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Novice daytrader. Updated every weekend.
- Thread starter Kovacs
- Start date
Things to try from 30 July 2007 to 3 August 2007:
- Trade off 5 min charts
- Focus on only three high-volume ETFs (XLE, XLF, SMH)
- Take big winners (3:1) and use divergence to measure the risk of a profitable trade going against you.
- Don't play chop.
- Be more selective than ever about which trades to take.
- Avoid scaling out if there is no indication of a probable reversal or deep retracement (to the 20 ema and beyond).
Next update: 5 August 2007
- Trade off 5 min charts
- Focus on only three high-volume ETFs (XLE, XLF, SMH)
- Take big winners (3:1) and use divergence to measure the risk of a profitable trade going against you.
- Don't play chop.
- Be more selective than ever about which trades to take.
- Avoid scaling out if there is no indication of a probable reversal or deep retracement (to the 20 ema and beyond).
Next update: 5 August 2007
Attachments
What went right:
- Managed to get multiple big winners ($0.70+/share) on friday simply by hiding my blotter.
- Successfully traded divergence off the 5-min SPY.
- Good coordination between EMAs, volume, NYSE Advance/Decline, and R & S for risk and trade management.
What went wrong:
- Lost a lot of profit playing chop
- Exited a few huge trades too soon
- Averaged in too late at times
- Walked away from desk too often
- Overtraded
- Poor loss from top control
Improvements for this week:
- Also look at 2-min chart for each ETF
- Continue hiding blotter
- Average in more shares early on
- Keep trades under 20 round-trip/day
- Look at XOI to help trade XLE, and XFI for XLF.
- After the first hour, pay close attention to what is a potential trade and what is merely chop.
Next update: 13 August 2007
- Managed to get multiple big winners ($0.70+/share) on friday simply by hiding my blotter.
- Successfully traded divergence off the 5-min SPY.
- Good coordination between EMAs, volume, NYSE Advance/Decline, and R & S for risk and trade management.
What went wrong:
- Lost a lot of profit playing chop
- Exited a few huge trades too soon
- Averaged in too late at times
- Walked away from desk too often
- Overtraded
- Poor loss from top control
Improvements for this week:
- Also look at 2-min chart for each ETF
- Continue hiding blotter
- Average in more shares early on
- Keep trades under 20 round-trip/day
- Look at XOI to help trade XLE, and XFI for XLF.
- After the first hour, pay close attention to what is a potential trade and what is merely chop.
Next update: 13 August 2007
Attachments
interesting .. I am new at this. I wanna trade full-time but I have to still pay bills..
I trade options and I am about -15% on 2007. ALthough I get a few winners.
I'll like to join your thread. Here is todays blotter. I work for a financial company so I have to use eTrade. Commision is killing me but still make money on winning trades. I can only freely trade indes and ETFs.
I like SPY and QQQQ options. For day trading I concentrate on ATM options ... today -2%
I trade options and I am about -15% on 2007. ALthough I get a few winners.
I'll like to join your thread. Here is todays blotter. I work for a financial company so I have to use eTrade. Commision is killing me but still make money on winning trades. I can only freely trade indes and ETFs.
I like SPY and QQQQ options. For day trading I concentrate on ATM options ... today -2%
Attachments
Quote from ctarmor-et:
interesting .. I am new at this. I wanna trade full-time but I have to still pay bills..
I trade options and I am about -15% on 2007. ALthough I get a few winners.
I'll like to join your thread. Here is todays blotter. I work for a financial company so I have to use eTrade. Commision is killing me but still make money on winning trades. I can only freely trade indes and ETFs.
I like SPY and QQQQ options. For day trading I concentrate on ATM options ... today -2%
Welcome.
Last week is my best one so far. I made more during that time than the last six months combined. I hope it's a turning point but I'm not taking anything for granted nor getting complacent. Thursday was a record day at a net of $502. I almost had double that on friday, but it ended in disaster.
On friday by 14:00, I was up $954. I was so eager to get to one thousand that I jumped into the first trade that looked remotely profitable. After losing $184, my emotions took full control. Eventually, I lost so much from my peak that I was electronically locked out and ended up with $271. I believe impatience is the last major hurdle I need to overcome before I can get consistent.
What went right:
- Aggressive
- Able to hold trades longer without hiding blotter.
- Getting into trades at the end of retracements rather than waiting for new lows/highs.
What went wrong:
- Missed tells from the market because of lack of focus and impatience. I'm missing divergences, volume on longer timeframe charts, and significant levels. Missing runs because of this.
- Scaling out too much, too early instead of waiting for the market to tell me when to get out.
- Overtraded
- Too much adrenaline during the first hour of trading
What needs to be improved:
- Priority: MORE PATIENCE
- More anticipation of probable trades; less reactive trades.
- Calm down
- Scale out methodically. Listen to the market.
- More focus.
Next update: 20 August 2007
On friday by 14:00, I was up $954. I was so eager to get to one thousand that I jumped into the first trade that looked remotely profitable. After losing $184, my emotions took full control. Eventually, I lost so much from my peak that I was electronically locked out and ended up with $271. I believe impatience is the last major hurdle I need to overcome before I can get consistent.
What went right:
- Aggressive
- Able to hold trades longer without hiding blotter.
- Getting into trades at the end of retracements rather than waiting for new lows/highs.
What went wrong:
- Missed tells from the market because of lack of focus and impatience. I'm missing divergences, volume on longer timeframe charts, and significant levels. Missing runs because of this.
- Scaling out too much, too early instead of waiting for the market to tell me when to get out.
- Overtraded
- Too much adrenaline during the first hour of trading
What needs to be improved:
- Priority: MORE PATIENCE
- More anticipation of probable trades; less reactive trades.
- Calm down
- Scale out methodically. Listen to the market.
- More focus.
Next update: 20 August 2007