Spydertrader's Jack Hershey Futures Trading Journal

[Spydertrader]

Quote from dougcs:

I believe we both had an FTT at today's noon (eastern time, 11am Texas Time) bar. I did not see any S/S signal in either my data or yours for this. Was there some indication from the S/S that I missed? I did see from the YM PV that this was a likely FTT but this was at the 1102 TT (12:02 ET) bar. Any comments are welcome.

The noon FTT doesn't really give an example of a 'spike' bar. As such, I would not have expected a STR / SQU signal. However, The YM does provide a signal during that time frame.

Keep in mind, we do not yet have all the tools available as of this point in time. As a result, a signal for change provided by a tool not yet discussed may have provided an indication of an FTT at that time (Such as a DOM Wall or Tic Chart Gaussian). In addition, other tools (ES Price or volume / YM price or volume) may also provide the signal for change. In this scenario, we do not need to even look at STR / SQU as we already had a sufficient data set providing a signal for change.

I hope you find the above information useful.

- Spydertrader

 

[Razor]

Fair enough, thanks

Quote from Spydertrader:

As you no doubt read during the beginning of this Journal, I advise spending a great deal of time observing the market.

As others have advised, you need to focus on learning the methods at this point in time. Concerning yourself over the profitability of others, or focusing on entry and exit points, provides a recipe for your own failure. I've watched (through your posts) as you have repeatedly attempted to place the cart far in front of the horse. The systematic process laid out before you requires a great deal of individual effort to learn. The reason for such effort stems from the fact you are learning an entirely different way of looking at the market and trading. Again, I encourage you to take the time necessary to insure your own success, and review, practice (and review again if necessary) the key points discussed in the many pages contained within this Journal.

I am confident other traders will agree with the advice I have given you here.

- Spydertrader

 

[PointOne]

Quote from PointOne:

Take a look at the attached Nikkei chart and tell me what happens next. The final bar shown is complete and is in very dry-up.

No Str/Squ.

(I've not embedded the chart as it could be considered OT.)

Here is what happened. At the time I thought the market can only do one thing next, given the context and sequence.

 

[nkhoi]

in defense of my 'continue up' diagnosis I tend to think in term of ES tree level. However the forest level may be more appropriate for this particular contract. btw, good job R/R.

 

[^^^^^^]

Quote from Spydertrader:

No. I do not 'take heat' in the sense most people use the term. When I say I 'take a loss' I mean to say that price has moved a certain distance before I realise I misread the market. Sometimes, I exit with a small profit. Other times, I reverse with a break even (wash) trade. Occasionally, I reverse and take a loss because I wasn't paying close enough attention, or the market moved too fast, or I was just plain too stupid to react quicker. The resulting reversal then provided me the 'loss' for that particular trade.



I don't make error's based on P & L. When I make an error, I have failed to read the market correctly for whatever reason. In such a case, I immediately recognize my error and immediately take action to fix the incorrect action I previously made. The distance price has moved before I take corrective action results from a factor of time. The faster I recognize my error, the more likely I end up with a small profit or wash trade. The longer it takes for me to recognize my error, the greater the opportunity for me to experience a loss. Those that have seen me trade live often note how quickly I reverse position once I recognize me error. I do not play the game of thinking, hoping or believing "it will come back." I take immediate action.

I hope the above post provides the clarification you were looking for.

- Spydertrader

In your stocks journal you posted actual results. It would be nice to see the same here.

 

[R/R]

Quote from nkhoi:

in defense of my 'continue up' diagnosis I tend to think in term of ES tree level. However the forest level may be more appropriate for this particular contract. btw, good job R/R.

thanks nkoi
I was about to post this link that gives further examples of the "WTF" acronym so I'll do it here:

http://www.albinoblacksheep.com/flash/end.php

 

[bundlemaker]

Quote from Spydertrader:

As you no doubt read during the beginning of this Journal, I advise spending a great deal of time observing the market.

As others have advised, you need to focus on learning the methods at this point in time. Concerning yourself over the profitability of others, or focusing on entry and exit points, provides a recipe for your own failure. I've watched (through your posts) as you have repeatedly attempted to place the cart far in front of the horse. The systematic process laid out before you requires a great deal of individual effort to learn. The reason for such effort stems from the fact you are learning an entirely different way of looking at the market and trading. Again, I encourage you to take the time necessary to insure your own success, and review, practice (and review again if necessary) the key points discussed in the many pages contained within this Journal.

I am confident other traders will agree with the advice I have given you here.

- Spydertrader

I'd like to say a few words beyond simply agreeing with Spyder's comments, as it may well help others. Roughly 4-6 weeks ago I felt like I was really starting to get this whole deal. Scratch that, I was getting it. Several weeks of daily chart work after having put the bigger puzzle pieces together appeared to be paying off. Not in $$$ and cents but in confidence and knowing I can produce results.

Then, I had a major personal interuption in the form of a move. I didn't look at a chart in at least 3 weeks. I started again this Monday. My work didn't look pretty and I wasn't feeling too confident. In the past, I would have sank into a semi-depressed state as I would mentally tell myself how this system or that just didn't work, how I couldn't do it, etc etc.

This time, I handled it differently. I just did it, sans all the internal noise (me talking to myself). I recovered about 90% of where I was in just 3 days and am ready to progress further.

What's my point? For anyone still on the fence and still wishing to do this, but feel they need proof or whatever, my sincere invitation is to just do it. External proof won't help. You need internal proof, satisfy yourself that YOU can do it. This is what most who fail lack. THere is only one way to get internal proof: do it.

 

[Tums]

Just do it !

 

[Razor]

Thanks for the motivation bundlemaker

Quote from bundlemaker:

I'd like to say a few words beyond simply agreeing with Spyder's comments, as it may well help others. Roughly 4-6 weeks ago I felt like I was really starting to get this whole deal. Scratch that, I was getting it. Several weeks of daily chart work after having put the bigger puzzle pieces together appeared to be paying off. Not in $$$ and cents but in confidence and knowing I can produce results.

Then, I had a major personal interuption in the form of a move. I didn't look at a chart in at least 3 weeks. I started again this Monday. My work didn't look pretty and I wasn't feeling too confident. In the past, I would have sank into a semi-depressed state as I would mentally tell myself how this system or that just didn't work, how I couldn't do it, etc etc.

This time, I handled it differently. I just did it, sans all the internal noise (me talking to myself). I recovered about 90% of where I was in just 3 days and am ready to progress further.

What's my point? For anyone still on the fence and still wishing to do this, but feel they need proof or whatever, my sincere invitation is to just do it. External proof won't help. You need internal proof, satisfy yourself that YOU can do it. This is what most who fail lack. THere is only one way to get internal proof: do it.

 

[PointOne]

Quote from PointOne:

At the time I thought the market can only do one thing next, given the context and sequence.

I don't mean to drag this out, but I've just realised my previous comment was ambiguous: I "knew" it was a short. Is this a dangerous mindset?

BTW, Moz's response was uncanny - good job!