NoDoji's Day Trading Log
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Good day real money better than yesterday all my own signals, and I got in on that LOD trade with perfect entry that you mentioned, but did not let the winner run, I guess the problem being, I should have done more contracts to be able to scale out on this trade.
I had some good confirmations on that trade that market was going to reverse there. Did 2 real long then 1 sim short, all winners. The 2nd trade which was the LOD trade was actually a little harder than the 1st trade since in the 1st trade, I saw price bouncing off of support, in the 2nd although I had confirmations, its almost felt that I was catching a falling knife as I picked it up with my limit order.
I had some good confirmations on that trade that market was going to reverse there. Did 2 real long then 1 sim short, all winners. The 2nd trade which was the LOD trade was actually a little harder than the 1st trade since in the 1st trade, I saw price bouncing off of support, in the 2nd although I had confirmations, its almost felt that I was catching a falling knife as I picked it up with my limit order.
Quote from NoDoji:
+ $48
Took no early live trades, waiting for the consumer confidence report before taking sides.
Sim traded CL for +$138 pre-market, then a bit after the open up to $232, then gave 2/3 of that back on a trade where I was stopped out to the tick (.01 cent above the HOD) before a move in my favor. Immediately got back in at a pullback zone and made almost all the lost profit back in about a minute. Two more quick CL scalps and I was up $395 on the day. These CL scalp trades off S/R are so fast, on average 3 minutes, it really is an ADD traderâs dream world.
In sim, where there are no monetary worries whatsoever, I hurled 50 ES cars short @ 1064.25 BEFORE the news with a 5 pt stop that was narrowly missed, and covered @ 1058.50 off the pivot low for a $14,135 net gain.
In sim, once again put on a large option play: Bought AMZN Nov $125 puts @ 6.60 shortly after the open and closed out @ 7.00 for +$3989; left another $18,000+ on the table by not re-entering on the double top for the real move down. If I continue to string together successful large position option trades like this, I will be taking this live and giving Neke some friendly competition.
In the live account, shorted RSH @ 18.17 pullback from overbought run up, covered @ 17.90 at oversold for +$52, a penny from the pivot of the move.
Youâve heard me rail about being disciplined on EVERY trade. Well, hereâs what happens when youâre NOT:
I had 3 scratch trades on ES after the consumer sentiment by entering short waaay too long after the price drop, leaving me +$10 net when all was said and done. Then later I put on a short trade with a solid setup (pullback from a lower high beneath the falling EMA). Frustrated with being shaken out so often in my live ES trades lately, I got sloppy and put in a max stop loss ASSUMING it would never get hit in this weak market. I wasnât about to get shaken out of this trade! OK, there were absolutely NO excuses for doing that, because there was a clear level at which the trade would be invalidated and that wouldâve been a 2 pt loss, but I let my BIAS get in the way and of course it was hit for -$240!
Thank you, Market, for doing your job of reinforcing how important it is to BE DISCIPLINED ON EVERY TRADE!!!
I then attempted to claw my way back with a couple small winners in the chop, then decided the R:R was godawful in that whipsawing mess and waited patiently for a stronger setup.
OK, camera cut to crazy scene in which NoD tries to go LONG: Later on when ES was moving down to test the LOD, I bid at the LOD with a 2 pt protective stop in case of a serious breakdown, because next support at the lower channel line on the longer term chart would be around 1052.00. Price found buyers 1 tick above the LOD. 1 TICK! I didnât want to chase entry because we were technically in a down trend, but it turned out to be a very worthy reversal zone worth trading.
Waited patiently again for a short setup, figuring the big dogs would return from lunch, think about overseas markets reacting to poor U.S. consumer sentiment driving our futures down overnight and would likely give ES one last push to test that LOD support level.
(Clearly I think too much.) :eek:
I shorted @ 1063.50 when a run to test the HOD failed and left a shooting star, and a second attempt failed as well. It took a few minutes of nervous watching because clearly this could go either way, then it broke down. I sadly hesitated to add to this winner when it was clear a test of lows was coming. My finger was on the trigger and I just couldnât do it because of all the whipsawing today, but I will say this, that last trade was awesome from start to finish because I entered on a great setup, placed a stop at the invalidation point, and exited @ 1059.75 for +$182.70, when buyers left a higher low behind from previous support. That's what I'm talkin' 'bout!
That trade really boosted my morale after recovering from my morning mess and I decided to call it a day!
why waste time on paper trading?
even you made 10M, 100M. you are still under-funded...
"if I have 10M, why I need do day trading? " just a joke
even you made 10M, 100M. you are still under-funded...
"if I have 10M, why I need do day trading? " just a joke
Quote from NoDoji:
For Hermit and any other followers of IncNow's EXTREME-HIGH ENERGY thread, I offer a view of how NoD's daily P/L would look if she wasn't grossly undercapitalized
77, do you really believe there is enough time to scale in and out when trading a 5 minute chart?
Daytrading is about trading in a condensed time frame, never mind all decisions must be made in a single day.......to condense it even further to trade within a 5 minute chart is almost insane to begin with. :eek:
In its purist form day trading should become automatic and precise. That is no easy task to say the least.
Scaling in and out requires thinking and time to execute. I can understand a double down on a loser to attempt a quick way to get EVEN on a SMALL, repeat SMALL losing trade. I can understand adding to a winning trade because it increases your odds to get some more gravy out of the winner. (adding-on to a winner is a well known professional tactic.)
Scaling in and scaling out seems to be a flawed tactic because it says the trader is not sure about the entry and also unsure about the exit point. What is wrong with BOOM...all in !!! or BOOM all out!!!? Less thinking required, less chance of error, less work, less temptation to play with the trade, less everything. when a trader gets in or out nice and clean he/she has a single decision to make once filled, no fuss, no muss. The sooner the trade is COMPLETE, win or lose, your mind is now completly free to focus on the next trade. Scaling in and scaling out is kinda like playing musical chairs.
Each scale in on a winner means you missed all the profit before you liked the trade so much you wanted more and scaledm in for more. Scaling out means you exited a part of the trade and allowed some to continue on losing.
I know there are other ways to explain what scaling in and out is about but those are what i come to understand. When you call a bookie and place a bet you give a set amount. When you go to the window and bet on a horse you place your bet and a time comes when the betting window is closed.
Trade like you are betting on a single race at the ponies track.
Daytrading is about trading in a condensed time frame, never mind all decisions must be made in a single day.......to condense it even further to trade within a 5 minute chart is almost insane to begin with. :eek:
In its purist form day trading should become automatic and precise. That is no easy task to say the least.
Scaling in and out requires thinking and time to execute. I can understand a double down on a loser to attempt a quick way to get EVEN on a SMALL, repeat SMALL losing trade. I can understand adding to a winning trade because it increases your odds to get some more gravy out of the winner. (adding-on to a winner is a well known professional tactic.)
Scaling in and scaling out seems to be a flawed tactic because it says the trader is not sure about the entry and also unsure about the exit point. What is wrong with BOOM...all in !!! or BOOM all out!!!? Less thinking required, less chance of error, less work, less temptation to play with the trade, less everything. when a trader gets in or out nice and clean he/she has a single decision to make once filled, no fuss, no muss. The sooner the trade is COMPLETE, win or lose, your mind is now completly free to focus on the next trade. Scaling in and scaling out is kinda like playing musical chairs.
Each scale in on a winner means you missed all the profit before you liked the trade so much you wanted more and scaledm in for more. Scaling out means you exited a part of the trade and allowed some to continue on losing.
I know there are other ways to explain what scaling in and out is about but those are what i come to understand. When you call a bookie and place a bet you give a set amount. When you go to the window and bet on a horse you place your bet and a time comes when the betting window is closed.
Trade like you are betting on a single race at the ponies track.
Yes, you are right, that 2nd trade really should have just let it go to target no scale in or out since I got in at the best price anyway.
Quote from bighog:
77, do you really believe there is enough time to scale in and out when trading a 5 minute chart?
Daytrading is about trading in a condensed time frame, never mind all decisions must be made in a single day.......to condense it even further to trade within a 5 minute chart is almost insane to begin with. :eek:
In its purist form day trading should become automatic and precise. That is no easy task to say the least.
Scaling in and out requires thinking and time to execute. I can understand a double down on a loser to attempt a quick way to get EVEN on a SMALL, repeat SMALL losing trade. I can understand adding to a winning trade because it increases your odds to get some more gravy out of the winner. (adding-on to a winner is a well known professional tactic.)
Scaling in and scaling out seems to be a flawed tactic because it says the trader is not sure about the entry and also unsure about the exit point. What is wrong with BOOM...all in !!! or BOOM all out!!!? Less thinking required, less chance of error, less work, less temptation to play with the trade, less everything. when a trader gets in or out nice and clean he/she has a single decision to make once filled, no fuss, no muss. The sooner the trade is COMPLETE, win or lose, your mind is now completly free to focus on the next trade. Scaling in and scaling out is kinda like playing musical chairs.
Each scale in on a winner means you missed all the profit before you liked the trade so much you wanted more and scaledm in for more. Scaling out means you exited a part of the trade and allowed some to continue on losing.
I know there are other ways to explain what scaling in and out is about but those are what i come to understand. When you call a bookie and place a bet you give a set amount. When you go to the window and bet on a horse you place your bet and a time comes when the betting window is closed.
Trade like you are betting on a single race at the ponies track.
The 50 car ES trade was done for fun so I could post it on the BANG! thread.
In a live account I simply wouldn't put on a trade BEFORE a market moving news event.
The CL trades in sim have been incredibly educational for me. Although CL follows MA's, S/R and trend lines like anything else, it's quite volatile at times and I need to have a very solid track record of success in sim before I put my money on the line. My IB account size is VERY close to the PDT requirement and since I day trade stocks I need it to stay at that level. A few whipsaws through stops with CL and it's over.
Also the option trades I've been doing in sim are to help me get a feel for potential drawdowns on large position trades in "worst-case scenarios" where I get impatient and put on the trade too early. I did that a while back and came out ahead on all of the trades despite the drawdowns. More recently I've only been taking the best setups and it's working out very well.
I only wish I'd had a sim account and paper-traded before I ever went live in 2008. My friend is a professional pilot and has been for years. She has to endure regular recurrent training involving simulated high stress situations. Why? So that when there's an equipment failure and she has to use the weight of her entire body to land the plane safely (just happened to her 2 weeks ago), she is calm and clear-headed.
When you ask me why I "waste time" paper trading, it reflects an attitude that finds no value in being well-prepared to handle a variety of situations, especially situations that go very differently than planned.
This is just one of several situations I've practiced in sim that's been extremely educational. On a 5-min intraday time frame it requires quick evaluation of changing scenarios (have the chances of success with a double down improved or gotten worse) and quick calculation of proper price levels at which to make the move and get out without exceeding a max loss limit.
I can just imagine the messes traders get themselves into doing this without ample preparation in a sim account.
being well prepared is very important. you may misunderstandthe difference between "prepared" and "planned".
just like an examee, before he/she goes into the test room, what did she/he do? prepare the test! but not plan the test (that is the examer's job).
you can not ask the market to follow your plan, but you are prepared to follow the market.
did you notice the diference?
I do not blame you for some entainment in 50 car gain in paper account, it may serve you relaxing function from a positive view. if they helps your trading, then it is not a waste of time.
just like an examee, before he/she goes into the test room, what did she/he do? prepare the test! but not plan the test (that is the examer's job).
you can not ask the market to follow your plan, but you are prepared to follow the market.
did you notice the diference?
I do not blame you for some entainment in 50 car gain in paper account, it may serve you relaxing function from a positive view. if they helps your trading, then it is not a waste of time.
LMAO! Just awoke to see the overnight low on ES @ 1052.50 and the following in my business news:
NEW YORK (AP) - Stocks are set to slide Wednesday as investors remain cautious about the size of a potential economic recovery. Futures are lower.
Overseas markets are falling, following weakness in the U.S. on Tuesday after a disappointing report on consumer confidence in the world's largest economy.
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