NoDoji's Day Trading Log

[trader_david]

I feel bullish so I saw those lines since the market hits major support. actually I saw the market try to break down (four times) too, very tricky.

I draw flat lines too, those lines helps me see major spots to enter or exit, but still need discipline to help me to avoid false move (fooled by the lines). the less the better. actually the market pays no respect about those lines, so discipline is the key to get the true one. do not be naivly belive those lines are magice or edges, that just helps you judge, but not gurantee your winninng

Quote from NoDoji:

Yes, this is similar to how I've been trading CL in my sim account. I "see" it without drawing the lines, but the pushes down and breakouts have been indicating reversals to me.

 

[NoDoji]

Watched ES after the ISM and thought it was odd that it climbed on a lower than expected number. I guess the ADP report carried the morning. I was looking to short an upper channel line overshoot when price moved to test the HOD (which was the first overshoot, but I didn’t want to pick a top and it sold off quick enough there that I didn’t want to go long either).

I placed an offer @ 1058.50, assuming higher lows, higher highs. Price hit the HOD, pulled back and settled, so I missed that one.

Everything slowed down, so I decided to sim trade only. Put on a CL sim trade after the inventories, short @ 80.39 pullback from a much lower high, .20 cent stop and then brought up NQ and played with that for a while to get a feel for it, and completely forgot about the CL trade.

After a while everything was very narrow range-bound so I took the dog to the park, which pleased him immensely and the weather couldn’t have been nicer.

Returned to find that instead of missing a great move (as I usually do when I leave my desk), the market managed to trade in a 1 pt range. Also returned to find that the CL sim trade I had on and forgot about had pivoted off 79.48 and was well in the money, so I closed it out @ 79.87 for +$514.50 and contemplated the value of putting on a trade with a stop and a target and walking away. That certainly would remove my micromanaging personality from the picture, and prevent me from cutting my profits short.

I didn’t want to trade around the FOMC announcement because I’ve seen that kind of action before and you can get whipsawed to death and it feels like you're just gambling, but I did hurl 50 sim cars on the selloff following the run up and made the fastest sim $8500 ever (exactly 40 seconds). BANG!!!

I’ve watched the action around FOMC several times now, but still don’t have a good feel for trading it. I imagine the seasoned traders make most of their year’s gains on these days. Someday…

 

[NoDoji]

Found out how to automatically initiate a bracketed order when putting on a position via IB's booktrader.

This also works in my sim account, allowing me to finally test some breakout strategies properly.

You just hold down the Alt key when placing the order and an automatic STP and LMT are entered OCA, which you can then easily adjust to your initial profit and stop loss levels.

 

[NoDoji]

Quote from NoDoji:

You just hold down the Alt key when placing the order

This will resolve my occasional order entry error of left-clicking instead of right-clicking to put in a stop and ending up immediately exiting the trade.

Between this nifty feature and my "Warn on exit" (if I'm holding an open position) I should never again have order errors!

Although I've heard that Murphy-the-Lawmaker tends to find a way...

 

[bighog]

In simtrading try this as an exercise to NOT micro manage your trades as you say.

This is a training exercise (thats what sim is about). So lets not get into another discusion about the good and bad of sim trading guys.

Before you place a trade, have only 3 situations where you are FORCED to exit the trade. #1 at your STOP LOSS, #2 at a predetermined MINIMUM profit objective or above it, #3 you are allowed to scratch a trade. Also you can take a smaller loss than your max loss point but you must not take itsey bitsy profits. This exercise will do wonders...........i have seen it work a few times.

The objective of the exercise is to train yourself to take a scratch if you decide you do not like the trade and or it is not performing as fast as expected (breakouts want fast stuff usually). Scratches are a sign of a well disciplined trader in my book.

The max stop loss or less is simply what you know why already. Maybe for this sim exercise just wait for max loss and work on getting it back by reentering when needed. Hanging in for max stop longer trains you to WORK the trade more instead of pulling the rip cord and then seeing the trade go in your favor.

The hanging in for a minimum profit objective worth taking the trade in the first place trains you to NOT micro manage trades. Train yourself to make every trade a worth-it chance. TRADE FOR HANDLES NOT TICKS.

Have fun

 

[bozwood]

which, in your opinion, would be more beneficial? scratching trades or just waiting for the stop or objective to be hit?

thanks

Quote from bighog:

In simtrading try this as an exercise to NOT micro manage your trades as you say.

This is a training exercise (thats what sim is about). So lets not get into another discusion about the good and bad of sim trading guys.

Before you place a trade, have only 3 situations where you are FORCED to exit the trade. #1 at your STOP LOSS, #2 at a predetermined MINIMUM profit objective or above it, #3 you are allowed to scratch a trade. Also you can take a smaller loss than your max loss point but you must not take itsey bitsy profits. This exercise will do wonders...........i have seen it work a few times.

The objective of the exercise is to train yourself to take a scratch if you decide you do not like the trade and or it is not performing as fast as expected (breakouts want fast stuff usually). Scratches are a sign of a well disciplined trader in my book.

The max stop loss or less is simply what you know why already. Maybe for this sim exercise just wait for max loss and work on getting it back by reentering when needed. Hanging in for max stop longer trains you to WORK the trade more instead of pulling the rip cord and then seeing the trade go in your favor.

The hanging in for a minimum profit objective worth taking the trade in the first place trains you to NOT micro manage trades. Train yourself to make every trade a worth-it chance. TRADE FOR HANDLES NOT TICKS.

Have fun

 

[mindtrade]

Hi NoDoji,

I absolutely think you are doing the right thing by taking it slow and sim trading unless everything feels just right.

Today was my last day trading ES for awhile. After taking the 6k in my account up to 14k I have given it all back within a few weeks. It has really sunk in that the eminis are currently out of my league. I have no edge in them. With absolute discipline and patience like you have I think I could profit so I am rooting for you! Want to see that it can be done

I will be sim trading and searching for an edge where ever I can find one before trading live again, and of course continuing to read your journal every day.

 

[deaddog]

Quote from NoDoji:

Found out how to automatically initiate a bracketed order when putting on a position via IB's booktrader.

This also works in my sim account, allowing me to finally test some breakout strategies properly.

You just hold down the Alt key when placing the order and an automatic STP and LMT are entered OCA, which you can then easily adjust to your initial profit and stop loss levels.

I'd sure like to know how that is configured.
Could you take a look?

 

[Redneck]

Quote from mindtrade:

Hi NoDoji,

I absolutely think you are doing the right thing by taking it slow and sim trading unless everything feels just right.

Today was my last day trading ES for awhile. After taking the 6k in my account up to 14k I have given it all back within a few weeks. It has really sunk in that the eminis are currently out of my league. I have no edge in them. With absolute discipline and patience like you have I think I could profit so I am rooting for you! Want to see that it can be done

I will be sim trading and searching for an edge where ever I can find one before trading live again, and of course continuing to read your journal every day.

Mindtrade,

Not sure searching for a different edge is the answer…

Look within (deep within) and find the strength, fortitude, will (whatever you want to call it) to hit the exit button once (immediately after) a set up fails

Just a dumbass redneck’s opinion Sir

eta - Think how far ahead (money wise) you would be right now if you would have only exited (I sure have - plenty of times in the past) - This (and pressing a winner) ARE the hardest parts of trading successfully

The skill to do both correctly - is within you - find it


RN

 

[NoDoji]

Quote from bozwood:

which, in your opinion, would be more beneficial? scratching trades or just waiting for the stop or objective to be hit?

thanks

I wondered this myself, finding that quite often the scratch trades would've turned out very profitable had I let the initial stop. Sometimes I quickly re-enter a scratch trade though.