NoDoji's Day Trading Log

[trader_david]

that is misleading. the truth is: the game is subjective:including using what signals to enter, when to enter, how to enter, when to close, how to end. all are in trader's own mind. the final results totally depend on traders'mind. so another truth is: you can not follow the market at any time because it is a subjective game even you anticipate a move first, you still can not be surely follow it, otherwise why so many losers!

for example, someone thought ES at 1023 is high, so he sold it, then he thought 1017 is a bargain, he covered and made money; another guy thought 1023 is not high, so he bought it, even it dropped to 1017, he thought that is just market fluctuations or noises, he hold, at the closing, ES is at 1025, he thought he should close, he made money too.
then another guy came and saw ES was shooting from 1018 to 1019, he thought that is the morning high, the market will continue its up move, he jumped in at 1019, he put his stop at 1017(thought if it broken that, the trade is invalid), after he got in, the market dropped, just hit his stop and rose again, he lost.but if he hold like other guy, he gained too. he is still playing his own subjective game: he using price direction or technical indicators to play the game!

the game's rules are defined by the trader himself, not others. not like in gamling, the game rules are defined by the game owners! it is truely a subjective game.

Quote from bighog:

Trading is not as subjective as many want the game to be and that is a fault that causes problems. I can not outguess price but i can surely follow it and that is much easier if one anticipates first. [/B]

 

[duhmentor]

Quote from NoDoji:

(hey, I finally accomplished Mark Douglas's 20-trade exercise!).

Are you sure about that?

Did you define your edge?

Was each set up the same?

Did you know going into the trade where your exits were?

How many of the 20 trades were profitable.

 

[NoDoji]

Quote from duhmentor:

Are you sure about that?

Did you define your edge?

Was each set up the same?

Did you know going into the trade where your exits were?

How many of the 20 trades were profitable.

Are you insinuating that I have to do this again...properly???

 

[duhmentor]

Quote from NoDoji:

Are you insinuating that I have to do this again...properly???

Not at all.

After reading about your day I just wondered.

 

[NoDoji]

44 trades, 20 winners, 21 losers, 3 b/e

Winners cut short, losers let run to full stop.

 

[duhmentor]

Quote from NoDoji:

44 trades, 20 winners, 21 losers, 3 b/e

Winners cut short, losers let run to full stop.

Sounds like a coin flip.
But with a coin flip you don't have to deal with commissions.

 

[trader_david]

I commited this crime too, some time, but I rarely do it now. the root problem is: you try to hit right, or try hard to follow the market, but the market is too volatile (most time it is a no-where day, or consolidation day).
when you see short, but the train reverses direction, you jumped in, you saw the reverse, you are painful, then it hit your stop, you thought that is another way play, you jumped in again, just after you jumped in, it reverse direction again......

first you should have some basic judgement about the basic market tone of the day(volatile no-where market, trending day) before you start, then decide what strategy you should apply. if in the first atteemp, failed. turn off the computer, at least 1 to 2 hours, then turn it on again. watch/analysize it again, see whether your basic judgement is right or wrong, if wrong, change strategy. if that does not work, turn off the computer, and admit to yourself: I could not follow the market today, my strategies do not work, I give up. then call it a day.

Quote from NoDoji:

44 trades, 20 winners, 21 losers, 3 b/e

Winners cut short, losers let run to full stop.

 

[bighog]

Trading is gambling, let there be no mistake about that.

A lawyer of the highest caliber that can get the large hourly fees as a defense lawyer or corporate lawyer still takes a gamble to defend a bad guy in a jury trial. Yes, he/she as the lawyer will get paid regardless of the jury verdict but the lawyer still makes assumptions based on words and evidence the same as a trader makes assumptions based on charts and past experience. Being a professional in anything is always subjective at any given moment because the conditions change at any given second. professionals make assumptions based on ODDS of their experience. Without anticipation based on those odds .....................what good is experience?

trader david is like a golfing duffer thrashing around the weeds looking for the lost ball instaed of working on why the golf ball went into the weeds in the first place.

WTF is going to "shut the computer off" teach anyone?

HOG OUT!!!!

 

[trader_david]

trading is subjective. that is why it is so hard. I understand what you are talking about or your point: try to be objective. but try to be objective is still a subjective thing (you hope, you wish). in reality, the market is keeping moving constantly, either this way or that way, sometimes unexpectably! or unexptectedly! even you have mountain experience, you will still lose!

since the market is moving not according to your judgement, your wish, your hope, your smartest strategy, your mountain experience, your expert knowledge, .... the only way to stop: do it subjectively. "if I got in 10 minutes, I am not winning, I out". or "if I get in 10 minutes, I win, I hold or I out with profit". or "if I get in, I must hold until I win" or warren buffet's rule "do not lose money, do not violate it"

that is why patience/discipline/mental steel nerve shape a great trader. in wall street, there is a saying: sheep get slaughtered, bull buy make money, bear sell make money!

yesterday evening, I noticed VVUS shoot nicely AH. also noticed OPXA (actually Idid a trade onopxa yesterday). my judgement is OPXA will drop today, I try to short it, but there is no share to short. I judge VVUS will god down from huge gap up, I shorted it at 11.35, it temperarily against me to 11.8+, I do not care, I hold, I covered it at 10.3, then go long there. my aim is clear: subjective, make money!

Quote from bighog:

Trading is gambling, let there be no mistake about that.

A lawyer of the highest caliber that can get the large hourly fees as a defense lawyer or corporate lawyer still takes a gamble to defend a bad guy in a jury trial. Yes, he/she as the lawyer will get paid regardless of the jury verdict but the lawyer still makes assumptions based on words and evidence the same as a trader makes assumptions based on charts and past experience. Being a professional in anything is always subjective at any given moment because the conditions change at any given second. professionals make assumptions based on ODDS of their experience. Without anticipation based on those odds .....................what good is experience?

trader david is like a golfing duffer thrashing around the weeds looking for the lost ball instaed of working on why the golf ball went into the weeds in the first place.

WTF is going to "shut the computer off" teach anyone?

HOG OUT!!!!

 

[NoDoji]

- $53

Just like Tuesday, I made a profit in the morning and gave it away in the afternoon. I’m seriously contemplating a 2-hour work day…

I had profitable trades on X and FFIV, then later gave back my X on a lower probability trade. It was impatience and nothing more.

I shorted FDX and placed a stop above previous resistance, hit for a $55 loss. A stop just a few pennies away above the HOD would’ve kept me in the trade to a profit. So later I traded FDX again and decided to try my scaling in approach. This actually worked to a b/e exit (I exited too soon, of course, leaving a profit behind). I planned to scale in 3 legs, but only got 2 legs in. I committed the cardinal sin of taking a bathroom break and missed the final leg in, which would've provided a decent profit on the trade.

By the way, I’ve been sim trading ES quite a bit and am firming up what appears to be a good working strategy so far. I decided I want quite a bit more experience with it in sim before trading live on a regular basis, but I'm consistently profitable waiting for only the strongest setups off S/R levels and using a wider stop, not quite as wide as Trader David suggests :eek: