NoDoji's Day Trading Log

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BINGO, DOUBLE BINGO!!!!

When us traders get out of the sack each day we know on most days we will be presented with as you say..............at least one good intraday trend (maybe even a intraday TREND DAY).

In that guys post he mentioned + 1 3/4 handles i think it was.............even if he traded a single car on all those trades he still gave most back in commissions.

Correct, less stress works. Like going fishing, you want the "LUNKERS" not the minnows. Pulling up babytime fishies and keep tossing them back in will lead you to pull up anchor and move to another spot to avoid frustration. I remember as a kid my Dad took me ice fishing and i quickly decided that was not for me so i went back to the restaurant on shore and the Lady asked if i wanted to order something and i said yes but i was there more for NOT doing ice fishing. She laughed and said, "that type of fishing was not for me either"

Fishing, like trading always seemed to be best in the early morning when they were all hungry also. :cool:

I used to go fishing sometimes and just use the bigger lures for the biggies...........NO small fry need apply. :)
 
Quote from NoDoji:

No trading today, but after peeking at the chart for ES it looks like all the action was in the middle of the night, anyhow, so I didn't miss a whole lot!

I know a few musicians and music lovers read this thread and just for fun I offer you some holiday cheer.

http://www.larrysimprovpage.com/?q=audio/by/title/sleigh_rough

No matter how many times I play this, I ROFL :D
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That was great NoD, thanks.

At the risk of getting way off track .... in a similar vein, but maybe more subtle and certainly not as festive, have you seen this series?

(take your pick):

http://www.youtube.com/watch?v=89zM9pZzt0U&feature=related

http://www.youtube.com/watch?v=x_M9zWORBuA

http://www.youtube.com/watch?v=89zM9pZzt0U&feature=related
 
Did not trade today either. Watched at the start and decided there was not gonna be much. Looked like the Daubi bailout popped overnight and not much after that.............most books are closed for the year. but, WHO CARES!!!! It is the season to be Merry and relax.

Speaking of fishing, HA. This artical from Vanity Fair is a good read. It is about a "people", fishing, speculation, being a fool, being a greater fool, and about not wanting to know the truth until faced with ruin...... HA. A GOOD READ!!!

http://www.vanityfair.com/politics/features/2009/04/iceland200904?currentPage=1

Enjoy. :)
 
tomahawk, those were too funny!

+$134

It was the kind of day where you had to take what was given quickly.

Short ES @ 1104.50, pullback from lower high through the 20 EMA, trailed a stop as price approached the lower channel line, hit for +$32.70.

Shorted UAUA figuring it would break down on the poor IATA outlook for the industry, but it was stuck in a narrow range and I ended up scalping a some small moves, leaving lots of profits on the table by trailing "distant" stops that got hit in the rangy action: +$86.

ES made a 3rd push up and I was offering 1110.00, missed by a couple ticks, then no real decent breakdown so I waited. It was a drift-down sort of day and I should’ve taken a position and just let it drift all day.

Traded POT to the short side, but the big moves were already done and I ended up with a $15 gain, also stopped out with a "distant" stop in the chop, leaving plenty on the table that way.

Missed a nice AMED short called in chat because by the time I looked at the chart, it had already pulled back a good ways from the high.

The action was very rangy and choppy today and I could’ve taken a lot more profit off the table, but really expected a bit more movement out of my trades.

By the way, here are the most frequently uttered market-related phrases defined:

“Cautiously optimistic” - We really hope things get better, but we want to be sure we’ve covered our asses when we lower guidance and miss earnings next quarter.

“Market correction” - The market really WAS wrong all this time and is finally getting it right.
 

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Good job. Yesterday, made a stupid error had a contract still long that I was not aware of since I now realize I need to hit close all orders and flatten to make sure I am out of everything so took a small loss, and did not try to get stupid by revenge trading to make it back.

Today, I made the loss back plus a profit. However, I averaged into my long trade twice and my rule called for only averaging in once. Anyway, glad I got out alive, and I did have an emergency stop placed in. :-) I took a print screen of the final long and inserted it into my trade setups rules document so I would recognize what the correct trade should have been at the start. I see the problem on my 1st long was it basically was a chase after price already traveled and reached the profit target of a trade that I was not able to get in.

Much better for me to get in at the correct price like it looks like you do, instead of letting the market greed of not being in a trade when its going higher get me in at a bad price ie chasing the market. Thankfully, I did have enough margin to hold till profit.

Still having a bit of a hard time defining trend or range and defining direction. But looking at last 5 days, market was trending up, so I called this a trend day long when I was getting into the trade. Although now on close, its possible market may have finally reversed to trend down, so we will see if we get more of a sell off on Wed. I do feel good that I did not let myself get stopped out just when the market reversed to the upside. Personally, I rather have a higher win ratio than getting stopped out on tricks by pros who know of standard stops, so my current plan still calls for averaging down with trend, but to take a stop right away if I do a counter trend trade. However, I don't plan on averaging down 3 times next time, 2 at the max for a trend trade. I think you are doing better in spotting the correct place to trade and also being patient enough to let the market get you in and not chasing it if you missed getting filled. For example, you talk about offering at 1110 and not getting filled and not chasing which I felt was wise. You seem to have more patience than me in that I want to be in a trade quickly, instead of waiting for the best price to get in. I need to not worry if I don't get filled for the day, since that means at least I did not lose any money and only take higher probability trades.

Quote from NoDoji:

tomahawk, those were too funny!

+$134

It was the kind of day where you had to take what was given quickly.

Short ES @ 1104.50, pullback from lower high through the 20 EMA, trailed a stop as price approached the lower channel line, hit for +$32.70.

Shorted UAUA figuring it would break down on the poor IATA outlook for the industry, but it was stuck in a narrow range and I ended up scalping a some small moves, leaving lots of profits on the table by trailing "distant" stops that got hit in the rangy action: +$86.

ES made a 3rd push up and I was offering 1110.00, missed by a couple ticks, then no real decent breakdown so I waited. It was a drift-down sort of day and I should’ve taken a position and just let it drift all day.

Traded POT to the short side, but the big moves were already done and I ended up with a $15 gain, also stopped out with a "distant" stop in the chop, leaving plenty on the table that way.

Missed a nice AMED short called in chat because by the time I looked at the chart, it had already pulled back a good ways from the high.

The action was very rangy and choppy today and I could’ve taken a lot more profit off the table, but really expected a bit more movement out of my trades.

By the way, here are the most frequently uttered market-related phrases defined:

“Cautiously optimistic” - We really hope things get better, but we want to be sure we’ve covered our asses when we lower guidance and miss earnings next quarter.

“Market correction” - The market really WAS wrong all this time and is finally getting it right.
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Limit order = You anticipated where you will want in. You are viewing the chart and telling yourself to expect a breakout at that level. You place a limit order and wait.

Market order = Something happened and your intuition pings your mouse finger into action.........you want in and you want in NOW. That's for entry or exit. There is a huge freedom in using mkt orders, no thinking or waiting involved, just pure action.

Chasing a entry trade requires tounge biting because you are admitting to yourself you are late off the dime or something happened and the action induces you to just bite the bullet and jump in. On a loser you should always have a pre-set point where you will pull the ripcord and bail out. The pilot is always allowed to bail out before the plane blows up, so is the trader.

Would i be making an accurate statement by saying having enough money for margin when averaging a loser is foolish thinking? That my friend is a horrible way to take losses.

A fighter pilot that has the bad guy on his "SIX" (dead on behind him ready to shoot) knows he is in deep dung and sees two more bad guys coming he should not continue to fight. Lets say the pilot knows his fighter is a faster diver, rather than be a dead hero and fight the 3 bad guys his best plan would be to dive away and escape.

Live to fight another day.
:cool: :cool:
 
+$378

Short APOL @ 61.70, sellers came in when price pulled 1 cm from the 20 EMA, covered @ 60.86 for + $332. (NoDoji's Metric Trading System) :cool:

Short ES @ 1111.25, pullback from 3rd push up to the upper channel line; covered @ 1110.25 for $45.20 when price appeared to find reliable support and pivot just above the lower line (which means that price will drop 20 pts later today, but I don’t care, because I always feel like trading around the fed is like gambling even though I know some of you probably make a year’s salary on fed days but for me it’s a good day to go outside and play). :D

Spent much of the morning in sim with CL, options, and various ES strategies.
 

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How does CL compare with ES? You doing ok in it? I was up late so traded over night. Set reasonable stop and target for the trade. Market moves real slow overnight so was playing some internet play money poker. Finally checked back on trade, and saw although it took some heat, I did make real money on the trade. Been aiming for more profit per trade vs some of my trades in the past, and so far that has worked out.

I did not add to this trade or move stops or targets, so better money management. Seems I do better if I don't watch the trade constantly but instead check back on it once in awhile. Seems like the pros like to trap each other and try to run stops. I did try some currency futures, but so far don't like them vs the es. I think one also must learn to trade with as little fear as possible, plus as little greed as possible, and of course patience.


Quote from NoDoji:

+$378

Short APOL @ 61.70, sellers came in when price pulled 1 cm from the 20 EMA, covered @ 60.86 for + $332. (NoDoji's Metric Trading System) :cool:

Short ES @ 1111.25, pullback from 3rd push up to the upper channel line; covered @ 1110.25 for $45.20 when price appeared to find reliable support and pivot just above the lower line (which means that price will drop 20 pts later today, but I don’t care, because I always feel like trading around the fed is like gambling even though I know some of you probably make a year’s salary on fed days but for me it’s a good day to go outside and play). :D

Spent much of the morning in sim with CL, options, and various ES strategies.
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