Spydertrader's Jack Hershey Futures Trading Journal

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Quote from cnms2:

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1711011>
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Had to quote this....I just wanted to see it again! If a picture is worth a million words an animated gif is probably worth quite a bit more.

Cheers.

P.S. and Camtasias are invaluable though it is, of course, completely unreasonable to expect anyone to interfere with there trading to produce one.
 
Quote from Jander:

Yeah, I am in agreement with you on that one. This is why it's so frustrating that we dont talk more about actually making money in this thread. Most folks by now can draw perfect charts and I just dont see that translating into pulling money out of the market.

Perhaps an IF2 would tell you to reverse if price broke the previous bar low. Otherwise, Id assume to go with that dominant up channel until something says change.
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Talking about the 'money extraction' doesn't really help anyone. Its simply a product of following the procedure correctly. I think this is true of any approach to trading. It just comes when you do it right. You decide how much.

I do have sympathy for your view on charting and annotating. Some here produce some quite beautiful charts. They are clearly eminently tradeable if you make the right decisions and take the right actions at the right points.

Monitor and Analysis is covered well in this thread, extraordinarily well. Its where analysis moves in to Decide and Act that many struggle. (imho of course)

This is the tough place where the rubber hits the road. I notice some re-occurring issues here. I experience some myself. Theres stuff in the thread about this but in much lesser quantities.

Mind you the whole syllabus and process is obviously designed to get you on course in a way that avoids 'roadblocks'. One or two are probably inevitable. Changing to a higher gear wont help if you cant drive the car at slow speeds.

What might help is some examples that show Decide Act. Not in live trading not even what anyone actually does in reality. Just some possible decisions and actions that a new 'forest' trader might take based on a simple 5 minute ES chart with prv. I think this could maybe done on static charts. Or perhaps with 'snapshots' around endpoints and faults.

Cnms2 has done a couple of sequences in the past that I found valuable.

This is not put forward as a request by the way, just a wish list item :). For consideration if any one has the time and energy to spare.
 
Quote from PointOne:

I must say that this thread has taken a turn towards the surreal with contributors insisting that left is right, decreasing is increasing and that a quick mental calculation of risk:reward is not prediction.

It's starting to look ridiculous.

Can some objectivity be restored before year end?

Please!
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Subjectivity is the selective filtering of information in order to reinforce a bias. An example of subjectivity is your claim that I do quick mental calculations of risk:reward whereas I do not, nor have I ever adviced anyone to do so.

Another example of subjectivity is sharing your view without providing objective arguments. Your post is a pretty good example of that.

I'm pretty satisfied with this journal as a learning environment and I enjoy reading the contributions and views of others. There are some pretty intelligent people working together to master a method and if you see that someone has made a mistake feel free to point it out. But please, do so in a way that's actually useful.
 
I have never used IF1/IF2 before and I decided to try it out to understand how it is supposed to function.

Basic summary is do IF1/IF2 on 5 min bars and when a trade is taken do APA (IF1/IF2 on the 1 min until end of 5 min bar)

This is not a suggestion to anyone to use IF1/IF2 as the way to success. I don't plan to use it as my exclusive tool.


Tums, what doc are you referring to? Is it something other than Seamless Continuous Trading Report?
 
Is this just coincidence or the method at work?

Notice the market activity over the last six days is on a daily RTL down.

What are we going to need to see to have a BO?
What about a FBO?

Ultimately, how will this translate to what we see on the 5min ES?
 
Quote from Jander:

Yeah, I am in agreement with you on that one. This is why it's so frustrating that we dont talk more about actually making money in this thread. Most folks by now can draw perfect charts and I just dont see that translating into pulling money out of the market.

Perhaps an IF2 would tell you to reverse if price broke the previous bar low. Otherwise, Id assume to go with that dominant up channel until something says change.
More...
Quote from Jander:

I was hoping to learn a bit about how to implement the things we have learned over the past year. The positive results you speak of are a spattering of people pulling a couple of points here and there using setups (pt3s), a group breaking even, and a large majority cant get off the sim because there are no fake dollars being made. Perhaps I am exaggerating? Who knows. Apologies if so.

This thread has been the equivalent of a book. We have now reached the glossary and are ready to trade, except that chapter was not included? I do not perceive that the intention of this thread was to be this way, but it seems this is the result. I guess my question is 'Is this the end of the road? Are the 'realtime video examples' coming?
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If you can't pull fake dollars after 11 months, you really have to do an introspection and ask yourself WHY.

1. Why are you still here?
2. Are you really drawing "perfect" charts??? (I don't recall seeing your "perfect" charts.)
3. Is this a psychological thing? or methodological thing?
4. Why can't you pull fake dollars? Why? Are you doing a real time journal? If you aren't, then stop thinking about trading NOW. Go get a piece of paper and write down your thoughts in real time during the day.
5. What have you discovered in your debrief? (I bet you don't even do debrief. or your debrief is "thinking" while picking your navel.)

If you can't pick out two pt3 trades a day in sim, no amount of video can help you.

My recommendation is to:
1. post your "perfect" charts everyday. (try doing this for a month.)
2. draw on your chart where you could have entered a pt3 trade. (pick only the safest trades.)
3. study those formations. Understand why these are "safest".
4. close your eyes and commit these formations to your memory as if they are playing a video in your mind.


Do this for a month and you won't have to ask for entry/exit in the ES journal.
http://www.elitetrader.com/vb/showthread.php?s=&postid=1695024#post1695024
 
My chart so far.

Noticed the point 3 at 10:00 on time as well as the FTT at 10:10

Then after 10:20 I was looking for the point 3 up after the breakout. However 10:25 until 10:35 showed increasing red (YM as well) so I never bought it.

The area between 10:50 and 11:05 confused me somewhat. I though I saw lateral movement (=continuation). I guess 10:55 is an FTT but I never noticed it realtime. Also I was really looking for price to go down after that big red 10:45 gaussian. It didn't happen and the current status is we had BO on ES and I am looking for another point 3 up somewhere between now and 10 minutes.

regards,
Ivo
 

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I think you give really good advice Tums, my only concern with this is that SIM acct vrs live trading acct (at least through my broker) are considerably different speeds on the DOM. I would imagine this might be an issue for some others as well. Getting used to buying/selling pt 3 on the SIM might give a bit of false hope if the trader finds the real mkt speeds are faster and more treacherous. Taking timely action when the mkt proves one incorrect could also be affected.

Thoughts?




Quote from Tums:

If you can't pull fake dollars after 11 months, you really have to do an introspection and ask yourself WHY.

1. Why are you still here?
2. Are you really drawing "perfect" charts??? (I don't recall seeing your "perfect" charts.)
3. Is this a psychological thing? or methodological thing?
4. Why can't you pull fake dollars? Why? Are you doing a real time journal? If you aren't, then stop thinking about trading NOW. Go get a piece of paper and write down your thoughts in real time during the day.
5. What have you discovered in your debrief? (I bet you don't even do debrief. or your debrief is "thinking" while picking your navel.)

If you can't pick out two pt3 trades a day in sim, no amount of video can help you.

My recommendation is to:
1. post your "perfect" charts everyday. (try doing this for a month.)
2. draw on your chart where you could have entered a pt3 trade. (pick only the safest trades.)
3. study those formations. Understand why these are "safest".
4. close your eyes and commit these formations to your memory as if they are playing a video in your mind.


Do this for a month and you won't have to ask for entry/exit in the ES journal.
http://www.elitetrader.com/vb/showthread.php?s=&postid=1695024#post1695024
More...
 
Attached is my AM STR/SQU and with the indexarb value of 8.23 = 8 for the offset (-8), clearly it's "riding high". I have read of several ways to adjust the zero but basically it seems to boil down to a guesstimate.

Spyder's offset, if I'm calculating it correctly, would have been 13446 - 13433 = (-13). The CBOT YM settle yesterday was 13450 but that was for the "EOD" for the YM, at 5 PM ET.

Anyone have any thoughts, experience, words of wisdom, etc.

TIA

lj
 

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