SniperDaytrader´s journal

SniperDaytrader said:
...So the question is - why my SIM trading results show constant equity grow and why I allways fail in LIVE. What do you think?...
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This is a common problem for most discretionary traders (traders that are not using an automated trading system) that have a trading plan, properly backtested trade method and good trading results on a simulator until they go live with real money on the line.

You've already answered your own question in your thread...you know the problem is you when you're trading with real money because its so easy to follow the trading plan and be a discipline trader when there's no stress from a simulator, no pressure from a simulator and so easy to just start over again while on a simulator. In contrast, with real money on the line, there's stress on most trading days...some of which are constant throughout the day, pressure and issues from your home trading environment that you'll have difficulty in managing while trading real money that really isn't an issue while on a simulator.

There's also another possibility in that when you were backtesting and simulator trading, everything was good in your home trading environment. Yet, something critically changed in your home environment when you started live trading with real money...a problem that was not there before.

Note: It's impossible for backtesting to input your home trading environment into its results. In contrast, simulator trading can pick up "a little" of the issues in your home trading environment. Continuing the comparison, real money trading will be sensitive to every weakness you have as a person and will absorb (negatively) any at home problems (e.g. relationship, financial, living condition...you name it).

SniperDaytrader said:
...I had some difficulties since the beginning of this year resulting in overtrading and thus lowering my win% ratio. I had blackout also this Tuesday (16 trades).

Blackouts are big threat for me. All of my big losses originated from blackouts.

My current challenges are:
- lowering the amount of trades
- working on patience
- working on discipline (specially following the Money Management rules)...
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It's only overtrading if you're taking trades that's not part of your trading plan.

For example, if you take 100 trades tomorrow and every one of them is a valid trade signal...that is not overtrading. In contrast, if you take 3 trades tomorrow and only 1 of them is a valid trade signal while the other 2 trades were not via your trading plan...that's overtrading.

Simply, do not make the mistake of thinking overtrading relates to the number of trades.

Last of all, you've been at trading for +6 years and you're still having problems with your patience and discipline...that clearly is an indication that you may not be suitable for trading. Yet, if you're determine to continue with trading...at least go get some professional help from folks (e.g. psychologists) that specialize in helping people that continue sabotaging their careers because you wrote the word "working" in the above quote in which you give no indication (explanation) of exactly what you're actually doing. Therefore, I suspect you're still doing this on your own (trying to figure things out) instead of getting professional help.
 
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27.1. pre market preparation

NQ

Nasdaq moved down from yesterday´s trading range. It strikes me as if NQ is seeking for bottom border for consolidation. 4200 price level could be a good candidate for it. My guess is that the break in premarket was a false one and we will see NQ return to 4240 – 4285 levels.

YM

Similar situation in YM but the situation is less readable for me. I am also expecting the market to pull back to higher levels. I will be waiting for opportunities for longs.
 
27.1.2015 trading results

Again extremely tough markets. Most of the features of my trading strategy simply didn’t work today. Markets move in very strange way – there are lot of jumps back and forth. There is basically no regular rotation anymore, just big jumps. Because of this I was stopped out several times on 1-3 ticks precisely (market moved beyond my SL just 1-3 ticks). This triggered angry behaviour and I overtraded again.


Trades
  • T1 ok +7
  • T2 short in NQ, again ok, but marked moved 1 tick beyond my SL -7
  • T3 again, thanx to extremely volatile jumps, I was stopped out from nice trade. -9
  • T4 again good trade, again market moved 1 tick beyond my SL -6
  • T5 tried quick short, didn’t work out -3
  • T6 this was my fault, took the price too high -13
  • T7 I knew I am right with the idea of markets moving back up, so I reenterd and widened my SL to 20 ticks. +24
  • T8 and T9 tried to short the MID twice. -0 and -9
  • T10 again my fault in trade management, I should have taken the 20ticks profit. And I had bad luck after that when the market went exactly for my SL. -13
  • T11 this was technical fault, I forgot LMT order on the second chart while I was watching YM. -6
  • T12 I had strong feeling the markets are going up. I entered at very nice price level and placed my PT at ORL. However the market couldn’t break up from the consolidation and I grew tired of the position so I killed it after 18min. Of course, 10 seconds later the market climbed trought the ORL almost without stopping. +13
  • T13 short NQ, but the market started to chop, out at +1
  • T14 I tried an aggressive long, but the market did a pullback first. -14
  • T15 Finally I entered when I saw trapped bears at MID and holded the position longer. +41
Even when I managed to cover most of the loss with the last trade, I am not happy at all with today’s trading. I could blame the markets all day long but the truth is that I shouldn’t trade at all or at least not so much.
Results
 
28.1.2015 trading results

Today is FOMC in the evening (afternoon US time), so I expected the markets to be lazy and move slowly. That is why I was trying to take some trades as soon as possible after opening with at least some volatility. As the markets unfolded however, we could see quite volatile move down.



T1 I tried to enter soon. The 17360 level in YM was interesting for me and I saw the market reject the price underneath it. I couldn't catch the price sooner so my entry price was quite high. That is why I didn't leave the market more space to unfold and killed the position at BE+1 when I didn't see willingness to rise.

T2 This situation was interresting both in NQ and YM. I decided to short YM. The entry was too low and market moved one tick beyond my SL stopping me out. Bad timing and bad luck. -8

T3 This was very nice ''sniper'' trade. Long in NQ, market took my LMT order precisely and I was in the position without any heat. PT was hit in matter of seconds. These are the trades I like most. +14

T4 Hasty trade, I should have waited for the market reaction and then I should have killed the position at -6 -7. I married the trade and took full SL. -12

T5 Reentry of previous idea. This was exactly the reaction I should have waited for. Now I just barely covered the previous loss. +13

T6 Long in YM. I was looking at this area long before the market entered here. It was globex low, and low of yesterday's swing. When I look back at the trade and orderflow I think the area was too visible and well prepared market maker's trap. I let them lure me in this time. -7

T7 Very nice long. Look how the markets respected the support zone from my premarket preparation (see previous post). I saw strong and healthy move up so I left the market more space do develop. I took my profit according my trade management rules for +25 ticks.
 
SniperDaytrader said:
I am not very satisfied with yesterday's performance. I was very trigger happy. But the last one was very nice trade. Thank you.
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I wasnt happy with mine either yesterday, I got stressed, started fighting the trend got bit twuce, but closed positive just, we all get bad days just walk away, take a break then get ut back :)
 
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