I wish to write a journal here, from the very beginning (yesterday was my first day live trading), in hopes that I may gain insight upon myself, and that I may help those who also are first beginning to trade. As I obviously have limited knowledge, this will probably become more closely a journal/my questions thread, but I will try to help any other beginners if I can.
For me, I am 19, I have been studying to trade for roughly one year now. First with stocks, until the 25K rule, then switching to NQ and ES. I spent much of the time simply paper trading, and then spent the past few months using PFG Best's simulator. For most of the past year I have been trading in the mornings, working from noon on until December when I was fired (very much thankfully
). I am now still trading mornings for the next couple months until I finish a current part time job (though it is flexible and I may trade full days on occasion).
For my setup, I am trading only the NQ e-mini's through IB. For data feed I use Esignal, and Ensign for charting.
As for my trading 'strategy', I will admit that I have gone to a largely discretionary method, as opposed to the mechanical methods I had for some time attempted to create and use. I do keep some SMA's up (10,20,40,200), and a couple Stoch's (14,9,7, still fiddling with them though). I generally trade from the 1-minute, and use a 3 or 5 minute chart up to keep an eye on the bigger picture during the day. I generally like to go for 10+ point moves, and I set a maximum of 5 point stops (though I like 3-4 points if I can). I will be trading only 1 contract for at least the first month, and generally will trade from about 9:45 to 12:00.
Today I was being very cautious, basically I just wanted to have a profitable first day, and was really not concerned with how much I made. So for most trades, I got in, and then just got back out after a small profit.
10:00 Short +1.5
1154.00-1152.50
I just waited on most of this drop thinking a reversal would happen around the close or yesterdays low. I did short it toward the end, but it was a stupid trade. I mainly just wanted to jump in and out quickly a couple times to get used to the program. It would have actually turned out to be a decent trade had a held it for a few minutes.
10:05 Short +0.5
1147.50-1147.00
This was also just learning, hit sell, hit buy, just trying to get a feel for trading and IB's software.
10:25 Short +1
1160.00-1159.00
Got in at the first pullback. Had I held this with a 5 point stop it would have been decent, but again, I was just trying to get a few points and not lose anything.
10:36 Short +3
1154.00-11.51.00
Got in after the second pullback thinking it may keep going to the LOD, just got out for a few points though. Was wrong in any case as it consolidated and reversed shortly after.
11:09 Short +0.5
1157.00-1156.50
This was a mistake, for some reason when I entered a Short order earlier, but did not transmit it, it would not let me cancel it, or even transmit it. So I was trying to fix it. Turned out I just had to exit IB and reopen.
12:02 Long +1.5
1166.50-1168.00
Waited for it to pass through yesterdays close, got out at the small consolidation a couple points later.
Points +8
Trades 6
Win/Loss 6/0
Profit after Comm. $131.20
Well, nothing spectacular, but I'm quite thrilled for my first day. I will say I am very surprised at how emotions fight you during trading. Although I read it constantly, I suppose I thought somehow I would not be affected. I suppose on the good side though, I was only afraid, and in no way greedy and trying to get more. I would think this is better as if I lose it will be due to getting chopped with small losses, rather than letting losers grow to large. Not that I have any intention of losing of course
Ben
"Education is a progressive discovery of our own ignorance."
- Will Durant
For me, I am 19, I have been studying to trade for roughly one year now. First with stocks, until the 25K rule, then switching to NQ and ES. I spent much of the time simply paper trading, and then spent the past few months using PFG Best's simulator. For most of the past year I have been trading in the mornings, working from noon on until December when I was fired (very much thankfully
). I am now still trading mornings for the next couple months until I finish a current part time job (though it is flexible and I may trade full days on occasion). For my setup, I am trading only the NQ e-mini's through IB. For data feed I use Esignal, and Ensign for charting.
As for my trading 'strategy', I will admit that I have gone to a largely discretionary method, as opposed to the mechanical methods I had for some time attempted to create and use. I do keep some SMA's up (10,20,40,200), and a couple Stoch's (14,9,7, still fiddling with them though). I generally trade from the 1-minute, and use a 3 or 5 minute chart up to keep an eye on the bigger picture during the day. I generally like to go for 10+ point moves, and I set a maximum of 5 point stops (though I like 3-4 points if I can). I will be trading only 1 contract for at least the first month, and generally will trade from about 9:45 to 12:00.
Today I was being very cautious, basically I just wanted to have a profitable first day, and was really not concerned with how much I made. So for most trades, I got in, and then just got back out after a small profit.
10:00 Short +1.5
1154.00-1152.50
I just waited on most of this drop thinking a reversal would happen around the close or yesterdays low. I did short it toward the end, but it was a stupid trade. I mainly just wanted to jump in and out quickly a couple times to get used to the program. It would have actually turned out to be a decent trade had a held it for a few minutes.
10:05 Short +0.5
1147.50-1147.00
This was also just learning, hit sell, hit buy, just trying to get a feel for trading and IB's software.
10:25 Short +1
1160.00-1159.00
Got in at the first pullback. Had I held this with a 5 point stop it would have been decent, but again, I was just trying to get a few points and not lose anything.
10:36 Short +3
1154.00-11.51.00
Got in after the second pullback thinking it may keep going to the LOD, just got out for a few points though. Was wrong in any case as it consolidated and reversed shortly after.
11:09 Short +0.5
1157.00-1156.50
This was a mistake, for some reason when I entered a Short order earlier, but did not transmit it, it would not let me cancel it, or even transmit it. So I was trying to fix it. Turned out I just had to exit IB and reopen.
12:02 Long +1.5
1166.50-1168.00
Waited for it to pass through yesterdays close, got out at the small consolidation a couple points later.
Points +8
Trades 6
Win/Loss 6/0
Profit after Comm. $131.20
Well, nothing spectacular, but I'm quite thrilled for my first day. I will say I am very surprised at how emotions fight you during trading. Although I read it constantly, I suppose I thought somehow I would not be affected. I suppose on the good side though, I was only afraid, and in no way greedy and trying to get more. I would think this is better as if I lose it will be due to getting chopped with small losses, rather than letting losers grow to large. Not that I have any intention of losing of course
Ben
"Education is a progressive discovery of our own ignorance."
- Will Durant