SniperDaytrader´s journal
- Thread starter SniperDaytrader
- Start date
I notice your stats log are more traditional or generic. Therefore, I'm curious if you maintain your own personal stats log that's more specific to your trading. For example, do you keep stats of your trading in trends versus breakouts versus reversals ?
Another type of specific stats is like the number % of profitable trades via your trading plan versus the number % of profitable trades that were outside of the trading plan. There's probably a hundred different types of "trading specific" types of stats to keep that aren't obviously automated like the traditional or generic stats that a broker or software can spit out.
I was just curious if you maintained your own personal specific stats of your trading considering they provide more in depth information about your trading than a broker or software could.
I used to do it, but it became too complicated and time consuming. I keep my trading journal where I describe my trades more in detail (as you could see). I don´t really do trades outside my trading plan. They are all according to the plan, but some are more aggressive than the others.
It is hard to describe without going in too much detail, but the price action is for me just secundary. The most important is the market structure and market auction. That is why I take breaks when I see something interresting. But it is still according to my plan.
What I need to do now is go back to basics and take just the best setups.
You only using one trade strategy or several different trades strategies ?
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If market structure and market auction is that important to you...it becomes even more important to keep those types of trading plan specific trading stats so that you can determine when your trading plan is in conflict or battling that market structure/market auction.
You also need to keep stats on your daily perception of the market structure/market auction so that you can determine the efficiency, accuracy of your analysis.
Without that information, you're going to be at this another 6 years stuck in the same mud because analysis of market structure/market auction analysis...you do need to keep stats of that information for feedback at a later date so that you can determine exactly (no guessing) where you're problems are at in your trading.
With that said, I do notice you mentioning "a little" information for each trade but its not enough info "as is" until you begin documenting data on more specific (detail) stuff. Yeah, I get it, its complicated and time consuming but after 6 years of you not getting where you want to go...you really have no choice but to do it because one bad trading day can easily wipe out weeks or months worth of profits because your daily profits are too small on average.
In contrast, if you were a newbie or beginner trader...no big deal because you're still learning. However, you're not a newbie trader.
wrbtrader: thanx, but I don't think you see the whole picture here. I am writing my journal with exactly the info I need to have. I am recording my trading and while I take my trades I am commenting them.
Don't fall in the analytics bias -more information is better. It is not. Sooner or later you will become overwhelmed by the info and you won't find time to analyse it all.
BTW. there is no way you can have a perception on market auction in advance. This is the only part of my system where I can just react to what is happening. Talking about the structure - I prepare premarket preparation every day where I draw intresting areas.
So, again. You don't have to overcomplicate.
BTW. - I am trading this system for 2 years now. I did trade other approaches previously.
Don't fall in the analytics bias -more information is better. It is not. Sooner or later you will become overwhelmed by the info and you won't find time to analyse it all.
BTW. there is no way you can have a perception on market auction in advance. This is the only part of my system where I can just react to what is happening. Talking about the structure - I prepare premarket preparation every day where I draw intresting areas.
So, again. You don't have to overcomplicate.
BTW. - I am trading this system for 2 years now. I did trade other approaches previously.
I did not say nor imply that someone can have perception on market auction in advance. What I implied was if you don't document that information in an accurate way involving all your past history of trading days...you've lost a critical history of information that can not help your trading going forward beyond just looking at your broker statement to say...profitable trading day or losing trading day.
Reminder, too little statistics (you don't need to complicate it nor is such required) about your actual trade strategy for you to review will not be useful to you when you need to adapt to changing markets...markets that changes multiple times every year.
Thus, I will assume that when you said you prepare premarket information where you draw interesting areas, you're storing daily charts of those areas as they looked at the time you made your analysis instead of using hindsight charts to show what they looked after the fact because charts do look different in real-time in comparison to charts of the price action in hindsight due to something called "data compression" in the data axis. You can see this issue when you slowly scroll backwards a few days worth of data to better understand what I'm talking about.
With that said, you seem determine to go this route involving the type of information you're documenting/storing. Also, do not think I'm trying to get you to change your trade method. I trying to get you to understand that your broker statements doesn't contain adequate information you need to know about your trading plan/trade strategies beyond just profit/loss, number of trades and the usual generic information. You know that typical generic stuff that too many traders think will provide them the information they need to know to help their trading.
P.S. +1 for you for storing you're information charts and other information outside of Elitetrader.com in your blog instead of using Elitetrader.com as your primary storage site of your journal.
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Personally, I think it's more about learning to react live or not, than stat's.
I chart my account value, if it starts to go the wrong way I fix it.
Who ever gets time to review there stat's anyway, 20mins after it all kinda blurs into 1, even with note taking.
I used to note take, but then I'd miss trades while doing it.
KISS!!
I chart my account value, if it starts to go the wrong way I fix it.
Who ever gets time to review there stat's anyway, 20mins after it all kinda blurs into 1, even with note taking.
I used to note take, but then I'd miss trades while doing it.
KISS!!
Turv, exactly as shown by so many people who are afraid to enter a trade. I was watching my favorite stocks fall and thought, why am I sitting on my ass while HAIN is down $1.00 before earnings? Stepped up and bought 3000 shares at $52.2-52.60, added more at $52.90 and more at $53.3, started selling at $53.5-$53.7(not much there) but folding our hands and watching great stocks keep falling don't make you any money. HAIN should blow past $54 by tomorrow, if not I am dumping this stock.
Sniper, why are you making things more difficult for you than needed? I like your gun, AR-15 or M-16? I own a few nice items, their fun to shot and blow this stress off. If you are working on your next Grubstake, why not go the easier route? I tried Futures, after trading Mid 1980s, you learn what your good at and what fails you. There are different methods, I am taking Advanced Stats up at Cal Poly San Luis Obispo now, what formulas are you using. I would like to see Applied Stats used in real trading. Good Luck!
Sniper, why are you making things more difficult for you than needed? I like your gun, AR-15 or M-16? I own a few nice items, their fun to shot and blow this stress off. If you are working on your next Grubstake, why not go the easier route? I tried Futures, after trading Mid 1980s, you learn what your good at and what fails you. There are different methods, I am taking Advanced Stats up at Cal Poly San Luis Obispo now, what formulas are you using. I would like to see Applied Stats used in real trading. Good Luck!
Considering you've been using this method now for two years, I'm curious why you're trading so small right now. Is it because you've made some changes to it after a period of problematic trading. Thus, you're now testing those changes or is the problem more related to your discipline (psychology) in using the method as you designed it or is it something to do with your available capital ?
Edit - Please ignore the above question. I've found my answer after re-reading you're opening statement in this thread.
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It´s Imbel FAL (licensed Brasil made FN FAL).
Why do you guys feel the need to convince me to change my approach? I don't get it. So I will try to explain for the last time. There is nothing wrong with my trading approach. In fact, it makes much more sense than most of KISS approaches I have seen everywhere. If you trade crossing EMAs for example or CCIs then just be aware that there are hundreds of thousands of other traders who are trading the same thing. And while you think about that, remember the percentages of winning and losing traders.
Besides of that, I am in contact with couple of very successful and experienced traders who ear big money trading and who helped me with my strategy. So what do you think I am going to do? Listen to anonymous traders whose results I didn't see or to someone who I know is successful in trading?
So, if you don't like my approach, that is perfectly ok. Just trade your own strategy. There are millions of ways how to profit in the markets. I am not going to change my approach anytime soon, so we are both waisting our time and energy if you try to convince me to change it.
Good luck to all of you,
Pepe