SniperDaytrader´s journal

[Turveyd]

Well, I traded several trading approaches/strategies in past 6 years and from my own experience I can tell you that all of them required superb discipline, well defined plan and money management rules.

If you don´t have that you better don't trade at all. The system which I trade is very logical. I am seeking price levels at which I can expect change in market auction. Meaning usually those areas where big boys enter the market (funds, banks, MMs). I usually pre-plan those areas before I start trading and then I watch orderflow (tapereading) to see if they really entered as I expected. If yes I simply join them, if no I simply let it go and wait for better opportunity.

Try it without your predetermined price levels that way and move up or down small move i will add could be a trade setup.

00 and 50 at the end seem to be the only reliable areas to me, expect a move under to hit SLs then jump on when it turns back over.

I say small moves don't try to pick a bottom in large strong momo moves, try to join those.

10 years in here profitable for the last year or so, very profitable for the first 6 months dropped off to barely profitable trying to get back on it currently, trading is a bitch!

 

[SniperDaytrader]

Try it without your predetermined price levels that way and move up or down small move i will add could be a trade setup.

That is just not my style. I pre-define the entry areas. Either before trading starts, or during the trading. But I always know where I want to enter at least 5-15min before I place the order.

 

[Turveyd]

That is just not my style. I pre-define the entry areas. Either before trading starts, or during the trading. But I always know where I want to enter at least 5-15min before I place the order.

All fine and well if thats working, if not less predictive might work better.


To give everyone a clue as to your scalpyness, how big a initial SL do you trade with ?

 

[SniperDaytrader]

I trade NQ and YM. My initial SL varies according to volatility from 8-12 ticks. But as you stated correctly it is my initial SL. If I see development which I don't like I usually get out of the trade at BE or -4/-6. I try at least, sometimes I get very volatile movement against me and then I end up at full SL.

I will post my pre trading planning and also the trades I made so you have better idea of what I mean.

 

[Turveyd]

I trade NQ and YM. My initial SL varies according to volatility from 8-12 ticks. But as you stated correctly it is my initial SL. If I see development which I don't like I usually get out of the trade at BE or -4/-6. I try at least, sometimes I get very volatile movement against me and then I end up at full SL.

I will post my pre trading planning and also the trades I made so you have better idea of what I mean.

Hence, initial, mine is 10 automatically, but they I reduce as it goes, or bail like you, if 10seconds later I realise NOOOO stupid trade alert

How much do you aim for, got a Min or what it give you ??


Thanks, more info is always good so we can tailor our help to you.

 

[SniperDaytrader]

I am currently at final stage of testing the strategy on SIM account. Hopefully I will start live again. I challenged myself to make $1500 with 70% win ration minimum as a condition to start live. I am at $700 with 70.13% - everything with single contract. After I switch to live trading, I will be trading with single contract again until I reach $1500 and then I will add another one.

It will take me probably 2-3 months altogether. I am writing this so you can understand my MM rules.

I am aiming at RRR 1:1, so targets are in 8-12 ticks range. But primarily I trade for momentum. I am trying to exit after the first momentum disappears. When I see a good logical target and I feel strong momentum I sometimes give the market more room.

This should help me in the more advanced phase of trading, when I will lock myself in profit with this tactics and let the runners run further with the rest of the position.

 

[Turveyd]

I am currently at final stage of testing the strategy on SIM account. Hopefully I will start live again. I challenged myself to make $1500 with 70% win ration minimum as a condition to start live. I am at $700 with 70.13% - everything with single contract. After I switch to live trading, I will be trading with single contract again until I reach $1500 and then I will add another one.

It will take me probably 2-3 months altogether. I am writing this so you can understand my MM rules.

I am aiming at RRR 1:1, so targets are in 8-12 ticks range. But primarily I trade for momentum. I am trying to exit after the first momentum disappears. When I see a good logical target and I feel strong momentum I sometimes give the market more room.

This should help me in the more advanced phase of trading, when I will lock myself in profit with this tactics and let the runners run further with the rest of the position.

Your pretty much trading off how I trade, only differences are..........

I use SMA based Envolopes as a range / direction to trade off, rather than fixed plan.

I get @70%, but average loss is 6 area, I aim for 15-20 really, but like you I take what I can get, generally average is 12 area I think currently, wanting a tad higher.

IF you filter out, stupid trades, messing around, trading while bored / busy and not sticking to the plan.

 

[SniperDaytrader]

NQ

Nasdaq is in long term uptrend, close to it’s high from November last year. Premarket opened with gap which the market later filled. I am preplanned 2 support and 2 resistance zones (see the pic). I prefer long trades from globex low at 4233. Otherwise, I will be looking at other dynamic S/R zones during the trading.

YM

Dow Jones is also in uptrend from long term perspective. DJ created also gap but was too weak to close it (as of 1.5 hour before opening). I also prefer long trades in DJ from preplanned zones. 17500 looks promising (besides other things it is also nice round number).

In general
After the last week’s nervousness and being Monday with no significant data releases I am expecting uncertain market, meaning I will be more careful than usual and wait for clear situations.

 

[smallStops]

It looks like you are in for some comments.


So you've been at it for 6 years, and only the last 2 years you have decided to stick to one method that seems to fit you. At least you are no longer jumping methods.
Now basically you can say you started really trading for money 2 years ago.
You can say that for 4 years, you were trading for the emotional swings
( joy of the high, despair of the lows).

What I have observed :

* www.dhamma.org does improve discipline ( I am myself going for another round in few days). It is 10 days, it did not change my religion, nor other people's religions.
The technique ( certainly created in Egypt), seems to have only been preserved among monks in Burma, then popularised by Goenka.

* prayer BEFORE a trade ( the before is important) does also seem to improve discipline. I am still working out why it does.
So if you have some religion, this can be put to good use.

* you might actually have in your way of trading, quiet a lot of setups without realising :
try to reduce these so that you trade only one setup, such as
- type of prices you are entering at ( entering at Poc, vah, val for instance : just choose one)
- type of "scenarios" for the footprints : just choose one.

 

[Turveyd]

* prayer BEFORE a trade ( the before is important) does also seem to improve discipline. I am still working out why it does.
.

Well it will create a bit of a delay and cause you to calm down maybe, me it would cause to be sick very very sick which I guess would help lose weight.


Sniper, sadly I don't do M30, strictly M1, so over to others which intraday trade via M30? not sure there are many.