NoDoji's Day Trading Log

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Although I made real money for day, one mistake was going long without my normal confirmations. This is the hard part or art of trading in that you need to wait for the correct setup and then take that trade quickly on the hard right edge of the monitor. Everything is easy in hindsight, we see oh yes that's would have been a great place to get in. Keeping contracts small until I get more control of myself.


Quote from NoDoji:

Spent another day in sim to confirm my arsenal of tactics.

With the time change I go to the gym pre-market now. I forgot about the job number news, would’ve liked to play that. By the time I got to my desk ES had already had a good time, but appeared to be forming a small continuation pennant after putting in a low, so I shorted @ 1056.50, but it quickly found support and I was stopped out for a tick.

With a bullish support level established on bad news, I decided to wait for the open to trade further.

The ORB play looked solid because the opening 5-min bar was in a narrow range and nearly a pure doji, indicating the crowd was waiting for direction from the head bull or head bear and would likely run with the break. Took +6 long @ 1060.25, out @ 1066.25, pullback from upper channel line overshoot.

Short @ 1067.75, pullback from upper channel line overshoot that tested the pre-market high. Covered @ 1060.00 pivot from lower channel line overshoot.

Spent much of the day after that intently studying tick-by-tick price action from one swing to the next to get a feel for when to move stops and letting profits run instead of getting shaken out too easily.

Late day triple failure to break out to test the previous resistance (which sold off hard), invited me to short @ 1065.75. Covered @ 1063.75 pivot from below the lower channel. There was actually a good bit of downside left as price overshot the channel line another 2 pts when the consumer credit numbers came out.

Short @ 1063.75 on pullback from the now-falling 20 EMA. Since the market held its own today against the poor job numbers, I placed a tight stop @ 1064.75, which was a tick above the shooting star from the EMA. Price tested and fell back from 1 tick away, then returned to sniff again from a higher low, then a 3rd time, so the trade wasn’t looking so good at that point, and indeed it was stopped out.

Short @ 1065.25 pullback from slight overshoot of the upper channel line. Again, placed a tight stop @ 1066.50 just above the high of the shooting star. Stopped out.

Could’ve (as seems to be the case quite often), taken the day off after the morning trading. The afternoon was just chop-n-churn.

Have a great weekend all!
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Wow. Nearly 15 points in one day. You don't need no education!.

Way to go!. Imagine doing that with 100 lots!.

Don't listen to anyone else, including the pig.

I'm going to drop my Boiled White Rice and read this whole thread from the beginning. Right now!.:eek:
 
Im having some problems with the stops.... I am also having trouble with entries. I m not sure though. I have improved the results over the week but I have nothing to show for it because I give it all back after 1 trade without a stop. I cancel the stop hoping to ride a winner further than it reverses and slams me I cover for a 6pt loss. Losing all that I accumulated previously in the morning.
1. I'm now concerned im overtrading. i want it all back! How should I manage this ,any ideas.
2. How can I overcome my need to collect a large runner.
3. If support is broken and I go to sell why does it seem to reverse on the nq. any suggestions will be greatly appreciated.
your thread is way interesting thanks.
 
Many of us have this same issue, we don't want to take a loss, so we remove our stop. What I think you need to do is plan the trade and follow the plan. For example, you want to go in at a certain price, maybe you even want to average in once to get a better price, but then you need to have a final stop that you need to honor. Its much easier to make up a small loss than a big loss. Also many of us want to get a win right after a loss, only to get another loss. If you take a loss, you need to again have patience to wait for the next good setup for the day. Thankfully, I woke up late, since the people I was trading with lost tons of money while I made money for the day while I am green, so it was a hard day even for many traders that have more experience than you. Trading is a marathon, not a race. If you can keep loss amounts close to equal to wins, and have a higher win%, you can win over time, the goal is not to let 1 loss take you out of the game. To avoid over trading, you could set a maximum loss amount for the day which includes while you are in a trade. For example say your max loss was $ 500, you are in a trade trade that you are moving your stops away hoping the market will reverse, you notice you are at your maximum stop level, so you kill the trade, and wait for the next day to trade. Also, remember, the market is sometimes random, so even if we do a perfect trade, it will sometimes get stopped out do to this fact.


Quote from wmb:

Im having some problems with the stops.... I am also having trouble with entries. I m not sure though. I have improved the results over the week but I have nothing to show for it because I give it all back after 1 trade without a stop. I cancel the stop hoping to ride a winner further than it reverses and slams me I cover for a 6pt loss. Losing all that I accumulated previously in the morning.
1. I'm now concerned im overtrading. i want it all back! How should I manage this ,any ideas.
2. How can I overcome my need to collect a large runner.
3. If support is broken and I go to sell why does it seem to reverse on the nq. any suggestions will be greatly appreciated.
your thread is way interesting thanks.
More...
 
Quote from shikantaza:

Wow. Nearly 15 points in one day. You don't need no education!.

Way to go!. Imagine doing that with 100 lots!.

Don't listen to anyone else, including the pig.

I'm going to drop my Boiled White Rice and read this whole thread from the beginning. Right now!.:eek:
More...

c'mon now my rice eating brother, as you read through this entire thread, you will find the large swine's input to be invaluable in the creation of what will be at least a minor deity in the trading world as NoD will be consistently killing it with real money within...wait...its coming to me...within 7 months.
just a prediction from an alzheimer's addled mind but hey, i am looking to the future :D
 
my suggestion: go with the big trend, do not do day trading, do not use 6point stop loss, use 30point stop loss, enter a trade and wait at least 3days.

day trading is only for fast fingers


Quote from wmb:

Im having some problems with the stops.... I am also having trouble with entries. I m not sure though. I have improved the results over the week but I have nothing to show for it because I give it all back after 1 trade without a stop. I cancel the stop hoping to ride a winner further than it reverses and slams me I cover for a 6pt loss. Losing all that I accumulated previously in the morning.
1. I'm now concerned im overtrading. i want it all back! How should I manage this ,any ideas.
2. How can I overcome my need to collect a large runner.
3. If support is broken and I go to sell why does it seem to reverse on the nq. any suggestions will be greatly appreciated.
your thread is way interesting thanks.
More...
 
Rice never did go good with pork. :D

Next month the STOP will be 50 handles. :eek:

Nod, good job this week. You are doing what a good trader should always do..........telling themself why, where, when to get in and why, where, when to get out.
 
Quote from increasenow:

NoDoji,
1-are you mainly trading the ES now?
2-how is your CL sim trading going?
3-have you ever (do you like) trading Gold?
IncreaseNow
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I've been sim trading all week, CL and ES, only ES past couple days.

CL went very well with all strategies I tried. However, it's very volatile and I'm still not real comfortable trading it live, though I've placed a couple live orders at levels that came very close to getting filled.

I've never traded gold. Rumor has it just buy gold and hold, $2000 in a few months.
 
Quote from shikantaza:

Wow. Nearly 15 points in one day. You don't need no education!.
More...

Well, here's the problem: I can now very comfortably do this in the sim account, but every damn time I trade ES live I manage stops poorly and leave all my profits on the table. This week, sim has been very consistent and so I think I'm capable of managing live trades better.

Maybe a 30 pt stop is the way to go. It would rarely get hit... :D
 
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