September Trading Journals

Hitman,

Never ever pick tops like yesterday's high and use them as resistance, if the daily chart is weak the stock should sell-off almost right away, if it goes up instead then the plan is not working don't even bother with it.
Could you explain a bit more what you mean here. I've been playing alot with previous day's highs and lows, variations on DTU Ken Calhoun's 2-day method, and am interested in what you've discovered in your trading.

immediately got out for a 2 cents loss. A creature of the jungle has this instinct about positions and there is no need to wait for that support level to be hit, saved myself a lot of pain there.
Been doing the same. Used to predefine my risk in dollars (translated into stops) and wait til it was hit, figuring I had agreed with myself to risk that much to find out if I was wrong. No more, no hope, if the position doesn't feel right, whenever, I'm gone.

I have been trying to do too much, I need to specialize, narrow my focus
Also been doing the same, had been trying to catch too many things, actually annoyed if I missed a run up or down :)

You lost some money but it sounds like a fine trading day, excellent insights. Good luck tomorrow.
 
Originally posted by Magna
Hitman,

I've been playing alot with previous day's highs and lows, variations on DTU Ken Calhoun's 2-day method, and am interested in what you've discovered in your trading.
More...

Hi,

Could you please explain what "Calhoun's 2-day method" is?

Thanks
 
The problem I have with his strategy is that he can't even find a picture perfect example to put in his article :)

Check out his entry criteria

"Enter 0.3 to 0.5 points above the previous day’s high (for long trades) or low (for short trades)."

Yet, his EBAY short example is clearly more than 0.8 below previous day low. Yes, he does excuse his "adjustment" for the entry point in the article which is very trivial to me.

What really got my attention was a few other statements he made in his article.

1. "Buying bottoms and shorting tops is largely a failing method"

Maybe I am stupid, but if you buy the bottom or short the top aren't you going to make money? :) Anyhow, I make a ton of money doing just that. And I have the trading record to back it up. It would be nice if Ken had a trading record ...

2. "Successful trading is much more difficult than it first appears."

Okay here I come to slam the door in his face. Dear Ken, you have to actually trade before you can become a successful trader. How would you know anything about successful trading when you have made it clear to all of us that you don't trade yourself???

I am sorry guys, but I am fed up with guys who write articles on how one should trade in order to make money (with time frame as short as 20 minutes), yet do not execute even a SINGLE trade themselves.

And I didn't have a bad day in the market, so I am not trying to take my aggravation out on anyone. I disclosed my overnight positions yesterday: http://www.elitetrader.com/vb/showthread.php?s=&threadid=2319&pagenumber=2

I covered ILUM at 33.56, KLAC at 31.08 and NVLS at 27.46. Checkout the shorts I missed yesterday - all were down big today. I'm flat now.
 
Sniper,

Who are you trying to kid. Only those with a crystal ball can pick the tops and bottoms with precision on a consistent basis. THAT is a well known fact that has withstood the test of time. And THAT is what Ken was getting at. You are nitpicking and you know it! For you to suggest you can do the proven impossible is ludicrous. Please don't insult my intelligence again.

Furthermore, Ken's method produces reliable results. have you tested it? I don't think so. Your post smacks of an axe grinding for personal reasons.

I have a problem with people feel the need to weigh in because they think they know it all. Maybe you are successful at what you do, and maybe you're full of BS. But you have not evaluated ken's methods so how can we belive you don't have a persoanl axe to grind here. The only other conclusion is you are irrational.

Which is it?

Bucky Lee
 
Well I agree with Sniper. Most of my trades are calling tops and bottoms. I'm wrong about half the time but my stop is very tight. When I'm right it more than makes up for it.
 
Relax man!

My criticism of Ken's statements come from the fact that he doesn't trade, period! If you have anything to say in this regard, I am all ears.

My criticism of Ken's method is that even in the example in his article there is so much gray area. His entry is well out of his initial statement of where one should enter ...

Next, Nicodemus hit the nail right on the head. It is not about a crystal ball. It is about risk management and expectancy. I posted a link to the setup I traded yesterday and today. Both the entry and stops are well defined. And I didn't invent this setup. I just trade it!

I have no personal reasons to criticize anyone nor believe that my opinion that those who do not trade should not tell others how to do so is irrational. I can't see how you would say that it is irrational to criticize someone who tells you how trade yet doesn't trade himself. Moreover, would you take flying lessons from someone who doesn't fly? Swimming lessons from someone who doesn't swim? I can go on. Who is irrational?

Good Trading!

Bill
 
Some have suggested mixing daytrading and swingtrading. Others don't like this idea because of the difficulty of separating the two approaches, e.g. letting a trade intended as a daytrade turn into a swingtrade if it goes bad.

Is a reasonable solution to this dilemma to trade different vehicles, such as swing trade stocks and daytrade index futures of the index trackers (DIA, SPY, QQQ) or do it the other way round. This should help separate the different philosophies in the trader's mind.

I am basically a swingtrader in stocks and I have been considering daytrading the index futures to add another string to my bow and to make my days more interesting and hopefully more profitable. I think that I too would be very confused if I tried both daytrading and swingtrading stocks.
 
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