NoDoji's Day Trading Log

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trader david.............Dio you even reread the rubbish you write about? You are all over the map of tidbits from here and there and no real comprehension about what you yourself are writing about. Yet you expect others to take your rubbish as solid rules for playing a game of odds. We all know trading is a game of chance and the only way to play a game of chance is by playing the odds.............PERIOD. You are a babbling idiot. :D Quit playing both sides of the tracks and stay in your own hood.

Sorry Nod..........but i am too old to play nonsense with this guy. yell at me.............i can handle it. :)

here is a reminder of your rubbish............... trader_david


Registered: Aug 2007
Posts: 420


09-09-09 09:20 AM

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!


PSS: real traders do not have a bias as you claim, rookies do. Warren Buffet is not a trader, he is a scumbag that screws others. Wise up sonny boy.
 
Quote from NoDoji:


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:
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hi NoD, Hog,

I think pure PA, direcitonal trading have a lot of merit, us FX boyz are doing the same thing, fix tight stop, all in all out, Wait and Act on PA, it's a good way to trade. Good luck on the same adventure on ES..

Hog, you been checking emais?
 
sorry,hog, that offends you.

your ego is strong. you are not open-minded. you could not accept the fact.

why only true BULLS and true BEARS make money, sheep get slaughtered? BULLS/BEARS have steel nerve/discipline/patience, sheep even see an ongoing surge, when they little dip or downtick, they hesitate, finally the surge is sure,they jump in,exactly at the top of the move. did bulls and bears do that? they not!

a solider with advanced weapon and do not have the discipline/patience/steel nerve, definitely he will get killed either by his own army(betray,try to run away) or the enemy

today is 911, play cautious, good luck.




Quote from bighog:

trader david.............Dio you even reread the rubbish you write about? You are all over the map of tidbits from here and there and no real comprehension about what you yourself are writing about. Yet you expect others to take your rubbish as solid rules for playing a game of odds. We all know trading is a game of chance and the only way to play a game of chance is by playing the odds.............PERIOD. You are a babbling idiot. :D Quit playing both sides of the tracks and stay in your own hood.

Sorry Nod..........but i am too old to play nonsense with this guy. yell at me.............i can handle it. :)

here is a reminder of your rubbish............... trader_david


Registered: Aug 2007
Posts: 420


09-09-09 09:20 AM

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!


PSS: real traders do not have a bias as you claim, rookies do. Warren Buffet is not a trader, he is a scumbag that screws others. Wise up sonny boy.
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-$370 Day
-$928 Week

Nightmare morning. Last night I checked my positions to be sure I was clear and found that I was short 200 FDX. This must’ve been from my “legging in” trade where my default qty was still 200 but I needed to cover 400, and forgot to change that, so I was still 200 shares short. I placed an after hours order because you never know what gets lifted in AH and later saw that 100 shares were lifted even though my bid (which was the best bid) was .52 cents from the ask. So I had a 24.50 gain and I was feeling pretty good about that and expected some retracement of the recent move up.

Well whoever sold me that 100 shares for close to 72.00 lost out big time. This morning the market looked like it may run a wee bit since overseas markets did well, but I saw no catalyst for anything huge, and I figured there’ll be some profit taking and I’ll make a bit more off my itty bitty position. I got my tea and returned to find an unrealized loss on my 100 share FDX position of $380, which makes me blink several times, then I see that news hit the wire that they raised guidance and the stock shot up near 76.00. I quickly covered for a $401 loss and thought WTF, mate? I wondered why so many "100 @ " orders kept popping up yesterday on the DOM that didn’t show up anywhere on T&S or L2. Someone knew something and was buying every dip furiously yesterday.

Price continued to run up at the open and I wanted to trade this thing but it was all over the place and I was not in a good mental state at all. I took a break and removed FDX from my screen (mistake).

I traded FFIV short, stopped out for a small loss because I placed the damn stop above previous R instead of the HOD, I have to get around that bad habit because it eats way more than it saves me. Instead of watching for a second entry, I decided it moved too slowly anyhow.

So I shorted X on a lower high, and it too seemed to stagnate, so I moved my stop to b/e because be careful shorting a sleepy market and was hit for b/e. Again, I failed to stick with X and saw later that it had rallied very weakly, setting up a perfect second short entry and providing the move I was expecting in the first place and twice as much again.

At this point I was experiencing an odd mixture of hope and frustration. I realized that my trades this morning were solid trades and both moved very strongly in my favor had I placed wider stops above the HODs or simply accepted the scratch trades and taken second entries on the failed rallies. The profits of these trades if managed well would’ve far more than erased my crazy FDX loss. I also would’ve made very decent profit by shorting FDX on its lower high, but had a psychological block against trading it and had removed it from my screen.

Later I looked at ES, which I’ve been sim trading beautifully. I saw a lower high formed a ceiling @ 1044.25 just beneath the 20 EMA and price was ticking down just a bit. It was a low risk short entry, because the ceiling price was only a point from where I was staring blankly at it. It suddenly started to fall and when it broke through the lower channel line I shorted it @ 1041.75. As it approached the pre-market support level, I moved my stop in close because it seems to stage a strong bounce off these support levels each day. My stop was hit for +$45.20, and though it ticked up a bit more, it ended up breaking down the low just barely before finally moving back up. I would’ve given it more breathing space had I put on the trade as soon as I saw the setup. This would’ve provided an additional 2 pt profit cushion and I wouldn’t have been so quick to take something out of the trade, but chasing entries does this to me.

Now I’ve sim traded and studied ES enough to know that when it breaks down a previous support level, but only by a pt or so, then pivots quickly, that’s a great long signal, right around 1038.75. Instead of sticking with it, I took a break. Despite avoiding distractions, it seems I still have trouble staying focused on all opportunities.

Tried a FUQI short on a lower high, but midday doldrums and a large spread conspired to shake me out of it very close to b/e. Looks like FUQI mirrors the market quite well, so I need to catch it during breakouts.

Shorted FWLT, lower high beneath the falling MA, moved stop to b/e after it moved .10 cents in my favor. This was a slow mover so I figured I was safe to move the stop, but it suddenly spiked up and took me out for +$2.

Short STEC off a lower high, moved stop when .15 cents in my favor, shaken out on a spike for +$2. Another jumpy wide spread stock like FUQI.

These are fine when they’re on a trajectory, they can really move fast, especially to the down side, but not so easy to manage when they’re ranging around or you’re trading them when the market’s slow.

These three trades were taken during the doldrums, so I guess I got what was coming to me for even bothering to trade at that time: nothing.

I know how absurd all this is, how hopeless I appear because I make the same mistakes over and over (order errors, chasing trades, letting a past trade affect my next trade, getting emotional about a negative surprise, placing stops too close or moving them too soon, and so on) despite having a cerebral grasp of them. But I really do believe that someday I’ll be able to look back and say, “Hard to believe I ever made it as a trader.”

So here’s what I need guys: Those of you who have been consistently profitable for years, dig deep into your past and tell me if any of you, too, experienced large losses, periods of complete mental denseness, and times where you came very close to throwing in the towel, only to turn the corner and “make it”.

I have incredible persistence and determination. I can stick with something for a long time despite what appears to be a totally hopeless situation and eventually make it succeed. Will this carry me through, or am I “missing” something that great traders have innately, something that cannot be acquired?

Despite a frustrating trading day, I'm pleased to have joined 2 soccer teams, with games tonight and Sunday. My trading went south right about the time I dropped soccer for the summer (April). Coincidence? Hmmm...

:D
 

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Quote from stupek:

Bouncing off s r is good, right?
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It's real good. Leaves a shooting star off R, hammer off S, strong low-risk counter trend entries with stops outside the wick zone. Be sure to wait for the full candle to complete in your time frame; jumping the gun can shake you out more often than not, I learned the hard way.
 
Well, I had a big loss yesterday even though number of trades was net profitable for what another trader told me was rule number 1, I did not have a stop on the trade, and kept thinking the market was going to turn so ended up averaging down against the upward trend.

Put new rules in place today about having a stop loss amt and hard stop, stop loss and/or number of trades I will attempt, and some other rules about trend and how many times I will average into a trade.

So anyway, I did average once into my long trade today, and it was profitable day today. Rule is I am allowed to average in once based on system showing that I am close to where I think the market will turn, but not twice and if I lose quit trading for the day. Normally, my goal is to stop the averaging in, have a profit and stop targets and just pick the entries a little better. Second entry was the better and correct entry, 1st entry was too soon and since I thought it was a correct entry actually chased it up a bit. Better to market buy if limit order is not hit rather than keep raising limit order on DOM.


So my advice, have plan, follow your rules, have a stop. For example if your rule is stop above HOD, follow that damm rule.

Oh by the way, it always fun to finally decide to place a stop which ends up stopping me at high of day before reversing and even more fun to decide since the market wants to keep going up to reverse to long at that same high of day (revenge trade that I at least had a stop on). Rest of that day, I traded correctly and profitably.
 
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