Spydertrader's Jack Hershey Futures Trading Journal

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Quote from TraderD72:

Hello all,
...

FEEL FREE to critique!!

Thanks in advance
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Looking good!!!

here are my notes:
1. don't rush into trading... spend your 1st few months drawing channels and annotating the points, FTT, etc., until you can spot them faster than you can draw them.

2. do your readings. Skipping them now will only force you to go back to the beginning later. There is nothing more frustrating than having holes and gaps in your knowledge.

3. on your chart: try to draw the tapes as well. Don't worry if you are drawing too many lines at this stage. You will know what to cut back later on.


Welcome to the journey !
 
Is your data 5 minute delayed? It's harder to follow the volume if you don't draw gaussians.

I didn't trade that period, but it seems that your trade was a little late.

The 1100, 1125, 1155 channel doesn't make sense as a dominant channel or traverse because the volume decreases pt1 to pt2. They seem to form a new uptrend channel, but in my opinion it is just a retrace in a wider down trend channel, in which there is an FTT at 1150- 1155 (all you times).
Quote from TraderD72:

Hello all,
...
FEEL FREE to critique!!

Thanks in advance
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Quote from TraderD72:

Hello all,
Have tried to absorb as much as I could since finding this thread a few weeks ago.
The early morning was hard for me to follow.
I was wondering how others viewed/traded that situation???

FEEL FREE to critique!!

Thanks in advance
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Hi TraderD72
here is how I saw the market in the morning. I only watched for the first 17 bars. I think your off to a great start and keep up the good work.
Be wise and heed Tums advice
gooch87
 

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Quote from cnms2:

Using only volume and price you can reach a certain level of efficiency, but to go beyond it you'll have to use finer tools. As you try to get closer to the turning points you get fake signals that mean more washes. Even at expert level you should avoid low volume periods where the noise overwhelms the signal.
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cnms2,
I had the impression from your charts you were using only volume and price - which of the finer tools are you using at this point?
 
I don't use finer tools.
Quote from palinuro:

cnms2,
I had the impression from your charts you were using only volume and price - which of the finer tools are you using at this point?
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Quote from cnms2:

I don't use finer tools.
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Rather than try to extract every tick possible using numerous intricate tools for the ES, I'd rather just use channels and strict PV over a variety of different markets. Of course, to day-trade multiple markets means automation will be necessary. Can you imagine trading SCT over four e-mini instruments simultaneously by hand? That's insane!

The journey continues....

RoughTrader
 
Quote from RoughTrader:

Rather than try to extract every tick possible using numerous intricate tools for the ES, I'd rather just use channels and strict PV over a variety of different markets. Of course, to day-trade multiple markets means automation will be necessary. Can you imagine trading SCT over four e-mini instruments simultaneously by hand? That's insane!

The journey continues....

RoughTrader
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The answer may be obvious, but what's the point -- why not just trade more contracts on the ES? Assuming you mean SCT (reverse) and not partial-SCT (entry/exit).
 
cnms2, you give good advice about being very clear about which fractal you are focusing on/trading. This advice is equally applicable to the 'difficult' period yesterday.

As I mentioned a few pages back - for me behavioural / emotional 'skills' are the issue not technical ones. Several ocasions I was aware of been sucked into the trees and having to snap myself back out.

Cheers.
 
Interesting post guavaman. Your particular issues are somewhat different to mine but they do share some common ground.

For me the issue is frequent lapses in appropriate behaviour 'bad habits' if you like. I am not sure the behaviour was even appropriate even for out dated/replaced beliefs.

Beliefs are important - I am pretty sure that I have those firmly aligned with reality now. I think the early part of this thread has been constructed to provide an environment that first fosters a set of positive (and real) beliefs simply by observing things to be 'true'. (I'm sure some one will correct me if this is not so). It then offers a set of appropriate actions that 'make sense' when certain things are observed. This is where I have trouble I know what I should do but often allow some inner being to take control. Why can we sometimes not follow the course of action that 'makes sense'?

For me one of the issues is fear of being on the wrong side. Its partly a loss thing and partly a simple 'I don't want to be wrong' thing. (does that sound familiar guava?) I think for me this is my ego taking control. Of course you can not be on the wrong side if you only take action when there is change. However the ego likes to see change where change does not exist (lets wash this so we won't be 'wrong'). Or perhaps more accurately worries that it is change (lets get out we may be on the wrong side) when there is little evidence to support this.

I sincerely believe it is hard to go wrong with these tools unless there is some other internal force at play.

Cheers.

Quote from guavaman:

One of the many challenges I face in learning how to trade is to manage my expectations. Not simply the over arching expectation of being profitable, but my expectations during the trading day.

I tend to see things in a black and white. If my MADA tells me the market is going up, then it should go up immediately and with some gusto. There is no room for any lallygagging or shallow down moves just to make things interesting. Additionally, the trend should move uninterrupted to some extremely profitable point where the exit signal is as clear as Lake Tahoe, which as the largest alpine lake in North America, is pretty darn clear :).

These expectations (or maybe they are really just desires) contribute greatly to the amount of anxiety and frustrations I experience during trading. Oddly enough this is generally not how I function outside of trading. I have an uneasy peace going with Murphy's Law that seems to help me keep things in perspective.

My question is how do others develop the requisite amount of patience and understanding to deal with the indignities the market offers? Yes screen time is a part of the answer maybe the only answer, (this coincidentally will be accomplished in time :D.) But is there some mind set that is useful in taming this beast? Perhaps "Murphy's Law for Dummies and Day Traders" :p

-guava
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Quote from BlowFish:

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For me one of the issues is fear of being on the wrong side. Its partly a loss thing and partly a simple 'I don't want to be wrong' thing...
Cheers.
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that's why we annotate... and annotate... and annotate...
until the eyes/brain/hand do not react by P/L anymore.





sim comes later. much later.
then real money.
 
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