Navier Stoke's Trading Journal - Your help and advice is appreciated

[Navier Stokes]

Hello all,

I've been trading since last summer. Most of the time been trading while having a full time job, but I recently was laid off so now I trade full time in the mornings.

I've done quite a bit of homework, read Toni Turner's books, I am subscribed to Jason Bond swing trading newsletter service, watched YT educational videos, live trading etc etc.

My initial investment was around $4000, of which I had lost $3000 last year. I then added another $5000 to the count, for a re-balancing at $7000, and now I am at $5500.

My initial losses came out of 3 x $800 losses (50% losses) over 3 trades that wiped my account as in the beginning I did not understand the concept of stop losses.

After my initial losses, the rest has been hitting my 4-6% stop losses in 2015, and my 2% stop losses in 2016. So you could say I have been "losing less", which is progress, but I have yet to actually make consistent winning trades, even to just keep my account even.

My biggest win was a $230 win when I first started. Since then I've had a couple $100 dollar wins but they just don't happen often. My trades were initially $1000 trades, now I trade $4500 to $5000 per trade, with my focus on that single trade.

I would greatly appreciate your input on what I'm doing wrong. I'll explain what I do, so hopefully someone on here would kind enough to see perhaps what I don't see.

Here are my 2 trades today

RUBI

MATX

I was happy to have made around $97 on my first MATX trade. Then I lost half of that in my second MATX trade, and then went to loose another $170 in my RUBI trades.

My entries were at strong positive slope MACD, and candle over candle.

Thanks in advance for your insights.

 

[fortydraws]

Thanks in advance for your insights.

You should probably mark where on your charts you initiated your trades and explain the basis for your entry decision and your exits. I doubt you are doing yourself any good with your subscription service. I started out trading stocks, and I traded gap openings only, and I only traded in the direction of the gap. For example, of your two charts from today, I would have been long RUBI soon after the open, and possibly short MATX soon after the open, though I do not see that as a gap opening so much as a collapse, so it would probably not have been on my radar. Trading in the direction of the gap kept me facing the right direction more than not.

Good Luck!

 

[sowterdad]

Hello all,

I've been trading since last summer. Most of the time been trading while having a full time job, but I recently was laid off so now I trade full time in the mornings.

I've done quite a bit of homework, read Toni Turner's books, I am subscribed to Jason Bond swing trading newsletter service, watched YT educational videos, live trading etc etc.

My initial investment was around $4000, of which I had lost $3000 last year. I then added another $5000 to the count, for a re-balancing at $7000, and now I am at $5500.

My initial losses came out of 3 x $800 losses (50% losses) over 3 trades that wiped my account as in the beginning I did not understand the concept of stop losses.

After my initial losses, the rest has been hitting my 4-6% stop losses in 2015, and my 2% stop losses in 2016. So you could say I have been "losing less", which is progress, but I have yet to actually make consistent winning trades, even to just keep my account even.

My biggest win was a $230 win when I first started. Since then I've had a couple $100 dollar wins but they just don't happen often. My trades were initially $1000 trades, now I trade $4500 to $5000 per trade, with my focus on that single trade.

I would greatly appreciate your input on what I'm doing wrong. I'll explain what I do, so hopefully someone on here would kind enough to see perhaps what I don't see.

Here are my 2 trades today

RUBI

MATX

I was happy to have made around $97 on my first MATX trade. Then I lost half of that in my second MATX trade, and then went to loose another $170 in my RUBI trades.

My entries were at strong positive slope MACD, and candle over candle.

Thanks in advance for your insights.

i don't know how you would execute all those trades in a single day in an account with a balance of $5500.00-as my trades take 3 days to clear - I assume then you are Sim trading and not using real monies-
Only consistently successful traders should be allowed to give advice- so that would exclude me-but- it's likely few had responded to you yet because you appear to be so very far removed from someone that really wants to pursue trading-but it is indeed possible you simply don't know that a positive slope MACD doesn't mean shit regarding the validity of your entry- or your reasons to sell for the loss. and you actually think having read a trading book and subscribing to a swing trading service would be what it takes?
You had few other comments because- I assume- no one takes you seriously. Because you don't take trading seriously- but i'll be the gullible one to respond anyways. i suspect you are right out of school, had a 1st part time job, and -not caring for the duress of working for a living -decided trading was the way to go....got fired because you were trading on the day job?

You will again blow out your account for a second time because of all of the things you don't know that are much more important.
A defined trading plan - See ET-
Dump all the indicators- because they are secondary and lagging- (keep the moving averages to define the trend direction) Don't rely on indicators-
Go Sim trade - don't continue to risk real $$$$- and get a real job in the mean time.
Don't tell mom and Dad that this is your new career-and pay your share of the rent money.
Forget the 5 minute time frame - If you are going to pay for a subscription swing trading service- get value from the service and swing trade . Try actual swing trades 1st- I've heard they're easier than day trading.
other than that - my comment would be- with all that stuff included on your charts-
None of the price action broke below the fast moving average- so- focus on the very simple stuff and jettison the rest- it's all lagging and a distraction- but the moving averages -IMO- are useful in gauging direction and price action/ momentum.
Trend lines- and support/resistance levels - but those need to be realized from wider time frames-to be effective on faster time frames.
and -Finally- here is how i can predict you will blow it- and fail for the 2nd time
"My trades were initially $1000 trades, now I trade $4500 to $5000 per trade, with my focus on that single trade."

That aggressive approach if one is consistently in a winning mode is one thing- and not experienced...it is a guaranteed ticket to failure - and deep losses if one does not have enough of a history in executing a winning strategy- If you are really betting the farm as this suggests- you deserve what you get . When i blow through my account limit- in trades- I actually cannot continue to execute trades- due to the clearing taking 3 days- Sim accounts likely do not have such restrictions-

The only way to protect yourself from yourself -& what you do not know or understand -
is to adopt a position sizing strategy- for a learning account- No single trade can be more than 10% of the account value- and no single trade can Risk more than 1% -2% of the account value- Try that for a while- and survive- and learn- and read real threads on ET- and you will become better.

In the mean time- get real - and seek a real job - Get out of your room - make mom and Dad proud- Go back to school- get a degree-
A real job at minimum wage pays ? $8 x 40 = $320 x 52 weeks = $15,000.00 + a year
Trade as a side line to a real job- pressure to outperform is then off the table.
just don't day trade and lose the day job.
Good luck!