One Trade at a Time

Took a look at a spy chart and saw a double bottom forming.

<b>(30.00)</b> Bought 300 shares at 127.88. The double bottom was at 127.84. I set a 20 cent profit target as I do not know SPY as well as AMZN. I ended up selling my shares at 127.98.

<b>(308.00)</b> I'm realizing my strategy f*cking works! Okay, so the 10:40 candle formed a double bottom with the 10:15 candle. The 10:50 candle is what broke through. I shorted 300 shares, and then added 200 more by mistake, but it worked in my favor. I shorted at 187.69, a penny below the bottom. Using my profit target, I covered 300 shares and then let the other 200 ride. I got impatient and covered the rest at 186.85. This actually was a better price than if I had let my stop take me out.

I feel this is a <i>huge</i> step in the right direction, a huge step towards trusting my system.

Also, this AMZN trade was the first trade where I really didn't have any emotions creeping up until the very end, I was able to think rationally and with a clarity.
 

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Also, my P&L for the day is no longer down by 71 (obviously).

I feel the ego setting in, and I am realizing I need to stay focused and stay humble. If anyone has suggestions for how to stay humble throughout the entire trading process, please help!
 

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<b>(73.00)</b> Made another trade, but played it more conservatively as I figured I didn't want to risk the profits I've already made. After putting the trade on, I realized I needed to just follow my strategy to the T, and then I received a fairly important phone call, and covered my short leaving profit on the table.

Still, it's good to know the signal was reliable, and if I had left my profits run, it would have worked out.

Totals:
+340 today
 
I've lost track of the several more trades I've done. As I sit here and reflect, I get this gut feeling that I'm over-trading, but every trade has been roughly following my strategy, so I'm still making money with it.

I'm now officially done for the day to go to lunch.

My P&L so far today is +309.57.

Best day yet in this new world of trading.

Also, in hindsight, the last trade I posted that had been stopped out and was a loss, would have been profitable. This means a couple things:

I should have kept my stop where it originally was. If I had, I would have taken some heat, but I would not have been stopped out. This in turn would have allowed me to hit my target, and then ride the rest out. Again, I should have stuck EXACTLY to my rules.

Instead, I lost that and only made 2/3rds of it back with other trades. <i>And</i> I still left some profit on the table.

Try again tomorrow!
 
<b>(-74.00)</b> Today something just isn't clicking for me.

I really want to say the market was not acting the way it has been recently. T

I'm sure someone more experienced was able to make some decent profit today.

I didn't get to trading until after 10:15. By that time AMZN had shot way up and I missed that move. Shortly thereafter, AMZN and SPY both drove into a range. I bought the breakout in SPY above 129.48 thinking that today's bias is long overall. I got stopped out.

I see where I'm at fault. I studied charts and came up with a system for AMZN, not SPY, so I was trading SPY forgetting that I don't know that as well.

Today, I'll be looking at SPY charts to come up with a reliable strategy similar to the one I use on AMZN.

Lastly, I think I may have been not just taking the best signals, but rather taking any signals, including ones that I don't feel as confident with yet.
 
I don't know who all actually reads this journal, but to whoever is, I have a couple things on my mind that have really meant a lot to me recently.

First, I was sifting through the ET Hall of Fame Thread again today, (http://www.elitetrader.com/vb/showthread.php?s=&threadid=204669) and came across the Trading Breakthroughs thread (http://www.elitetrader.com/vb/showthread.php?s=&threadid=25425&perpage=6&pagenumber=1).

I read this some months ago but as I looked over it again today, I saw how certain ideas have different meaning to me today than they did when I first started trading.

Some wise dude said a smart man learns from his mistakes, a wise man learns from others' mistakes. Maybe some wise people will read this and learn from mine!

Anyway, psychology meant nothing to me 3 months ago. I just thought initially that daytrading was going to be easy for me because I would not make the mistakes others had. I was different from the rest of you! :D

Until I needed to make back what I lost.
Until I thought the market would go up or down today.
Until I thought my trade would be successful.
Until I thought I'd just <i> hold it until it became profitable!</i>

Somebody wise once told me I won't change until it hurts bad enough. I think I know best until I surrender to the fact that I don't. So now psychology is important to me.

And once psychology became important to me, having a quantifiable system became important as well. If I have an <i>actual</i> setup that will make me money day in and day out, then I begin to trust my trading, and I know I'll end the day in green. That allows me to no longer fear the market, which in turn allows me to see setups for what they are as they're forming, not for what I'm hoping they'll be, or what I'm afraid they'll turn into.
 
+366.16

Today was a good day.

I jumped the gun on my first trade today... It was the second candle on the AMZN chart. I was long and got scared out due to not following my strategy completely to the T. Had I waited for a breakout of the 9:35 candle's high like my strategy dictates, well, I wouldn't have left <i>three dollars</i> profit on the table.

Nevertheless, I then fussed around with some scratch trades on SPY, which ultimately had me down to -85 or so.

Switched back to AMZN, and made two decent trades, one short at 191.7 on the 10:15 candle, and the other long at 191.26 on the 10:40 candle.

I got up to 428 something and then put on my last trade in the middle of congestion, or at least an area where I could not tell what would happen next.

And the worst part? Somewhere I KNEW I shouldn't put on that last trade.

Progress not perfection...

EDIT:

Made one last trade, at the breakout of the low at 190.80. Covered too early, as I was afraid I might lose profits I had already made. Still netted a whopping 26 dollars.
 

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I have a terrible habit of saying I'm done when I'm not really done.

Anyway, the new total for today is +693.70.

Subtract commission costs and it's probably around 600 flat.

Question:

How can I get paid ECN rebates?

I'm using Sterling Trader Pro. The firm I'm with said to use ARCA to enter and EDGX to exit.

Not sure what that means, but if anyone can clarify that'd be great.

When I see ARCAALO, does that mean ARCA limit order type A(NYSE)?

Thanks in advance to anyone that can clear this up for me!
 
-659

Did terrible today. I realize I diluted my edge. For my particular setup, I am jumping the gun and not even waiting for the candles to finish forming. Today was all overtrading. The market humbles me every time I think I've "got it."

It's really frustrating. :(
 
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