NoDoji's Day Trading Log
- Thread starter NoDoji
- Start date
- Status
You are going to need to keep track or your win% on es. If you are a scalper with a 90% win ratio, then a 5 point stop is fine.
I have around a 65% win ratio on the es and try to keep my stops around equal to the profit I am trying to achieve. Also, not trading many contracts do to trying to build up my confidence.
Profit and stop targets for me are also based on current market action. For example, if market is in a small range, then I may just go for 1 point instead of hoping for the market to break out of range to my favor. If market is trending hard, then I may go for more points. Stops and targets also based on natural levels so I will not use a standard exact profit and stop but base it on what I think is achievable.
Also, always create a plan of action before the trade is entered, are you planning to use 2 or 1 contracts, plan to average up or down once during the trade or not, plan if you are going move stop up or not. Once you decide on these things, then enter the trade, don't make these decisions after the fact since one is less rational with real money in play then before entering the trade.
I almost wonder if its better to just stop out of a trade if you enter and get a bad fill and realize 1 min later that the trade was wrong based on your system rather then waiting to be proved wrong.
I have around a 65% win ratio on the es and try to keep my stops around equal to the profit I am trying to achieve. Also, not trading many contracts do to trying to build up my confidence.
Profit and stop targets for me are also based on current market action. For example, if market is in a small range, then I may just go for 1 point instead of hoping for the market to break out of range to my favor. If market is trending hard, then I may go for more points. Stops and targets also based on natural levels so I will not use a standard exact profit and stop but base it on what I think is achievable.
Also, always create a plan of action before the trade is entered, are you planning to use 2 or 1 contracts, plan to average up or down once during the trade or not, plan if you are going move stop up or not. Once you decide on these things, then enter the trade, don't make these decisions after the fact since one is less rational with real money in play then before entering the trade.
I almost wonder if its better to just stop out of a trade if you enter and get a bad fill and realize 1 min later that the trade was wrong based on your system rather then waiting to be proved wrong.
My win % has been 100% with this method, but one strong trending move would wipe out a day's gain or more, so I'm still in "practice mode" for now. A few days of success doesn't mean that much yet, but a few more days of this kind of success and I think I'll be convinced.
I've occasionally put on a trade, suddenly noticed a chart pattern could be interpreted very differently from what I saw and exited as a scratch trade rather than allowing for a larger loss. The times I didn't do this ended up resulting in either hitting my stop for the max loss on the trade, or turning into a trade that has to be "managed" through an attempt at averaging in order to get out b/e or with a tiny profit, and when that happens it distracts you from more promising trades.
Nodoji.
I'm surprised that you didn't short AIG today when the rumor came out regarding sencondary. That was a huge quick move and very profitable.
Do you prefer trading ES or stocks? Thx.
Please take a look at the little stock RTK tomorrow. I like the story here and it formed a good candle today.
I'm surprised that you didn't short AIG today when the rumor came out regarding sencondary. That was a huge quick move and very profitable.
Do you prefer trading ES or stocks? Thx.
Please take a look at the little stock RTK tomorrow. I like the story here and it formed a good candle today.
By the time AIG came to my attention it had dropped quite a lot and I wasn't comfortable shorting it after that much of a move.
I like trading ES and stocks, but still have a soft spot for stocks because it's what I've done for a year and a half.
I've also made quite a bit of "sim" money trading crude oil, but it's too volatile for my small account.
I'll check out RTK in the morning. Thanks.
+$47
Short ANF @ 33.30, sharp selloff from the high, covered @ 33.14, pivot off yesterdayâs low: +$30
Had a few scratch trades on ANF looking for a breakdown of the low that didnât materialize: +$13
Again ANF left a couple higher lows and I never went long, missing a long steady run up to new highs. Some day Iâm going to get over my short bias.
Shorted X a bit late after energy report and stopped out on a spike: +$4
No trades through FOMC, then I had to leave for an errand, so I missed all the late day excitement.
Short ANF @ 33.30, sharp selloff from the high, covered @ 33.14, pivot off yesterdayâs low: +$30
Had a few scratch trades on ANF looking for a breakdown of the low that didnât materialize: +$13
Again ANF left a couple higher lows and I never went long, missing a long steady run up to new highs. Some day Iâm going to get over my short bias.
Shorted X a bit late after energy report and stopped out on a spike: +$4
No trades through FOMC, then I had to leave for an errand, so I missed all the late day excitement.
+ $120
Short ANF @ 33.20, pullback from double top at open, covered @ 32.94 pivot off just below yesterdayâs support and very oversold for +$50, just .06 cents from the pivot low.
Short ANF @ 32.86 as it dropped on housing news, got in quite late in the move and only 100 shares lifted, covered @ 32.59 for +$25
Short ANF @ 32.49 break down through consolidated trading range, covered @ 32.29 pivot off 32.25 for +$38
Short ANF @ 32.56 pullback from a late day internal double top, looking for a quick breakdown through the 20-EMA, which did not materialize, stopped off the MA bounce for +$6.
The market appeared very choppy and indecisive at that point and I called it a day.
Short ANF @ 33.20, pullback from double top at open, covered @ 32.94 pivot off just below yesterdayâs support and very oversold for +$50, just .06 cents from the pivot low.
Short ANF @ 32.86 as it dropped on housing news, got in quite late in the move and only 100 shares lifted, covered @ 32.59 for +$25
Short ANF @ 32.49 break down through consolidated trading range, covered @ 32.29 pivot off 32.25 for +$38
Short ANF @ 32.56 pullback from a late day internal double top, looking for a quick breakdown through the 20-EMA, which did not materialize, stopped off the MA bounce for +$6.
The market appeared very choppy and indecisive at that point and I called it a day.
Best day ever sim trading ES, but I traded 7 contracts, something Iâd never do live at the point I did in sim today because of the risk, but I figured 7 would be the max that I could do with my account size (I really donât know what the requirements are but I figure around $3500 per contract).
I noticed the market pushing down just before the housing news and Iâve noticed in the past that the market seems to know in advance the housing news, so I shorted 7 contracts @ 1059.25 and later covered @ 1045.25 when it seemed to be finding support in that area for +$4866.
I noticed the market pushing down just before the housing news and Iâve noticed in the past that the market seems to know in advance the housing news, so I shorted 7 contracts @ 1059.25 and later covered @ 1045.25 when it seemed to be finding support in that area for +$4866.
Nod
You can daytrade each car in ES, NQ, and some others for daytrade ONLY margins of $500 a car.
When and depending on the broker, most will get to know you as a intraday trader and let you bet the farm. :eek:
I imagine some brokers have software to make sure you will be out of any positions at the end of regular trading hours.
$3,500.00 per car is needed to HOLD for an overnight position which naturally increases the brokers risk.
Good to see you hanging in there and not listening to the quacks that blew out their account and swear no one else can do it.
Your day is coming. http://www.youtube.com/watch?v=csjXPO-9O1Y&feature=fvw
That song was my motivation after wife number 2 flew the coup.
This version has music also. http://www.youtube.com/watch?v=RMP80_IMM_s&feature=related
You can daytrade each car in ES, NQ, and some others for daytrade ONLY margins of $500 a car.
When and depending on the broker, most will get to know you as a intraday trader and let you bet the farm. :eek:
I imagine some brokers have software to make sure you will be out of any positions at the end of regular trading hours.
$3,500.00 per car is needed to HOLD for an overnight position which naturally increases the brokers risk.
Good to see you hanging in there and not listening to the quacks that blew out their account and swear no one else can do it.
Your day is coming. http://www.youtube.com/watch?v=csjXPO-9O1Y&feature=fvw
That song was my motivation after wife number 2 flew the coup.
This version has music also. http://www.youtube.com/watch?v=RMP80_IMM_s&feature=related
ps; Lets do the math. At 500 a car margin.
14 handles captured.
Instead of 7 cars at 3,500.00 margin, lets do 49 at 500.00
$34,300.00 minus commission about $4.00 a car to keep it simple.
3 x 49 = - $196.00
all in fun...........but you can see the potential.
http://www.youtube.com/watch?v=F4OXrmxDp44
14 handles captured.
Instead of 7 cars at 3,500.00 margin, lets do 49 at 500.00
$34,300.00 minus commission about $4.00 a car to keep it simple.
3 x 49 = - $196.00
all in fun...........but you can see the potential.
http://www.youtube.com/watch?v=F4OXrmxDp44
- Status