideal thing is to isolate on one of those and just go with it but I am not there yet.

In spite of some real problems the one bright light is that in two weeks my account has not yet been under water and sits at about .8% profit on amount at risk.

Screenshot (93).png Screenshot (94).png
 
Most excellent would be the Chart Image of a productive trade with labeled lines and arrows
illustrating how your trading plan instructions were executed.

buy/sell to open trigger
stop methodology
buy/sell to close trigger


Have a good Independence Day weekend, All.
https://en.wikipedia.org/wiki/Common_Sense

Common Sense is a 47-page pamphlet written by Thomas Paine in 1775–1776 advocating
independence from Great Britain to people in the Thirteen Colonies. Writing in clear and
persuasive prose, Paine marshaled moral and political arguments to encourage common people
in the Colonies to fight for egalitarian government. It was published anonymously on January
10, 1776 at the beginning of the American Revolution and became an immediate sensation.
 
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easymon1 said:
Most excellent would be the Chart Image of a productive trade with labeled lines and arrows
illustrating how your trading plan instructions were executed.
More...

Here is a chart showing a trade I made today based on the FIBS and a setup immediately following showing a potential trade that I missed. I guess I paused to count my profit and missed a perfect double rejection of the 50% retracement and this missed trade had much more potential as it stormed all the way to the 23.6% Retrace with a rejection to the penny.

Chart Referenced is posted below.
 
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What comprises "rejection of a retracement level"? (eg. Hammer or Engulfing at Support/Resistance)? What else?
What retracement levels are eligible for trade setups?
 
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