NoDoji's Day Trading Log

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after you are stopped out, better step back, take a breathe, do not rush in again. you did three trades, but you see the net results is 7.7-79.8+100.25=$28.15, and you created commisions: 3*4.8=$14.4.

IB did nothing, but net half of your work!

I made this mistake frequently, I hate it and try to conquer this bad habit. I admitted if I were you I did the late two trades, just to recoup my first trade loss. it is similar to an averaging down trade though i did not do averaging down any more.


Quote from NoDoji:


Shorted ES pre-market @ 1006.00, trailed a tight stop because price had already dropped 9 pts on news; out @ 1005.75 on a quick pivot off 1005.00 for +$7.70.

Took opening short signal @ 1004.50, 6-tick stop hit for -$79.80.

Short again @ 1004.50 on failure to thrive, signal now confirmed, then as soon as the trade went in my favor I trailed the stop 1 pt instead 6 ticks, obviously too close, taken out @ 1002.25 for +$107.70, only to see price reverse and fall off a cliff, and I left twice as much on the table as I took off it.

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Stops, a good starting point might be a 2-3 point stop.

Move it to BE when the move=risk.

Move it to profit=risk when the move=2xrisk.

When move=3xrisk think about trailing a stop at profit=2xrisk.

This is just one way to look at it. Another way might be to move the stops to S/R levels.
 
Quote from stevesbg:

With all respect Nodoji

Its like there are two people posting on your behalf. You say you "know how to trade" and then solicit advice regarding stops

You comment on the open, then on the pre-open...

What it tells me is that your mental organization is all over the place, you seem distracted...Frankly I think there are too many cooks in the kitchen...and it shows in the way your opinion vascilates from post to post.

I'll finish by offering a potential context for your ES trading. Professionals look at the settlement as the as the most important element of the ES chart. They gauge moves off this important price point. For instance we look to see how far from the settlement the overnight Globex market moves (we want to see 10 points) We evaluate possible game plans based on how the market closed (settlement again). Although there can be controvesey over terms, we look to see what the "gap" is between the settlement and the next day's open. Then we ask ourselves, is the market opening by moving in the direction of the gap (to close it) with conviction? or is it moving in the other direction (again with conviction or not). As far as deciding on trades, most decent professionals look at "value" (either market profile or volume profile) and trade tests of the high and low end. If we observe price moving away from value during RTH, we evaluate (in the context above) and plan our trades around these tests. Variations on that theme call for putting in S and R lines based on 30 min charts (highs, lows, Globex highs/lows). Finally we look at distributions from a statistical viewpoint. Specifically we look at the average daily range and add that to the previous day's high and low (66-70% of that range is the first standard deviation) and we look for tests of those boundaries.

I hope some of this helps. In my opinion the psychological challenges you face are probably more important than the technical ones. There are lots of ways to make this work.

I wish you the best, and I hope I haven't intruded too much. I won't post again here unless you request more comment.

Best Regards
Stevesbg
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Wait a minute...what about the big dogs balancing on dimes and running across the chart and peeing on the fire hydrants? And you didn't post any links to ancient songs on youtube! :D

Now I'm confused. :(
 
Quote from trader_david:

after you are stopped out, better step back, take a breathe, do not rush in again. you did three trades, but you see the net results is 7.7-79.8+100.25=$28.15, and you created commisions: 3*4.8=$14.4.

IB did nothing, but net half of your work!

I made this mistake frequently, I hate it and try to conquer this bad habit. I admitted if I were you I did the late two trades, just to recoup my first trade loss. it is similar to an averaging down trade though i did not do averaging down any more.
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There was no need to step back this morning after stop out. The opening range trade was pure discipline to trade the short trigger with a 6-tick stop. Nothing wrong there. Second entry of the opening range trigger price was based on confirmation that the first trade was valid. My only mistake was taking $112 and not patiently waiting for the additional $200 the market had to offer me. Moved my stop too quickly instead of trusting the overall setup to play out.
 
Quote from jim2000:

Sorry, today doesn't count. You didn't follow the rules. :)

You traded stocks also today which is against the rules.
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I told you I was ADD :eek:
 
Quote from NoDoji:

Trading easy, very easy, damn easy;
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yes yes and yes, why, market knowledge can be easily acquired, and the skills to read chart or the tape can be easily mastered, the skills to spot trading opportunities or setups can be taught, even can be taught to a three-year old toddle, or a monkey who can hit computer keyboard. there is no secret here.



QUOTE]Quote from NoDoji:

trading is hard, very hard, damn hard. :eek: [/B][/QUOTE]

"I'm also trying very hard to honor my rules regarding patience and consistency. I still chase entries, which costs me valuable profits. I also still "pick and choose" instead trading every signal I see, which is a very bad habit" quoted from nodaji

we human beings, we have emotions, we have ego, we have free will, we think, we fear, we greedy,we excite, we .....
we are too flexible to stick with the simplest things!

when we look back after years of trading, we found our initial trading ideas are the best, but we still keep seraching, the wrong direction!
 
Quote from TheAngryHermit:

Wait a minute...what about the big dogs balancing on dimes and running across the chart and peeing on the fire hydrants? And you didn't post any links to ancient songs on youtube! :D

Now I'm confused. :(
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(psssst! Hermit, wrong guy...) :p

For the record I can never again watch price approach S/R levels without becoming a big dog sniffing around and peeing on the fire hydrant with all the other big dogs. I LMAO every time I see the price pushing a level.
 
“Mr. Gorbachev, tear down this wall”


NOD

Just as that wall fell – so shall yours – just keep chipping away (possibly with a bigger hammer)


A friend once told me

“No other way to do it – than to just do it”

RN
 
Quote from NoDoji:

(psssst! Hermit, wrong guy...) :p

For the record I can never again watch price approach S/R levels without becoming a big dog sniffing around and peeing on the fire hydrant with all the other big dogs. I LMAO every time I see the price pushing a level.
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LOL, yeah I was just rattling bighog's cage.

Seriously, though, have you thought about NQ? That big morning move on ES was around $860 per contract, but the same move on NQ was about $560 per contract.
 
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