S/R Emini Journal

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Quote from 4re:

How has your trading gone today?
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2.25 pts down and a scratch

EDIT: I made a mistake, actually I am an ass for going against my system's rules. Second trade was a double up, didn't wait out and stopped and entry on pullback from the highs, target was 1304.75, stop was @ 1300.50 and look what happened. That proves a point that if one trades a system, he should not butt in. What can I say? I made an error and only have myself to blame, idiot.

EOW results: Net positive.
 
Quote from romik:

... a scratch

EDIT: I made a mistake, actually I am an ass for going against my system's rules ... That proves a point that if one trades a system, he should not butt in ...

EOW results: Net positive.
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Yeah, I saw the same movement in the ES and closed my trade at scratch as well. But my NQ trade did just fine.

Nevertheless ... what you said!

In Double!
 
Quote from romik:

2.25 pts down and a scratch

EDIT: I made a mistake, actually I am an ass for going against my system's rules. Second trade was a double up, didn't wait out and stopped and entry on pullback from the highs, target was 1304.75, stop was @ 1300.50 and look what happened. That proves a point that if one trades a system, he should not butt in. What can I say? I made an error and only have myself to blame, idiot.

EOW results: Net positive.
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Like I said earlier, we are all guilty.

My EOW is also net positive but just barely. I only got to trade 3 days. Wed one trade +2
Thur two trades +1.75 Doubled up, +1
Fri two trades -1.0, -2.0

Sucky week but nothing a couple of drinks won't fix...Got one going right now
 
Quote from sandygray66:

KyivTrader - In my recent read of "The Disciplined Trader", I highlighted that exact paragraph as well. I recognized when I used to have that fear, and now I don't. That exact turning point (a couple months ago) created for me the difference between winning weeks and losing weeks.

I think most of us starts with all the confidence in the world as we have some initial wins. Then reality sets in, and we hit some losses, which detroy our early confidence. Then we have to force ourselves through that difficult period when we have to rebuild our confidence. For me to get through that period, I cut back my contract size to 1 (not wanting to lose the psych implications of working with real money versus sim) and kept going at it until I gradually built up results and therefore confidence.

It's a matter of getting enough screen time (recognizing various patterns and variables we may have been initially unaware of) and getting enough (real money) trades under our belt.

Just like an elite athlete, we can have all the skill in the world, but if we lack confidence ( = trust in oneself), we can't turn that skill into success.

Sandy
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I am glad others get as much out of this book as I do. You probably see why I keep saying you can't just read this book and put it away. You have to keep reading it until one day everything just clicks then it is like reading a whole new book.

I do agree that when we start trading most of us probably had so much confidence we could rule the world with our new found riches. All it takes is a small string of losses to realize our worst fears. This is not easy money. I think the worst thing that can happen for new traders is to win the first few trades because it builds a false sense of security that will get knocked out of you in a hurry.
 
Greetings Gary and all,

I visit here regularly,but trade the YM mostly,so I hesitate to post.I have been picking up on average 15 net points per day for the last month,trading with limited skills.It slowly is adding up,and I dont pretend to know what Im doing.

My question is the topic of "reading the tape".I see it posted alot on many forums as a key trading tool.IVe watched trade data through QT for a while,with only trades above 20 as the filter.I can see no value to watching the data.

Since it must mean something,can anyone point me in a direction to learn the value of reading trades?

Thanks for any input,
cordially with peace Tom
 
Quote from Thom64:

Greetings Gary and all,

I visit here regularly,but trade the YM mostly,so I hesitate to post.I have been picking up on average 15 net points per day for the last month,trading with limited skills.It slowly is adding up,and I dont pretend to know what Im doing.

My question is the topic of "reading the tape".I see it posted alot on many forums as a key trading tool.IVe watched trade data through QT for a while,with only trades above 20 as the filter.I can see no value to watching the data.

Since it must mean something,can anyone point me in a direction to learn the value of reading trades?

Thanks for any input,
cordially with peace Tom
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Tom, I am sorry to say I don't know anything about reading the tape. I have seen it mentioned several times myself but have never looked into it. So far by watching the volume and my S/R levels I have been doing ok so I just stick with what is working. I would say that if you are making 15 YM points a day and don't know what you are doing stick with that. What you are doing is making money and that is what counts. I think the most common pitfall in trading is overanalyzing. I often talk about new books that I am reading or going back and rereading a book. But I am not doing it to learn something totally new. I am doing it to perfect what I already know. I hope this makes sense. Sorry I couldn't help more but I imagine someone on here will be able to answer this for you. I just wanted to chime in.

Gary
 
Quote from Thom64:

Greetings Gary and all,

I visit here regularly,but trade the YM mostly,so I hesitate to post.I have been picking up on average 15 net points per day for the last month,trading with limited skills.It slowly is adding up,and I dont pretend to know what Im doing.

My question is the topic of "reading the tape".I see it posted alot on many forums as a key trading tool.IVe watched trade data through QT for a while,with only trades above 20 as the filter.I can see no value to watching the data.

Since it must mean something,can anyone point me in a direction to learn the value of reading trades?

Thanks for any input,
cordially with peace Tom
More...
Tom
Iam glad you found a system to scalp 15 YM points every day.
I guess you are watching longer period charts(15m) instead of 1/3 minutes? or Or Are you using range charts?
I use in medved QT ,YM charts with 7-8 range candle.It gives more reliable signals with indicators instead of watching 1/2/3 min.Market chatter is more than tick even if it is in a trend.
what is absoulte stop every time you eneter? 8-12 ticks or subjective watching EMA support/lKeltner channnel like that?
I am posting my chart set up.Your chart set up ot other's welcome to broaden my horizon.
 

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